Quotes by Economists

It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest. Frank Knight
Science Rest Changes Finally About Tend Exception Neutralize Studied True Come Practically Forces Without Altogether Any Which Them Bring
In short, is not liberty the freedom of every person to make full use of his faculties, so long as he does not harm other persons while doing so? Frederic Bastiat
Freedom Liberty Long Every Other Faculties He Make Does Doing His Person Short While Persons Use Full Harm
The mind cannot foresee its own advance. Friedrich August von Hayek
Brainy Mind Own Advance Foresee Cannot
Intellects whose desires have outstripped their understanding. Friedrich August von Hayek
Understanding Whose Desires
We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information. Friedrich August von Hayek
Great Market Indeed We Cannot Some Similar General Only Structures Facts Know Course Very Regard Cannot Information Which Social Measure Many
We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium. Friedrich August von Hayek
Words Will Other Market Would About General Somewhat Prices Never Particular Know Call Equilibrium Wages Were Exist Conditions Itself Establish In Other Words Which Bring
I regard it in fact as the great advantage of the mathematical technique that it allows us to describe, by means of algebraic equations, the general character of a pattern even where we are ignorant of the numerical values which will determine its particular manifestation. Friedrich August von Hayek
Great Character Will Values Determine General Fact Advantage Particular Equations Mathematical Where In Fact Regard Which Manifestation Pattern Us Means Ignorant Describe Even Technique Great Advantage Numerical
It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know. Friedrich August von Hayek
Best Problem Society Relative Resources Those Secure Members Rather Only Individuals Importance Know Known How Any Ends Use Whose
We have indeed at the moment little cause for pride: as a profession we have made a mess of things. Friedrich August von Hayek
Pride Cause Made Indeed Mess Little Moment Profession Things
It can hardly be denied that such a demand quite arbitrarily limits the facts which are to be admitted as possible causes of the events which occur in the real world. Friedrich August von Hayek
World Events Possible Admitted Facts Demand Occur Real Limits Causes Denied Quite The Real World Real World Which Hardly
This means that to entrust to science - or to deliberate control according to scientific principles - more than scientific method can achieve may have deplorable effects. Friedrich August von Hayek
Science Achieve Control Deliberate More Entrust Principles Scientific Scientific Method Method According Effects Than May Deplorable Means
An individual, in promoting his own interest, may injure the public interest; a nation, in promoting the general welfare, may check the interest of a part of its members. Friedrich List
Welfare Nation Own Members Promoting General General Welfare Individual Part Check His May Interest Public Public Interest Injure
But the general welfare must restrict and regulate the exertions of the individuals, as the individuals must derive a supply of their strength from social power. Friedrich List
Strength Welfare Power Must Restrict General General Welfare Supply Individuals Social Derive Regulate
Only now did I recognize the reciprocal relationship which exits between manufacturing power and the national system of transportation, and that the one can never develop to its fullest without the other. Friedrich List
Relationship Power National Other Reciprocal System Recognize Only Never Develop Between Without Did National System Which Transportation Manufacturing Fullest Now
The relationship I have to my fatherland is like that of mothers with crippled children: they love them all the more, the more crippled they are. Germany is the background of all my plans, the return to Germany. Friedrich List
Love Relationship Fatherland Background Crippled More Like Return Mothers Germany Children Them Plans
Fines are preferable to imprisonment and other types of punishment because they are more efficient. With a fine, the punishment to offenders is also revenue to the State. Gary Becker
Other State Types Punishment Fine Fines More Also Because Revenue Offenders Imprisonment Efficient Preferable
I was not sympathetic to the assumption that criminals had radically different motivations from everyone else. Gary Becker
Assumption Else Everyone Everyone Else Criminals Had Motivations Different Radically Sympathetic
Still, intuitive assumptions about behavior is only the starting point of systematic analysis, for alone they do not yield many interesting implications. Gary Becker
Alone Behavior Analysis Assumptions Systematic Intuitive About Only Point Implications Still Yield Interesting Many Starting Starting Point
Why in almost all societies have married women specialized in bearing and rearing children and in certain agricultural activities, whereas married men have done most of the fighting and market work? Gary Becker
Work Women Men Fighting Market Married Married Men Bearing Almost Almost All Most Done Children Whereas Certain Rearing Agricultural Activities Specialized Why Societies
A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere. Gary Becker
Stronger Elsewhere Could Lead Greater Accumulate Chinese Yuan Asset
My Swedish grandmother was the daughter of a dairy farmer who lived near Hedemora. My Swedish grandfather worked as a clerk for the Swedish railways in the Stockholm station. George Akerlof
Daughter Dairy Station Clerk Stockholm Grandfather Worked Grandmother Swedish Farmer Who Lived Near Railways
The only way we are going to ameliorate pressing social needs is through public intervention. George Akerlof
Needs Intervention Way Pressing Only Through Going Public Social
I've always been a macroeconomist. That's what I teach. And I guess that's what I've been concerned with ever since I've been very young. George Akerlof
Young Guess Since Concerned Always Been Very Teach Ever
Keynesian economics has always been needed. George Akerlof
Economics Always Been Needed
My father was a chemist on the Yale faculty, my mother a housewife. George Akerlof
Mother Father Faculty Housewife Yale Chemist
My mother, whose interest in chemistry was rather minimal, nevertheless went to graduate school in the subject and married my father, for whom it was as important as life itself. George Akerlof
Life School Mother Father Important Chemistry Minimal Married Rather Nevertheless Subject Itself Graduate Graduate School Interest Whom Whose
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