A Quote by Ashraf Ghani
Economics taught in most of the elite universities are practically useless in my context. My country is dominated by drug economy and a mafia. Textbook economics does not work in my context, and I have very few recommendations from anybody as to how to put together a legal economy.
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Economics taught in most of the elite universities are practically useless in my context. My country [Afghanistan] is dominated by drug economy and a mafia; textbook economics does not work in my context.
I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. Economics is very useful, and I studied economics in graduate school. But without understanding the social and organizational context of economics, it becomes a theory without any groundwork.
Just as a poetic discussion of the weather is not meteorology, so an issuance of moral pronouncements or political creeds about the economy is not economics. Economics is a study of cause-and-effect relationships in an economy.
My Prime Minister regards the economy as our highest priority and forgets that economics and ecology are derived from the same Greek word, oikos, meaning household or domain. Ecology is the study of home, while economics is its management. Ecologists try to define the conditions and principles that enable a species to survive and flourish. Yet in elevating the economy above those principles, we seem to think we are immune to the laws of nature. We have to put the ‘eco’ back into economics.
The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics.
Trickle-down economics - it didn't work. The whole idea was supply-side economics: give rich people a lot of money; they'll spend it, it'll go into the economy. Here's what we found out - rich people, really good at keeping all the money. That's how they got rich. If you want it in the economy, give it to the poor people. You know what they're really good at? Spending all their money.
Culture is an output of a bunch of inputs that have to come together the right way. Specifically, it is the collision of people and their context, how they interact with each other in that context, and then how that context evolves based on those interactions as they multiply.
Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.
Today this is what we are confronted with, I mean what is pure ideology, which takes no account of the human context. In economics it's the same. Economics wanted to take into account theory over and above human criteria, or the parameter 'man'.
Rogue economics is a sort of umbrella under which we find the criminal economy, the illegal economy, but also those gray areas, gray areas where there is not a proper regulation, where there is not legislation for the economy.
The basic idea that if you increase government spending or you cut people's taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It's in every economics textbook, that's what we teach our undergraduates, and I certainly try to teach them the truth.
Someone bemoaned that there were so few women in economics. But there are also very few men in economics.
If you put this in the context of Detroit in '64 or '65, the economy was booming. Everybody had jobs and there was a whole nightclub culture where bands could work.
If economics wants to understand the new economy, it not only has to understand increasing returns and the dynamics of instability. It also has to look at cognition itself, something we have never done before in economics.
If you don’t want to cry about the state of the economy, why not laugh instead? This book is an ideal introduction to the subject for anybody who thinks they ought to understand what’s happening around them but is put off by the usual dense text and economics jargon.
At the beginning of my sophomore year at Princeton University, I took my first economics course; our textbook was the first edition of Samuelson's 'Economics: An Introductory Analysis.'
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