Economic Discipline Quotes

In the 1970s, as historians became enchanted with microhistories, economists were expanding the reach of their discipline. Nations, states and cities began to plan for the future by consulting with economists whose prognostications were shaped by investment cycles rather than historical ones.

The discipline of economics has yet to get over its childish passion for mathematics and for purely theoretical and often highly ideological speculation, at the expense of historical research and collaboration with the other social sciences.

Corporative economy introduces order even into economy. If there is a phenomenon which ought to be well-ordered, which ought to be directed toward certain definite aims, it is precisely the economic phenomenon, which interests the whole of the citizens. Not only industrial economy ought to be disciplined, but also agricultural economy, commercial economy, banking economy, and even the work of artisans.

It is true that I am one of the co-authors of 'Nudge,' and I am a behavioral economist, but it does not mean that everything we write about in that book is behavioral economics, nor does it mean that my co-author, the distinguished legal scholar Cass Sunstein, is a behavioral economist.

European citizens expect that there will be also a fair system inside the European Union and in the euro, and that's why we have to have quite hard discipline.

With the variety of fields within economics, broadly conceived and the increasing specialization of scholarly world, the award of a Nobel Memorial Prize honors not only the individual scholar but, implicitly, also a special field or a distinctive method.

Rigorous financial discipline that, together with monetary stability, ends once and for all the boom and bust that for 30 years has undermined stability

For too long, the Democratic majority in Washington has failed to see the value in the sound model of working hard and living within your means.

We create these boom-bust cycles by manipulating the money supply and the interest rates and directing it where it went in. And that is what happened with housing: pushed into housing combination of easy money plus all the regulations, and we created this boom-bust cycle, and corruption, because corruption goes with it, because you don't have the same discipline. So we've got to stop all that.

Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors.

Let us learn the meaning of economy. Economy is a high human office,--a sacrament when its aim is grand, when it is the prudence of simple tastes, when it is practised for freedom or for love or devotion.

A government decision that slashes spending at the wrong time and sends a weak economy into a tailspin can be just as undisciplined as one that unleashes a wasteful spending spree in an overheated environment.

Capitalism without bankruptcy is like Christianity without hell.

An efficient economy does not perpetuate the misallocation of capital - it punishes it.

Capitalism without failure is like religion without sin. Bankruptcies and losses concentrate the mind on prudent behavior.

In Asia, we live within our means. So when we are poor, we live as poor people. I think that is a lesson that Europe can learn from Asia.

The first thing we have to do is get spending under control in Washington. It's completely out of control. We Republicans came to power to change government, and government changed us.

What I'm pushing for is an economic discipline that will be closer to other social sciences; in particular, we should be more pragmatic about the methods that we are using instead of pretending that we have our own scientific apparatus with very sophisticated mathematic models that distinguish us from sociologists and historians.

When, over fifty years ago, I first became interested in economics - as a discipline that provided the key to social structure and social problems - it never crossed my mind that one day I might be the honored recipient of a Nobel Memorial Prize.