A Quote by Edmund Phelps

Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.

Edmund Phelps

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Economics Paid Price Terrible Theories

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Edmund Phelps
American - Economist
Born: July 26, 1933

There's nothing in Keynesian economics that would allow you to solve stagflation. But there's nothing in neoclassical economics that would allow you to solve stagflation, either.

Paul Samuelson

Reality cannot be ignored except at a price; and the longer the ignorance is persisted in, the higher and more terrible becomes the price that must be paid.

Aldous Huxley

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

Keynesian economics has always been needed.

George Akerlof

The church has paid a terrible price for statistics!

Leonard Ravenhill

[T]he price you've paid is not the price of becoming human. It's not even the price of having the things you just mentioned. It's the price of enacting a story that casts mankind as the enemy of the world.

Daniel Quinn

Neoclassical economics insists that advertising cannot force consumers to buy anything they don't already want to buy.

Christopher Lasch

My dad used to tell me, 'Check the price, son.' Check the price, kids, check the price because there is a price to be paid for whatever you do in life, whether it is good or it is bad. Before you do something, ask yourself is it worth the price you have to pay?

Larry Holmes

We honor the old prophets, we honor the Tozers and Spurgeons but we don’t want to pay the price they paid, and they paid the price by being men who walked alone who lived with God and who loved His word.

Paul Washer

Everything has its price - and if that price is not paid, not that thing but something else is obtained... it is impossible to get anything without this price.

Ralph Waldo Emerson

The Iraqis had paid a terrible price for Saddam's folly (in the Gulf War). But looking at the devastation they left behind (in Kuwait), my sympathy was limited.

Margaret Thatcher

At the time, my personal research objectives were to provide Keynesian economics with more rigorous foundations and to tighten and elaborate the logic of macroeconomic and monetary theory.

James Tobin

Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry.

Ha-Joon Chang

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

Benjamin Graham

Neoclassical economics ... has uncovered important truths about the nature of money and markets because its fundamental model of rational self-interested human behavior is correct about 80% of the time.

Francis Fukuyama

A conveyor belt of Think Tank pundits and allied operatives poured into the TV studios, and together they built a fortress around Mrs. Thatcher's memory that was rooted in theories about economics. They did this because economics is the only language that wonks understand.

Adam Curtis

A Quote by Edmund Phelps

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