Costs Quote by Ronald Coase

There is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have…

— Sir John Richard Hicks

There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.

— Jeremy Grantham

In fact, a large part of what we think of as economic activity is designed to accomplish what high transaction costs would otherwise prevent…

— Ronald Coase

This paper was one of my digressions into abstract economics.

— William Vickrey

Economists often like startling theorems, results which seem to run counter to conventional wisdom.

— Joseph Stiglitz

This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.

— Paul Krugman

In a world in which the price of calculation continues to decrease rapidly, but the price of theorem proving continues to hold steady or…

— John Tukey

“The core premise of economic theory is that people choose by optimizing.”

— Richard H. Thaler

Page after page of professional economic journals are filled with mathematical formulas leading the reader from sets of more or less plausible but entirely…

— Wassily Leontief

In economic theory the conclusions are sometimes less interesting than the route by which they are reached.

— Piero Sraffa

Conventional economic theory... counts the depletion of resources as the accumulation of wealth.

— Mark Lynas

The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to…

— Richard Thaler