“Economics takes a while to learn, even if much of it is in a way quite simple. It is simple to be wrong as well as to be right, and it is none too easy to distinguish between them.”

James Mirrlees in: Anders Barany, ‎Nobelstiftelsen (1996). Les Prix Nobel. p. 353

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 "Economics takes a while to learn, even if much of it is in a way quite simple. It is simple to be wrong as well as to b…" by James Mirrlees?
James Mirrlees photo
James Mirrlees 4
Scottish economist 1936–2018

Related quotes

Ronald Reagan photo

“They say we offer simple answers to complex problems. Well, perhaps there is a simple answer — not an easy answer — but simple.”

Ronald Reagan (1911–2004) American politician, 40th president of the United States (in office from 1981 to 1989)

In some published transcripts or quotations of this speech a variant of this statement appears immediately before the quote by Churchill below, but was not said during Reagan's televised address on (27 October 1964). Though he did make variations of the speech elsewhere it is unclear exactly when and where he may have said used these precise words:
: They say the world has become too complex for simple answers. They are wrong. There are no easy answers, but there are simple answers. We must have the courage to do what we know is morally right.
Later variant: For many years now, you and I have been shushed like children and told there are no simple answers to the complex problems which are beyond our comprehension. Well, the truth is, there are simple answers, they just are not easy ones.
:* California Gubernatorial Inauguration Speech (5 January 1967) http://www.reagan.utexas.edu/archives/speeches/govspeech/01051967a.htm
1960s, A Time for Choosing (1964)

Fyodor Dostoyevsky photo
Paul Krugman photo

“It’s not easy. But it’s simple.”

William Ury (1953) American writer; co-founder of the International Negotiation Network
Charles Bukowski photo

“Genius could be the ability to say a profound thing in a simple way, or even to say a simple thing in a simpler way.”

Charles Bukowski (1920–1994) American writer

Variant: Genius might be the ability to say a profound thing in a simple way.
Source: Portions from a Wine-Stained Notebook: Uncollected Stories and Essays, 1944-1990

Bill Hicks photo

“Just a simple choice, right now, between fear and love.”

Bill Hicks (1961–1994) American comedian

Revelations (1993)
Context: The world is like a ride in an amusement park, and when you choose to go on it you think it's real because that's how powerful our minds are. The ride goes up and down, around and around, it has thrills and chills, and it's very brightly colored, and it's very loud, and it's fun for a while. Many people have been on the ride a long time, and they begin to wonder, "Hey, is this real, or is this just a ride?" And other people have remembered, and they come back to us and say, "Hey, don't worry; don't be afraid, ever, because this is just a ride." And we … kill those people. "Shut him up! I've got a lot invested in this ride, shut him up! Look at my furrows of worry, look at my big bank account, and my family. This has to be real." It's just a ride. But we always kill the good guys who try and tell us that, you ever notice that? And let the demons run amok … But it doesn't matter, because it's just a ride. And we can change it any time we want. It's only a choice. No effort, no work, no job, no savings of money. Just a simple choice, right now, between fear and love. The eyes of fear want you to put bigger locks on your doors, buy guns, close yourself off. The eyes of love instead see all of us as one. Here's what we can do to change the world, right now, to a better ride. Take all that money we spend on weapons and defenses each year and instead spend it feeding and clothing and educating the poor of the world, which it would pay for many times over, not one human being excluded, and we could explore space, together, both inner and outer, forever, in peace.

“There are so many ways of being wrong and so few ways of being right that it is much more economical to study successes.”

Richard Hamming (1915–1998) American mathematician and information theorist

Methods of Mathematics Applied to Calculus, Probability, and Statistics (1985)

Douglas Adams photo

“You will need to know the difference between Friday and a fried egg. It's quite a simple difference, but an important one.”

The Salmon of Doubt (2002)
Context: For Children: You will need to know the difference between Friday and a fried egg. It's quite a simple difference, but an important one. Friday comes at the end of the week, whereas a fried egg comes out of a chicken. Like most things, of course, it isn't quite that simple. The fried egg isn't properly a fried egg until it's been put in a frying pan and fried. This is something you wouldn't do to a Friday, of course, though you might do it on a Friday. You can also fry eggs on a Thursday, if you like, or on a cooker. It's all rather complicated, but it makes a kind of sense if you think about it for a while.

Jack Valenti photo

“Copyright term extension has a simple but compelling enticement: it is very much in America's economic interests.”

Jack Valenti (1921–2007) President of the MPAA

A Plea For Keeping Alive the U.S. Film Industry’s Competitive Energy (1995)

Related topics