In economics the majority is always wrong.
- John Kenneth Galbraith - Topics: Economist.
Ask five economists and you'll get five different explanations - six if one went to Harvard.
- Edgar R. Fiedler - Topics: Economist.
Contrary to most experts, including Bernanke, the more aggressive the Fed's policies are, the worse the economy is going to be. If all that is required to revive the economy is pushing more money, then all third-world economies would be very wealthy by now.
- Frank Shostak - Topics: Monetary Policy, Inflation, Economist, Central Bank.
The economy depends about as much on economists as the weather does on weather forecasters.
- Jean-Paul Kauffmann - Topics: Economist.
There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.
- Frédéric Bastiat - Topics: Economist.
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
- Friedrich A. Hayek - Topics: Economist.
Economists are pessimists: they've predicted 8 of the last 3 depressions.
- Barry Asmus - Topics: Forecasting, Economist.
Economics is extremely useful as a form of employment for economists.
Information is acquired by being told, whereas knowledge can be acquired by thinking.
- Fritz Machlup - Topics: Economist.
How can anyone in his right mind think that our economic sluggishness is due to insufficient deficits and a timid Fed? Plenty do. It is a case of denial of an obvious fact: the entire Keynesian / government approach to stimulus has been a catastrophic failure.
- Robert P. Murphy - Topics: Economist, Government, Monetary Policy.
No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.
- Ludwig von Mises - Topics: Monetary Policy, Economist.
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