Category Archives: Economists quotes on economics

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: “Economic science is still a primitive body of ‪knowledge‬.”

From the horse’s mouth: Professor Gregory Mankiw (Chair of ‪Economics Department, ‪Harvard‬ University) on economics:  “The ‪‎economy‬ is complex, and economic science is still a primitive body of ‪‎knowledge‬.” From his op-ed in New York Times, March 22, 2014 *** Join the … Continue reading

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Ben Bernanke on economics and economic forecasting

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.”                                   … Continue reading

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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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‘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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The models [in economics] are all wrong…, but we work with wrong models because they are simple, and – of course – because they are 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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