A Quote by Charles Koch
If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.
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Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
Anyway that's a large part of what economics is - people arbitrarily, or as a matter of taste, assigning numerical values to non-numerical things. And then pretending that they haven't just made the numbers up, which they have. Economics is like astrology in that sense, except that economics serves to justify the current power structure, and so it has a lot of fervent believers among the powerful
I am opposed to all forms of control; I am for an absolute laissez faire, free, unregulated economy. I am for the separation of the state and economics, just as we had separation of state and church, which led to peaceful coexistence among different religions...so the same applies to economics. If you separate the government from economics, if you do not regulate production and trade, you will have peaceful cooperation, and harmony and justice among men.
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.
Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode - the aftereffects of which still linger - has led many to question whether the economics profession contributes anything significant to society.
I walked into an international economics tutorial, and the professor said, 'I don't know how to teach a woman.' I said, 'It's the same as teaching a man.' I just sat down, and he had no choice but to start teaching. When I handed in my first paper, I think that shut him up.
I am practical by nature, and I'd heard that being a writer or an artist is a good way to starve! So I was an economics major at Oklahoma State, and then received an M.S. from Cornell in Agricultural Resource and Managerial Economics. I knew if I wanted to write I would do it on my own, but I knew I wouldn't make myself study economics on my own.
I entered economics because of a course I took on 'information economics,' which I found fascinating.
In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.
My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.
I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn't have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover the real-life economics of a poor person's existence.
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.
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