48 Best Economics Quotes I Wish I Had Read

Are you looking for quotes about Economics? You have come to the right place!

Even though economics is a serious subject that has to do with sex and GDP, there are many funny sayings about it. We have compiled a collection of famous economics quotes and sayings that you will definitely enjoy if you have a good sense of wit and humor. 

Take a look at these famous economics quotes and, if you really like them, share them with your friends.

Quotes About Economics

There ain’t no such thing as a free lunch.

-Robert A. Heinlein (1907 – 88)


It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.

-Murray N. Rothbard (1926 – 95)


There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.

-Warren Buffett (1930- )


If you are rich, you have to be an idiot not to stay rich. And if you are poor, you have to be really smart to get rich.

-John Green (1977 -)



We have always known that heedless self-interest was bad morals, we now know that it is bad economics.

-Franklin D. Roosevelt (1882 – 1945)


The time to repair the roof is when the sun is shining.

-John F. Kennedy (1917 – 63)


If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

-John Maynard Keynes (1883 – 1946)


The United States spends over $87 billion conducting a war in Iraq while the United Nations estimates that for less than half that amount we could provide clean water, adequate diets, sanitations services and basic education to every person on the planet. And we wonder why terrorists attack us.

-John Perkins (1945 -)


People were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.

-Muhammad Yunus (1940 -)


1 billion people in the world are chronically hungry. 1 billion people are overweight.

-Mark Bittman (1950 -)


Economics was like psychology, a pseudoscience trying to hide that fact with intense theoretical hyperelaboration.

-Kim Stanley Robinson (1952 -)


Just as a poetic discussion of the weather is not meteorology, so an issuance of moral pronouncements or political creeds about the economy is not economics. Economics is a study of cause-and-effect relationships in an economy.

-Thomas Sowell (1930 -)


The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

-Thomas Sowell (1930 -)


Economics is the painful elaboration of the obvious.

-Friedrich von Hayek (1899 – 1992)


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

-Friedrich von Hayek (1899 – 1992)


I can’t imagine economists admitting how little they actually know. If they admitted to themselves, it would hurt their ego. If they admitted to others, it would hurt their job prospects.

-Joseph Mattes


The use of mathematics has brought rigor to economics. Unfortunately, it has also brought mortis.

-Robert Heilbroner (1919 – 2005)


A study of economics usually reveals that the best time to buy anything is last year.

-Marty Allen (1922 -)



Economic statistics are like a bikini, what they reveal is important, what they conceal is vital.

-Professor Sir Frank Holmes (1924 – 2011)


Doing econometrics is like trying to learn the laws of electricity by playing the radio.

-Guy Orcutt (1917 -)


The First Law of Economists: For every economist, there exists an equal and opposite economist. The Second Law of Economists: They’re both wrong.

-David Wildasin (1952 -)


An economist is someone who, when he finds something that works in practice, tries to make it work in theory.

-Walter Heller (1915 – 87)


The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.

-Joan Violet Robinson (1903 – 83)


An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.

-Laurence J. Peter (1919 -1990)


Economics is the only field in which two people can get a Nobel Prize for saying exactly the opposite thing.



When an economist says the evidence is “mixed,” he or she means that theory says one thing and data says the opposite.

-Richard Thaler (1945 -)


Inflation is the one form of taxation that can be imposed without legislation.

-Milton Friedman (1912- 2006)


I don’t think you can spend yourself rich.

-George Humphrey (1890 – 1970)


A major source of objection to a free economy is precisely that it … gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.

-Milton Friedman (1912 – 2006)


The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

-Milton Friedman (1912 – 2006)


The only thing worse than being exploited by capitalism is not being exploited by capitalism.

-Joan Violet Robinson (1903 – 83)



If an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie that one party can only gain at the expense of another. -Milton Friedman (1912 – 2006)


It is because it’s prohibited. See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That’s literally true.

-Milton Friedman (1912 – 2006)


All models are wrong but some are useful.

-George Box (1919 – 2013)


I’d rather be vaguely right than precisely wrong.

-John Maynard Keynes (1883 – 1946)


There is an entirely leisure class located at both ends of the economic spectrum.



An economist is a man who states the obvious in terms of the incomprehensible.

-Alfred A. Knopf (1892 – 1984)


There can be no real individual freedom in the presence of economic insecurity.

-Chester Bowles (1901 – 1986)


If all economists were laid end to end, they would not reach a conclusion.

-George Bernard Shaw (1856 – 1950)


Economics is extremely useful as a form of employment for economists.

-John Kenneth Galbraith (1908 – 2006)


Isn’t it interesting that the same people who laugh at science fiction listen to weather forecasts and economists?

-RAJ Phillips


As a scholarly discipline, economics has always suffered from physics envy.

-Robert Kuttner (1943 -)


It [economics] is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions.

-John Maynard Keynes (1883 – 1946)


A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.

-Milton Friedman (1912 – 2006)


The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.

-Milton Friedman (1912 – 2006)


Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.

-Milton Friedman (1912 – 2006)



The long run is a misleading guide to current affairs. In the long run we are all dead.

-John Maynard Keynes (1883 – 1946)


Capitalism is the astounding belief that the wickedest of men will do the wickedest of things for the greatest good of everyone.

-John Maynard Keynes (1883 – 1946)


The avoidance of taxes is the only intellectual pursuit that carries any reward.

-John Maynard Keynes (1883 – 1946)


When you combine ignorance and leverage, you get some pretty interesting results.

-Warren Buffett (1930 – )


Every man lives by exchanging.

-Adam Smith (1723 – 90)


What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.

-Adam Smith (1723 – 90)


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