All models are approximations. Essentially, all models are wrong, but some are useful. However, the approximate nature of the model must always be borne in mind. — George E. P. Box
In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability. — John Kenneth Galbraith
Economics, as it has emerged, can be made more productive by paying greater and more explicit attention to the ethical considerations that shape human behaviour and judgment. — Amartya Sen
Environment, circumstances, psychology, markets, cause-and-effect relationships — Howard Marks
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
I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour — Gary Becker
All economic forecasts are subject to considerable uncertainty. — Jerome Powell
We believe that economics does not necessarily have to be a zero-sum game; it can be a win-win proposition for everyone involved so long as they have the tools in which to succeed. — Ron Kind
Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science. — Paul Samuelson
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. — Friedrich August von Hayek
Mental models are deeply ingrained assumptions, generalizations, or even pictures of images that influence how we understand the world and how we take action. — Peter Senge
Economics was largely a form of intellectual prostitution where you got rewarded for saying what the powers that be wanted to hear. — Max Tegmark
Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad. — Paul Samuelson
Short Economic Models Quotes
Models are just mannequins seeking validation at the hands of sleazy fashion people. — Sayings
Political Economy or Economics is a study of mankind in the ordinary business of life. — Alfred Marshall
Statisticians, like artists, have the bad habit of falling in love with their models. — George E. P. Box
Human models are more vivid and more persuasive than explicit moral commands. — Daniel J. Boorstin
I've heard it said that an economist is a portfolio manager who never marks to market. — Howard Marks
If economists were good at business, they would be rich men instead of advisers to rich men. — Kirk Kerkorian
A study of economics usually reveals that the best time to buy anything is last year. — Marty Allen
Economics is like the Dutch language - I'm told it makes sense, but I have my doubts. — John Oliver
In economics, the majority is always wrong. — John Kenneth Galbraith
We're all consumers. The consumer is not a moron; she is your wife.
What Is Economics Quotes
We are not afraid of economic sanctions or military intervention. What we are afraid of is Western universities. — Ruhollah Khomeini
To deal with radicalism and extremism, we need to deal with economic inequality. This is what I learned from my experience in Solo and then in Jakarta. — Joko Widodo
Even the greatest economic thinkers have historically struggled to agree on an answer to the question 'What is money?' — Robert Breedlove
Price is what you pay. Value is what you get.
We will never know what anyone is really like, until everyone has economic security and doesn't have to answer to anyone else. — Jacque Fresco
Movements have narratives. They tell stories, because they are not just about rearranging economics and politics. They also rearrange meaning. And they're not just about redistributing the goods. They're about figuring out what is good. — Marshall Ganz
What a country calls its vital economic interests are not the things which enable its citizens to live, but the things which enable it to make war. Petrol is more likely than wheat to be a cause of international conflict. — Simone Weil
Wealth breeds a class of people for whom human beings are disposable commodities. Once oligarchs achieve unchecked economic and political power, as they have in the United States, the citizens too become disposable.
Unless we understand what it is that leads to economic and financial instability, we cannot prescribe -- make policy -- to modify or eliminate it. Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it. — Hyman Minsky
If you’ve relied on data and logic alone to make sense of the economy, you’d have been confused for a hundred years straight…So much of what happens in our economy is rooted in emotions, which can, at times, be nearly impossible to make sense of. — Morgan Housel
Look at the declining television coverage. Look at the declining voting rate. Economics and economic news is what moves the country now, not politics. — Robert Teeter
Reproductive freedom means economic freedom. And that's what this debate is about. — Diana DeGette
Mathematical Models Quotes
The usual approach of science of constructing a mathematical model cannot answer the questions of why there should be a universe for the model to describe. Why does the universe go to all the bother of existing? — Stephen Hawking
I'm very good at integral and differential calculus, I know the scientific names of beings animalculous; In short, in matters vegetable, animal, and mineral, I am the very model of a modern Major-General. — W. S. Gilbert
What distinguishes a mathematical model from, say, a poem, a song, a portrait or any other kind of "model," is that the mathematical model is an image or picture of reality painted with logical symbols instead of with words, sounds or watercolors. — John L. Casti
We have three criteria: If it’s publicly traded, liquid and amenable to modeling, we trade it. — Jim Simons
We are not a teaching organization. We are a research organization. We hire people to make mathematical models of the markets in which we invest. — Jim Simons
Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science. — Seth Klarman
The core of science is not a mathematical modeling--it is intellectual honesty. It is a willingness to have our certainties about the world constrained by good evidence and good argument. — Sam Harris
I recognize that I have a unique position to be a role model to young girls because I am doing something that they consider glamorous, which is acting, and yet I took a time to really get my education and study mathematics, and I think math is the cat's meow. — Danica McKellar
A theory is just a mathematical model to describe the observations. — Karl Popper
Why does the universe go to all the bother of existing? — Stephen Hawking
Economic Theory Quotes
Don't let anybody tell you it's corporations and businesses that create jobs. — Hillary Clinton
The essence of neo-colonialism is that the State which is subject to it is, in theory, independent and has all the outward trappings of international sovereignty. In reality its economic system and thus its political policy is directed from outside. — Kwame Nkrumah
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows. — John Kenneth Galbraith
Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust. — John Rawls
For the record, feminism by definition is: 'The belief that men and women should have equal rights and opportunities. It is the theory of the political, economic and social equality of the sexes.' — Emma Watson
It's kind of hard to sell 'trickle down,' so the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory. — David Stockman
Internationalism is a community theory of society which is founded on economic, spiritual, and biological facts. It maintains that respect for a healthy development of human society and of world civilization requires that mankind be organized internationally. — Christian Lous Lange
We are all far less rational in our decision-making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless: they are systematic and predictable. We all make the same types of mistakes over and over, because of the basic wiring of our brains. — Dan Ariely
The economic and social theories used by those who take part in the social struggle ought to be judged not by their objective value but primarily for their effectiveness in arousing emotions. The scientific refutation of them which can be made is useless, however correct it may be objectively. — Vilfredo Pareto
Like all social theories, internationalism must seek its basis in the economic and technical fields; here are to be found the most profound and the most decisive factors in the development of society. — Christian Lous Lange
Business Models Quotes
What Wall Street is, they're market makers. Wall Street's business model is making money on velocity of money. They're a click industry. That's what Wall Street is. They make a lot of money when there's a lot of turnover. And they make a lot of money when that velocity is fast. — Larry Fink
Over time, low rates can put pressure on the business models of financial institutions. — Jerome Powell
What I don't respect is copyright extremism. And what I don't respect is a business model that encourages piracy. — Kim Dotcom
The linear 'Take - Make - Dispose' system, which depletes natural resources and generates waste, is deeply flawed and can be productively replaced by a restorative model in which waste does not exist as such but is only food for the next cycle — Ellen MacArthur
Ice cubes likely sell more alcohol for the distilling industry than attractive models in cheesecake poses. The inconspicuous ice cubes often hide the invisible sell - invisible, that is, to the conscious mind. — Wilson Bryan Key
I studied everyone in the business of entertainment: Dr. Dre, Diddy, everyone. Rob Dyrdek was big for me. He would get 2 million views a week on 'Rob and Big,' and from that sprung everything: DC shoes, Monster Energy, 'Fantasy Factory,' everything. — Jake Paul
We’ve got a problem, we need to fix that problem. The technology’s here, we’ve proven that… it’s just about finding a sustainable business model. — Micky Watkins
Communication can't always follow the top-down model. With the fluidity of information in business today, leaders need to be masterful listeners; they need to be able to receive as well as send. — Joseph Badaracco
But HBO is less interested in how many people are watching than in how much the people who are watching are liking the show. They didn't set up their business model to make writers happy. It's just a nice unintended consequence. — Aaron Sorkin
Megaupload is not responsible for the piracy problem. It's the old business model of Hollywood that is responsible for it, and they want to keep that model alive at any cost. — Kim Dotcom
Our economy is at war with many forms of life on earth, including human life. What the climate needs to avoid collapse is a contraction of humanity's use of resources; what our economic model demands to avoid collapse is unfettered expansion. Only one of these sets of rules can be changed, and it's not the laws of nature — Naomi Klein
This is probably the most difficult task we have ever given ourselves, which is to intentionally transform the economic development model, for the first time in human history. — Christiana Figueres
I wish we questioned the aid model as much as we are questioning the capitalism model. Sometimes the most generous thing you can do is just say no. — Dambisa Moyo
And this fear that US models are replacing everything else now spills over from the sphere of culture into our two remaining categories: for this process is clearly, at one level, the result of economic domination - of local cultural industries closed down by American rivals. — Fredric Jameson
The communist model does not work economically, we all realised that, but the capitalist model in the modern world also looks to be unsustainable. — Arsene Wenger
I have a lot of trouble understanding all the detail of finance and administration - but if you combine intellectual and professional capacity with a social conscience, you can change things: countries, structures, economic models, colonial states. — Evo Morales
Whatever their limitations, Freud and Marx developed complex and subtle theories of human nature grounded in their observation of individual and social behavior. The crackpot rationalism of free-market economics merely relies on an abstract model of how people "must" behave. — Ellen Willis
We are committed with our lives to building a different model and a different future for humanity, the Earth, and other species. We have envisaged a moral alternative to economic globalization and we will not rest until we see it realized. — Maude Barlow
The European model is, first, a social and economic system founded on the role of the market, for no computer in the world can process information better than the market. — Jacques Delors
What counts is results, and there can be no doubt that the Soviet planning system has been a powerful engine for economic growth...The Soviet model has surely demonstrated that a command economy is capable of mobilizing resources for rapid growth. — Paul Samuelson
Costa Rica remains peacefully and firmly committed to the well- being and safety of our population. We promote a model of development based upon harmony with nature; solidarity and social inclusion; economic and trade opening; development of our human resources, and innovation. — Laura Chinchilla
We are at this weird moment where there's an economic model that supports creativity. People are demanding something new and fresh. — Judd Apatow
I grew up with free television. Now, it wasn't free, there was these commercials, and so the economic model was driven through commercials and through advertising. — Nicholas Negroponte
I work on the boundary between economics and statistics in this field called econometrics. Part of my interest is understanding how you use statistics in productive ways to analyze dynamic economic models. — Lars Peter Hansen
Nothing in these abstract economic models actually works in the real world. It doesn't matter how many footnotes they put in, or how many ways they tinker around the edges. The whole enterprise is totally rotten at the core: it has no relation to reality. — Noam Chomsky
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems. — Charlie Munger
Japan is a model already to the lie that economic growth is the key to our future. If they can really show an alternative to nukes and fossil fuels, then they will be the poster boy for the renewable energy for the future. — David Suzuki
We know from chaos theory that even if you had a perfect model of the world, you'd need infinite precision in order to predict future events. With sociopolitical or economic phenomena, we don't have anything like that. — Nassim Nicholas Taleb
In spite of our poverty and our economic dependence, we do not have to give in, neither because we are sometimes abandoned nor because of the wish of some nations to impose their economic or political models. — Omar Bongo
A lot of the interesting issues and dynamics within a city occur over things such as socio-economic issues or ethnic issues. But they require a much more elaborate model of human behavior. — Will Wright
The good news is that, at least in economics, I've seen movement away from its overemphasis on mathematical models of purely rational behavior to a more eclectic and commonsense approach: research that is, among other things, more respectful of insights from psychology. — Robert J. Shiller
I remember Secretary of State [George] Shultz one day saying that America is an economic model for the world. I replied to him that America represents 5 percent of the world's population and consumes 30 percent of the world's energy. What if everyone in the world lives like Americans? Where do we get the energy for this standard of living? — Mikhail Gorbachev
The United States is such a potent political, cultural, and economic model in the evocation of the contemporary world, that to come here, select some elements from the prototype and rearrange them, that's really interesting artistically. — Bruno Dumont
So the need for another economic model is urgent, and if the climate justice movement can show that responding to climate change is the best chance for a more just economic system. — Naomi Klein
For far too long economists have sought to define themselves in terms of their supposedly scientific methods. In fact, those methods rely on an immoderate use of mathematical models, which are frequently no more than an excuse for occupying the terrain and masking the vacuity of the content. — Thomas Piketty
Hume develops his arguments by a series of models. He doesn't call them models in the pretentious way in which we envelope, very often, pure banalities in this jargon — Lionel Robbins, Baron Robbins
When I look at founders and CEOs like Mark Zuckerberg at Facebook and Brian Chesky at Airbnb and Sebastian Thrun at Udacity, these are companies that are creating extraordinary social good and extraordinary economic and educational empowerment, all within with context of a for-profit model. — Laura Arrillaga-Andreessen
The most glaring deficiency in traditional economic models is that they completely ignore the role of context in evaluation. — Robert H. Frank
Concern for the fate of the great rivers of the earth must lead us to reflect soberly on the model of development which our society is pursuing. A purely economic and technological understanding of progress, to the extent that it fails to acknowledge its intrinsic limitations and to take into consideration the integral good of humanity, will inevitably provoke negative consequences for individuals, peoples and creation itself. — Pope Benedict XVI
Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation. — Joseph Stiglitz
Yet in order to make sure the European social model keeps up with the pace of economic change that is now necessary, the EU must embrace a new approach to lawmaking. — John Hutton
On Brexit, the Conservatives are divided, not only about the tactics but also about the end goal. Some of them deeply and profoundly believe ideologically in a deregulated, low-tax, free-market economy. Others still favor the economic and political model that we operated with in Europe over many decades. The Labour party is united in what we are trying to achieve. — Keir Starmer
I'm not currently into economic textbooks, but my grandchildren tell me that the book by Gregory Mankiw, former head of the white house council of economic advisers is a model of intelligence and clarity. Why not try that one. — John C. Bogle
The aim of academic trade theory is to tell students, "Look at the model, not at how nations actually develop." So of all the branches of economic theory, trade theory is the most wrongheaded. — Michael Hudson
Parecon is a very tough-minded economic vision and model, and it sets a standard for us to look at. — Gar Alperovitz
Suppose Vietnam could separate itself from the American dominated global system and carry out a successful social and economic development. Then that is very dangerous because then it could be a model to other movements and groups in neighboring countries. And gradually there could be an erosion from within by indigenous forces of American domination of the region. — Noam Chomsky
We are involved in a historic restructuring of the world economy. Virtually every country that matters has been striving to pursue the same economic model, and has bought into a set of market-based principles that has brought new players on the stage and new markets. We have to take full advantage. — Chris Alexander
The idea here is for communities to decide how they meet these criteria for becoming sustainable economically, ecologically and socially.Through a community decision-making process. And exactly how that would be configured, you know, remains to be established. The process of community budgeting, participatory budgeting, is one model that's been suggested. — Jill Stein
I pay my models to work with me, so there becomes this weird sort of economic bartering thing, which made me feel really sort of uncomfortable, almost as though you were buying into a situation - which, again, is another way of looking at those paintings. The body language in those paintings is a lot more stiff. — Kehinde Wiley
The reality is sometimes markets don't exist for very good reasons. It might be that there isn't a deep customer need. Or the economic model is just hard to pull off. Or maybe there is a regulatory barrier. — Scott D. Anthony
Turns out, people's brains are not nearly as powerful a motivator as our hearts. Facts, data, and economic models don't move people to courageous action the way that powerful stories can. — Annie Leonard
I don't like this vision that Turkey is successful because it is as successful as the western powers in economic terms. But I do think they are trying to find a new space in the multi-polar world, and this is what I am advocating. I don't think that Muslims have an alternative model. — Tariq Ramadan
The Turkish road is not my model because I am critical of the way you are dealing with freedom of expression, of how you are dealing with the treatment of minorities, and your economic vision. — Tariq Ramadan
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