Economic Misunderstanding Quotes

Only economists mistake physical opulence for riches.

Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another.

Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate.

Not understanding the process of a spontaneously-ordered economy goes hand-in-hand with not understanding the creation of resources and wealth. And when a person does not understand the creation of resources and wealth, the only intellectual alternative is to believe that increasing wealth must be at the cost of someone else. This belief that our good fortune must be an exploitation of others may be the taproot of false prophecy about doom that our evil ways must bring upon us.

The prevailing theory of capitalism suffers from one central and disabling flaw, a profound distrust and incomprehension of capitalism.

Those who analogize the federal budget to a family's budget must know nothing about either.

It's a fundamental misunderstanding of human nature and of the concepts of liberty, freedom, and self-determination. It's a fundamental misunderstanding of economics. He (Obama) believes that the pie is fixed and that he needs to more equitably divide up the slices.

A lot of people don't understand how a lot of money is being made. There's a combination of fear related to that, envy, distrust that gets filtered into that.

There are many excuses for the person who made the mistake of confounding money and wealth. Like many others they mistook the sign for the thing signified.