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
Economics is extremely useful as a form of employment for economists. — John Kenneth Galbraith
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 Economics Quotes
Economic growth without investment in human development is unsustainable - and unethical. — Amartya Sen
Every month that we do not have an economic recovery package 500 million Americans lose their jobs. — Nancy Pelosi
If socialists understood economics, they wouldn't be socialist. — Friedrich August von Hayek
Destroying rainforest for economic gain is like burning a Renaissance painting to cook a meal. — E. O. Wilson
I do not want India to be an economic superpower. I want India to be a happy country. — J. R. D. Tata
I hope you love birds too. It is economical. It saves going to heaven. — Emily Dickinson
Don't let anybody tell you it's corporations and businesses that create jobs. — Hillary Clinton
Of the people, by the people, for the people. — Sun Yat-sen
We cannot choose between [economic] growth and sustainability - we must have both — Paul Polman
Education remains the key to both economic and political empowerment. — Barbara Jordan
Economics Image Quotes
The more numerous the laws, the more corrupt the government. — Tacitus
Government is not the generator of economic growth; working people are. — Phil Gramm
We're all consumers. The consumer is not a moron; she is your wife.
The Bahamas is headed for unprecedented economic activity. — Perry Christie
Innovation is the central issue in economic prosperity. — Michael Porter
Globalization is incredibly efficient but also so far incredibly unjust. — Pascal Lamy
Price is what you pay. Value is what you get.
I'm against this huge globalisation on the basis of economic advantage. — David Attenborough
In embracing change, entrepreneurs ensure social and economic stability. — George Gilder
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.
Liberty cannot be established without morality, nor morality without faith. — Alexis de Tocqueville
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
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
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
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
My policies are based not on some economics theory, but on things I and millions like me were brought up with: an honest day's work for an honest day's pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police. — Margaret Thatcher
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
A nation will not survive morally or economically when so few have so much and so many have so little. — Bernie Sanders
True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made. — Franklin D. Roosevelt
There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism - by vote. It is merely the difference between murder and suicide. — Ayn Rand
The oil is a gift bestowed by God on the Arab nation, to use after centuries of poverty, backwardness and servitude - in raising its living standards, developing its economic, social and cultural conditions, and building up its own power to meet the challenges and conspiracies besetting it. — Saddam Hussein
Today, the top one-tenth of 1% owns nearly as much wealth as the bottom 90%. The economic game is rigged, and this level of inequality is unsustainable. We need an economy that works for all, not just the powerful. — Bernie Sanders
Neither the military might nor the economic and technological development makes a nation great. It is made great by it's citizens with Self Respect and Integrity ingrained in their lives. — Pandurang Shastri Athavale
I believe profoundly in the possibilities of democracy, but democracy needs to be emancipated from capitalism. As long as we inhabit a capitalist democracy, a future of racial equality, gender equality, economic equality will elude us. — Angela Davis
How can wealth persuade poverty to use its political freedom to keep wealth in power? Here lies the whole art of Conservative politics in the twentieth century. — Aneurin Bevan
The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer. — Adam Smith
In an ideal world, you could reunite the Pakistan-occupied part of Kashmir with the Indian-occupied part and restore the old borders. You could have both India and Pakistan agreeing to guarantee those borders, demilitarise the area, and to invest in it economically. In a sane world that would happen, but we don't live in a sane world. — Salman Rushdie
A community is democratic only when the humblest and weakest person can enjoy the highest civil, economic, and social rights that the biggest and most powerful possess. — A. Philip Randolph
A socialist is somebody who doesn't have anything, and is ready to divide it up equally among everybody. — George Bernard Shaw
But let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then tell me how much of what I earn belongs to you - and why? — Walter E. Williams
The fusion (of economic functions) would compel nations to fuse their sovereignty into that of a single European State. — Jean Monnet
We always said that our struggle was not only against the British as representatives of colonialism, it was against all the evil that existed in India. The evil of the feudal system, the evil of the system based on caste, the evil of economic injustice. — Indira Gandhi
The economic issues are most vital for us and it is of the highest importance that we should fight our biggest enemies - Poverty, unemployment. — Lal Bahadur Shastri
War is no longer made by simply analyzed economic forces if it ever was. War is made or planned now by individual men, demagogues and dictators who play on the patriotism of their people to mislead them into a belief in the great fallacy of war when all their vaunted reforms have failed to satisfy the people they misrule. — Ernest Hemingway
The inescapable fact is that when we build a society based on greed, selfishness, and ruthless competition, the fruits we can expect to reap are economic insecurity at home and international discord abroad. — Tommy Douglas
God, how patient are Thy poor! These corporations and masters of manipulation in finance heaping up great fortunes by a system of legalized extortion, and then exacting from the contributors-to whom a little means so much-a double share to guard the treasure! — Sayings
It's a different kind of economic recovery. The kind where bankers steal trillions and you don't have a job. — Alex Jones
If the natural tendencies of mankind are so bad that it is not safe to permit people to be free, how is it that the tendencies of these organizers are always good? Do not the legislators and their appointed agents also belong to the human race? Or do they believe that they themselves are made of a finer clay than the rest of mankind? — Frederic Bastiat
The more successfully a city mingles everyday diversity of uses and users in its everyday streets, the more successfully, casually (and economically) its people thereby enliven and support well-located parks that can thus give back grace and delight to their neighborhoods instead of vacuity. — Jane Jacobs
[Socialistic] economic planning, regulation, and intervention pave the way to totalitarianism by building a power structure that will inevitably be seized by the most power-hungry and unscrupulous. — Friedrich August von Hayek
No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems - of which getting elected and re-elected are number one and number two. Whatever is number three is far behind. — Thomas Sowell
Instead of building the peace by attacking injustices like starvation, disease, illiteracy, political and economic servitude, we spend a trillion dollars on war since 1946, until hatred and conflict have become the international preoccupation. — Daniel Berrigan
History fails to record a single precedent in which nations subject to moral decay have not passed into political and economic decline. There has been either a spiritual awakening to overcome the moral lapse or a progressive deterioration leading to ultimate national disaster. — Douglas MacArthur
Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger; or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses or the opportunity to be adequatley clothed or sheltered, or to enjoy clean water or sanitary facilities. — Amartya Sen
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists. — Joan Robinson
In Conclusion
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