The curious mind embraces science; the gifted and sensitive, the arts; the practical, business; the leftover becomes an economist
A lot of people are surprised economists are assisting with kidney exchanges. Exchanges are what economists are good at.
Well, you have the public not wanting any new spending, you have the Republicans not wanting any new taxes, you have the Democrats not wanting any new spending cuts, you have the markets not wanting any new borrowing, and you have the economists wanting all of the above. And that leads to paralysis.
Many scientists and economists also say putting a price on carbon through carbon taxes and/or cap-and-trade is necessary.
If all the economists were laid end to end, they'd never reach a conclusion.
Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.
To economists, prices serve as crucial signals to producers and consumers. In a regulated market, the state sets prices high enough for private companies to cover their costs and earn a guaranteed profit for their investors. But in a deregulated market, prices should vary with demand and supply.
Economics is extremely useful as a form of employment for economists.
Economists think about what people ought to do. Psychologists watch what they actually do.
Most economists use 'fixed' and 'pegged' as interchangeable or nearly interchangeable terms for exchange rates.