Words matter. These are the best Economic Theory Quotes from famous people such as Martin Feldstein, James Meade, James Tobin, Abraham Maslow, John Bates Clark, and they’re great for sharing with your friends.
In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.
My interest in economics has always been in the whole corpus of economic theory, the interrelationships between the various fields of theory and their relevance for the formulation of economic policy.
The crisis triggered a fertile period of scientific ferment and revolution in economic theory.
Classic economic theory, based as it is on an inadequate theory of human motivation, could be revolutionized by accepting the reality of higher human needs, including the impulse to self actualization and the love for the highest values.
The first issue to be settled is whether socialism has a right to exist Are its allegations concerning the present system true? Is industry proceeding on a principle of fraud? I wish to test the power of recent economic theory to give an exact answer to this question.
Traditionally in capitalism, when you have more cash, you can fund more activity, which produces more jobs and creates more wealth. That’s basic economic theory.
That’s the trick of free market economic theory: it doesn’t just ask you to only be selfish and not care about others. It tells you that by being selfish, you are helping others. And, in fact, by trying to directly help others, you will hurt them.
Early economic theory was rooted in the Italian, French, and Spanish traditions, which were subjectivist oriented. Then it shifted onto the terrible path by Smith and Ricardo and the British classical tradition, which is ‘objectivist’ – values are in inherent in production.
A potentially useful property of forecasts based on cointegration is that when extended some way ahead, the forecasts of the two series will form a constant ratio, as is expected by some asymptotic economic theory.
The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to the world.
Journalists, whose job is to pull back and tell dramatic stories that bring power into focus, find it impossible because things like economic theory are both incomprehensible and, above all, boring. The same is true of ‘management science.’
I have never believed that central banks should have rigid inflation targeting. That is not a good thing to stabilize. There is nothing in economic theory to back this.
It was not until I got my first job, at the University of Washington in Seattle, and began playing chess with Don Gordon, a brilliant young theorist, that I learned economic theory.
One of the big take-aways from a lot of economic theory is that people should engage in consumption smoothing.
Even before I came to Chicago, I had gotten interested in the existence of dispersion of prices under conditions which economic theory said would yield a single price.
The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory.
Isn’t it interesting that markets are not just perfect? In business school and economic theory, you learn all about those perfect markets, and there’s no such thing as a perfect market.
If we’re talking about big-tent thinking in the Republican Party, I think we’re all going to unite under a consistent economic theory. That’s where our unity is, and that’s what unites us.
We don’t see very far in the future, we are very focused on one idea at a time, one problem at a time, and all these are incompatible with rationality as economic theory assumes it.
Economic theory dictates that the value of a company is basically the present value of its future profits. To estimate Facebook’s value through its future profits, we need to have a view on its user growth and how this will evolve in the next 10 to 50 years.
Positivism eliminates any kind of natural law principle – for example, that there are economic laws which can be transgressed only at your peril. With positivism, there is a tendency to leap into ad hoc economic theory.
We could solve all our problems if only we were the efficient, rational human beings of standard economic theory and had politicians willing to think in the long-term interest of their people rather than their own.
The theory of mechanism design can be thought of as the ‘engineering’ side of economic theory.
Every non-Marxist economic theory that treats human and non-human productive inputs as interchangeable assumes that the dehumanisation of human labour is complete. But if it could ever be completed, the result would be the end of capitalism as a system capable of creating and distributing value.
Mercantilism was an insidious economic theory that held Europe in its thrall in the 16th, 17th and 18th centuries.
My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
To put it bluntly, there isn’t one economic theory that can single-handedly explain Singapore’s success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.
Good economic theory must give the people the chance to use their talents to build their own lives. We must get away from the traditional route where the rich will do the business and the poor will depend on private or public charity.
As an undergraduate at UBC in Canada, I fell in love with economic theory. It was the right choice for me.
It is obvious that the monetary union among 17 very different European countries does not work. As an economist, I know that the Eurozone is not an optimum currency area, as defined in economic theory.
