“I learned later that economic reasoning was not just mathematics and could be applied to a wide variety of social problems. Now, I think that no forms of social interaction—including religion, love, crime, and fertility choice—are immune from the power of economic reasoning. Hence, even widely held beliefs—for example, that beauty is an illegitimate credential of a worker or that democracy is important for economic growth—are not sacred truths and are subject to analysis.”

— Robert Barro

Source: Nothing Is Sacred (2002), p. xiii

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "I learned later that economic reasoning was not just mathematics and could be applied to a wide variety of social probl…" by Robert Barro?

Robert Barro 18

American classical macroeconomist 1944

Related quotes

“The economic illusion is the belief that social justice is bad for economic growth.”

Robert Kuttner (1943) American journalist

Introduction, p. 1 (First text line.)
The Economic Illusion (1984)

“My decision to leave applied mathematics for economics was in part tied to the widely-held popular belief in the 1960s that macroeconomics had made fundamental inroads into controlling business cycles and stopping dysfunctional unemployment and inflation.”

Robert C. Merton (1944) American economist

Robert C. Merton, " Robert C. Merton - Biographical http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1997/merton-bio.html," at Nobelprize.org, 1997

“I have been gradually coming under the conviction, disturbing for a professional theorist, that there is no such thing as economics - there is only social science applied to economic problems.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1950s, A Reconstruction of Economics, 1950, p. vii

“[ Milton Friedman was] the dominant member of the so-called Chicago school of economics [during his tenure at Chicago]… The economics department increasingly reflected his approach and interests. These included deep commitment to the truth, appreciation of markets and free enterprise, frank and blunt discussion, and enormous zeal to convince the heathen. But most important was the commitment to economic analysis as a powerful instrument for interpreting economic and social life.”

Gary S. Becker (1930–2014) American economist

Gary Becker (1991). "Milton Friedman." In: Edward Shils, ed. Remembering the University of Chicago: Teachers, Scientists and Scholars. Chicago: University of Chicago Press, pp. 140-6

“In a capitalist democracy there are essentially two methods by which social choices can be made: voting, typically used to make ‘political’ decisions, and the market mechanism, typically used to make ‘economic’ decisions. In the emerging democracies with mixed economic systems Great Britain, France, and Scandinavia, the same two modes of making social choices prevail, though more scope is given to the method of voting and to decisions based directly or indirectly on it and less to the rule of the price mechanism. Elsewhere in the world, and even in smaller social units within the democracies, the social decisions are sometimes made by single individuals or small groups and sometimes (more and more rarely in this modern world) by a widely encompassing set of traditional rules for making the social choice in any given situation, for example, a religious code.”

Kenneth Arrow (1921–2017) American economist

Source: 1950s-1960s, Social Choice and Individual Values (1951), p. 1: Opening pharagraph

“Population in India is widely differentiated in ethnic composition, geographical and climatic conditions, social and cultural stratiﬁcation, as well as by differences in economic status. Differential fertility therefore assumes a far more complex picture in India than anywhere in the world. Ethnic. geographical. socio-cultural and economic dilferences give a four-fold patterning with many complicated interactions. It is essential therefore to study different population groups separately.”

Prasanta Chandra Mahalanobis (1893–1972) Indian scientist

Quote, Professor P.C. Mahalanobis and the Development of Population Statistics in lndia

“In spite of the moderate usefulness of what the economist has to say on this subject… there is a cry for a cultural anthropologist or even a psychologist when the economist runs into sacred cows, extended families, traditional motivations, levels of achievement, and social morale, all of which may be more important to economic development than any of the traditional economic variables. We still await a true synthesis of the insights of economics with those of other social sciences in the area”

Kenneth E. Boulding (1910–1993) British-American economist

Kenneth Boulding (1961). "Contemporary economic research: . In Donald P. Ray (Ed.) Trends in social science. p..19 cited in: Erik Angner & George Loewenstein (2006) Behavioral Economics http://www.cmu.edu/dietrich/sds/docs/loewenstein/BehavioralEconomics.pdf
1960s

“A self-supporting and self-respecting democracy can plead no justification for the existence of child labor, no economic reason for chiseling workers' wages or stretching workers' hours.”

Franklin D. Roosevelt (1882–1945) 32nd President of the United States

1930s, Message to Congress on establishing minimum wages and maximum hours (1937)

“It’s true that my initial training was in mathematics. However, almost by accident, I happened to take a course from Kenneth Arrow on “Information Economics,” which was so inspiring that I decided to change direction. It seemed to me that economics combined the best of both worlds: the rigor of mathematics with the immediate relevance of a social science. As for how much math I would recommend, I’d say that basic analysis, including measure theory, is certainly very useful. Also, linear algebra and stochastic processes always helps. But beyond that, I don’t think a huge mathematical investment is necessary to do economic theory unless you are planning to work in an extremely technical area.”

Eric Maskin (1950) American Nobel laureate in economics

" Interview with Eric S. Maskin: Questions by TSE students http://www.tseconomist.com/all-publications/interview-with-nobel-prize-winner-eric-maskin" at tseconomist.com, 04/07/2013; In answer to the question of why he decided to become an economist.

“Our combined endeavour should be to ensure that the rate of economic growth is sustained and it is socially inclusive; We must also ensure that every region of the country participates in and benefits from the process of economic growth.”

Pratibha Patil (1934) 12th President of India

Quoted in The Times of India, "Pratibha Patil sworn in as President" http://timesofindia.indiatimes.com/india/Pratibha-Patil-sworn-in-as-President/articleshow/2232871.cms, July 25, 2007.

Help us to complete the source, original and additional information

Robert Barro 18

Related quotes

Related topics