“The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. Indeed, it is only in the last third of the century, within my own lifetime as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cambridge University, once asked the rhetorical question, “Who would ever think of employing an economist to run a brewery?” Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private.”

Source: 1950s–1970s, Maximum Principles in Analytical Economics, 1970, p. 62: Lead paragraph

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Paul A. Samuelson47

American economist 1915–2009

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

Source: 1940s, Economic Analysis, 1941, p. 3

“I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.”

Gérard Debreu (1921–2004) French economist and mathematician

" Gerard Debreu - Biographical http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1983/debreu-bio.html". in: Les Prix Nobel. The Nobel Prizes 1983, Editor Wilhelm Odelberg, [Nobel Foundation], Stockholm, 1984; Republished at Nobelprize.org. Nobel Media AB 2014.

“Economism is the view that the economy is the most important part of society and that the other dimensions such as politics and education should serve it. Economism has become the ruling ideology, not because of claims of economists, but because of the decisions of political leaders, financiers, corporate leaders, and the general public.”

John B. Cobb (1925) American theologian

Spiritual Bankruptcy: A Prophetic Call to Action (2010)

“Rather like the Bible is for many Christians, the General Theory is the essential economics reference which few economists have ever read.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 9, The Sum Of The Parts, p. 199

“During the entire last century many of the best minds were engaged in the study of social and economic questions. At the beginning of this new century we are still asking "riddles about the starving."”

Robert Hunter (author) (1874–1942) American sociologist, author, golf course architect

Source: Poverty (1912), p. 12
Context: During the entire last century many of the best minds were engaged in the study of social and economic questions. At the beginning of this new century we are still asking "riddles about the starving." After many years of most elaborate investigations printed in thousands of volumes issued by federal and state governments we are almost as far from any definite knowledge concerning the extent of poverty as we have ever been.

“There [is]… a list of five tests which any body of doctrine which aspires to the name of economic theory must be able to meet:
1. Economic theory should unify economic science. - The task of a general body of theory in any subject is to give unity to its investigations…
2. Economic theory should be relevant to the modern problem of control. - Students of economics should spend their efforts upon subjects worth investigation…
3. The proper subject-matter of economic theory is institutions. - The demand that economic theory relate to institutions is implicit in the plea for its relevancy…
4. Economic theory is concerned with matters of process. - If economic theory is to treat of institutions it must know both the kinds of things institutions are and the kinds of things they are not…
5. Economic theory must be based upon an acceptable theory of human behavior.”

Walton Hale Hamilton (1881–1958) Yale Law Professor

After all control and institutions and processes are immediate things. They can all be translated into terms of human conduct...
Source: The Institutional Approach to Economic Theory, 1919, p. 311-6

“Adam Smith, who has strong claim to being both the Adam and the Smith of systematic economics, was a professor of moral philosophy and it was at that forge that economics was made. Even when I was a student, economics was still part of the moral sciences tripos at Cambridge University. It can claim to be a moral science, therefore, from its origin, if for no other reason. Nevertheless, for many economists the very term “moral science” will seem like a contradiction. We are strongly imbued today with the view that science should be wertfrei and we believe that science has achieved its triumph precisely because it has escaped the swaddling clothes of moral judgment and has only been able to take off into the vast universe of the “is” by escaping from the treacherous launching pad of the “ought.” Even economics, we learn in the history of thought, only became a science by escaping from the casuistry and moralizing of medieval thought.”

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

Source: 1960s, Economics As A Moral Science, 1969, p. 12

“The General Theory is at once both a book of economic theory and a font of economic prejudices—there are probably few academics in economics and political science who do not have an opinion of it, whether they have read it or not. It has reached the status—which it obtained almost immediately—where the fact of its existence is as important, if not more important, than what it actually says.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)