There is only one difference between a bad economist and a…
“There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
A good economist considers both immediate, observable outcomes and future, indirect consequences, unlike a bad economist who looks only at what is visible.
In simple terms: Think beyond what you can see.
Key Takeaway
Consider hidden impacts.
Themes
economics
foresight
decisionmaking
Mood
analytical
cautious
Type
advisory
strategic
When to use this quote
- policy analysis
- business strategy
- investment decisions
- environmental planning
Key Concepts
externalities
systems thinking
longterm planning
Questions to Reflect On
- What unseen consequences might your decision create?
- How can you identify indirect effects?
A Different Perspective
Neglecting hidden effects can lead to costly mistakes.