A Quote by Greg Mankiw

Economics is the study of how society manages its scarce resources.

Greg Mankiw

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Economics How Resources Scarce Scarce Resources Society Study

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Greg Mankiw
American - Author
Born: February 3, 1958

Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.'

Ben Bernanke

Since scarcity is the basic economic problem, if it does not exist then there is no reason for my economics course. Devoting time to the study of how people use limited resources to fulfill unlimited wants and needs should help us to discover how to best utilize the resources we have at our disposal.

Kurt Bills

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.

Robert Reich

Economists often define their discipline as "the allocation of scarce resources among competing ends." But when resources or money really become scarce, economists call it a crisis and say that it's a question for politicians, not their own department.

Michael Hudson

Conflicts are never caused in any simple way by identity, culture or economics. Where resources are scarce, or there are strong historical memories of conflict, small events are more likely to inflame passions.

Geoff Mulgan

Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.

John Kenneth Galbraith

Whether we like it or not, it is a fact that economics cannot remain an esoteric branch of knowledge accessible only to small groups of scholars and specialists. Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen.

Ludwig von Mises

Our supplies of natural resources are not finite in any economic sense. Nor does past experience give reason to expect natural resources to become more scarce. Rather, if history is any guide, natural resources will progressively become less costly, hence less scarce, and will constitute a smaller proportion of our expenses in future years.

Julian Simon

When you think of all the conflicts we have - whether those conflicts are local, whether they are regional or global - these conflicts are often over the management, the distribution of resources. If these resources are very valuable, if these resources are scarce, if these resources are degraded, there is going to be competition.

Wangari Maathai

Money is only important in a society when certain resources for survival must be rationed and the people accept money as an exchange medium for the scarce resources. Money is a social convention, an agreement if you will. It is neither a natural resource nor does it represent one. It is not necessary for survival unless we have been conditioned to accept it as such.

Jacque Fresco

Certainly if the fundamental problem of society is that demands are infinite and resources are always limited, politics, not economics is the master science.

Bernard Crick

We must recognize that only scarce resources are ownable; second, that the body is a type of scarce resource; third, that the mode of acquiring title to external objects is different from the basis of ownership of one's own body.

Stephan Kinsella

To those of you who study history, economics, sociology, literature and language I present the challenge of the utilization of the enormous resources in our grasp to the problem of creating a genuinely good life for yourselves and your children.

Polykarp Kusch

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.

Ally Carter

The special sphere of finance within economics is the study of allocation and deployment of economic resources, both spatially and across time, in an uncertain environment. To capture the influence and interaction of time and uncertainty effectively requires sophisticated mathematical and computational tools.

Robert C. Merton

The study of Indian economics is the study of the spinning wheel.

Mahatma Gandhi

A Quote by Greg Mankiw

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