A Quote by Martin Feldstein
First, I think the science of monetary economics has clearly gotten better.
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Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
I may be a dreamer, but I think monetary economics should be a hot topic.
It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.
The church has gotten it wrong a few times on science, and I think that we probably are better off leaving science to the scientists and focusing on what we do - what we're really good at, which is - which is theology and morality.
Economics is uncertain because its fundamental subject matter is not money but human action. That's why economics is not the dismal science, it's no science at all.
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.
Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
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.
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.
'First Light' has gotten a reputation as a kind of cult classic about science. I never really intended it to be read as a science book, but books, like children, have a way of choosing their own friends.
If you look through the century, certain things have gotten better and certain things have gotten worse. I wouldn't say overall that things have gotten better. I think you could say things have gotten worse, but I don't think you could say that things have gotten better. Overall. You can't say that.
At the beginning of my sophomore year at Princeton University, I took my first economics course; our textbook was the first edition of Samuelson's 'Economics: An Introductory Analysis.'
I've never changed my approach to acting. I've always felt like I've gotten better. I think that all of us can get better. I feel like, in my acting, I'm better than I was three pictures ago. I think about it. I'm a slow study. It takes me a long time to grasp the material, in order to perform it. But when I come to the set, on the first day, I know the whole movie. That's why I have to start early.
The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
I have a lot more energy than I used to have. I sleep better. I like the way I look in my clothes better. I don’t cramp as much. I exercise better. I think my circulation has gotten better.
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.
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