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“Another problem is that the misery indices, like definitions of recession and stagflation, focus on unemployment to the exclusion of real wages. But real wage declines are painful, and not fully captured by inflation alone.” ~ Robert E. Wright
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“A renewed examination of the most basic economics—the theory of the good—might yet generate a revolutionary micro-microeconomics.” ~ Caleb S. Fuller
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“If the Federal Reserve raises interest rates too quickly, sharply declining M2 growth will signal the risk of recession. Monitoring M2 growth can help in making sure the Fed tightens monetary policy at the appropriate pace, not too fast and not too slow.” ~ Peter N. Ireland
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“Although inflation is often classified as a macroeconomic topic, it is clear that a firm understanding of price theory is necessary to work out all of the costs associated with inflation.” ~ Joshua R. Hendrickson
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“Studying economics requires curiosity because economics is about providing answers to social mysteries, not about condemning or praising social interaction. To make this point is to suggest that curiosity’s close intellectual cousin—humility—is also crucial to the economist’s task.” ~ Caleb S. Fuller
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“Smith teaches how we do our part in serving the good of the whole; how in focusing diligently on the good of our part we serve that of the whole; and how freedom fortifies the remarkable correspondence between those two goods.” ~ Erik Matson
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“As the late Nobel-laureate economist James Buchanan explained in his 1969 book, Cost and Choice, cost is the barrier to choice. Cost is the benefit that a chooser believes he or she sacrifices whenever he or she makes a choice.” ~ Donald J. Boudreaux
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“The transcripts of the first meeting of the Mont Pelerin Society provide an extremely valuable and useful record for understanding the beginnings of the post–World War II movement to reestablish a meaningful market liberalism.” ~ Richard M. Ebeling
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“Where Agarwal and Kimball comment that the zero lower bound ‘is not a law of nature, but a policy choice,’ I suggest that the same is true about the need to fight an excess demand for money by cutting an interest rate instrument or target.” ~ Lawrence H. White
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“Understanding how to understand and apply sunk costs is important in many ways. And one of those ways is to recognize that when we make a mistake in such efforts, we can’t retroactively fix those mistakes, but we can use them to learn better.” ~ Gary M. Galles
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“Americans don’t want bureaucrats, as flawed in the head as anyone else, to try to protect them from themselves. Heal thyself, O regulators! Get back to us when you no longer suffer from debilitating cognitive biases yourselves.” ~ Robert E. Wright
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“Over and over, people, including many economists, have misunderstood issues such as these when evaluating real world firms through the combination of simplifying assumptions that make real issues disappear and a failure to apply the self-interest test.” ~ Gary M. Galles
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