A Quote by Charlie Munger

So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.

Charlie Munger

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Almost Always Always Wrong Basic Economics Emulate Ethos Formulas Like Physics Precision Search Should Wrong

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Charlie Munger
American - Businessman
Born: January 1, 1924

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.

Charlie Munger

We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.

Robert J. Shiller

I wonder if economics has less basic core material than is necessary for fields such as mathematics, physics, or chemistry, say.

Clive Granger

People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science, and the so-called theories are really social and moral constructs.

Nick Hanauer

As a scholarly discipline, economics has always suffered from physics envy.

Robert Kuttner

That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.

Robert J. Shiller

I do sense, as compared with let's say the early '50s, there's somewhat more of a careerism. I don't think it's anything special to economics; it's equally true with physics or biology. A graduate education has become a more career-oriented thing, and part of that is because of the need for funding. In fact, that's a much worse problem in the natural sciences than it is in economics. So you can't even do your work in the natural sciences, particularly, and even to some extent in economics, without funding.

Kenneth Arrow

That attitude does not exist so much today, but in those days there was a very sharp distinction between basic physics and applied physics. Columbia did not deal with applied physics.

Gordon Gould

Going to the moon is not a matter of physics but of economics.

John R. Platt

There is no science in this world like physics. Nothing comes close to the precision with which physics enables you to understand the world around you. It's the laws of physics that allow us to say exactly what time the sun is going to rise. What time the eclipse is going to begin. What time the eclipse is going to end.

Neil deGrasse Tyson

Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry.

Ha-Joon Chang

My A-levels were physics, chemistry and maths. Science is fascinating but I wouldn't say I have used it since then. I decided to do economics.

Konnie Huq

I don't think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it's not working.

Rick Perry

You don't see black people winning Nobel prizes for physics or economics or any of the industries or institutions that shape the way the world operates.

Kerry James Marshall

Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.

Evan Davis

It seems that every practitioner of physics has had to wonder at some point why mathematics and physics have come to be so closely entwined. Opinions vary on the answer. ..Bertrand Russell acknowledged..'Physics is mathematical not because we know so much about the physical world, but because we know so little.' ..Mathematics may be indispensable to physics, but it obviously does not constitute physics.

Etienne Klein

A Quote by Charlie Munger

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