My interest in economics has always been in the whole corpus of economic theory, the interrelationships between the various fields of theory and their relevance for the formulation of economic policy.
The crisis triggered a fertile period of scientific ferment and revolution in economic theory.
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 theori...
My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
We need to revise our economic thinking to give full value to our natural resources. This revised economics will stabilize both the theory and the practice of free-market capitalism. It will provide business and public policy with a powerful new tool...
Classic economic theory, based as it is on an inadequate theory of human motivation, could be revolutionized by accepting the reality of higher human needs, including the impulse to self actualization and the love for the highest values.
To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.
The theories of the social sciences do not consist of “laws” in the sense of empirical rules about the behavior of objects definable in physical terms. All that the theory of the social sciences attempts is to provide a technique of reasoning whi...
I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.
In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.
I don't think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it's not working.
The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know) served almost no function in an investment bank. The bankers used economics as a sort of standardized test of ge...
I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn't have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover ...
An ounce of practice is generally worth more than a ton of theory.
Positivism eliminates any kind of natural law principle - for example, that there are economic laws which can be transgressed only at your peril. With positivism, there is a tendency to leap into ad hoc economic theory.
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single u...
There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.
The social function of economic science consists precisely in developing sound economic theories and in exploding the fallacies of vicious reasoning. In the pursuit of this task the economist incurs the deadly enmity of all mountebanks and charlatans...
I think simplicity is a good guide: The more economical a theory, the better.
Neoclassical economics is precisely the theory one would expect a vastly complex system of international corporations, world markets, and interconnected currencies to create to sustain, justify, explain, and predict "itself." And classical economics,...
