Quotes About Economy

There is no one universally accepted definition of economy and economics. However, when looking at resources on the web, mostly cited one explains that the economy or economics are mostly activities related to production, distribution and consumption of goods and services. Any way we look at it, we come to realize that economics are part of our daily lives, and that we are all economists. We need to go to work to produce something (good or service) in exchange for money. And then, we allocate that money by buying foods and other stuff. Can you see it? Production, distribution, consumption... It's our daily life.

Some (but not all) of the quotes below might be more focused toward economists and other people who know bits and pieces about the economy and economics (economic theory). If you are not one of them, don't worry. There are some very interesting quotes and sayings about economy that you will might want to look at. So, enjoy your reading of economy quotes and happy learning.

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"An economist is someone who will know tomorrow why the things he predicted yesterday didn't happen today." Lawrence J. Peter

"Economic advance is not the same thing as human progress." John Clapham

"Economics is not about things and tangible material objects; it is about men, their meanings and actions." Ludwig Von Mises

"Economics is extremely useful as a form of employment for economists." John Kenneth "Ken" Galbraith

"The gap in our economy is between what we have and what we think we ought to have and that is a moral problem, not an economic one." Paul Heyne

"Economies are supposed to serve human ends.. not the other way round. We forget at our peril that markets make a good servant, a bad master and a worse religion." Amory Lovins

"I want a one-armed economist so that the guy could never make a satement and then say 'on the other hand...'" Harry S. Truman

"The superior man understands what is right; the inferior man understands what will sell." Confucius

"I content that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." Winston Churchill

"The worse the economy, the better the economists." Alfred Zauberman

"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal in hopelessly unproductive works." John Mills

"Economy is the art of making the most of life." George Bernard Shaw

"The first condition for the establishment of perpetual peace is the general adoption of the principles of laissez-faire capitalism." Ludwig Von Mises

"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists." Ernest Hemingway

"The most important single central fact about a free market is that no exchange takes place unless both parties benefit." Milton Friedman

"In today's knowledge-based economy, what you earn depends on what you learn." Bill Clinton

"When the allocation of resources, whether at the corporate or nation level, becomes all about 'making the number' then poor outcomes are to be expected." Edward Chancellor

"Whenever an economic indicator is made a target for conducting policy, then it loses the information content that would qualify it to play such role." Goodhart's Law

"Practical men who believe themselves to be quite exempt from any intelligent influence are usually the slaves of some defunct economists." John Maynard Keynes

"The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom." Milton Friedman

"How about no income tax at all on people over 65? People would continue working, remain healthier, not be an economic and social drain on society. Then the elderly would also have more disposable income to help charitable activities." John Templeton

"All people are most credulous when they are most happy; and when money has been made... there is a happy opportunity for ingenious mendacity." Walter Bagehot

"Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property." Milton Friedman

"One of the wonders of modern China is that it has turned some of the world's most ardent capitalists into fervent admirers of an economy managed by communists." Edward Chancellor

"The destruction of a currency does not follow a straight, predictable course... like a cancer, the disease breaks out anew because inflation cannot be cured through monetary and fiscal measures alone; it requires a fundamental change in social and political attitudes and this change usually does not occur until complete monetary chaos forces a change." G. Carl Wiegand

"What pays under capitalism is satisfying the common man, the customer. The more people you satisfy, the better for you." Ludwig Von Mises

"The truth is that economic competition is the very opposite of competition in the animal kingdom. It is not a competition in the grabbing off of scarce nature-given supplies, as it is in the animal kingdom. Rather, it is a competition in the positive creation of new and additional wealth." George Reisman

"Whoever controls the volume of money in any country is absolute master of all industry and commerce." James A. Garfield


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