A Quote by Joseph Stiglitz

The problem is a lot of what is called economics is not economics. It is more ideology or religion.

Joseph Stiglitz

Quote Topics

Economics Ideology Lot More Problem Religion

Quote Author

Joseph Stiglitz
American - Economist
Born: February 9, 1943

Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.

Evan Davis

The problem is, of course, that not only is economics bankrupt but it has always been nothing more than politics in disguise ... economics is a form of brain damage.

Hazel Henderson

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.

Lupe Fiasco

Religion is a way to make order from chaos, and I think economics is not dissimilar. In religion and in economics, you're trying to figure out the way we perceive the world and move through it, and that's what I like to learn.

Stephen J. Dubner

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.

Kenneth Arrow

Today this is what we are confronted with, I mean what is pure ideology, which takes no account of the human context. In economics it's the same. Economics wanted to take into account theory over and above human criteria, or the parameter 'man'.

Catherine Camus

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

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

Kim Stanley Robinson

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.

Charlie Munger

When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.

Michael Hudson

I’m not into the whole Austrian type, strongly libertarian economics. I like more mainstream economics.

Robert Sarvis

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.

Charles Koch

I do not believe there is a natural resource economics. I believe there is good economics and bad economics.

Milton Friedman

For a variety of reasons, I have always felt myself an outsider. I don't know how to classify myself in economics. I am a loner. I do not like groupthink, which, if anything, has become more important in economics. In addition, a lot of the values I hold are not the mainstream values in the profession.

James Heckman

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.

Charlie Munger

We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.