A Quote by Kenneth Arrow

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

Quote Topics

Anything Because Become Biology Career Compared Early Economics Education Equally Even Extent Fact Funding Graduate In Fact More Much Natural Natural Science Natural Sciences Need Oriented Part Particularly Physics Problem Say Sciences Sense Some Somewhat Special Than Thing Think True Without Work Worse Your

Quote Author

Kenneth Arrow
American - Economist
August 23, 1921 - February 21, 2017

I started off thinking that maybe the social sciences ought to have the kinds of mathematics that the natural sciences had. That works a little bit in economics because they talk about costs, prices and quantities of goods.

Herbert A. Simon

Economics has increasingly become the science of human behavior in general, and it's all the more unlikely to think that it can possibly be value-free - and, in fact, it isn't. Economics rests on un-argued assumptions that need to be examined.

Michael Sandel

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

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

Robert J. Shiller

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

I went into the sciences very early on, but to me, economics pervades so much more of our lives and our existence.

Dambisa Moyo

The study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences.

Ludwig von Mises

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

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

Milton Friedman

Physics was the first of the natural sciences to become fully modern and highly mathematical.Chemistry followed in the wake of physics, but biology, the retarded child, lagged far behind.

Michael Crichton

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

Joseph Stiglitz

People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science, and the so-called theories are really social and moral constructs.

Nick Hanauer

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

Eugene Wigner wrote a famous essay on the unreasonable effectiveness of mathematics in natural sciences. He meant physics, of course. There is only one thing which is more unreasonable than the unreasonable effectiveness of mathematics in physics, and this is the unreasonable ineffectiveness of mathematics in biology.

Israel Gelfand

I think it is true to say that I am not the first Nobel Prize winner in economics to have little formal training in economics.

Clive Granger

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.

Tyler Cowen

A Quote by Kenneth Arrow

Quote Topics

Quote Author

Related Quotes

Related Authors