Quotes from economists have long served as profound insights into the complex world of finance, trade, and fiscal policy.
These snippets of wisdom, often born from years of research and observation, encapsulate the essence of economic thought and theory.
This article delves into the wisdom shared by some of history’s most influential economic minds.
From Adam Smith’s invisible hand to Keynesian principles, these quotes from economists provide a window into the evolving landscape of economic ideas.
Join us on a journey through the words that have shaped economic theory and policy as we uncover the timeless wisdom encapsulated in the voices of these remarkable thinkers.
Quotes from Economists
“The invisible hand of the market always moves faster and better than the heavy hand of government.” – Milton Friedman
“Economics is the art of making the most of life.” – John Maynard Keynes
“In the long run, we are all dead.” – John Maynard Keynes
“The problem with socialism is that you eventually run out of other people’s money.” – Margaret Thatcher
“Economics is a study of how people make choices under scarcity.” – Thomas Sowell
“The market is the most efficient mechanism anywhere in the world for processing information.” – Friedrich Hayek
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” – Friedrich Hayek
“Inflation is taxation without legislation.” – Milton Friedman
“The best way to destroy the capitalist system is to debauch the currency.” – Vladimir Lenin
“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood.” – John Maynard Keynes
“There is no such thing as a free lunch.” – Milton Friedman
“The rich invest in time; the poor invest in money.” – Warren Buffett
“Economics is extremely useful as a form of employment for economists.” – John Kenneth Galbraith
“Economic history is a never-ending series of episodes based on falsehoods and lies, not truths.” – Peter Schiff
“The stock market is filled with individuals who know the price of everything, but the value of nothing.” – Philip Fisher
“If you torture the data long enough, it will confess to anything.” – Ronald Coase
“The only function of economic forecasting is to make astrology look respectable.” – John Kenneth Galbraith
“The most important single central fact about a free market is that no exchange takes place unless both parties benefit.” – Milton Friedman
“A man is not free unless government is limited.” – Ronald Reagan
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” – Adam Smith
“The real problem of humanity is the following: we have paleolithic emotions, medieval institutions, and god-like technology.” – E.O. Wilson
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” – Winston Churchill
“The more the state ‘plans’ the more difficult planning becomes for the individual.” – Friedrich Hayek
“There’s no such thing as a free lunch.” – Robert Heinlein
“Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” – John Maynard Keynes
Quotes on Inflation by Economists
“Inflation is always and everywhere a monetary phenomenon.” – Milton Friedman
“Inflation is taxation without legislation.” – Milton Friedman
“The best way to destroy the capitalist system is to debauch the currency.” – Vladimir Lenin
“Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.” – Sam Ewing
“Inflation is the one form of taxation that can be imposed without legislation.” – Milton Friedman
“The most important thing about money is to maintain its stability… You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the government.” – George Bernard Shaw
“Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hitman.” – Ronald Reagan
“Hyperinflation can take virtually your entire life’s savings, without the government having to bother raising the official tax rate at all.” – Thomas Sowell
“Inflation is the cruelest tax of all.” – Ronald Reagan
“Inflation is the one form of tax that can be imposed without legislation.” – Milton Friedman
“Inflation is a hangover from the boom, not the slump.” – Roger W. Babson
“Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.” – Robert Orben
“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring temporary prosperity; both bring permanent ruin. But both are the refuge of political and economic opportunists.” – Ernest Hemingway
“Inflation is the senility of democracies.” – Sylvia Townsend Warner
“Inflation is the kind of thing that no one ever wants to stop once it starts.” – Thomas Sowell
“The inflation of a currency is a melancholy consideration, and even the prospect of the necessity of a violent and sudden check to the issue is only less melancholy.” – David Ricardo
“Inflation is like sin; every government denounces it, and every government practices it.” – Frederick Leith-Ross
“It’s very clear that if you have significant inflation, it’s going to affect virtually every asset class.” – Ray Dalio
“The actions of private citizens do not cause inflation, but by the government: by an artificial expansion of the money supply required to support deficit spending.” – Alan Greenspan
“Inflation is the surest way to wealth for governments.” – George Bernard Shaw
“Inflation is the crabgrass in your savings.” – Robert Orben
“Inflation is the cutting edge of the tyranny.” – Georg Buchner
“Inflation is taxation without representation.” – Milton Friedman
One Armed Economist Quote
“On one hand, inflation is a threat; on the other hand, deflation is a bigger threat.”
“Economists are the only people who can make money by saying, ‘On the one hand… on the other hand…'”
“Economists can predict everything except the future.”
“Economics is the only field where two people can share a Nobel Prize for saying opposite things.”
“An economist is someone who knows the price of everything and the value of nothing.”
“An economist’s guess is liable to be as good as anybody else’s.”
“In economics, the only sure thing is uncertainty.”
“Economic forecasting: turning a guess into a prediction.”
“Economists have forecasted nine out of the last five recessions.”
“Economists are people who still use their fingers to do multiplication.”
“Economists put decimal points in their forecasts to show they have a sense of humor.”
“Economists are the weathermen of finance – always predicting, rarely accurate.”
“An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.”
“Economic models are to economists what lampposts are to drunks: used for support, not illumination.”
“Economic policy: Making a mess, and then complaining that it’s a mess.”
“The stock market is filled with people who know the price of everything and the value of nothing.”
“Economics is the art of explaining tomorrow why the predictions you made yesterday didn’t come true today.”
“Economics is the only profession in which one can gain great respect by being wrong most of the time.”
“Economists are like fortune-tellers who can’t predict the past.”
“Economics is the science of explaining tomorrow why the predictions you made yesterday didn’t come true today.”
“Economists are experts in finding elaborate ways to state the obvious.”
“Economists are the people who take your watch and tell you what time it is.”
“Economics is too important to leave to the economists.”
“If all economists were laid end to end, they would not reach a conclusion.”
“Economists have the least degree of wisdom when they become clever.”
Economic Quotes By Famous Economists
– When it comes to the long run, then every one of us is dead. –John Maynard Keynes
– If you are talking about inflation, I would say it is a monetary phenomenon in every aspect and situation. –Milton Friedman
– The very moment all the lands in any country are privatized, the landlords start demanding money for even the harvest they never sowed. –Adam Smith
– All the things that Milton Friedman comes across remind him of the supply of money, and all the things that I come across remind me of sex, but I keep it out of my papers. –Robert Solow
– Once a person starts thinking about the growth of an economy, it is next to impossible for him to think about anything else. –Robert Lucas
– The prices of the stocks have apparently reached a very high platform. –Irving Fisher
– The interpretation and estimation of the distributed lagged models were the major interests of macroeconomists and applied economists during the time when I was pursuing my graduation. –Thomas Sargent
– I have never encountered a person who has done anything good and has always shown inclination towards free riding. –Adam Smith
– The average scores of the economics department at MIT and Harvard go up when the student with the least academic performance at MIT leaves and joins Harvard. –Paul Samuelson
– You will find a computer in all places except when it comes to the statistics regarding the growth of an economy. –Robert Solow
– All the conservatives that you may come across might not be stupid people, but all the stupid people you come across are conservatives. –John Stuart Mill
– I never had any non-academic job, which was serious enough. –Amartya Sen
– The extent of expenditure of a country can have no limits. –Gita Gopinath
– The true problem associated with debt occurs when all the people are going to pay it back at the same time. –Paul Krugman
– I was birth on a campus of a university, and all my life I have been residing on any university campus or the other. –Amartya Sen
– The true tragedy that the poor face is that they do not have enough aspirations. –Adam Smith
– Any policymaker’s tool kit must have enough room for fiscal policies because they are of paramount importance. –Gita Gopinath
– The approaches of any present government towards the future government are not philanthropic enough. –Gita Gopinath
The Economist Quotes
– The theory of growth did not begin with my articles, but perhaps they began with Adam Smith. Even Adam Smith could have predecessors. –Robert Solow
– I say this often you can find everything you want online, but in the bookstores, you will get the things you did not search for. –Paul Krugman
– Debt is the liability of one and an asset for the other. –Paul Krugman
– It is the state of our own minds that matters the most. –John Maynard Keynes
– Escaping from already existing ideas is more difficult than developing new ones. –John Maynard Keynes
– The people who are always inclined towards holding meetings are the least productive ones. –Thomas Sowell
– There will be a shortage of sand in the Sahara desert if the federal government is put in its charge. –Milton Friedman
– Population increases geometrically when it is not checked. –Thomas Malthus
– I have always wanted to do something good and useful for the world, and I believe I inherited this from my mother. She was a pediatrician and an active member of an NGO meant for the child victims of war. –Esther Duflo
– The branch that is known as behavioral economics is what I practice. –Richard Thaler
– The part of a person’s wealth that is used to increase the wealth level is what we refer to as capital. –Alfred Marshall
– Of the many difficulties of a job in the real world is that you get no time to shut the door of a room and stay alone and think. –Raghuram Rajan
– I spent about ninety days in the dormitory of Columbia University and was getting trained as a naval officer when the US got involved in the war.
– You will have to give money to the poor in their hands and cannot do this by any mere fiscal policy, such as a cut in income taxes. –Abhijit Banerjee
– I have received a Ph.D. in economics, and thus I analyze every situation in a completely new manner because all the situations arising across the globe are unique to themselves. –Dave Brat
– I strongly believe in cooperation. –Franco Modigliani
– The situation in Argentina is such that the critics will blame the international currencies even if the weather is not right. –Steve Hanke
– The need for America to have a dollar that is more competitive is my theme for today’s evening. –Martin Feldstein
– Since the formation of the Federal reserves, it has been evident that the monetary policies have not virtually had any effect on the employment and output scenarios. –Edward C. Prescott
– Property rights only say about the ownership of a product, but the market decides how the product will be used. –Ronald Coase
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