“I do not mean to say that formal economic analysis is worthless, and that anybody's opinion on economic matters is as good as anyone else's. On the contrary! I am a strong believer in the importance of models, which are to our minds what spear-throwers were to stone age arms: they greatly extend the power and range of our insight. In particular, I have no sympathy for those people who criticize the unrealistic simplifications of model-builders, and imagine that they achieve greater sophistication by avoiding stating their assumptions clearly. The point is to realize that economic models are metaphors, not truth. By all means express your thoughts in models, as pretty as possible (more on that below). But always remember that you may have gotten the metaphor wrong, and that someone else with a different metaphor may be seeing something that you are missing.”

" How I Work http://web.mit.edu/krugman/www/howiwork.html", American Economist (1993)

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American economist 1953

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“I view the work I've done related to statistics and economics as roughly speaking, how to do something without having to do everything. So economic models -- how any model by definition isn't right. When someone just says, 'Oh, your model is wrong.' That's not much of an insight. What you want to know is, is wrong in important ways or wrong in ways that are less relevant? And you want to know what does the data really say about the model?”

Lars Peter Hansen (1952) American economist

Source: David Brancaccio (2013) " Nobel Prize in Economics winner Lars Peter Hansen on imperfect models http://www.marketplace.org/topics/economy/nobel-prize-economics-winner-lars-peter-hansen-imperfect-models" at marketplace.org.

“One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.”

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

Source: 1950s, The Skills of the Economist, 1958, p. 19

“I don't mean to criticize anyone in any way that I wouldn't criticize myself. I think people should have fun, and have a good time, and enjoy the luck that we have to be lazy and dwell in consumerism. But I think that it's a balance. And our job as actors is empathy. Our job is to imagine what someone else's life is like. And if you can't do that in real life, if you can't do that as a human being, then good luck as an actor…. I just think it's an important thing to engage in the world. And it's just too easy not to in our society.”

Natalie Portman (1981) Israeli-American actress

Inside the Actor's Studio interview by James Lipton, New School University, November 21, 2004 http://www.natalieportman.com/npcom.php?page_number=24&limit=100&view=

“I am of those who believe that gentleness is a greater, surer power than force, and that sympathy is a safer power by far than is intellect.”

Louis Sullivan (1856–1924) American architect

Education (1902)
Context: I am not of those who believe in lackadaisical methods. On the contrary, I advocate a vigorous, thorough, exact mental training which shall fit the mind to expand upon and grasp large things and yet properly to perceive in their just relation the significance of small ones to discriminate accurately as to quantity and quality and thus to develop individual judgment, capacity and independence.
But at the same time I am of those who believe that gentleness is a greater, surer power than force, and that sympathy is a safer power by far than is intellect. Therefore would I train the individual sympathies as carefully in all their delicate warmth and tenuity as I would develop the mind in alertness, poise and security.
Nor am I of those who despise dreamers. For the world would be at the level of zero were it not for its dreamers gone and of today. He who dreamed of democracy, far back in a world of absolutism, was indeed heroic, and we of today awaken to the wonder of his dream.

“I have always believed that people have misjudged the accuracy of economic forecasting… During the 1980s and 1990s, I researched and applied methods of high frequency economic forecasting, to be used by themselves, and for objective establishment of initial conditions for longer range forecasts from structural dynamic models that carry forward the pioneering contributions of Jan Tinbergen.”

Lawrence Klein (1920–2013) American economist

“We are still a model in ways economic and non-economic. When I say things non-economic, I would include governance — and rule of law is a key element. Many, I sincerely believe they tell the truth, say that they still look to Hong Kong for inspiration.”

Leung Chun-ying (1954) Hong Kong politician

2012

“We are commanded to love our neighbors as ourselves, and I believe that to love ourselves means to extend to those various selves that we have been along the way the same degree of compassion and concern that we would extend to anyone else.”

Frederick Buechner (1926) Poet, novelist, short story writer, theologian

Telling Secrets (1991)

“Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 46

“We will not achieve the understanding we need, however, unless we are willing to think clearly about our problems and to follow those thoughts wherever they lead. Some people say that our economic problems are structural, with no quick cure available; but I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.”

Paul Krugman (1953) American economist

Source: The Return of Depression Economics and The Crisis of 2008 (2009), Chapter 10. The Return of Depression Economics

“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 <br class="br">1960s

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