A Quote by Edward Conard
Economics is counterintuitive. It just is.
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Physics is really figuring out how to discover new things that are counterintuitive, like quantum mechanics. It's really counterintuitive.
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.
Litmus test: If you can't describe Ricardo's Law of Comparative Advantage and explain why people find it counterintuitive, you don't know enough about economics to direct any criticism or praise at "capitalism" because you don't know what other people are referring to when they use that word.
We have found that companies need to speak a common language because some of the suggested ways to harness disruptive innovation are seemingly counterintuitive. If companies don't have that common language, it is hard for them to come to consensus on a counterintuitive course of action.
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 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.
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.
The Tea Party we were told is only about economics; not true. It was always about economics and social issues. They just hid the social issues and now we just see who they really are.
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 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.
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 do not believe there is a natural resource economics. I believe there is good economics and bad economics.
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.
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.
Ultimately, at the end of it, it's just trying to get into that space where you feel like you're hitting the right thing and you're making music. And it feels intuitive rather than being counterintuitive.
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