Category Archives: Economists quotes on economics

Economics is an Imperial Science

George Stigler, a founding member of Mont Pelerin Society and a key preacher of neoliberal economics,  on what he proudly calls “economist-missionaries” (1984: 304) : “So economics is an imperial science: it has been aggressive in addressing central problems in a considerable number … Continue reading

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The Art of Central Banking

– “How does the central bank decide on interest rate? Taking all data together and using a formula?” – “This is art, not science.” (The Governor of the Central Bank of Israel Karnit Flug reveals the secret of monetarism and  economics … Continue reading

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No Reality, Please. We’re Economists.

Professor Mark Blaug (1927–22011) was a distinguished Dutch-born British economist and historian of economics.  Besides shorter periods in public service and in international organisations (such as UNESCO, ILO, World Bank), he has held academic appointments in several prestigious universities worlwide. … Continue reading

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Horses and Economics – from the horse’s mouth

Ely Devons, an English economist, once said at a meeting, “If economists wished to study the horse, they wouldn’t go and look at horses. They’d sit in their studies and say to themselves, ‘What would I do if I were a … Continue reading

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Camels, mathematics and the history of economics

“By 1935 economics entered into a mathematical epoch. It became easier for a camel to pass through the eye of a needle than for a non-mathematical genius to enter into the pantheon of original theorist.”  Paul Samuelson (1976: 25) This sharp … Continue reading

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Robert Heilbroner: “The prestige accorded to mathematics in economics has given it rigor, but, alas, also mortis”

“Economics is not a scientific discipline like the natural sciences, and that no cumulative advance describes its changeful form over the years… The chapter we call modern economics, compared with earlier chapters of our discipline, is shallow and poor rather … Continue reading

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Paul Volcker: “The ‪‎economics‬ profession is in trouble… We need to pull economics back into the real world of Political Economy.”

Paul Volcker, the former  Chairman of the Federal Reserve under Presidents Carter and Reagan (1979 – 1987), has led the Neoliberal-Monetarist breakthrough in the US economy. Although it is never too late to repent — this statement made by him in 2011 — it … Continue reading

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Gregory Mankiw: “The ‪‎economy‬ is complex, and economic science is still a primitive body of ‪knowledge‬.”

Professor Gregory Mankiw (Chair of Economics Department, ‪Harvard‬ University) on economics. From the horse’s mouth: “The ‪‎economy‬ is complex, and economic science is still a primitive body of ‪‎knowledge‬.” Taken from here

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Ben Bernanke on economics: an insight.

In his remarks at Princeton University Baccalaureate Ceremony in June 2013, several months before he left office, the former chairman of the Federal Reserve and an eminent economist Ben Bernanke released into the world this frank insight: “Economics is a highly … Continue reading

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Joan Robinson: Economics has always been partly a vehicle for the ruling ideology

“Economics… has always been partly a vehicle for the ruling ideology of each period as well as partly a method of scientific investigation.” (Joan Robinson) Joan Robinson (1903 – 1983) was a British post-Keynesian eminent economist well known for her … Continue reading

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