Browse Quotes

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.

Transaction cost economics is, in the main, a comparative institutional exercise.

The measurement of poverty is not a purely technical exercise; it is also a moral and political one.

Humans are not trapped in a Prisoner's Dilemma. They can and do create institutions that enable them to achieve collective action.

Experimental economics is not just about testing theories; it's about discovering new phenomena and building new theories.

The problem of economic development is the problem of accounting for the observed diversity in the rates at which different countries grow.

There is only one thing worse than being exploited, and that is not being exploited.

Inflation is taxation without legislation.

History is a graveyard of aristocracies.

The pure theory of economics is a physico-mathematical science like mechanics or hydrodynamics.

The greatest happiness of the greatest number is the foundation of morals and legislation.