Economics Quote by Friedrich August von Hayek

So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.

— Charlie Munger

...even professors of economics, to say nothing of the public, do not generally have scientific minds.

— Frank Knight

Unlike physics, economists don't settle things. There seems to be plenty of room for different conclusions that are still accepted in the academy.

— Adam Davidson

“Recognizing that the boundaries of the market are ambiguous and cannot be determined in an objective way lets us realize that economics is not…

— Ha-Joon Chang

Unfortunately, a lot of economists wanted to make their subject a science. So the more what you do resembles physics or chemistry, the more…

— Ha-Joon Chang

Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which…

— Ha-Joon Chang

“They (economists) must set aside their contempt for other disciplines and their absurd claim to greater scientific legitimacy, despite the fact that they know…

— Thomas Piketty

“Economists are all too often preoccupied with petty mathematical problems of interest only to themselves. This obsession with mathematics is an easy way of…

— Thomas Piketty

Theory helps us to bear our ignorance of facts.

— George Santayana

We're facing a danger that economics is rigorous deduction based upon faulty assumptions. Science after science gets that way from time to time. When…

— W. Brian Arthur

The chief point we must remember is that the great and rapid advance of the physical sciences took place in fields where it proved…

— Friedrich August von Hayek

“The conclusion is that the physical theory and the mathematical theory of science are valid methods but not valid philosophies. Facts need interpretation the…

— Fulton J. Sheen