Economic Flaws Quotes

It doesn't have the ability to think rationally this economic model. It thinks like a drug addict: 'Where can I get my next fix?' It doesn't learn wisely. Any kind of measure of natural wisdom would be: you make a mistake, you correct it the next time around. But a drug addict feels terrible... and then says: 'I want more'. Unfortunately we have an economic model that thinks like a crack addict.

The flaw in, say, austerity, is that its success is predicated on the relative exactitude of math rather than the shifting, liquid imperfection of people's lives.

Conventional economics is a form of brain damage.

Conventional economics is a form of brain damage. Economics is so fundamentally disconnected from the real world, it is destructive.

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.

Observers and even some officials raise questions about the future of Greece as part of the Eurozone, while the Eurozone itself struggles to deal with fundamental flaws at the heart of its architecture.

Markets have built in inefficiencies, serious inefficiencies which are well known.

Economics was like psychology, a pseudoscience trying to hide that fact with intense theoretical hyperelaboration. And gross domestic product was one of those unfortunate measurement concepts, like inches or the British thermal unit, that ought to have been retired long before.