Nassau William Senior Quotes

We propose in the following Treatise to give an outline of the Science which treats of the Nature, the Production, and the Distribution of Wealth. To that Science we give the name of Political Economy.

What we may call, by way of eminence, the dismal science.

Economics is not brain surgery.

I understand how the economy actually works.

Economics is a strange science. Our subject deals with some of the most important as well as mundane issues that impinge on the human condition.

Economists largely confine themselves to three key factors - capital, labor and productivity - when explaining how and why a country grows.

Capital is a result of labor.

Economics is a very dangerous science

95% of economics is common sense deliberately made complicated.

Economies are about momentum.

The private sector is recognized as the creator of social wealth.

The narrative related to economics is, I think, very well understood even by the common man.

Basic Economics 101. It's the most complicated simple subject there is.

Capital is a result of labor, and is used by labor to assist it in further production. Labor is the active and initial force, and labor is therefore the employer of capital.

Economics has never been a science - and it is even less now than a few years ago.

But while I loved all of these courses, there was an irresistible attraction of economics.

Economics is all about consumption. People either spend money now or they use financial instruments - like bonds, stocks and savings accounts - so they can spend more later.

I wonder if economics has less basic core material than is necessary for fields such as mathematics, physics, or chemistry, say.

Economics should be defined in terms of what it is about. It should be about how people produce things, how people exchange them, how people earn income, how they pay taxes, how the government provides infrastructure with tax revenue, and how it conducts monetary policy. The subject has to be defined in terms of the object of inquiry.

We have learned that the various schools of [economic] thought all have important elements of truth in them. But none of them is by itself a sufficient explanation of what goes on in the economy.

As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth—not of existing wealth, but of wealth as it is currently produced—to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery.

I learned more about economics from one South Dakota dust storm than I did in all my years in college.

Capitalism without capital is just an ism.

The study of economics does not seem to require any specialized gifts of an unusually high order.

The study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences.