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.
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.
Economics seeks to be a science. Science is supposed to be objective and it is difficult to be scientific when the subject matter, the participant in the economic process, lacks objectivity.
- George Soros - Topics: Economist.
Ask five economists and you'll get five different explanations - six if one went to Harvard.
- Edgar R. Fiedler - Topics: Economist.
Economists are pessimists: they've predicted 8 of the last 3 depressions.
- Barry Asmus - Topics: Economist.
The economy depends about as much on economists as the weather does on weather forecasters.
- Jean-Paul Kauffmann - Topics: Economist.
Economics is extremely useful as a form of employment for economists.
- John Kenneth Galbraith - Topics: Economist.
In economics the majority is always wrong.
