Economics Quotes

Nobody notices a dollar a day disappearing from their payroll, but think of the impact of a thousand people doing that.

Not only are incomes being lost — a sense of community, a sense of pride, a sense of belonging has also been lost. Those things clearly matter for human wellbeing. We’re just not very good at measuring them.

The diversity of strategies people use is truly remarkable, I saw people using completely different strategies to the degree that if I had set out to invent 15 different strategies for a fictional work…. I couldn't have made the strategies more different to the ones I saw in real life! This illustrates a point I have made in all my works insofar as there really is no 'holy grail' or single style that is most effective.

There is an honest trade-off between labour market protection and learning. If you have an extremely static labour market—like the high protection laws in France or Spain—you get stability, but you sacrifice learning. You pay a 'learning cost' for that 'stability dividend.'

You get a raise, and for the first week it feels awesome, but then it doesn't have as much impact as you thought it would. Researchers call this the 'impact bias.'

The result would be immediately one of the greatest catastrophes since World War II. Hundreds of thousands would die. It would cause trillions of dollars of immediate economic damage as buildings were vaporised. The real damage, though, would come in the days and weeks after, when there would undoubtedly be a global panic.

GDP only catches a slice of the value that we value. It captures what goes on in the market, the financial value of goods and services sold in an economy over a year. In the boxing match between free market laissez-faire capitalists and state loving socialists the economic debate ignored the household – which is expected to provide the food, do the cooking, washing, cleaning, sweeping, education, look after the sick and elderly, yet is completely missing from GDP.

You must tell yourself the truth about money if you're going to give it away well. If you can't live well with $999 million, there's something clearly wrong with you.

It's clear to me that small businesses, particularly micro-enterprises, have been responsible for the majority of the gross job creation in the last five years… particularly through the recession.

Thanks to monetary policy, business cycles are far less volatile today than they were in the 19th century, when we had huge swings. But if cryptocurrency takes over the way its proponents would like, we could return to the ups and downs of the pre-monetary policy era.

The neo-liberal capitalist mindset has been a huge contributor to loneliness. Since the 1980s, a new form of economics came to the fore which enshrined the pursuit of self-interest over the pursuit of collective good. That generated the mindset we see today- me first, dog-eat-dog, greed is good.

When you empower people economically, your social programmes go further. The idea that there is a stark separation between a social program that's sustainable and economic program that's a luxury doesn't fit the reality. When you join economic empowerment to social protection, you get double the benefit.