A Quote by Robert J. Shiller
We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.
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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.
So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
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.
I feel like there's lot of people who know finance and economics better than I do. There are lots of people who are better storytellers than I am. But the space that I occupy of storytelling about finance and economics is - more people want it than can do it.
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.
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.
There is no other proposition in economics that has more solid empirical evidence supporting it than the Efficient Market Hypothesis... In the literature of finance, accounting, and the economics of uncertainty, the EMH is accepted as a fact of life.
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.
I started in engineering, where I think I could have happily remained and, who knows, made a bundle as a civil engineer or mechanical engineer. But more of my friends happened to be majoring in physics than engineering, so I switched over. No more compelling reason than that.
I’m not into the whole Austrian type, strongly libertarian economics. I like more mainstream economics.
The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.
That is why I believe that art is so much more significant than either economics or philosophy. It is the direct measure of man's spiritual vision.
After graduating in engineering I went to the University of Kansas to get an MA in economics as a vehicle for allowing me to decide if I wanted to continue in economics.
Physicists have a bias to aspire to be "seers" like Einstein rather than "craftspeople" who do simple and practical research. I have seen that in economics departments. The same must be true to some extent in other departments.
Economics anxiety may be even more common than the often identified 'math anxiety,' for unlike math, which has its personal uses, economics is seen as a mysterious set of forces manipulated from above.
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.
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