Joan Robinson Quotes

It is the rate of investment which governs the rate of saving, and not vice versa.

First, I think the science of monetary economics has clearly gotten better.

India's saving rate will go up. India's investment rate will go up. And I believe that's a plus point.

I'm not an economist and we all know economists were created to make weather forecasters look good.

My main interest, however, was in economics, not law.

Funnily enough, the Federal Reserve produced comics about monetary policy, and there is a good comic book guide to microeconomics and macroeconomics out there. But it is not really appropriate for younger readers; it is really aimed at economics students.

I studied economics and made it my career for two reasons. The subject was and is intellectually fascinating and challenging, particularly to someone with taste and talent for theoretical reasoning and quantitative analysis.

The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.

The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.

I've been surrounded by some of the best economic minds in the country, and hopefully I've absorbed some of that.

I don't think money itself has any causal relationship to nominal GNP. The dominating causal force is interest rates.

None of today’s leading indicators existed a century ago. They were invented to measure the economies of the industrial nation-states of the mid-20th Century… The 21st Century, however, is proving more difficult to measure.

Lending rate is a function of both liquidity as well as credit demand.

For people who grew up in the last four decades of the 20th century, it is hard to grasp the concept of negative interest rates. How is it even possible? If interest rates are the price of money, is the marketplace broadcasting that money is on sale? Are we just giving it away?

I may be a dreamer, but I think monetary economics should be a hot topic.

Janet Yellen at the FED is equivalent to having a biology schoolteacher who has never seen blood perform brain surgery.

When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that means the whole country is basically at the point virtually, or a lot of the country is at the point of putting the money under the mattress.

I would never make a good economist. You know, an economist is a man that can tell you anything about — well, he will tell you what can happen under any given condition — and his guess is liable to be as good as anybody else's, too.

Most work in macroeconomics in the past 30 years has been useless at best and harmful at worst.

The essence of Keynesianism is its complete failure to conceive the role that saving and capital accumulation play in the improvement of economic conditions.

If trading is like chess, then macro is like three-dimensional chess.

It's the economy, stupid.

I'm not currently into economic textbooks, but my grandchildren tell me that the book by Gregory Mankiw, former head of the white house council of economic advisers is a model of intelligence and clarity. Why not try that one.

There's one thing that the Fed has been really good at cracking down on, and that's inflation.