Economics Quotes

The invisible hand of the market is invisible because it's not there.

The theory of Economics must begin with a correct theory of consumption.

Pure economics is the theory of the determination of prices under a hypothetical regime of perfectly free competition.

Politics, as a practice, whatever its professions, has always been the time-honored skill and incumbency protection racket.

Randomized controlled trials are the gold standard for evaluating interventions in development economics.

Asymmetric information can lead to market failure.

The Arrow Impossibility Theorem shows that any attempt to aggregate individual preferences into a collective choice will run into paradoxes.

The economic approach provides a valuable unified framework for understanding all human behavior.

I don't care who writes a nation's laws—or crafts its advanced economic legislation—if I can write its textbooks.

If you never make a mistake, you're not trying hard enough.

The problem of knowledge is the central problem of economics.

The most important single factor in determining the general level of employment is the volume of investment.

It is the aim of good government to stimulate production, of bad government to depress it.

Financial markets are not perfectly efficient. They are subject to fads, fashions, and psychological biases.

Uncertainty is not just about not knowing the future; it's about not knowing the true model of the world.

An efficient market is one in which prices always 'fully reflect' available information.

The poor are not just poor versions of us. They are us, but with less money and more constraints.

If we want to make progress, we have to be willing to admit that we don't know everything, and we have to be willing to experiment.

If you want to encourage people to do something, make it easy.

Economics is a science that tries to understand how societies organize themselves to produce and distribute goods and services.