Marginal Analysis Quotes

Sunk costs? We pay too much attention to them.

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.

Economics is built on the assumption of scarcity. Therefore, it deals with values and calculations. It cannot seek the good that fits a specific person within a given human condition. Where scarcity rules, ethics is reduced to numbers and utility. Further, the person engaged in the manipulation of mathematical formulas loses his or her ear for ethical nuance; one becomes morally deaf.

Economics is a subject that does not greatly respect one's wishes.

Intelligent people make decisions based on opportunity costs.

Economists are economical, among other things, of ideas; most make those of their graduate days do for a lifetime.

How could economics not be behavioral? If it isn't behavioral, what the hell is it?

Economics is not about goods and services; it is about human choice and action.

Traditional economics is based on imaginary creatures sometimes referred to as 'Homo economicus.' I call them Econs for short. Econs are amazingly smart and are free of emotion, distraction or self-control problems. Think Mr. Spock from 'Star Trek.'

Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.

Economists often like startling theorems, results which seem to run counter to conventional wisdom.

Microeconomics is the study of how specific choices made by businesses, consumers and governments affect the markets for different goods and services. For example, a microeconomist might examine how price changes affect sales of apples relative to oranges.

Neoclassical economics ... has uncovered important truths about the nature of money and markets because its fundamental model of rational self-interested human behavior is correct about 80% of the time.

Understanding economics can help you make better decisions and lead a happier life.

Economics is a choice between alternatives all the time. Those are the trade-offs.

Since scarcity is the basic economic problem, if it does not exist then there is no reason for my economics course. Devoting time to the study of how people use limited resources to fulfill unlimited wants and needs should help us to discover how to best utilize the resources we have at our disposal.

The fundamental principle of human action, the law, that is to political economy what the law of gravitation is to physics is that men seek to gratify their desires with the least exertion

Economists discount any factors that would not influence the thinking of a rational person.

As an economist, I'm aware that life is full of trade offs.

About the only useful thing my economics degree taught me was that, in all decisions in life, you have to do a cost-benefit analysis.

Economics is counterintuitive. It just is.

Teach a parrot the terms 'supply and demand' and you've got an economist.

The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to the world.

There is a supply for every demand.

Neoclassical economics insists that advertising cannot force consumers to buy anything they don't already want to buy.