George Stigler

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

The most important thing to learn in economics is that there is no free lunch.

The history of economic thought is the history of the mistakes of economists.

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.

A theory is a good theory if it is useful.

The fundamental principle of economics is that resources are scarce.

The economist's task is to explain the world as it is, not as he would like it to be.

Competition is a powerful force, but it is not the only force.

The theory of regulation is a theory of how industries obtain the regulations they want.

Information is a valuable commodity, and like other commodities, it is costly to produce.

The market is a marvelous institution, but it is not perfect.

Economists are not very good at predicting the future, but they are very good at explaining the past.

The true test of a theory is its ability to predict.

The more government intervenes in the economy, the less efficient the economy becomes.

The purpose of economic policy is to improve human welfare.

The best way to understand an economy is to study its history.

The pursuit of self-interest, within a framework of law and morality, is the engine of economic progress.

The world is full of imperfect markets, and it is the economist's job to understand them.

The most important lesson of economics is that incentives matter.

The theory of price is the core of economics.