"Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms. Economists therefore study how people make decisions: how much they work, what they buy, how much they save, and how they invest their savings. Economists also study how people interact with one another. For instance, they examine how the multitude of buyers and sellers of a good together determine the price at which the good is sold and the quantity that is sold. Finally, economists analyze forces and trends that affect the economy as a whole, including the growth in average income, the fraction of the population that cannot find work, and the rate at which prices are rising."

“Economics is not simply a topic on which to express opinions or vent emotions. It is a systematic study of what happens when you do specific things in specific ways. In economic analysis, the methods used by a Marxist economist like Oskar Lange did not differ in any fundamental way from the methods used by a conservative economist like Milton Friedman.”

“In bourgeois economics - and in the epoch of production to which it corresponds — this complete working-out of the human content appears as a complete emptying- out, this universal objectification as total alienation, and the tearing-down of all limited, one-sided aims as sacrifice of the human end-in-itself to an entirely external end.”

“Good economists are scarce because the gift for using "vigilant observation" to choose good models, although it does not require a highly specialised intellectual technique, appears to be a very rare one.”

“The whole notion of the free market, laissez-faire capitalism, globalization is a very thin rationale for unmitigated greed by a tiny oligarchic elite. And they have made sure that that ideology is taught in universities across the country. And people, especially economists, who deviate from that ideology have been pushed aside, and become pariahs. And yet the driving ethos of that ideology is really to justify the hoarding of immense amounts of wealth by a very tiny percentage of the upper ruling class.”

“If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "What would I do if I were a horse?"”

“Economists are tellers of stories and makers of poems.”