A Quote by John Quiggin

The term "rational" and its variants (rationality, rationalism) are used in a lot of contexts in economic debate, both positively and negatively, but nearly always sloppily or dishonestly. A specimen I've seen on more occasions than I can count is the line (usually presented with a sense of witty originality) "if you are opposed to economic rationalism, you must be in favor of economic irrationalism"... I've come to the conclusion that the word "rational" has no meaning that cannot better be conveyed by some alternative term and that the best advice is probably to avoid it altogether.

John Quiggin

Quote Topics

Advice Alternative Altogether Always Avoid Best Best Advice Better Both Cannot Come Conclusion Count Debate Economic Favor Line Lot Meaning More Must Nearly Occasions Opposed Originality Positively Presented Rational Rationalism Rationality Seen Sense Some Specimen Term Than Used Witty Word

Quote Author

John Quiggin
Australian - Economist
Born: March 29, 1956

Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense of the word All economic change, therefore, would involve operations the value of which could neither be predicted beforehand nor ascertained after they had taken place. Everything would be a leap in the dark. Socialism is the renunciation of rational economy.

Ludwig von Mises

Because of the confusion surrounding the term "agnosticism," it would seem better to use the very similar term "rationalism" in its place when referring to the original Huxleyan meaning of the term. The use of "rationalist" for "agnostic" would also seem to be less ambiguous.

Gordon Stein

Rationalism is the idea that we can ever understand anything about the state of being. It's a deathtrip. It always has been. . . . And if rationalism is a deathtrip, then irrationalism might very well be a lifetrip . . . at least until it proves otherwise.

Stephen King

The most important thing that a company can do in the midst of this economic turmoil is to not lose sight of the long-term perspective. Don't confuse the short-term crises with the long-term trends. Amidst all of these short-term change are some fundamental structural transformations happening in the economy, and the best way to stay in business is to not allow the short-term distractions to cause you to ignore what is happening in the long term.

Paul Saffo

It is much more difficult to get implemented politically what might be desirable economically. Even if you came out with an economic argument in favor of equalization - and I think there are arguments on both sides - I would still come down in favour of some sort of a scheme on strict economic grounds.

James M. Buchanan

We could solve all our problems if only we were the efficient, rational human beings of standard economic theory and had politicians willing to think in the long-term interest of their people rather than their own.

Jeremy Grantham

Obama and the Democrats' preposterous argument is that we are just one more big tax increase away from solving our economic problems. The inescapable conclusion, however, is that the primary driver of the short-term deficit is not tax cuts but the lack of any meaningful economic growth over the last half decade.

Bob Beauprez

We have a structural problem because you can simultaneously understand the medium to long-term risks of climate change and also come to the conclusion that it is in your short-term economic interest to invest in oil and gas. Which is why, you know, anybody who tells you that the market is going to fix this on its own is lying to you.

Naomi Klein

How is it that we have created an economic system that tells us it is cheaper to destroy the earth and exhaust its people than to nurture them both? Is it rational to have an pricing system which discounts the future and sells off the past? How did we create an economic system that confused capital liquidation with income?

Paul Hawken

For more than 3,000 years, China and India accounted for half of the world's economic output. But then the Industrial Revolution gave North America and Europe 150 golden years. If you take the long-term perspective, our economic dominance has been more of an exception than the rule.

Paul Achleitner

Our long-term economic plan is all about creating jobs and the economic security that comes with that.

George Osborne

The British economy of the future must be built not on the shifting sands of boom and bust, but on the bedrock of prudent and wise economic management for the long term. It is only these firm foundations that we can raise Britain's underlying economic performance.

Gordon Brown

Short-term market and economic prognostication is largely a fool’s errand, we invest according to a strategy that makes the need to rely on short-term market or economic assessments largely irrelevant.

Bill Ackman

The early pioneers of both wellness and network marketing were motivated by the sense that it was possible to create a better life than the conventional routes offered - better personal health and better economic health, respectively. Now the 'alternatives' of yesterday have become the economic powerhouses of today and tomorrow.

Paul Zane Pilzer

Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves.