Charles Wheelan: Economics

Charles Wheelan is American politician. Explore interesting quotes on economics.
Charles Wheelan: 12   quotes 0   likes

“Economics should not be accessible only to the experts. The ideas are too important and too interesting. Indeed, naked economics can even be fun.”

Charles Wheelan

Introduction
Naked Economics (rev. and updated ed., 2010)

Idea

“Having written all that, I must admit that there is some soul searching going on in the economics profession. As obvious as the financial crisis seems after the fact, few economists saw it coming (with some notable exceptions). Virtually none anticipated how severe it might be. In the fall of 2005, several prominent economists wrote in a prestigious journal, “As of the end of 2004, our analysis reveals little evidence of a housing bubble.”
Wrong. Actually the article was worse than wrong, because it was written explicitly to refute the signs of a bubble that had become obvious to many laypeople—which is kind of like the fire department showing up at a house with smoke wafting from the roof and declaring, “No, that’s not a fire,” only to have flames start leaping from the attic twenty minutes later. There was a bubble. And it can be explained best by incorporating psychology into economics, namely the tendency of individuals to believe that whatever is happening now is what’s most likely to happen in the future.”

Charles Wheelan

Introduction
Naked Economics (rev. and updated ed., 2010)

Soul , Search , Future , Housing

“Economics presents us with a powerful, and not necessarily complex, set of analytical tools that can be used to look back and explain why events unfolded the way they did; to look around and make sense of the world; and to look forward so that we can anticipate the effects of major policy changes. Economics is like gravity: Ignore it and you will be in for some rude surprises.”

Charles Wheelan

Introduction
Naked Economics (rev. and updated ed., 2010)

World , Way , Sense , Change

“Indeed, most bright, intellectually curious college students suffer through Econ 101, are happy to pass, and then wave goodbye to the subject forever. Economics is filed away with calculus and chemistry—rigorous subjects that required a lot of memorization and have little to do with anything that will come later in life. And, of course, a lot of bright students avoid the course in the first place. This is a shame on two levels.
First, many intellectually curious people are missing a subject that is provocative, powerful, and highly relevant to almost every aspect of our lives.…Second, many of our brightest citizens are economically illiterate.”

Charles Wheelan

Introduction
Naked Economics (rev. and updated ed., 2010)

Life , People , Suffering , Happiness