Approach Quote by Niall Ferguson

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that…

— Richard Thaler

“This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new…

— Charles P. Kindleberger

You might say that economic history is the history of people learning to manage risk.

— James Surowiecki

I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general…

— Gerard Debreu

This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out…

— Timothy Geithner

“The received wisdom is that risk increases in the recession and falls in booms. In contrast, it may be more helpful to think of…

— Andrew Crockett

“The mathematical economists have commonly been mathematicians first and economists afterward, disposed to oversimplify the data and underestimate the divergence between their premises and…

— Frank H. Knight

In the immediate postwar era, financial crises in advanced countries were rare events, and before 1970 did not happen at all. Since then they…

— Alan M. Taylor

“The whole intellectual edifice collapsed in the summer of last year because the data inputted into the risk management models generally covered only the…

— E.F. Schumacher

Real short- and long-term rates were relatively high in the late-1990s, so financial excess can also arise without a low-rate environment.

— Jerome Powell

The economics profession advances by one confusing financial disaster at a time.

— Adam Davidson

“short-term interest rates above long-term rates (which was called “inverting the yield curve”). Every time that happened, inflation-hedged assets and the economy went down.…

— Ray Dalio