A Quote by Paul Samuelson
In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.
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A lot of my colleagues have been people with broad interests in economics, not just narrowly focused interests.
History shows that where ethics and economics come in conflict, victory is always with economics. Vested interests have never been known to have willingly divested themselves unless there was sufficient force to compel them.
So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.
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.
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
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.
Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
I think it is natural that every country has to take care of its interests, but there are some interests that are common to all countries. There are some human interests, or we need also international cooperation. We've sometimes confused it with dictation.
Women's battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
Conventional economics is a form of brain damage. Economics is so fundamentally disconnected from the real world, it is destructive.
Conventions of generality and mathematical elegance may be just as much barriers to the attainment and diffusion of knowledge as may contentment with particularity and literary vagueness... It may well be that the slovenly and literary borderland between economics and sociology will be the most fruitful building ground during the years to come and that mathematical economics will remain too flawless in its perfection to be very fruitful.
If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson's books.
Unless the fundamental categories of economics such as 'property' were to be redefined in a radically personal way the liberal rationalist curse which had established economics as a scientific discipline cut off from human interests would proliferate. Economic models ... have failed to incorporate any meaningful index of individual benefit other than the original utilitarian one, ... the index of increasing income or an increasing flow of commodities.
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.
I think when you're trying to get a film together that's had a long gustation process before I came on board and was trying to get financed in various stages, sometimes you're trying to make it more friendly to the financial interests or the commercial interests of various parties.
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