A Quote by George Soros
The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).
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The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.
We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.
I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.
Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.
Nothing has done more to render modern economic theory a sterile and irrelevant exercise in autoeroticism than its practitioners’ obsession with mathematical, general-equilibrium models.
Classical economics values things by seeing how much someone will pay for them. But this is where classical economics is wrong. What it fails to account for are all the 'externalities' - the services people regard as free goods: pollination services, flood protection, climate regulation, soil stabilization, carbon sequestration.
Official Washington cannot tell the American people that the real purpose of its gargantuan military expenditures and belligerent interventions is to make the world safe for General Motors, General Electric, General Dynamics, and all the other generals.
Conventional economics is a form of brain damage. Economics is so fundamentally disconnected from the real world, it is destructive.
All the children in the world, when they go to school, have the right to study in their mother tongue. But we go to school and run into literary Arabic as children. It sounds like a foreign language. The words for "house" or "table" or "lamp" are not the same as the words we use at home, and most of the other words are alien to children at school. Classical Arabic is one of the prisons of the Arab world.
In general, exchange reactions for the lighter isotopes have equilibrium constants sufficiently different from unity, so that the ratios of concentrations of the isotopes in two compounds which are in equilibrium differ by a few per cents in nearly all cases.
My citizen activism is a direct outgrowth of a classical and fiscally conservative training in economics at Harvard. It is a perspective rooted in one of the most important concepts in economics - the need for government intervention in the presence of a market failure.
For 30 years I've been schooled in everything from government, and economics, to medicine and international relations. But don't be impressed. Someone once said being a general assignment reporter simply means you are equally ignorant about most everything. In other words, I know a little about a lot.
One of the major symptoms of the general crisis existent in our world today is our lack of sensitivity to words. We use words as tools. We forget that words are a repository of the spirit. The tragedy of our times is that the vessels of the spirit are broken. We cannot approach the spirit unless we repair the vessels. Reverence for words - an awareness of the wonder of words, of the mystery of words - is an essential prerequisite for prayer. By the word of God the world was created.
PLEASURE and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort - to procure the greatest amount of what is desirable at the expense of the least that is undesirable - in other words, to maximize pleasure, is the problem of economics.
Go back to classical times, say classical Greece. Who drank the hemlock? Was it someone who was conforming, obeying the gods? Or was it someone who was disrupting the youth and questioning the faith and belief? Socrates, in other words. It was Socrates.
My life as a professional musician is a joyless exercise in futility.
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