Economics Quote by Michel Chossudovsky

Mainstream economics scholarship produces theory without facts ("pure theory") and facts without theory ("applied economics").

— Michel Chossudovsky

For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible.

— Ernest Mandel

Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with…

— John Maynard Keynes

Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory.

— William Stanley Jevons

How empty is theory in the presence of fact!

— Mark Twain

Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.

— Ronald Coase

The modern history of economic theory is a tale of evasions of reality.

— Thomas Balogh, Baron Balogh

Theory is worth but little, unless it can explain its own phenomena, and it must effect this without contradicting itself; therefore, the facts are…

— Charles Caleb Colton

There is no knowledge without theory.

— W. Edwards Deming

There is no such thing as economics, only social science applied to economic problems.

— Kenneth E. Boulding

Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.

— John Kenneth Galbraith

They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic…

— Joseph Stiglitz