Economic Advice Quotes

As a general rule, the United States government is run by lawyers who occasionally take advice from economists. Others interested in helping the lawyers out need not apply.

Political Economy, in truth, has never pretended to give advice to mankind with no lights but its own; though people who knew nothing but political economy (and therefore knew it ill) have taken upon themselves to advise, and could only do so by such lights as they had.

Politicians listen to economists who tell them what they want to hear.

When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.

Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.

The same people the Americans sent over - that we sent over to advise the Russians, we also sent over to advise the Poles about how to build a post-communist economy. Same people, same advice, with radically different results, which leads to suspicion it's not our advice which was the crucial variable. It was the Poles, on one hand, and the Russians on the other. The Poles succeeded; the Russians didn't. Don't blame us.

No single piece of macroeconomic advice given by the experts to their government has ever had the results predicted.

Sometimes economists in official positions give bad advice; sometimes they give very, very bad advice; and sometimes they work at the OECD.

Who is going to take business advice from Paul Ryan? Who? Nobody. Nobody.

Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can. You don't expect dentists to be able to forecast how many teeth you'll have when you're 80. You expect them to give good advice and fix problems.