A Quote by Clive Granger
I think it is true to say that I am not the first Nobel Prize winner in economics to have little formal training in economics.
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There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.
Two Americans have been awarded the Nobel Prize for Economics. They are the first to figure out all the charges on their telephone bill.
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.
The Nobel Prize confers on an individual an authority which in economics no man ought to possess.
Maybe if you win a Nobel Prize in economics, you make a lot of money by giving talks... but not in my area.
I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.
It's not only possible, but likely that the Nobel Prize in economics will go in alternate years to people who disagree on nearly everything fundamental.
When, over fifty years ago, I first became interested in economics - as a discipline that provided the key to social structure and social problems - it never crossed my mind that one day I might be the honored recipient of a Nobel Memorial Prize.
It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, "Economics is what economists do," and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers.
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.
I think the team that successfully puts together an economic and social policy framework for global full employment in decent working conditions based on local development, that would command the support of all stakeholders and all international organizations concerned, should be awarded the [Nobel] prize. I am sure they would get it not just for economics, but also for peace in the world.
The Nobel Prize is not very important for the winners - they are usually pretty successful people already. But it is valuable as a way of drawing the public's attention to important work in 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.
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.
The Nobel Prize in Economics is an incredible recognition for the work that my students, colleagues and I have done over the years. We all worked hard, but we were also lucky that the financial applications were so important.
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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