A Quote by Ben Bernanke
Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.'
Quote Topics
Quote Author
Related Quotes
Economists often define their discipline as "the allocation of scarce resources among competing ends." But when resources or money really become scarce, economists call it a crisis and say that it's a question for politicians, not their own department.
Economics is the study of how society manages its scarce resources.
The special sphere of finance within economics is the study of allocation and deployment of economic resources, both spatially and across time, in an uncertain environment. To capture the influence and interaction of time and uncertainty effectively requires sophisticated mathematical and computational tools.
The court has had to take a hard look at our resources and make difficult decisions balancing competing demands for resources. While our current allocation of resources to the Twin Peaks Court may not be ideal, it is an appropriate allocation when all factors are considered. While I realize this will be disappointing news to you, I can assure you the matter was given serious thought before a decision was made.
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
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.
Conflicts are never caused in any simple way by identity, culture or economics. Where resources are scarce, or there are strong historical memories of conflict, small events are more likely to inflame passions.
We can extrapolate from the study that for the long term individual investor who maintains a consistent asset allocation and leans toward index funds, asset allocation determines about 100% of performance.
Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
Our supplies of natural resources are not finite in any economic sense. Nor does past experience give reason to expect natural resources to become more scarce. Rather, if history is any guide, natural resources will progressively become less costly, hence less scarce, and will constitute a smaller proportion of our expenses in future years.
Since scarcity is the basic economic problem, if it does not exist then there is no reason for my economics course. Devoting time to the study of how people use limited resources to fulfill unlimited wants and needs should help us to discover how to best utilize the resources we have at our disposal.
When you think of all the conflicts we have - whether those conflicts are local, whether they are regional or global - these conflicts are often over the management, the distribution of resources. If these resources are very valuable, if these resources are scarce, if these resources are degraded, there is going to be competition.
Certainly if the fundamental problem of society is that demands are infinite and resources are always limited, politics, not economics is the master science.
We must recognize that only scarce resources are ownable; second, that the body is a type of scarce resource; third, that the mode of acquiring title to external objects is different from the basis of ownership of one's own body.
Though it is fairly easy to describe what constitutes a bad home, there is no simple definition of a good one. Conformity with the traditional pattern certainly is no guarantee of the happiest results.
To those of you who study history, economics, sociology, literature and language I present the challenge of the utilization of the enormous resources in our grasp to the problem of creating a genuinely good life for yourselves and your children.
Related Authors
Andrew Yang Quotes
American
Public Servant
David Frum Quotes
American
Public Servant
Elizabeth Warren Quotes
American
Public Servant
Henry Paulson Quotes
American
Public Servant
James Comey Quotes
American
Public Servant
Janet Reno Quotes
American
Public Servant
Janet Yellen Quotes
American
Public Servant
Karren Brady Quotes
British
Public Servant
Michael Hayden Quotes
American
Public Servant
Mohammed Saeed al-Sahaf Quotes
Iraqi
Public Servant
Paula White Quotes
American
Public Servant
Samantha Power Quotes
Irish
Public Servant
Scott Gottlieb Quotes
American
Public Servant
Steve Bannon Quotes
American
Public Servant
Vivek Murthy Quotes
American
Public Servant
Wendy Kopp Quotes
American
Public Servant