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People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science, and the so-called theories are really social and moral constructs.
It is one of history's great ironies that capitalists built decent and humane societies on the basis of an amoral approach to the economics of pricing, whereas socialists built exploitative and inhumane societies on the basis of a morally inflamed approach to economics.
If you look at cricket per se, if you didn't have T20 cricket, Test cricket will die. People don't realise. You just play Test cricket, and don't play one-day cricket and T20 cricket, and speak to me after 10 years. The economics will just not allow the game to survive.
I took business and economics courses. More than anything, I learned the proper steps and the things that need to be outlined. You have to keep your books: how much money you made, how much money you're spending, what you profited, and what you're gonna need for expenses.
Although being economics editor sounds impressive, it does not mean I actually edit anything. It mainly reflects two decades of title-inflation at the BBC, which has given ever more status to senior reporters, presumably because it is cheaper to do that than to offer higher pay.
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
I go to Stanford, and I'm an economics major, not thinking I'm going to do anything with acting. A professor came to the dorm where I lived looking for people to audition for an August Wilson play, 'Joe Turner's Come And Gone.' I gave it a shot, got one of the lead roles in the play.
Many Conservatives believe that our conference needs to show the Conservatives retain a reputation for competence, a strong commitment to market economics and how that benefits everyone, and how Brexit is not going to drag us to a point where a Corbyn-led government becomes a reality.
Entrepreneurship isn't for everyone, and not everyone is going to be an entrepreneur, but women who turn to business, turn to economics, because there are people depending on them, I think that their creativity, their resilience, their spirit, embody what's best about entrepreneurship.
I am a filmmaker. My job is to make films. When something excites you - a story or characterisation - you immediately forget about everything else. You only think how to make a movie out of it. The economics come only later. You shouldn't let money dictate the kind of films you should make.
The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.
The young people I teach now know they are being sold down the river before we even start studying the trends and numbers. That's the toughest part of being a high school economics teacher... being a witness when our children realize that the greatest deficit of all is a deficit of leadership.
By elevating the dictum of the market to the role of the sole criterion of rationality and efficiency, economics denies even all "respectability" to the distinction between essential and non-essential consumption, between productive and unproductive labor, between actual and potential surplus.
I think people are hungry for new ideas and leadership in the world of poverty alleviation. Most development programs are started and led by people with Ph.Ds in economics or policy. Samasource is part of a cadre of younger organizations headed by entrepreneurs from non-traditional backgrounds.
In manufacturing, where mechanization and the use of chemical processes are much easier, it is easier to raise productivity than in services. In contrast, by their very nature, many service activities are inherently impervious to productivity increase without diluting the quality of the product.
One of the pleasing things about science is that we do all climb towards the heavens on the shoulders of our predecessors. Economics, like physics, has its heroes, and the letter 'H' that I used in my mathematical equations was not there to honor Sir William Hamilton, but rather Harold Hotelling.
Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
The secret to the movie business, or any business, is to get a good education in a subject besides film - whether it's history, psychology, economics, or architecture - so you have something to make a movie about. All the skill in the world isn't going to help you unless you have something to say.
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.
I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn't have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover the real-life economics of a poor person's existence.
I will check the internet for at least an hour every morning scanning worldwide news to do with child abuse. So if you're constantly putting yourself in an environment where you're checking up on social economics or homelessness problems, if you keep yourself aware of it, you don't really have a day off.
I like Mitt Romney as a person. I think he's a dignified person. But I have no common ground on economics. He doesn't worry about the Federal Reserve. He doesn't worry about foreign policy. He doesn't talk about civil liberties, so I would have a hard time to expect him to ever invite me to campaign with him.
I think that it's more important for an economist to be wise and sophisticated in scientific method than it is for a physicist because with controlled laboratory experiments possible, they practically guide you; you couldn't go astray. Whereas in economics, by dogma and misunderstanding, you can go very sadly astray.
Now that virtually every career is an option for ambitious girls, it can no longer be considered regressive or reactionary to reintroduce discussion of marriage and motherhood to primary education. We certainly do not want to return to the simplistic duality of home economics classes for girls and wood shop for boys.
At nineteen I was pretty sure I was going to be a professional soccer player. At that time I played for one of the Norwegian premier leagues. But I tore ligaments in both knees, so I started studying business administration and economics and became a financial analyst, and I worked at a brokerage firm as a stockbroker.
I had the good fortune to be able to take a course with Margaret Mead. I had a fabulous art course, where it was explained to me that nothing exists in a vacuum, that everything is a result of the period in which it's done - the economics, the sociology, the politics, all sewn together. That was a very important lesson.
I prefer to call the most obnoxious feminists what they really are: feminazis. Tom Hazlett, a good friend who is an esteemed and highly regarded professor of economics at the University of California at Davis, coined the term to describe any female who is intolerant of any point of view that challenges militant feminism.
The nuclear approach I'm involved in is called a traveling-wave reactor, which uses waste uranium for fuel. There's a lot of things that have to go right for that dream to come true - many decades of building demo plants, proving the economics are right. But if it does, you could have cheaper energy with no CO2 emissions.
The idea that we're going to austerity ourselves into prosperity is so mistaken, and honestly, I feel like one of the big problems we have is that, because Democrats don't have a deep understanding of or degrees in economics, they allow Wall Street folks to roll in the door and think that they're giving them an education.
Human well-being is not a random phenomenon. It depends on many factors - ranging from genetics and neurobiology to sociology and economics. But, clearly, there are scientific truths to be known about how we can flourish in this world. Wherever we can have an impact on the well-being of others, questions of morality apply.
After 2012, there's been a shift in humanity, society and economics. We're witnessing a transition: everything is changing really fast - with that comes a wanting to see and believe, and faith and spirituality come into play. I think the world is now more spiritual than it ever was because people are searching for answers.
My high school, the Illinois Mathematics and Science Academy, showed me that anything is possible and that you're never too young to think big. At 15, I worked as a computer programmer at the Fermi National Accelerator Laboratory, or Fermilab. After graduating, I attended Stanford for a degree in economics and computer science.
As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance?
Economics should be defined in terms of what it is about. It should be about how people produce things, how people exchange them, how people earn income, how they pay taxes, how the government provides infrastructure with tax revenue, and how it conducts monetary policy. The subject has to be defined in terms of the object of inquiry.
I look forward to the day when being called 'another Monica Lewinsky' refers to the hard work behind a master's degree in social psychology from the London School of Economics, after spending the first act of one's life deflecting the shame of a scandal that should have rested on the shoulders of a man old enough to have known better.
The breakdown of the black community, in order to maintain slavery, began with the breakdown of the black family. Men and women were not legally allowed to get married because you couldn't have that kind of love. It might get in the way of the economics of slavery. Your children could be taken from you and literally sold down the river.
Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode - the aftereffects of which still linger - has led many to question whether the economics profession contributes anything significant to society.
The simple model of a bridge is great, and you could not build a bridge without understanding it well. But if you're actually building the bridge, you need to know the site. A lot of economics is like that: When prices go up, demand is gonna go down. You can't forget that and run your economy. But it's not the only thing you need to know.
Globalization and trade liberalization were supposed to make us all better off through the mechanism of trickle-down economics. What we seemed to be seeing instead was trickle-up economics, accompanied by a destruction of democratic politics, as we moved ever closer to a system of 'one dollar, one vote' as opposed to 'one person, one vote.'
I call crony capitalism, where you take money from successful small businesses, spend it in Washington on favored industries, on favored individuals, picking winners and losers in the economy, that's not pro-growth economics. That's not entrepreneurial economics. That's not helping small businesses. That's cronyism, that's corporate welfare.
There exists no third principle for the organisation of the economics process which can be rationally chosen to achieve any desirable ends, in addition to either a functioning market in which nobody can conclusively determine how well-off particular groups or individuals will be, or a central direction where a group organised for power determines it.
Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another.