The art of economics consists in looking not merely at the…
“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Considers long‑term, whole‑society impacts of policies rather than short‑term, narrow benefits.
In simple terms: Look beyond immediate effects to all groups.
Key Takeaway
Prioritize broad, lasting outcomes.
Themes
economics
policy
ethics
systems thinking
Mood
thoughtful
analytical
Type
philosophical
inspirational
When to use this quote
- government legislation
- business strategy
- environmental regulation
- social programs
Key Concepts
externalities
intergenerational equity
public welfare
Questions to Reflect On
- How might a policy affect future generations?
- Who benefits or suffers most?
A Different Perspective
May overlook complex trade‑offs or unintended side effects.