--- title: "Meaning & Key Takeaway of: Economists get very uncomfortable when…" description: "\"Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that ..." image: "https://sms4smile.com/quotes/i/d41/charlie-munger-458_arguing_economists-get-very-uncomfortable-when-y_3048085.jpg" --- # Economists get very uncomfortable when you talk about… ![“Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big…” quote by Charlie Munger](https://sms4smile.com/quotes/i/d41/charlie-munger-458_arguing_economists-get-very-uncomfortable-when-y_3048085.jpg) [Download](https://sms4smile.com/quotes/i/d41/charlie-munger-458_arguing_economists-get-very-uncomfortable-when-y_3048085.jpg) [Open image](https://sms4smile.com/quotes/i/d41/charlie-munger-458_arguing_economists-get-very-uncomfortable-when-y_3048085.jpg) > “Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest.” [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. Virtue influences economics beyond numbers; ethical practices shape markets and trust. **In simple terms:** Ethics affect economic outcomes. Key Takeaway Promote honesty and accountability in business. Themes ethics economics trust accountability Mood thoughtful critical Type analytical inspirational When to use this quote - corporate governance - financial reporting - business ethics - policy making Key Concepts virtue economics institutional design behavioral finance Questions to Reflect On - How can firms embed virtue without sacrificing efficiency? - What incentives reinforce honest accounting? A Different Perspective Virtue alone cannot fix all market failures; incentives still matter. ★ ★ ★ ★ ★ No ratings yet [Arguing](https://sms4smile.com/quotes/about/arguing/) [Bigs](https://sms4smile.com/quotes/about/bigs/) [Bookkeeping](https://sms4smile.com/quotes/about/bookkeeping/) [Character](https://sms4smile.com/quotes/about/character/) [Columns](https://sms4smile.com/quotes/about/columns/) [Economics](https://sms4smile.com/quotes/about/economics/) [Economist](https://sms4smile.com/quotes/about/economist/) [Effect Economics](https://sms4smile.com/quotes/about/effect-economics-5055780/) [Effects](https://sms4smile.com/quotes/about/effects/) [Entry](https://sms4smile.com/quotes/about/entry/) [Honest](https://sms4smile.com/quotes/about/honest/) [Made](https://sms4smile.com/quotes/about/made/) [Made it](https://sms4smile.com/quotes/about/made-it/) [Monk](https://sms4smile.com/quotes/about/monk/) [Numbers](https://sms4smile.com/quotes/about/numbers/) [Uncomfortable](https://sms4smile.com/quotes/about/uncomfortable/) [Vices](https://sms4smile.com/quotes/about/vices/) [Virtue](https://sms4smile.com/quotes/about/virtue/) [Virtue Effect](https://sms4smile.com/quotes/about/virtue-effect-5055779/) [Virtue Effects](https://sms4smile.com/quotes/about/virtue-effects-4716419/) [Virtue Vice](https://sms4smile.com/quotes/about/virtue-vice/) ## Related quotes > [I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt…](https://sms4smile.com/quotes/charlie-munger/i-also-want-to-raise-the-possibility-that-there-are-in-the-very-long/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [In terms of the economics, yes obviously the rise of e-books and how people choose to read books has a big effect on the…](https://sms4smile.com/quotes/colson-whitehead/in-terms-of-the-economics-yes-obviously-the-rise-of-e-books-and-how/) [Colson Whitehead](https://sms4smile.com/quotes/author/colson-whitehead/) > [You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard…](https://sms4smile.com/quotes/charlie-munger/you-have-to-know-accounting-it-s-the-language-of-practical-business/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for…](https://sms4smile.com/quotes/charlie-munger/creative-accounting-is-an-absolute-curse-to-a-civilization-one-could/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Yet we can be sure that whatever fictions exist in Wall Street bookkeeping, the earth is a faithful scribe, a faultless calculator, a superb…](https://sms4smile.com/quotes/thomas-berry/yet-we-can-be-sure-that-whatever-fictions-exist-in-wall-street/) [Thomas Berry](https://sms4smile.com/quotes/author/thomas-berry/) > [Art has been hijacked by nonartists. It's been taken over by bookkeeping. The whole thing is so corrupt. But I suppose that's okay. For…](https://sms4smile.com/quotes/elaine-de-kooning/art-has-been-hijacked-by-nonartists-it-s-been-taken-over-by/) [Elaine de Kooning](https://sms4smile.com/quotes/author/elaine-de-kooning/) > [“The Dental Industry's leading bookkeeping firm . BUSINESS OWNER: Renata Velle”](https://sms4smile.com/quotes/renata-velle/the-dental-industry-s-leading-bookkeeping-firm-business-owner-renata/) [Renata Velle](https://sms4smile.com/quotes/author/renata-velle/) > [“The demand for good bookkeepers is at an all time high as more people make the leap into self-employment each year and need competent…](https://sms4smile.com/quotes/sylvia-jaumann/the-demand-for-good-bookkeepers-is-at-an-all-time-high-as-more-people/) [Sylvia Jaumann](https://sms4smile.com/quotes/author/sylvia-jaumann/) > [I do my taxes. I do my own bookkeeping. I pay rent.](https://sms4smile.com/quotes/amber-liu/i-do-my-taxes-i-do-my-own-bookkeeping-i-pay-rent/) [Amber Liu](https://sms4smile.com/quotes/author/amber-liu/) > [Markets are as old as the crossroads. But capitalism, as we know it, is only a few hundred years old, enabled by cooperative arrangements…](https://sms4smile.com/quotes/howard-rheingold/markets-are-as-old-as-the-crossroads-but-capitalism-as-we-know-it-is/) [Howard Rheingold](https://sms4smile.com/quotes/author/howard-rheingold/) > [“The fact that she had no bookkeeping experience bothered me not at all. I knew she would master the technical routines quickly. So I…](https://sms4smile.com/quotes/ray-kroc/the-fact-that-she-had-no-bookkeeping-experience-bothered-me-not-at/) [Ray Kroc](https://sms4smile.com/quotes/author/ray-kroc/) > [To devise an information processing system capable of getting along on its own - it must handle its own problems of programming, bookkeeping, communication…](https://sms4smile.com/quotes/cliff-shaw/to-devise-an-information-processing-system-capable-of-getting-along/) [Cliff Shaw](https://sms4smile.com/quotes/author/cliff-shaw/) > [Don't try to become a teacher overnight with psychological bookkeeping in your heart and educational theory in your head.](https://sms4smile.com/quotes/janusz-korczak/don-t-try-to-become-a-teacher-overnight-with-psychological/) [Janusz Korczak](https://sms4smile.com/quotes/author/janusz-korczak/) > [I get so tired of moral bookkeeping.](https://sms4smile.com/quotes/katherine-anne-porter/i-get-so-tired-of-moral-bookkeeping/) [Katherine Anne Porter](https://sms4smile.com/quotes/author/katherine-anne-porter/) > [“Lottie did everything the old fashioned way, including the bookkeeping, which was fine with me since I knew nothing about accounting software anyway. To…](https://sms4smile.com/quotes/kate-collins/lottie-did-everything-the-old-fashioned-way-including-the-bookkeeping/) [Kate Collins](https://sms4smile.com/quotes/author/kate-collins/) ## More by Charlie Munger > [Almost all good businesses engage in 'pain today, gain tomorrow' activities.](https://sms4smile.com/quotes/charlie-munger/almost-all-good-businesses-engage-in-pain-today-gain-tomorrow/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…](https://sms4smile.com/quotes/charlie-munger/acquire-worldly-wisdom-and-adjust-your-behavior-accordingly-if-your/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned…](https://sms4smile.com/quotes/charlie-munger/i-think-time-and-time-again-in-reality-psychological-notions-and/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…](https://sms4smile.com/quotes/charlie-munger/i-have-what-i-call-an-iron-prescription-that-helps-me-keep-sane-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [The tax code gives you an enormous advantage if you can find some things you can just sit with.](https://sms4smile.com/quotes/charlie-munger/the-tax-code-gives-you-an-enormous-advantage-if-you-can-find-some/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…](https://sms4smile.com/quotes/charlie-munger/some-years-ago-one-oil-company-bought-a-fertilizer-company-and-every/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [ They \[Mc Donalds\] take people and give them a first job, which enables them to get a second job. They do a very good… ](https://sms4smile.com/quotes/charlie-munger/they-mc-donalds-take-people-and-give-them-a-first-job-which-enables/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [What good is envy? 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. Every newspaper is scrambling…](https://sms4smile.com/quotes/charlie-munger/it-is-way-less-certain-to-be-a-wonderful-business-in-the-future-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.](https://sms4smile.com/quotes/charlie-munger/in-the-corporate-world-if-you-have-analysts-due-diligence-and-no/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a…](https://sms4smile.com/quotes/charlie-munger/we-have-to-have-a-special-insight-or-we-ll-put-it-in-the-too-tough/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Explore all 544 Charlie Munger quotes ](https://sms4smile.com/quotes/author/charlie-munger/) ## More Arguing quotes > [I do wish you wouldn't argue with me when I'm knitting.](https://sms4smile.com/quotes/gerald-durrell/i-do-wish-you-wouldn-t-argue-with-me-when-i-m-knitting/) [Gerald Durrell](https://sms4smile.com/quotes/author/gerald-durrell/) > [Any comprehensive doctrine, religious or secular, can be introduced into any political argument at any time, but I argue that people who do this…](https://sms4smile.com/quotes/john-rawls/any-comprehensive-doctrine-religious-or-secular-can-be-introduced/) [John Rawls](https://sms4smile.com/quotes/author/john-rawls/) > [It's fine to talk about politics with people you agree with. But it is rude to argue about politics with people you disagree with.…](https://sms4smile.com/quotes/lawrence-lessig/it-s-fine-to-talk-about-politics-with-people-you-agree-with-but-it-is/) [Lawrence Lessig](https://sms4smile.com/quotes/author/lawrence-lessig/) > [Men are fair, and they have learned not to personalize anger - they can disagree with you and argue to the bone, but afterward…](https://sms4smile.com/quotes/warren-farrell/men-are-fair-and-they-have-learned-not-to-personalize-anger-they-can/) [Warren Farrell](https://sms4smile.com/quotes/author/warren-farrell/) > [When Eudæmonidas heard a philosopher arguing that only a wise man can be a good general, "This is a wonderful speech," said he; "but…](https://sms4smile.com/quotes/plutarch/when-eud-monidas-heard-a-philosopher-arguing-that-only-a-wise-man-can/) [Plutarch](https://sms4smile.com/quotes/author/plutarch/) > [Fasting is required, staying away from fighting and arguing and bombing of masjids is still going on. Hatred is still manifested between Sunni and…](https://sms4smile.com/quotes/louis-farrakhan/fasting-is-required-staying-away-from-fighting-and-arguing-and/) [Louis Farrakhan](https://sms4smile.com/quotes/author/louis-farrakhan/) > [The problem for the Left, however, is that the moment it stops painting the Right as vile, it has to argue the issues.](https://sms4smile.com/quotes/dennis-prager/the-problem-for-the-left-however-is-that-the-moment-it-stops-painting/) [Dennis Prager](https://sms4smile.com/quotes/author/dennis-prager/) > [To argue with a person who has renounced the use of reason is like administering medicine to the dead.](https://sms4smile.com/quotes/thomas-paine/to-argue-with-a-person-who-has-renounced-the-use-of-reason-is-like/) [Thomas Paine](https://sms4smile.com/quotes/author/thomas-paine/) > [You can argue that the Terminator movies reboot their world each time they go back in time, but that doesn't negate the value of…](https://sms4smile.com/quotes/david-hayter/you-can-argue-that-the-terminator-movies-reboot-their-world-each-time/) [David Hayter](https://sms4smile.com/quotes/author/david-hayter/) > [We may argue eloquently that 'Honesty is the best Policy' - unfortunately, the moment honesty is adopted for the sake of policy it mysteriously…](https://sms4smile.com/quotes/dorothy-l-sayers/we-may-argue-eloquently-that-honesty-is-the-best-policy-unfortunately/) [Dorothy L. Sayers](https://sms4smile.com/quotes/author/dorothy-l-sayers/) > [I'm a very serious person, but I don't take myself very seriously and I would rather laugh all day than argue.](https://sms4smile.com/quotes/stone-cold-steve-austin/i-m-a-very-serious-person-but-i-don-t-take-myself-very-seriously-and/) [Stone Cold Steve Austin](https://sms4smile.com/quotes/author/stone-cold-steve-austin/) > [These eyes, tho' clear To outward view of blemish or of spot, Bereft of light, their seeing have forgot, Nor to their idle orbs…](https://sms4smile.com/quotes/john-milton/these-eyes-tho-clear-to-outward-view-of-blemish-or-of-spot-bereft-of/) [John Milton](https://sms4smile.com/quotes/author/john-milton/) > [There's crucial distinction that has to be drawn between the Shari'a, which is this hugely expansive vision of cosmic order that I've been describing,…](https://sms4smile.com/quotes/sadakat-kadri/there-s-crucial-distinction-that-has-to-be-drawn-between-the-shari-a/) [Sadakat Kadri](https://sms4smile.com/quotes/author/sadakat-kadri/) > [Only fools argue whether to eat meat or not. They don't understand truth nor do they meditate on it. Who can define what is…](https://sms4smile.com/quotes/guru-nanak/only-fools-argue-whether-to-eat-meat-or-not-they-don-t-understand/) [Guru Nanak](https://sms4smile.com/quotes/author/guru-nanak/) > [The surest sign that you haven't any sense is to argue with one who hasn't.](https://sms4smile.com/quotes/laurence-j-peter/the-surest-sign-that-you-haven-t-any-sense-is-to-argue-with-one-who/) [Laurence J. Peter](https://sms4smile.com/quotes/author/laurence-j-peter/) [Browse all 1,908 Arguing quotes ](https://sms4smile.com/quotes/about/arguing/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. 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