Economics Authors
Terms
undefined, object
copy deck
- Milton Friedman
- 3. Widely regarded as the most influential spokesman for a free market economy in the 20th century; leading spokesman for the monetarists, who argue that rapid growth of the money supply is a leading cause of inflation and monetary instability is the major cause of fluctuations in real GDP
- John Holland
- From the point of view of physics, it is a miracle that 7 million New Yorkers are fed each day without any control mechanism other than sheer capitalism
- Douglass North
- Very noted professor who studied the development of patent laws and corporations and linked the two as very important institutions for economic growth
- John Maynard Keynes
- 3. I believe myself to be writing a book on economic theory which will largely revolutionize not, I suppose, at once buy in the course of the next ten years the way the world thinks about economic problems
- Ambrose Pierce
- An Economist is a scoundrel whose faulty vision sees things only as they are, not as they ought to be
- Thornton and Wheelock
- The conventional wisdom once held that money doesn't matter. Now there is wide agreement that monetary policy can significantly affect real economic activity in the short run, though only price level in the long run
- Milton Friedman
- 2. Money is whatever is generally accepted in exchange for goods and services—acceptned not as an object to be consumed but as an object that represents a temporary abode of purchasing power to be used for buying still other goods and services
- Robert Lucas
- Nature of India; hard to think of anything else
- James Buchanan
- The attractiveness of financing spending by debt issue to the elected politicians should be obvious. Borrowing allows spending to be made that will yield immediate political payoffs without the incurring of any immediate political cost
- Lionel Robbins
- Economists is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses
- Murray L. Weidenbaum
- Protectionism is a politician's delight because it delivers visible benefits to the protected parties while imposing the costs as a hidden tax on the public
- John Maynard Keynes
- 1. "It [economics[ is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its professor to draw correct conclusions."
- Robert Lucas
- economist given credit for introducing the rational-expectations hypothesis into macroeconomics
- John Maynard Keynes
- Father of modern macroeconomics
- Kuznets
- Provided the methodology for modern national-income accounting system in the US; "father of national-income accounting
- Gary Smith
- Currencies, like tomatoes and football tickets, have a price at which they are bought and sold. An exchange rate is the price of one currency in terms of another, such as the price of a French franc in U.S. dollars or German marks
- Thomas Jefferson
- A wise and frugal government which shall restrain men from injuring one another shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government...
- Milton Friedman
- The key insight of Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another
- Robert Gordon
- Unfortunately, policymakers cannot act as if the economy is an automobile that can be quickly steered back and forth. Rather, the procedure of changing aggregate demand is much closer to that of a captain navigating a giant supertanker. Even if he gives a signal for a hard turn, it takes a mile before he can see a change, and ten miles before the ship makes the turn
- Henry George
- Protective tariffs are as much applications of force as are blockading squadrons, and their objective is the same—to prevent trade. The difference between the two is that blockading squadrons are a means whereby nations seek to prevent their enemies from trading; protective tariffs are a means whereby nations prevent their own people from trading
- Adam Smith
- Invisible Hand
- Johann Wolfgang Goethe
- "It has been said that figures rule the world; maybe. I am quite sure that it is figures which show us whether it is being ruled well or badly."
- Thomas Sowell
- wrote books about the importance of institutions in economic growth; he was black so that's how you remember him
- Alan Greenspan
- 1. The evidence is overwhelmingly persuasive that the massive increase in world competition—a consequence of broadening trade flows—has fostered markedly higher standards of living for almost all countries who have participated in cross-border trade. I include most especially the U.S.
- Friedrich Hayek
- am convinced that if they market system were the result of deliberate human design, and if the people guided by the price changes understood that their decisions have significance far beyond their immediate aim, this mechanism would have been acclaimed as one of the greatest triumphs of the human mind.
- Alfred Marshall
- Lots of tools of the economist in 1890 Principles of Economics
- Paul Samuelson
- 1. In the early stages of the Keynesian Revolution, macroeconomists emphasized fiscal policy as the most powerful and blanaced remedy for demand management. Gradually, shortcomings of fiscal policy became apparent. The shortcomings stem from timing, politics, macroeconomic theory, and the deficit itself
- Dornbusch and Fischer
- Macroeconomics is interesting...because it is challenging to reduce the complicated details of the economy to manageable essentials. Those essentials lie in the interactions among the goods, labor, and assets markets of the economy
- Ben Graham (securities trader)
- Though the stock market functions as a voting machine in the short run, it acts as a weighing machine in the long run.
- Adam Smith
- Voluntary trade is beneficial
- Enrico Fermi
- Measurement is the making of distinction; precise measurement is making sharp distinctions
- Paul Samuelson
- 2. First American to win the Nobel Prize in Economics; played a central role in the development and acceptance of Keynesian economics
- George H.W. Bush
- Certain fundamental principles—formulating sound monetary policy and fiscal policies, removing domestic price controls, opening the economy to international market forces, ensuring property rights and private property, creating competition, and reforming and limiting the role of government—are essential for a healthy market economy
- Anonymous
- Prosperity is when the prices of things that you are selling are rising; inflation is when the prices of thing that you buy are rising. Recession is when other people are unemployed; depression is when you are employed
- Alfred Marshall
- 2. We might as well reasonably dispute whether it is the upper or under blade of a pair of scissors that cuts a piece of paper, as whether value is governed by demand or supply
- John Maynard Keynes
- A positive science may be defined as a body of systematized knowledge concerning what is: a normative or regulative science is a body of systematized knowledge relating to criteria of what ought to be, and concerned therefore with the ideal as opposed to the actual
- Ronald Reagan
- A taxpayer is someone who works for the federal government but doesn't have to take a civil service examination