"Economics is a study of mankind in the ordinary business of life; it
examines that part of individual and social action which is most
closely connected with the attainment and with the use of the material
requisites of wellbeing"
Robbins in a 1932 essay: Economics is "the science which studies human
behavior as a relationship between ends and scarce means which have
alternative uses." Scarcity means that available resources are
insufficient to satisfy all wants and needs. Absent scarcity and
alternative uses of available resources, there is no economic problem.
John Maynard Keynes(1883-1946)
“The long run is a misleading guide to current affairs. In the long run we are all dead.”
Ludwig von Mises(1881-1973) "Economics
deals with society's fundamental problems; it concerns everyone and
belongs to all. It is the main and proper study of every citizen."
Joseph Schumpeter(1883-1950) “The
process of Creative Destruction is the essential fact about capitalism.
It is what capitalism consists in and what every capitalist concern has
live in. . . .”
Karl Marx (1818-1883) “The
development of Modern Industry, therefore, cuts from under its feet the
very foundation on which the bourgeoisie produces and appropriates
products. What the bourgeoisie therefore produces, above all, are its
own grave-diggers. Its fall and the victory of the proletariat are
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.”
David Ricardo(1772-1823) "Profits
depend on high or low wages, wages on the price of necessaries, and the
price of necessaries chiefly on the price of food."
Adam Smith(1723-1790) "It is
not from the benevolence of the butcher, the brewer, or the baker that
we expect our dinner, but from their regard to their own interest. We
address ourselves, not to their humanity but to their self-love, and
never talk to them of our own necessities but of their advantages."
Mary Paley Marshall(1850-1944) It was published in our joint names in 1879. Alfred insisted on this, though as time went on I realized that it had to be really his book, the latter half being almost entirely his and containing the germs of much that appeared later in the Principles of Economics. He never liked the little book for it offended against his belief that "every dogma that is short and simple is false" and he said about it "you can't afford to tell the truth for half-a-crown".
Friedrich August von Hayek(1899-1992)
wish to preserve a free society, it is essential that we recognize that
the desirability of a particular object is not sufficient justification
for the use of coercion.