--- title: "Meaning & Key Takeaway of: Economics profession, they've been…" description: "\"Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decad..." image: "https://sms4smile.com/quotes/i/52c/charlie-munger-458_difficult_economics-profession-they-ve-been-they-v_985444.jpg" --- # Economics profession, they've been - they've been… ![“Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.” quote by Charlie Munger](https://sms4smile.com/quotes/i/52c/charlie-munger-458_difficult_economics-profession-they-ve-been-they-v_985444.jpg) [Download](https://sms4smile.com/quotes/i/52c/charlie-munger-458_difficult_economics-profession-they-ve-been-they-v_985444.jpg) [Open image](https://sms4smile.com/quotes/i/52c/charlie-munger-458_difficult_economics-profession-they-ve-been-they-v_985444.jpg) > “Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.” [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Economic models are not universal; they change over time and differ from physics. **In simple terms:** Economics changes often. Key Takeaway Adapt to new data. Themes uncertainty adaptation learning Mood cautious analytical Type business philosophical When to use this quote - investment decisions - policy analysis - forecasting Key Concepts complexity systems theory Questions to Reflect On - How do you test economic assumptions? - When should you discard a model? A Different Perspective Overreliance on past models can cause errors. ★ ★ ★ ★ ★ No ratings yet [Decade Doesn](https://sms4smile.com/quotes/about/decade-doesn-1982910/) [Difficult](https://sms4smile.com/quotes/about/difficult/) [Economics](https://sms4smile.com/quotes/about/economics/) [Economics Difficult](https://sms4smile.com/quotes/about/economics-difficult-1982908/) [Economics Physics](https://sms4smile.com/quotes/about/economics-physics-1982907/) [Economics Profession](https://sms4smile.com/quotes/about/economics-profession-1751727/) [Formulas Economics](https://sms4smile.com/quotes/about/formulas-economics-1982909/) [Physics](https://sms4smile.com/quotes/about/physics/) [Work](https://sms4smile.com/quotes/about/work/) ## Related quotes > [Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.](https://sms4smile.com/quotes/ben-bernanke/economics-is-a-very-difficult-subject-i-ve-compared-it-to-trying-to/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one…](https://sms4smile.com/quotes/charles-koch/if-people-are-teaching-economics-they-need-to-teach-all-the-different/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.](https://sms4smile.com/quotes/paul-krugman/the-economics-profession-went-astray-because-economists-as-a-group/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [The economics profession advances by one confusing financial disaster at a time.](https://sms4smile.com/quotes/adam-davidson/the-economics-profession-advances-by-one-confusing-financial-disaster/) [Adam Davidson](https://sms4smile.com/quotes/author/adam-davidson/) > [I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a…](https://sms4smile.com/quotes/milton-friedman/i-think-there-is-universal-agreement-within-the-economics-profession/) [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) > [Economics was the only profession where a person could be considered an expert without having once been right.](https://sms4smile.com/quotes/george-meany/economics-was-the-only-profession-where-a-person-could-be-considered/) [George Meany](https://sms4smile.com/quotes/author/george-meany/) > [Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional…](https://sms4smile.com/quotes/robert-j-shiller/since-the-global-financial-crisis-and-recession-of-2007-2009/) [Robert J. Shiller](https://sms4smile.com/quotes/author/robert-j-shiller/) > [There is a big divergence between views on a variety of policy issues from fiscal stimulus to financial regulation. It's my hope and my…](https://sms4smile.com/quotes/lars-peter-hansen/there-is-a-big-divergence-between-views-on-a-variety-of-policy-issues/) [Lars Peter Hansen](https://sms4smile.com/quotes/author/lars-peter-hansen/) > [It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking -…](https://sms4smile.com/quotes/charlie-munger/it-s-natural-that-you-d-have-more-brains-going-into-money-management/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [A monkey is unaware that atoms exist. 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It’s the one sin you can’t have any fun at.](https://sms4smile.com/quotes/charlie-munger/what-good-is-envy-it-s-the-one-sin-you-can-t-have-any-fun-at/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…](https://sms4smile.com/quotes/charlie-munger/we-believe-that-almost-all-really-good-investment-records-will/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. 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Organic cotton can also…](https://sms4smile.com/quotes/tatiana-schlossberg/consumers-can-choose-organic-cotton-grown-without-pesticides-but-it/) [Tatiana Schlossberg](https://sms4smile.com/quotes/author/tatiana-schlossberg/) > [It is extremely difficult to do anything constructive, let alone deep, on daily commercial television, especially on a talk show.](https://sms4smile.com/quotes/dennis-prager/it-is-extremely-difficult-to-do-anything-constructive-let-alone-deep/) [Dennis Prager](https://sms4smile.com/quotes/author/dennis-prager/) > [Having small children and being an investigative reporter would seem like a difficult mix, but it worked well for me. I was often working…](https://sms4smile.com/quotes/jill-abramson/having-small-children-and-being-an-investigative-reporter-would-seem/) [Jill Abramson](https://sms4smile.com/quotes/author/jill-abramson/) > [It's only a little difficult to say no. You've got to believe that the work you're doing is ultimately more useful to the world.](https://sms4smile.com/quotes/derek-sivers/it-s-only-a-little-difficult-to-say-no-you-ve-got-to-believe-that-the/) [Derek Sivers](https://sms4smile.com/quotes/author/derek-sivers/) > [How wonderful it would be, I thought, if only we could practice the teachings of the Buddha as he really taught them from his…](https://sms4smile.com/quotes/dzogchen-ponlop-rinpoche/how-wonderful-it-would-be-i-thought-if-only-we-could-practice-the/) [Dzogchen Ponlop Rinpoche](https://sms4smile.com/quotes/author/dzogchen-ponlop-rinpoche/) > [It's difficult for people to come to the understanding that only a small minority of the people ever really get the word about life,…](https://sms4smile.com/quotes/earl-nightingale/it-s-difficult-for-people-to-come-to-the-understanding-that-only-a/) [Earl Nightingale](https://sms4smile.com/quotes/author/earl-nightingale/) > [Lutherans, whose arguments and mistakes will not be difficult to contest or discover, do not want to attribute any value to works, and they…](https://sms4smile.com/quotes/michael-servetus/lutherans-whose-arguments-and-mistakes-will-not-be-difficult-to/) [Michael Servetus](https://sms4smile.com/quotes/author/michael-servetus/) > [My friends, this body - perhaps more than any other gathering in human history - now faces that difficult task.](https://sms4smile.com/quotes/leonardo-dicaprio/my-friends-this-body-perhaps-more-than-any-other-gathering-in-human/) [Leonardo DiCaprio](https://sms4smile.com/quotes/author/leonardo-dicaprio/) > [I want to make myself and the crowd happy by way of something different, and that makes things difficult. 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