Wednesday, April 13, 2011

Famous Economic Quotations


In his book “Understanding the Economy”, Phillip Mohr who was Professor of Economics at UNISA from 1984 to 2007, used the following famous quotations about economics.

"When you cannot measure what you are speaking about, when you cannot express it in numbers, your knowledge is of a meagre and unsatisfactory kind." Lord Kelvin

"When you can measure what you are speaking about, when you can express it in numbers, your knowledge is still of a meagre and unsatisfactory kind." Frank Knight

"Inflation is a phenomenon which means that you can buy less with your money now than when you had no money at all." Anonymous

When a man says he wants to work, what he means is that he wants wages. Richard Whately

"A bank is a place that will lend you money if you can prove that you don’t need it." Bob Hope

"Money is like muck, not good except it be spread." Francis Bacon

"An economist: the only professional who sees something working in practice and then seriously wonders if it works in theory." Ronald Reagan

"No real English gentleman, in his secret soul, was ever sorry for the death of a political economist." Walter Bagehot

"The point to remember is that what the government gives it must first take away." John S. Coleman

"The government that is big enough to give you all you want is big enough to take it all away." Barry Goldwater

"South Africans are getting stronger. Thirty years ago it took five people to carry hundreds of rands’ worth of groceries. Today a child can do it." Anonymous

Pieter Rautenbach

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