Economic Theory quotes:

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The crisis triggered a fertile period of scientific ferment and revolution in economic theory. -- James Tobin
The theory of mechanism design can be thought of as the 'engineering' side of economic theory. -- Eric Maskin
One of the big take-aways from a lot of economic theory is that people should engage in consumption smoothing. -- Emily Oster
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. -- George Stigler
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. -- Martin Feldstein
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. -- Ha-Joon Chang
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. -- James Meade
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. -- James Meade
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. -- Douglass North
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. -- Vaclav Klaus
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. -- Daniel Kahneman
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. -- Jeremy Grantham
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. -- Murray Rothbard
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. -- Abraham Maslow
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. -- Murray Rothbard
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. -- Muhammad Yunus
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. -- Didier Sornette
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. -- Yanis Varoufakis
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. -- John Bates Clark
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 theory that actually says that you shouldn't have slavery or child labour because all these are political, ethical judgments. -- Ha-Joon Chang
As far as social-economic theory is concerned, I am still a Marxist -- Dalai Lama
The modern history of economic theory is a tale of evasions of reality. -- Thomas Balogh, Baron Balogh
Conventional economic theory... counts the depletion of resources as the accumulation of wealth. -- Mark Lynas
The purpose of economic theory is to make those who are comfortable FEEL comfortable. -- Thomas Balogh, Baron Balogh
I imagine you already know that I am much more socialistic in my economic theory than capitalistic. -- Martin Luther King, Jr.
In economic theory the conclusions are sometimes less interesting than the route by which they are reached. -- Piero Sraffa
observation of realities has never, to put it mildly, been one of the strengths of economic development theory. -- Jane Jacobs
For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible. -- Ernest Mandel
Free market capitalism is far more than economic theory. It is the engine of social mobility-the highway to the American Dream. -- George W. Bush
Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study. -- John Kenneth Galbraith
Nothing has done more to render modern economic theory a sterile and irrelevant exercise in autoeroticism than its practitioners' obsession with mathematical, general-equilibrium models. -- Robert Higgs
The metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own. -- Joseph A. Schumpeter
Paradoxically, it has turned out that game theory is more readily applied to biology than to the field of economic behavior for which it was originally designed -- John Maynard Smith
Most investors give too much credence to the theory that prices are rational; they presume that a market collapse must have been justified by serious economic trouble. -- Kenneth Fisher
Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference. -- Paul Samuelson
Marxism: The theory that all the important things in history are rooted in an economic motive, that history is a science, a science of the search for food. -- Gilbert K. Chesterton
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth. -- Toshihiko Fukui
I think subsuming political and economic conflicts into some grand 'clash of civilisations' theory or 'the West versus the rest' binary is a particularly insidious form of ideological deception. -- Pankaj Mishra
Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis. -- Ludwig von Mises
The IMF economists were doubtless shaken by the extreme failures of their prescriptions over many years, and by the collapse of the intellectual edifice of economic theory on which they were relying. -- Noam Chomsky

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