Popular Quotes

Economists should be modest and be aware that they are part of the broader social science community. We need to be pragmatic about the methods we use. When we need to do history, we should do history. When we need to study political science, we should study political science.

Economists specialize in pointing out unpleasant trade-offs - a skill that is on full display in the health care debate. We want patients to receive the best care available. We also want consumers to pay less. And we don't want to bankrupt the government or private insurers. Something must give.

Economists treat economics as if it is a pure science divorced from the facts of life. The result of this false accountancy is a willful confusion under cover of which industry wreaks its havoc scot-free and ignores the environmental cost.

Economists typically think that your happiness goes up as you get more money, but the more you have, the less each additional dollar matters. This means that you value money most in times when you have less income and more expenses.

Economists who have studied the relationship between education and economic growth confirm what common sense suggests: The number of college degrees is not nearly as important as how well students develop cognitive skills, such as critical thinking and problem-solving ability.

Economize in other things if you must, wear threadbare clothes if necessary, but never cheat your body or brain by the quality and quantity of your food. Poor, cheap food which produces low vitality and inferior brain force is the worst kind of economy.