Economics Quote by Nate Silver

“Standard economics assumes that we are rational... But, as the results presented in this book (and others) show, we are far less rational in…

— Dan Ariely

Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.

— Evan Davis

We are all far less rational in our decision-making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless: they are…

— Dan Ariely

When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously…

— Kenneth Arrow

Most investors give too much credence to the theory that prices are rational; they presume that a market collapse must have been justified by…

— Kenneth Fisher

Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by…

— Robert J. Shiller

“The same is true for the market economy: the power of markets is enormous, but they have no inherent moral character. We have to…

— Joseph Stiglitz

“It is telling commentary on economic orthodoxy that a whole subdiscipline--behavioral economics--and a raft of lab experiments are needed to show that humans often…

— Kaushik Basu

Personally, I don't see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to…

— Evan Davis

Isn't it interesting that markets are not just perfect? In business school and economic theory, you learn all about those perfect markets, and there's…

— Heidi Roizen

Markets can remain irrational longer than you can remain solvent.

— John Maynard Keynes

If you take an economics or a political science course, you're taught that humans are supposed to be rational wealth accumulators, each acting as…

— Noam Chomsky