Quotes by Economists

The fate of our times is characterized by rationalization and intellectualization and, above all, by the disenchantment of the world. Max Weber
World Fate Our Characterized Above Times Disenchantment
Politics means striving to share power or striving to influence the distribution of power, either among states or among groups within a state. Max Weber
Politics Power State States Striving Distribution Share Within Influence Either Means Groups Among
The primary task of a useful teacher is to teach his students to recognize 'inconvenient' facts - I mean facts that are inconvenient for their party opinions. Max Weber
Teacher Party Recognize Facts Students Primary Opinions His Task Mean Teach Useful Inconvenient
Causal analysis provides absolutely no value judgment, and a value judgment is absolutely not a causal explanation. Max Weber
Value Judgment Analysis Absolutely Absolutely Not Causal Provides Explanation
'Culture' is a finite segment of the meaningless infinity of the world process, a segment on which human beings confer meaning and significance. Max Weber
Culture World Significance Segment Finite Infinity Human Human Beings Process Which Meaning Meaningless Beings
Whenever known and sufficient causes are available, it is anti-scientific to discard them in favour of a hypothesis that can never be verified. Max Weber
Favour Never Hypothesis Discard Known Verified Causes Whenever Available Them Sufficient
So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices. Merton Miller
Everybody Markets Some Prices Get Information Aggregate Evaluate Function Incorporated
Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't. Merton Miller
Buy People Thinking Market Something Share Delude Know Most Well Than Just Information Which Pools Might Themselves Whole
I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller. Merton Miller
Born Only Boston Only Child Massachusetts Child May Miller
My main interest, however, was in economics, not law. Merton Miller
Law Economics Main However Interest
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury. Merton Miller
Finance Corporate Had Since Particularly Expertise Public Taxation Us Worked Treasury
Arbitrage proof has since been widely used throughout finance and economics. Merton Miller
Finance Economics Proof Throughout Since Been Used Widely
What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions. Merton Miller
People Our Paper Structure Ideal Know Answer Said Years Question Conditions After Happened Capital Next Publication Now Right
What counts is what you do with your money, not where it came from. Merton Miller
You Money Counts Came Where Your
But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago. Merton Miller
You Suffering Made Practice Big Down Loss Huge Often Gain While
I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can't do it constantly, unless you're willing to put the resources in. Merton Miller
You Speak Sometimes Luck Believe Resources Unless Willing Would Constantly Put Economists Most Make Accept Course Sheer Score While Them View
Globalization is the process by which markets integrate worldwide. Michael Spence
Worldwide Markets Globalization Integrate Process Which
On their own, tariff and trade barriers, if viewed as transitory negotiating tactics, will not significantly change global investment patterns or the structure of global supply chains and employment. Michael Spence
Change Will Own Negotiating Structure Tactics Investment Supply Global Employment Trade Tariff Patterns Transitory Viewed Barriers Chains
A split between the U.S. and its traditional allies, if it becomes a permanent feature of the new global order, would lead to deeper fragmentation among the world's market-oriented democracies. That will surely shift the long-term balance of power in China's favor, as it moves steadily toward becoming the world's largest economy. Michael Spence
Democracy Balance World Will Power Fragmentation Favor Would Steadily Feature Allies Split Lead Toward Between Long-Term New Economy Global Balance Of Power Surely Becomes Permanent Becoming Traditional Shift Moves Order China Deeper Among Largest
The combination of a workable basic formula and the capacity to improve over time is what one hopes for in any aspect of society: business, government, the non-profit sector. Michael Spence
Government Time Business Society Sector Hopes Combination Over Improve Any Formula Capacity Aspect Basic
It is a wonderful and unexpected honor to receive the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Receiving this prize with Joseph Stiglitz and George Akerlof, whose work I have learned from and admired, makes it even more gratifying. Michael Spence
Work Memory Wonderful Honor Admired More Economic Nobel Joseph Learned Sciences Makes George Prize Unexpected Bank Sweden Even Gratifying Whose Receive Receiving
I was not thinking about infinite multipliers when I was 10. But I did have a father who was a Ph.D. in commerce and finance and an intellectual man. And so I had a feeling, probably about the time I went to college, that I would try to be a scholar and teacher, but I didn't know which field. Michael Spence
Finance Teacher Time Man Try Father College Feeling Field Thinking Would About Scholar Had Know Intellectual Commerce Did Infinite Which Who
I picked economics at the end of my undergraduate time because it seemed to be a really nice combination of theory, including mathematical theory on one hand, and things that are quite practical that you can touch and see and feel. So I picked it, and I consciously thought of it as an experiment to see if I liked it. And it worked. Michael Spence
Time You Thought Economics Experiment Nice See Seemed Touch Picked Feel Combination Liked Undergraduate Practical Because Mathematical Hand End Quite Worked Really Theory Including Things
During my Ph.D. program, I became interested in the informational structure of markets that turned into the work on signaling, which was the part of my early work that was recognized for the Nobel Prize, but it was not really a subject at the time. Michael Spence
Work Time Early Work Markets Recognized Structure Part Nobel Nobel Prize Became Subject Prize Which Informational Interested Turned Really Early Program
With external help, even the countries ravaged by World War II recovered. Michael Spence
War World Recovered Countries Help Even External World War World War II
Labor, no matter how inexpensive, will become a less important asset for growth and employment expansion, with labor-intensive, process-oriented manufacturing becoming a less effective way for early-stage developing countries to enter the global economy. Michael Spence
Matter Will Important Become Way Enter Developing Developing Countries Countries Economy Global Global Economy Employment Becoming How Inexpensive Effective Effective Way Labor Expansion Less Manufacturing Asset Growth
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