Joseph Stiglitz Quotes

Much of economics isn't difficult, or rather, the difficulty is in cooking up arguments to "prove" that commonsense conclusions are wrong. The fact is that many commonsense conclusions are quite correct, and it takes a lot of education to get you to believe different.

My hope is that people begin to understand what the fiscal realities are - how economic virtue differs from political virtue - and develop a realization of their individual economic philosophy in comparison to their perceived political ideology.

Too many people think that economics is this subject that should wait until the university level. But it can't wait that long.

The laws of trade must be the great teacher.

I care not what subject is taught, if only it be taught well.

Most academic economists know nothing of economy. In fact, they know little of anything.

Some writers maintain arithmetic to be only the only sure guide in political economy; for my part, I see so many detestable systems built upon arithmetical statements, that I am rather inclined to regard that science as the instrument of national calamity.

Goodwin has done the seemingly impossible-he has made economics comprehensible and funny.

It would seem that not only is religion lacking in the schools - so is common sense. I wonder what a teacher is supposed to say if a kid asks about those four words on a dime - 'In God We Trust.' Or maybe that's why they aren't being taught how to read these days.

You know economists; they're the sort of people who see something works in practice and wonder if it would work in theory.

The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.

Economists are people who wonder if what works in reality can also work in theory.

Economics has been called the dismal science. Once you get to understand it, you may not find it so dismal, but you don't find it much of a science either.

I do not believe there is a natural resource economics. I believe there is good economics and bad economics.

Most people believe they know how they themselves think, how others think too, and even how institutions evolve. But they are wrong. Their understanding is based on folk psychology, the grasp of human nature by common sense ¾ defined (by Einstein) as everything learned to the age of 18 ¾ shot through with misconceptions, and only slightly advanced over ideas employed by the Greek philosophers

I must remind you that our credulity is not to be measured by the truth of the things we believe. When men believed that the earthwas flat, they were not credulous: they were using their common sense, and, if asked to prove that the earth was flat, would have said simply, "Look at it." Those who refuse to believe that it is round are exercising a wholesome skepticism.

It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.

It's the first effect of not believing in God that you lose your common sense.

I just happen to believe that people are not stupid.

But part of the job of economics is weeding out errors. That is much harder than making them, but also more fun.

I've noticed a fascinating phenomenon in my twenty-five years of teaching - that schools and schooling are increasingly irrelevant to the great enterprises of the planet. No one believes anymore that scientists are trained in science classes or politicians in civics classes or poets in English classes. The truth is that schools don't really teach anything except how to obey orders.

The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful screening device.

I have seen that the American Dream is a reality - and I would love to feel the British Dream is also a reality. To enable that, we have to bring back some common sense and encourage family values, a proper sense of justice and make people believe they have a decent chance to build a business or career for themselves. I see this moment as a fantastic opportunity to restore this, because I believe Britain Has Talent.

I believe I have a healthy common sense and therefore have no need for religion.