Quotes about macro

A collection of quotes on the topic of macro, economics, difference, use.

Quotes about macro

“The historic terrain of macro-economic theory is the explanation of the levels and fluctuations of overall economic activity. Macro-economists have been especially interested in the effects of alternative fiscal, financial, and monetary policies.”

James Tobin (1918–2002) American economist

Source: "Money and Finance in the Macro-Economic Process" (1982), p. 12

“He upbraided Macro, in no obscure and indirect terms, "with forsaking the setting sun and turning to the rising."”

Tacitus book Annals

Book VI, 52, referring to Tiberius
Annals (117)

Sun

“Life is water, dancing to the tune of macro molecules.”

Albert Szent-Györgyi (1893–1986) Hungarian biochemist who won the Nobel Prize in Physiology or Medicine in 1937

Water, Energy, and Life: Fresh Views From the Water's Edge, Gerald Pollack, 01/30/2008, University of Washington TV, February 5, 2011 http://www.uwtv.org/programs/displayevent.aspx?rID=22222,.

Life, Water, Dance

“With the publication of J. M. Keynes’s General Theory in 1936 and the mathematical formalizations of his theory by J. R. Hicks (1937) and others, the language of macro-economic theory became systems of simultaneous equations. These are general equilibrium systems of interdependence in the sense that the relationships describe an entire national economy, not just a particular industry or sector. The systems are usually not completely closed; they depend on exogenous parameters including instruments controlled by policy-makers. Seeking definite relationships of economic outcomes to policies and other exogenous variables, qualitative and quantitative, these models sacrifice detail and generality, limiting the number of variables and equations by aggregations over agents, commodities, assets, and time.”

James Tobin (1918–2002) American economist

Source: "Money and Finance in the Macro-Economic Process" (1982), p. 12

Mathematics, Sense, Time, Dependency

“To Be or Not to Be: In Nature all life is a question of the minutest, but extremely precisely graduated differences in the particular thermal motion within every single body, which continually changes in rhythm with the processes of pulsation. This unique law, which manifests itself throughout Nature's vastness and unity and expresses itself in every creature and organism, is the ' law of ceaseless cycles' that in every organism is linked to a certain time span and a particular tempo. The slightest disturbance of this harmony can lead to the most disastrous consequences for the major life forms. In order to preserve this state of equilibrium, it is vital that the characteristic inner temperature of each of the millions of micro-organisms contained in the macro-organisms be maintained.”

Viktor Schauberger (1885–1958) austrian philosopher and inventor

Callum Coats: Water Wizard
Viktor Schauberger: Our Senseless Toil (1934)

Life, Law, Question, Nature

“The central message is still that, as Keynes argued, fiscal policy is the answer to liquidity traps, financial or political. The arguments against fiscal policy in Japan, so far as I understand them are intellectually fallacious; they would receive failing grades in an undergraduate macro exam.”

James Tobin (1918–2002) American economist

"Reflections on Japanese Political Economy" (1999)

Understanding

“Over this landscape, Göran Therborn’s Between Sex and Power rises up like some majestic volcano. Throwing up a billowing column of ideas and arguments, while a lava of evidence flows down its slopes, this is a great work of historical intellect and imagination, the effect of a rare combination of gifts. Trained as a sociologist, Therborn is a highly conceptual thinker, allying the formal rigour of his discipline at its best, with command of a vast range of empirical data. The result is a powerful theoretical structure, supported by a fascinating body of evidence. But it is also a set of macro-narratives that compose perhaps the first true example of a work of global history we possess.”

Perry Anderson (1938) British historian

Spectrum: From Right to Left in the World of Ideas (2005), Ch. 11. "Atlas of the Family, Göran Therborn" (2005)

Sex, Imagination, History, Idea

“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

“It’s a great honour to be asked to give this talk, especially because I’m arguably not qualified to do so. I am, after all, not a Keynes scholar, nor any kind of serious intellectual historian. Nor have I spent most of my career doing macroeconomics. Until the late 1990s my contributions to that field were limited to international issues; although I kept up with macro research, I avoided getting into the frontline theoretical and empirical disputes.”

Paul Krugman (1953) American economist

" Mr Keynes and the moderns http://www.voxeu.org/article/mr-keynes-and-moderns/" (June 21, 2011)

“The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.”

Paul Ormerod book The Death of Economics

Part I, Chapter 4, Professional Reservations, p. 79
The Death of Economics (1994)

Behavior

“Power is based on the control of communication and information, be it the macro-power of the state and media corporations or the micro-power of organizations of all sorts.”

Manuel Castells (1942) Spanish sociologist (b.1942)

Source: Communication Power, 2009, p. 1475

Communication

“The whole purpose of college is to learn how to deal with difficult situations, not to run away from them. A micro-aggression is exactly that : micro. But in a macro sense, one of the most dangerous places on a college campus is the so-called 'safe space', because it creates a false impression that we can isolate ourselves from those who hold different views. We can't, and we shouldn't try—not in politics or in the workplace. Graduates, in the global economy, and in a democratic society, an open mind is the most valuable asset you can possess.”

Michael Bloomberg (1942) American businessman and politician, former mayor of New York City

Commencement Address given at the Universiy of Michigan, Ann Arbor (30 April 2016), as recorded on Youtube https://www.youtube.com/watch?v=YE0VYRPTUrc <br class="br">Education

Sense, Learning, Falseness

“Macro-economic policy had accelerated the "expulsion" of landless peasants from the countryside leading to the formation of a nomadic migrant labor force moving from one metropolitan area to another.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 13, Debt and "Democracy" in Brazil, p. 200

“Our new economic approach is rooted in ideas which stress the importance of macro-economics, post neo-classical endogenous growth theory and the symbiotic relationships between growth and investment, and people and infrastructure.”

Gordon Brown (1951) British Labour Party politician

Michael White, "The gift of tired tongues", The Guardian, 30 September 1994; Norman Macrae, "You've never had it so incoherent", Sunday Times, 2 October 1994.
Speech at an economic seminar, Tuesday 27 September 1994.
Member of Parliament

People, Idea

“It is mutual fear and distrust that mostly generate world tensions and these can be traced in no small measure, like other root causes of worsening world conditions, to different people's conflicting and often intolerant, value-belief differences … Whereas in the past science did little, if anything, to remedy this situation and in some ways made things worse, our reformed "macro-determinist" science that includes consciousness and subjective values … provides common universal ethical foundations on which all nations could work to build a World Government or at least a World Security System to help control nuclear developments and other global threats that require international collaboration.”

Roger Wolcott Sperry (1913–1994) American neuroscientist

The Human Predicament: A Way Out? (1985), p. 3

People, World, Fear, Way

“Professor Ohlin also made an important contribution to what now might be called the macro-economic aspects of a country's balance of payments. In 1929 in the Economic Journal he engaged in a famous controversy with Keynes on the problem of transferring payments from one country to another across the foreign exchanges. In this he laid stress upon the income-expenditure effects of the reduced spending power in the paying country and of the increased spending power in the recipient country. In doing so he made use of the usual distinction between a country's imports and exports; but in addition he emphasised the importance of the less usual distinction between a country's domestic non-tradeable goods and services and its tradeable, exportable and importable, goods. I made some use of this latter distinction in my Balance of Payments; but looking back I regret that I did not let it play a much more central role in that book”

James Meade (1907–1995) British economist

The Meaning of "Internal Balance", (1977)

Books, Problem, Country

“What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money-fixed claims, to pure equity issues, giving holders only the right to a pro-rata share in the uncertain venture? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.”

Franco Modigliani (1918–2003) Italian-American economist

Franco Modigliani and Merton H. Miller. "The cost of capital, corporation finance and the theory of investment." The American economic review (1958): 261-297.

Money, World, Behavior, Question

“Macro-evolution would be defined as changing into a different kind of animal. There is no similarity between micro-evolution and macro-evolution. Many evolutionists will use micro-evolution to try to prove that macro-evolution is true. We must guard ourselves not to fall for this false logic.”

Kent Hovind (1953) American young Earth creationist

Dissertation for doctor of philosophy in christian education (May 25, 1991)

Change, Animals, Falseness

“To explore the countercurrents of consciousness in a given circumstance—uncertain promises of other futures; to trace the struggle between spirit and structure in every domain of social and cultural life; to show how vision becomes embodied in institutions and practices and, in being embodied, is both undermined and corrected, but in any event transformed; to reveal how we forfeit our freedom to imagine and reconstruct, and then regain it, even against our will; to commandeer alien wisdom the better to criticize the established order and present experience; to give voice to what has lost a voice or not yet gained one; to display in every department of our experience, from the micro to the macro and from passion to calculation, the revolt of the infinite within us against the finite around us—all this is the work of the humanities when they recognize us for what we are and might become.”

Roberto Mangabeira Unger book The Self Awakened: Pragmatism Unbound

124
The Self Awakened: Pragmatism Unbound (2007)

Life, Wisdom, Imagination, Freedom

“We had to dispel the notion that the way to economic success lies through a sort of fiscal levitation. That was the abiding post-war delusion—that governments could spend and borrow their way to prosperity, and fine-tune the performance of the economy through something known pretentiously as demand management…It used to be an establishment nostrum that you need a budget deficit to get economic growth. That was the belief which lay behind the notorious letter by 364 economists in March 1981. We have given the lie to that, decisively. There can no longer be any argument about it. Everyone—or almost everyone—now accepts that the proper role of macro-economic policy is to keep downward pressure on inflation and to maintain a stable framework in which the private sector can expand.”

Nigel Lawson (1932) British Conservative politician and journalist

Nigel Lawson, Tax Reform: The Government's Record (Conservative Political Centre, June 1988).

War, Lie, Way, Decision

“The collapse of the standard of living, engineered as result of macro-economic policy, is without precedent in Russian history: " We had more to eat during the Second World War."”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 16, The "Thirdworldization" of the Russian Federation, p. 241

War, World, History

“No one has ever done one experiment to prove any phase of macro-evolution at all the effect that evolution has on science, I think is devastating. America is rapidly losing ground in the world market in our science students. We are turning out students that many other countries are able to beat in academic scores and academic knowledge because we waste so much class time and textbook time on this dumb idea of evolution.”

Kent Hovind (1953) American young Earth creationist

Dissertation for doctor of philosophy in christian education (May 25, 1991)

World, Idea, Knowledge, Thinking

“To take what might seem an "objective", macro-economic approach to the origins of the world economy would be to treat the behavior of early European explorers, merchants, and conquerors as if they were simply rational responses to opportunities—as if this were just what anyone would have done in the same situation. This is what the use of equations so often does: make it seem perfectly natural to assume that, if the price of silver in China is twice what it is in Seville, and inhabitants of Seville are capable of getting their hands on large quantities of silver and transporting it to China, then clearly they will, even if doing so requires the destruction of entire civilizations. Or if there is a demand for sugar in England, and enslaving millions is the easiest way to acquire labor to produce it, then it is inevitable that some will enslave them.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Eleven, "Age of the Great Capitalist Empires", p. 314

World, Way, Behavior, Nature

“Evolution is purely a religion. There is no scientific evidence at all to back up any form of macro-evolution.”

Kent Hovind (1953) American young Earth creationist

Dissertation for doctor of philosophy in christian education (May 25, 1991)

Religion

“Systems analysis, conceived in a policy sciences framework, is the macro instrument of the systems manager for understanding, evaluating and improving human systems — which are defined as goal oriented interdependent units incorporating people, organization and some form of technology for control, administration or output.”

Richard F. Ericson (1919–1993) American academic

Richard F. Ericson (1979) Improving the human condition: quality and stability in social systems : proceedings of the Silver Anniversary International Meeting, London, England, August 20-24, 1979. Society for General Systems Research. p. 621

People, Understanding, Science

“Thus the development of micro-organisms and the opportunities for their propagation are simply a result of the condition in which the respective sickening macro-organism finds itself, which will be attacked by these parasites and which eventually must fall victim to them if its inner climatic conditions are no longer strictly regulated.”

Viktor Schauberger (1885–1958) austrian philosopher and inventor

Viktor Schauberger: Our Senseless Toil (1934)

“I wish I could say that the Chancellor of the Exchequer had done himself less than justice. Unfortunately, I can only say that I believe he has done himself justice. Some Chancellors are macro-economic. Other Chancellors are fiscal. This one is just plain cheap.”

Margaret Thatcher (1925–2013) British stateswoman and politician

On Denis Healey, in a remark in the House of Commons (22 January 1975) http://www.margaretthatcher.org/speeches/displaydocument.asp?docid=102591 <br class="br">Shadow Secretary for Environment

Justice

“Socio-technical studies needed to be carried out at three broad levels - from micro to macro - all of which are interrelated:”

Eric Trist (1909–1993) British scientist

The evolution of socio-technical systems, (1981)

Study

“Macro rational expectations, as I have labeled the hypothesis, seems to say that expectations in an economist's model must be perfectly consistent with his model that embodies these expectations. In other words, the agents of his model must all share his views of the relevant economic mechanisms, as well as his data. Why? Because if he holds them they must believe they are God's truth and, if so, rational people can have no other views (and of course we should never ask how they would come by these views and data, that not even other specialists may have heard of yet, let alone accepted). I submit that this view is pretty absurd--I would almost say offensive! I certainly believe that I know more about economics and the economy than (almost) everybody else, and i can even prove it: If everybody shared my vies, then the economy could not be in today's troubles”

Franco Modigliani (1918–2003) Italian-American economist

though it might conceivably be in some different ones!
Conversations with Economists (1983)

God, People, Truth

“Macro-economic reform undermined the legal economy, reinforced illicit trade and contributed to the recycling of "dirty money" towards Peru's official and commercial creditors.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 14, IMF Shock Treatment in Peru, p. 225

Money

“In all their polemics, the anti-creationists invariably avoid discussing the actual scientific evidence for macro-evolution. If there were any such evidence, they could easily settle the whole conflict, merely by presenting the evidence! Instead they seem compelled to resort to bombast ridicule, defamation, intimidation, and distortion. Surely that great body of working scientists, largely uninvolved so far in the creation/evolution conflict will soon begin to see that a two-model approach to all scientific study is salutary and will persuade their more emotional brethren to open their minds to potential truth wherever it might be found.”

Henry M. Morris (1918–2006) American young earth creationist and Christian apologist

" The Anti-Creationist http://www.icr.org/article/179/" (1981)

Truth, Study

“The preceding chapters described various models of mental illness. Seven major varieties of models have been described. Seven major varieties of models have been described. Three are scientific: medical, psychological, and sociocultural. Four are philosophical-moral: hermeneutic-linguistic, phenomenological- existential, humanistic, and moral-legal. Most of these major varieties can be divided into more circumscribed models giving rise to a total number of fifteen. In turn, some of these may be further divided into submodels. Thus, there are three psychodynamic, three behaviouristic, two cognitive, two macro- and two microsocial, two linguistic-symbolic, # two phenomenological, two humanistic, two hypersanity, and three moral-legal submodels. The detailed classification of the models of mental illness is presented in Tabel II.”

Thaddus E. Weckowicz (1919–2000) Canadian psychologist

Source: Models of Mental Illness (1984), p. 319 ( chapter online http://positivedisintegration.com/Weckowicz1984.pdf)

“We may perhaps start by throwing all kinds of production into one variable, all consumption into another, and so on, imagining that the notions 'production', 'consumption', and so on, can be measured by some sort of total indices. At present certain examples of micro-dynamic analyses have been worked out, but as far as I know no determinate macro-dynamic analysis is yet to be found in the literature.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 173

Imagination, Literature

“The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn’s (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston’s choice of Lief Olson, et cetera. … M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.”

Paul A. Samuelson (1915–2009) American economist

New millennium, An Interview with Paul A. Samuelson, 2003

Way, Dead

Merton Miller (1923–2000) American economist

Franco Modigliani and Merton H. Miller. "The cost of capital, corporation finance and the theory of investment." The American economic review (1958): 261-297.

Money, World, Behavior, Question

“When we approach the study of business cycle with the intention of carrying through an analysis that is truly dynamic and determinate in the above sense, we are naturally led to distinguish between two types of analyses: the micro-dynamic and the macro-dynamic types. The micro-dynamic analysis is an analysis by which we try to explain in some detail the behaviour of a certain section of the huge economic mechanism, taking for granted that certain general parameters are given. Obviously it may well be that we obtain more or less cyclical fluctuations in such sub-systems, even though the general parameters are given. The essence of this type of analysis is to show the details of the evolution of a given specific market, the behaviour of a given type of consumers, and so on.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 2

Business, Nature, Sense, Study

“If you peruse the table of contents of a textbook on organizational theory or search the web for courses in organizational sociology, you cannot help but notice how many of the key contributors to the field spent time at Stanford between 1970 and 2000, as faculty members, post-docs, or graduate students… Of the ﬁve most inﬂuential macro-organizational paradigms in play today — institutional theory, network theory, organizational culture, population ecology, and resource dependence theory (in alphabetical order) – Stanford served as an important pillar, if not the entire foundation, for all but network theory. By the 1990s, it became an important site for network theory as well.”

Frank Dobbin (1956) American sociologist

Frank Dobbin, Claudia Bird Schoonhoven (eds) Stanford's Organization Theory Renaissance, 1970-2000, 2010. p. xvii

Search, Time, Help, Dependency

“The distinction between micro- and macro inventions matters because they appeared to be governed by different laws. Microinventions generally result from an intentional search for improvements, and are understandable -if not predictable- by economic forces. They are guided, at least to some extent, by the laws of supply and demand and by the intensity of search and the resources committed to them, and thus by signals emitted by the price mechanism. Furthermore, in so far as micro inventions are the by-products of experience through learning by doing or learning by using they are correlated with output or investment. Macroinventions are more difficult to understand, and seem to be governed by individual genius and luck as much as by economic forces. Often they are based on some fortunate event, in which an inventor stumbles on one thing while looking for another, arrives at the right conclusion for the wrong reason, or brings to bear a seemingly unrelated body of knowledge that just happen to hold the clue to the right solution. The timing of these inventions is consequently often hard to explain. Much of the economic literature dealing with the generation of technological progress through market mechanisms and incentive devices thus explain only part of the story. This does not mean that we have to give up the attempt to try to understand macroinventions. We must, however, look for explanations largely outside the trusted and familiar market mechanisms relied upon by economists.”

Joel Mokyr (1946) Israeli American economic historian

Source: The lever of riches: Technological creativity and economic progress, 1992, p. 295; as cited by Pol, Eduardo, and Peter Carroll.

Law, Search, Literature, Understanding

“I think time will show that the new approach, emphasizing emergent "macro" control, is equally valid in all the physical sciences, and that the behavioral and cognitive disciplines are leading the way to a more valid framework for all science.”

Roger Wolcott Sperry (1913–1994) American neuroscientist

New Mindset on Consciousness (1987)
Context: I think time will show that the new approach, emphasizing emergent "macro" control, is equally valid in all the physical sciences, and that the behavioral and cognitive disciplines are leading the way to a more valid framework for all science. Although the theoretic changes make little difference in physics, chemistry, molecular biology, and so on, they are crucial for the behavioral, social, and human sciences. They don't change the analytic, reductive methodology, just the interpretations and conclusions. There seems little to lose, and much to gain.

Way, Behavior, Thinking, Science