2219 quotes by economists for you to enjoy

The lesson for businesses is you are dealing with real people. Those are your customers, those are your employees, those are your bosses, and the better you understand how real people tick, the more successfully you will be able to accomplish your goals. Richard Thaler

In some ways, the finding that financial education doesn't provide long-term payoffs is hardly surprising. After all, how much do you remember from your high school chemistry class? Unless you use chemistry at work, you probably don't recall much about ionic bonding. Richard Thaler

Work Education You Class Financial Remember School Chemistry Unless Ways High Finding Some High School About Long-Term How How Much Provide Surprising After Much Use Your Recall Hardly Bonding

Academia does not provide many opportunities for immediate gratification. You work for two years on a project, it takes two more years to get it published, and then you start hoping someone might read it. Richard Thaler

Here is a guiding principle: If a business collects data on consumers electronically, it should provide them with a version of that data that is easy to download and export to another Web site. Richard Thaler

Business Guiding Easy Web Web Site Data Consumers Principle Another Provide Version Site Them Should Export Download Here

If the government can manage to collect and release personal information in a secure and useful way, so can private companies, which will empower consumers to become better shoppers. Richard Thaler

Government Better Will Become Way Release Secure Collect Consumers Empower Private Manage Personal Personal Information Information Which Useful Companies

The ability of businesses to monitor our behavior is already a fact of life, and it isn't going away. Of course we must protect our privacy rights. But if we're smart, we'll also use the data that is being collected to improve our own lives. Richard Thaler

Life Privacy Rights Smart Behavior Own Our Collected Must Ability Data Fact Protect Also Course Improve Going Going Away Being Use Businesses Away Lives Monitor

Although the United States cannot unilaterally lower the price of oil, it can reduce its consumption by using oil more efficiently and by developing alternative sources of fuel. Richard Thaler

States More Price Consumption Developing Alternative Although Reduce Sources Efficiently Oil Cannot Fuel Lower Using United United States

As a general rule, the United States government is run by lawyers who occasionally take advice from economists. Others interested in helping the lawyers out need not apply. Richard Thaler

If you want to encourage some activity, make it easy. Richard Thaler

You Easy Some Make Encourage Want Activity

Morality aside, there are other factors deterring 'strategic defaults,' whether in recourse or nonrecourse states. These include the economic and emotional costs of giving up one's home and moving, the perceived social stigma of defaulting, and a serious hit to a borrower's credit rating. Richard Thaler

Home Giving Giving Up Other States Borrower Perceived Morality Rating Costs Economic Recourse Factors Emotional Stigma Up Hit Whether Moving Social Aside Strategic Include Serious Credit Credit Rating

It's hard to have any idea of how much money is enough to finance an appropriate lifestyle in retirement. But if a lump sum is translated into a monthly income, it's much easier to determine whether you have enough put away to afford to stop working. Richard Thaler

Finance You Money Enough Sum Appropriate Monthly Easier Determine Lifestyle Put Idea Retirement How How Much How Much Money Afford Any Stop Whether Translated Much Working Hard Income Away Lump

It makes sense for social scientists to become more involved in policy because many of society's most challenging problems are, in essence, behavioral. Richard Thaler

Problems Become Sense Society More Most Involved Policy Because Makes Scientists Behavioral Essence Social Many Challenging

School work and intellectual interests such as music and the arts were not especially important to me while I was growing up, although mathematics, my favorite subject, was fun. Baseball was my first passion: I played sand lot and Little League and rooted for the Brooklyn Dodgers. Robert C. Merton

Work Music Mathematics Me School Passion First Important Favorite Brooklyn League Although Dodgers Were Subject Intellectual Lot Up Arts While Little Sand Rooted Interests Little League Fun Baseball Growing Growing Up Played

My mother taught me caring and sensitivity towards the feelings of others, animals as well as humans. She gave me much good, practical advice for getting through life. Robert C. Merton

My decision to leave applied mathematics for economics was in part tied to the widely-held popular belief in the 1960s that macroeconomics had made fundamental inroads into controlling business cycles and stopping dysfunctional unemployment and inflation. Robert C. Merton

Mathematics Business Inflation Decision Made Economics Controlling Had Part Tied Leave Unemployment Stopping Dysfunctional Cycles Popular Belief Fundamental Applied

My principal contribution to the Black-Scholes option-pricing theory was to show that the dynamic trading strategy prescribed by Black and Scholes to offset the risk exposure of an option would provide a perfect hedge in the limit of continuous trading. Robert C. Merton

Black Strategy Would Risk Perfect Principal Limit Trading Provide Continuous Option Contribution Offset Dynamic Hedge Show Theory Exposure Prescribed

In college I started studying the stock market. I went down to the stock exchange, watched all the activity from the visitors' gallery, people running around, calling numbers, shouting, and all the paper flying and the bells ringing, and of course that was exciting, and it seemed to lend itself to my analytical skills. Robert C. Merton

People College Down Analytical Market Paper Flying Visitors Running Ringing Seemed Exchange Exciting Studying Calling Course Around Itself Stock Stock Exchange Stock Market Lend Gallery Skills Shouting Activity Bells Watched Started Numbers

There are some risks we choose to take because the benefits from taking them exceed the possible costs. Optimal behavior takes risks that are worthwhile. This is the central paradigm of finance: we must take risks to achieve rewards, but not all risks are equally rewarded. Robert F. Engle

Finance Risks Benefits Behavior Achieve Paradigm Possible Worthwhile Must Some Exceed Costs Take Takes Taking Equally Because Optimal Rewarded Rewards Central Them Choose

Why not put a tax on carbon emissions. It would raise a lot of money, it would reduce the environmental damages in the future, it would solve so many problems, and it would be a much more constructive thing to do than to think about raising the income tax. Robert F. Engle

Environmental Future Money Problems Think Would Would-Be Solve About More Constructive Emissions Put Reduce Lot Than Tax Much Many Income Income Tax Why Carbon Why Not Thing Raise Raising Damages

I was convinced that the trading frequency measured a fundamental heartbeat of financial markets. Clearly it reflected the flow of information. It turns out also to be closely related to measures of liquidity. Robert F. Engle

The Nobel Prize in Economics is an incredible recognition for the work that my students, colleagues and I have done over the years. We all worked hard, but we were also lucky that the financial applications were so important. Robert F. Engle

Quotes by Economists