Nassim Nicholas Taleb: Cure Greed

Meaning of Nassim Nicholas Taleb Money Quote: saying it’s naive to believe that experts in finance industry, of greed, banking & Economics. Nassim Nicholas Taleb said:
 

 

“Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending” — Nassim Nicholas Taleb

In this quote, Nassim Nicholas Taleb is criticizing the notion that complex societal problems can be solved simply by relying more on the factors that may have contributed to the issues in the first place.

When he says things like trying to cure “greed with money” or “banking with bankers”, Taleb suggests that directly addressing problems within their own domains without broader reform is misguided.

His view seems to be that complex challenges require fresh, outside-the-box thinking rather than doubling down on conventional or status quo approaches.

The quote conveys Taleb’s skepticism of those who naively believe further engaging the core elements of issues can provide straightforward cures, without recognizing the potential need for systemic changes or new perspectives to resolve deep-rooted problems.

David Letterman: Economic Sanctions

David Letterman Money Quote saying economists think that Russia is suffering economically due to sanctions, oil boycotts and vodka sales have tanked. David Letterman said:
 

“Economists believe there are three reasons why the Russian economy is doing so poorly. One, economic sanctions are working. Number two, low-price oil. And number three, Lindsay Lohan has quit drinking vodka” — David Letterman

In this quote, David Letterman is using humor and sarcasm to poke fun at economic analyses of Russia’s struggling economy. He jokingly lists three supposed reasons economists believe Russia is doing poorly economically – economic sanctions, low oil prices, and Lindsay Lohan quitting vodka. Of course, the third reason involving Lindsay Lohan is a completely ridiculous and made up claim meant as a punchline.

Letterman is parodying how economists and analysts often attribute complex economic troubles to various factors. In this case, he takes it to an absurd level by attributing part of Russia’s economic problems to something as nonsensical as an actress quitting drinking vodka. The quote aims to get a laugh through ridiculous exaggeration and hyperbole rather than provide a serious economic interpretation. It uses sarcasm to mock the types of multifaceted explanations economists sometimes give for major economic issues.

James Surowiecki: Behavioral Econ

James Surowiecki Money Quote saying smart economists know that we’ll pay handsomely to punish those who fail to give to the common good. James Surowiecki said:
 

 

“Behavioral economists have shown that a sizable percentage of people are willing to pay real money to punish people who are taking from a common pot but not contributing to it. Just to insure that shirkers get what they deserve, we are prepared to make ourselves poorer” — James Surowiecki

In this quote, James Surowiecki is summarizing a finding of behavioral economists. He states that research has shown many people are willing to pay out of their own pockets to punish or sanction those who benefit from shared resources (like a “common pot”) without contributing to them (“shirkers”).

Surowiecki then notes that people are even prepared or willing to make themselves financially poorer just to ensure those who don’t pull their weight (“shirkers”) receive their comeuppance. In essence, the quote suggests that behavioral studies have revealed people’s strong desire to see fairness and for freeloaders to face consequences, even if it costs themselves something in the process.

Rupert Murdoch: Good Economists

Rupert Murdoch Money Quote saying those who study economy and finance are less useful than weather forecasters. Rupert Murdoch said:
 

 

“I’m not an economist and we all know economists were created to make weather forecasters look good” — Rupert Murdoch

In this quote, Rupert Murdoch is making a joke at economists’ expense. He’s suggesting that economists, unlike weather forecasters, are often wrong in their predictions. Murdoch implies that economists don’t have a very good track record of accurately forecasting economic trends and outcomes.

His comment seems to be lightheartedly pointing out that economists are not always right and can be fallible in their analyses and projections, just like any other field of study. Overall, the quote appears to be tongue-in-cheek commentary on the imperfect nature and limitations of economics as a predictive science.

George Bernard Shaw: Economists

George Bernard Shaw Money Quote saying the combined opinions of all economists were combined, they would not add up to a single conclusion. George Bernard Shaw said:
 

 

“If all the economists were laid end to end, they’d never reach a conclusion” — George Bernard Shaw

This quote is poking fun at economists and their inability to agree on issues. George Bernard Shaw is suggesting that even if all economists were lined up one after the other, their differing opinions would never result in a single definitive conclusion.

The quote is implying that economists often have many competing theories and viewpoints, and it can be difficult to get a consensus opinion from the field of economics due to these diverse perspectives. Shaw is using exaggeration in a tongue-in-cheek way to highlight the lack of agreement among economists.

Birthday: July 26, 1856 – Death: November 2, 1950

Will Rogers: Economists Good Guess

Funny Money Quote: Economists are very well informed about finance, but that doesn’t make their predictions accurate Will Rogers said:
 

 

“An economist’s guess is liable to be as good as anybody else’s” — Will Rogers

In this quote, Will Rogers is poking fun at the field of economics in a similar vein as some of the previous quotes. Rogers is suggesting that an economist’s prediction or assessment of a situation is not necessarily more informed or accurate than anyone else’s non-expert guess. His implication seems to be that the complexities of the economy make it difficult to forecast, so an economist may have no real advantage over a layperson’s speculation.

The quote lightheartedly questions how much value being an economist truly provides, since according to Rogers their projections are no more reliable than anyone else’s random guesses. Overall, it appears to be a humorous jab at the limitations of economic expertise and predictability.

Birthday: November 4, 1879 – August 15, 1935

Jean-Paul Kauffmann: Economy Forecast

Jean-Paul Kauffmann Money Quote saying economists don’t control economics, just dissect and discuss theories, predictions and post-mortems. Jean-Paul Kauffmann said:
 

 

“The economy depends about as much on economists as the weather does on weather forecasters” — Jean-Paul Kauffmann

In this quote, Jean-Paul Kauffmann is drawing a comparison between economists’ ability to impact the economy and weather forecasters’ ability to control the weather.

His point seems to be that just as forecasters can analyze and predict weather patterns but have little power over what actually transpires meteorologically, economists study and make projections about the economy but have limited influence over its ultimate performance and direction.

So Kauffmann is suggesting the economy, like the weather, has complex dynamics that are not fully determined or dictated by the analyses and models of those in the respective fields of economics and meteorology.

The quote implies economists and weather experts can provide information and insight, but other real-world factors largely drive economic and climatic outcomes beyond their control.

Bill Vaughn: College Costs Parents Extra

Bill Vaughn Funny Money Quote saying college may help you to begin earning more, but may not put more money in your pocket -though it could put more in your children’s pockets – if they don’t have kids themselves. Bill Vaughn said:
 

 

“Economists report that a college education adds many thousands of dollars to a man’s lifetime income – which he then spends sending his son to college” — Bill Vaughn

In this quote, Bill Vaughn is poking fun at the way economists analyze the value of education. When economists say that a college education can add thousands to one’s lifetime income, Vaughn jokes that this extra income is then spent by the individual on sending his own son to college.

So while economists point to financial benefits, Vaughn suggests the money may just go towards continuing the cycle of education for future generations. His quote lightheartedly questions or critiques the simple monetary perspective economists take by implying the monetary “returns” are put right back into more education.

Birthday: October 8, 1915 – Death: February 25, 1977

A sad truth for so many. Well, most. pic.twitter.com/Q0ijrNuBF1

— My Daughter's Army (@mydaughtersarmy) April 10, 2015

#NationalHigherEducationDay #HigherEducationDay June 6