Economic Theory Quotes
Thoughts on the ideas that shape how economies are explained.
These quotes trace economic theory across centuries, from mercantilism's grip on early modern Europe to the shift toward British classical thought after Smith and Ricardo. Several lines question theories that treat labor as just another input.
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.'
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...
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Mercantilism was an insidious economic theory that held Europe in its thrall in the 16th, 17th and 18th centuries.
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.
Allegations Quotes
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.
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...
Evidence and economic theory suggests that control of the Internet by the phone and cable companies would lead to blocking of competing technologies.
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.
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...
Assumes Quotes
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.
A lot of things that we cannot buy and sell in markets used to be totally legal objects of market exchange - human beings when we had slavery, child labour, human organs, and so on. So there is no economic...
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.
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.
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.
Back Quotes
The fact is that during the post-1989 heyday of globalization optimism, political and business elites did not think enough about the prospect - plainly predicted in economic theory - that trade would harm some people even while leaving society as...
Frequently Asked Questions
What historical periods do these economic theory quotes cover?
Do the quotes take a side on socialism versus capitalism?
Is there a common criticism of economic theory in this set?
Where did early economic theory come from, according to these quotes?
Are these quotes technical or accessible to a general reader?
Others weigh in on whether socialism's Allegations against existing systems hold up, keeping the debate grounded rather than settled. Explore more perspectives on how economies get theorized and argued over.
