Economics

"Hard science gives sensational results with a horribly boring process; philosophy gives boring results with a sensational process; literature gives sensational results with a sensational process; and economics gives boring results with a boring process."

"The faith... that riches are not a means but an end, implies that all economic activity is equally estimable, whether it is subordinated to a social purpose or not."

"When people behave badly they always invent a philosophy of life which represents their bad actions to be not bad actions at all, but merely results of unalterable laws beyond their control."

"The condition of life to which people of the well-to-do classes are accustomed is that of an abundant production of various articles necessary for their comfort and pleasure, and these things are obtained only thanks to the existence of factories and works organized as at present. And, therefore, discussing the improvement of the workers' position, the men of science belonging to the well- to-do classes always have in view only such improvements as will not do away with the system of factory-production and those conveniences of which they avail themselves."

"Economy, the poor man's mint."

"Economists are being indoctrinated into a cardboard version of human nature, which they hold true to such a degree that their own behavior has begun to resemble it. Psychological tests have shown that economics majors are more egoistic than the average college student. Exposure in class after class to the capitalist self-interest model apparently kills off whatever prosocial tendencies these students have to begin with. They give up trusting others, and conversely others give up trusting them."

"[E]conomics is the study of the allocation of scarce resources. But if resources aren't scarce then how can we study the allocation of something that doesn't exist? Of course, you might think that most economists are only discussing angels on pinheads anyway. And if we're honest about it all economists would insist that at least one current major theory is nothing more than that. But in the entire absence of scarce resources, economics would be even more like that. Akin to asking whether those angels could waltz or jitterbug upon their pinhead."

"Economics is a subject that really relates to core aspects of human well-being, and there’s a methodology for thinking about these things. This was a very appealing combination to me. Market systems are capable of massive breakdowns that can result in long, devastating periods of high unemployment. And I felt that economists had really learned something about how to address that."

"Putting human affairs in exact formulas shows in itself a lack of the sense of humor and therefore a lack of wisdom."