Category Archives: Economists quotes on economics

Economics of Simplism, or when real people ruin perfect economic models

from: Mankiw, Gregory. 2014. Principles of Economics. Cengage Learning. (P. 436) P.S. Homo Economicus should watch what he eats! 😉 *** Join the Economic Sociology and Political Economy community via Facebook / Twitter / LinkedIn / Google+ / Instagram / Tumblr

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Economists are self-confident and regularly wrong, admits Columbia economics professor

From the horse’s mouth. Emanuel Derman, Economics Professor at Columbia University: “My gripe with economists is not that their models don’t work well – they don’t, look at the role of central banks in the financial crisis – but that … Continue reading

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Joseph Stiglitz: ‘Free markets’ as a religious belief

Joseph Stiglitz: “The advocates of free markets in all their versions say that crises are rare events, though they have been happening with increasing frequency as we change the rules to reflect beliefs in perfect markets. I would argue that … Continue reading

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Economics professor: Economic models are wrong and invalid, but simple and useful

“The models [in economics] are all wrong. Many people have emphasized that point… That’s what makes economics different. These things are all invalid, but we work with wrong models because they are simple, and – of course – because they … Continue reading

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“The professional study of economics has become ideological brainwashing. It is a defense of the excesses of the capitalist system.” (Professor David Korten)

(David C. Korten, an American economist and former Professor of the Harvard Business School)

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Ludwig Lachmann: “Mechanistic theories are bound to produce results which look automatic”

“The path of economic progress is strewn with the wreckage of failures. Every business man knows this, but few economists seem to have taken note of it. In most of the theories currently in fashion economic progress is apparently regarded … Continue reading

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