“A distinguished economist, on being asked to define the subject matter of his science, once replied, "Economics is what economists do."”

— Kenneth E. Boulding

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

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 "A distinguished economist, on being asked to define the subject matter of his science, once replied, "Economics is what…" by Kenneth E. Boulding?

Kenneth E. Boulding photo

Kenneth E. Boulding 163

British-American economist 1910–1993

Related quotes

“It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, “Economics is what economists do,” and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers.”

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

Source: 1970s, Economics As a Science, 1970, p. 97

“In spite of assigning little influence of economists' preachings on actual public policy, I do not believe that economists' influence is negligible. The reconciliation of these views lies in the fact that economists are scientists as well as preachers. Our science seeks to understand how economic institutions and economic systems work, and no informed person can deny that we have made much progress in this work.”

George Stigler (1911–1991) American economist

"The Effect of Government on Economic Efficiency." 1988

“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

“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.”

Paul A. Samuelson (1915–2009) American economist

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

“Where do ideas about economics come from? They come, of course from economists—where by an "economist" I mean someone who thinks and writes regularly about economic issues. But not all economists are alike, and in fact the genus includes two radically distinct species: The professors and the policy entrepreneurs.”

Paul Krugman book Peddling Prosperity

Introduction: Looking for Magicians
Peddling Prosperity (1994)

“Unlike the members of the physical and biological sciences, the economist is asked to explain his work in a manner that is interesting and convincing to a weary listener. Yet there is no reason to believe that the explanation of our economic and social world is inherently simpler than the explanation of our physical world.”

George Stigler (1911–1991) American economist

"George J. Stigler - Banquet Speech," 1982

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”

Joan Robinson (1903–1983) English economist

Source: Contributions to Modern Economics (1978), Chapter 7, Marx, Marshall and Keynes, p. 75

“The modern economist has become even more insistent in his belief that the ultimate forces underlying economic development lie, strictly speaking, outside the economic sphere. As Meir and Baldwin put it, half humorously, “economic development is much too serious to be left to economists.””

David C. McClelland (1917–1998) American psychological theorist

1957, p. 119
Source: The Archiving Society, 1961, p. 11

“Economists have traditionally been leery at mentalités as a factor in long-term economic development. In the budding literature on the economic rise of the West, such factors have been ignored or curtly dismissed. In the past, economists’ hostility to religious factors stems from the incompleteness of such theories. Attitudes were a matter of degree, not of absolutes.”

Joel Mokyr (1946) Israeli American economic historian

Source: The lever of riches: Technological creativity and economic progress, 1992, p. 171

“We have defined the main task of economic analysis as the explanation of the magnitudes of economic quantities. The student will find also that the main part of this, as of most other works on the subject, is concerned with the theory of the determination of prices, wages, interest rates, incomes, and the like. He may well inquire, therefore, in the midst of so much mathematics, whether the first task of economics is not the investigation of wealth, or welfare. Some economists have endeavored to restrict the boundaries of the science to the investigation of those quantities which are numerically measurable. Well-being, under such a restriction, would not be part of economics at all.”

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

Source: 1940s, Economic Analysis, 1941, p. 7-8

Related topics