Monday, May 17, 2010

What's in a name?

The social science that studies the production, distribution, and consumption of goods and services.


The dismal science

--Thomas Carlyle

The mechanics of utility and self interest.

--W.S. Jevons

A study of mankind in the ordinary business of life

--Alfred Marshall

Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

--Lionel Robbins

The study of how the forces of supply and demand allocate scarce resources

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

--F.A. Hayek


Norman said...

"Economics is the science of choice."
- me (to students in my principles courses)

James said...

Adam Smith's title is a good definition of macro:
"An Inquiry into the Nature and Causes of the Wealth of Nations"

David said...

The spice of life?

Shawn said...

"what you thought you understood."

Anonymous said...

Economics is the study of the chaotic, non-linear, difficult - maybe impossible - to predict course of financial outcomes that hypocrites...err...I mean skeptics invoke when they bitch about climate being too chaotic, non-linear, difficult - maybe impossible - to predict the course of global warming.

Anonymous said...

Marketing: the curious task of demonstrating to women (and men) how little they really need to know about the things they imagine they need.