Economic Models Quotes

• All models are wrong, but some are useful.

  George E. P. Box

  Knowledge, Math, Science

  George E. P. Box, Norman R. Draper (2007). “Response Surfaces, Mixtures, and Ridge Analyses”, p.414, John Wiley & Sons

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• Nothing in these abstract economic models actually works in the real world. It doesn't matter how many footnotes they put in, or how many ways they tinker around the edges. The whole enterprise is totally rotten at the core: it has no relation to reality.

  Noam Chomsky

  Real, Rotten, World

  "Understanding Power". Book by Noam Chomsky, 2002.

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• No one can solve an issue where there is no economic model yet.

  Barry Diller

  Issues, Solve, Economic

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• I remember Secretary of State [George] Shultz one day saying that America is an economic model for the world. I replied to him that America represents 5 percent of the world's population and consumes 30 percent of the world's energy. What if everyone in the world lives like Americans? Where do we get the energy for this standard of living?

  Mikhail Gorbachev

  America, What If, One Day

  Interview with Amitabh Pal, www.sharedhost.progressive.org. November 12, 2003.

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• Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with everyday observation.

  Joseph Stiglitz

  Logic, Periods, Attempting

  Biographical, www.nobelprize.org. 2001.

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• Copies have been dethroned; the economic model built on them is collapsing. In a regime of superabundant free copies, copies are no longer the basis of wealth. Now relationships, links, connections, and sharing are. Value has shifted away from a copy toward the many ways to recall, annotate, personalize, edit, authenticate, display, mark, transfer, and engage a work. Art is a conversation, not a patent office. The citation of sources belongs to the realms of journalism and scholarship, not art. Reality can’t be copyrighted.

  David Shields

  Art, Reality, Office

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• Economic theorists, like French chefs in regard to food, have developed stylized models whose ingredients are limited by some unwritten rules. Just as traditional French cooking does not use seaweed or raw fish, so neoclassical models do not make assumptions derived from psychology, anthropology, or sociology. I disagree with any rules that limit the nature of the ingredients in economic models.

  George Akerlof

  Psychology, Cooking, Doe

  "An Economic Theorist's Book of Tales". Book by George Akerlof, October 26, 1984.

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• It doesn't have the ability to think rationally this economic model. It thinks like a drug addict: 'Where can I get my next fix?' It doesn't learn wisely. Any kind of measure of natural wisdom would be: you make a mistake, you correct it the next time around. But a drug addict feels terrible... and then says: 'I want more'. Unfortunately we have an economic model that thinks like a crack addict.

  Naomi Klein

  Mistake, Thinking, Drug

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• I work on the boundary between economics and statistics in this field called econometrics. Part of my interest is understanding how you use statistics in productive ways to analyze dynamic economic models.

  Lars Peter Hansen

  Understanding, Use, Statistics

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• If the search is for examples that contradict the predictions of standard economic models, a good rule of thumb is to start in France.

  Robert H. Frank

  Example, Thumbs, France

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• The United States is such a potent political, cultural, and economic model in the evocation of the contemporary world, that to come here, select some elements from the prototype and rearrange them, that's really interesting artistically.

  Bruno Dumont

  Interesting, Political, United States

  Source: www.indiewire.com

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• I think ultimately Obama's ability to rebuild America's image in the world will depend less on his personal good will and more his ability to rebuild an American economic model that seems stable and humane and dynamic.

  Peter Beinart

  Thinking, America, World

  Source: www.pbs.org

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• I think the tragedy of Barack Obama's presidency is that although a lot of people around the world really admire Barack Obama a lot, they don't admire the American political and economic model as much as they used to.

  Peter Beinart

  Thinking, People, Political

  Source: www.pbs.org

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• People will continue to make movies. But I do think the economic model of the studio movie is closing in on a kind of systemic collapse.

  Matthew Specktor

  Thinking, People, Kind

  Source: therumpus.net

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• Chile has done a lot to rid itself of poverty, especially extreme poverty, since the return to democracy. But we still have a ways to go toward greater equity. This country does not have a neoliberal economic model anymore. We have put in place a lot of policies that will ensure that economic growth goes hand in hand with social justice.

  Michelle Bachelet

  Country, Hands, Justice

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• I grew up with free television. Now, it wasn't free, there was these commercials, and so the economic model was driven through commercials and through advertising.

  Nicholas Negroponte

  Television, Advertising, Driven

  Big Think Interview, bigthink.com.

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• We are at this weird moment where there's an economic model that supports creativity. People are demanding something new and fresh.

  Judd Apatow

  Creativity, People, Support

  "Judd Apatow Talks ‘Popstar’, Letting The Lonely Island Do Their Thing, and More". Interview with Haleigh Foutch, collider.com. June 4, 2016.

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• Turns out, people's brains are not nearly as powerful a motivator as our hearts. Facts, data, and economic models don't move people to courageous action the way that powerful stories can.

  Annie Leonard

  Powerful, Moving, Heart

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• The reality is sometimes markets don't exist for very good reasons. It might be that there isn't a deep customer need. Or the economic model is just hard to pull off. Or maybe there is a regulatory barrier.

  Scott D. Anthony

  Reality, Needs, Might

  Source: bobmorris.biz

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• The most glaring deficiency in traditional economic models is that they completely ignore the role of context in evaluation.

  Robert H. Frank

  Roles, Evaluation, Deficiency

  Source: bobmorris.biz

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• Questions like, "Is my suit OK?", or "Is my job performance satisfactory?", are impossible to think about in the absence of a suitable frame of reference. For an interview suit to serve its purpose, it must make you look good relative to other candidates for the job you want. For your job performance to be satisfactory, it must compare favorably with the performance of others who want the same promotion you do. As Charles Darwin saw clearly, much of life is graded on the curve, and conventional economic models completely ignore that fact.

  Robert H. Frank

  Jobs, Thinking, Curves

  Source: bobmorris.biz

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• The fight against capitalism has many aspects, particularly the distinctive economic models that concentrate the capital in few hands.

  Evo Morales

  Fighting, Hands, Aspect

  Interview with David Hirschman, bigthink.com. September 22, 2010.

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• So the need for another economic model is urgent, and if the climate justice movement can show that responding to climate change is the best chance for a more just economic system.

  Naomi Klein

  Justice, Climate, Needs

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• Our economy is at war with many forms of life on earth, including human life. What the climate needs to avoid collapse is a contraction of humanity's use of resources; what our economic model demands to avoid collapse is unfettered expansion. Only one of these sets of rules can be changed, and it's not the laws of nature

  Naomi Klein

  War, Law, Humanity

  Naomi Klein (2014). “This Changes Everything: Capitalism Vs. The Climate”, p.21, Simon and Schuster

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• Health care is one-sixth of our economy. If the government can control that, they can control just about everything. We need to understand what is going on, because there are much more economic models that can be used to give us good health care than what we have now.

  Benjamin Carson

  Government, Giving, Needs

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