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VIIMEISIMMÄT SITAATIT

"Learning economics is thus first and foremost a process of mastering the economic way of thinking. If the thinking part, i.e., the derivation via these argumentation patterns, is externalized into the black box of the computer, the researcher is no longer engaged in economics proper." Lehtinen & Kuorikoski (2007, s. 325).

”In none of those roles did I find the theory I had been teaching for so long to be the slightest help. The factors involved in setting wages and salaries in the real world seemed to be very different than those specified in the neoclassical theory. The one factor that seemed to be of overwhelming importance in all these real-world situations was fairness, and fairness always seemed to be judged by making some kind of wage comparison.” Albert Rees (1993, s. 243-244).

"It is time to return to an engineering approach to macro policy that has long existed in econometrics, and accept that one can, and should, search for relationships among macroeconomic variables without worrying about the behavioral foundations of those relations." David Colander et al. (2008, s. 239).

"The econometric estimates of the factors determining survival during the sinking of Titanic produce a coherent story. However, this story is not necessarily in line with the simple model of selfish homo economicus. While people in their prime were more likely to be saved, it was women – rather than men – who had a better chance of being saved. Children also had a higher chance of surviving. At the time of disaster, the unwritten social norm of 'saving women and children first' seems to have been enforced." Bruno S. Frey, David A. Savage & Benno Torgler (2011, s. 218-219).

"Muilla yhteiskuntatieteillä, kuten taloushistorialla, taloussosiologialla ja talouspolitiikan tutkimuksella, pitäisi siis olla huomattavasti nykyistä merkittävämpi rooli taloustutkimuksen perustieteinä. Yliopistollisen opetuksen urautumisen vuoksi näin ei kuitenkaan vielä ole tapahtunut, vaan normaalitaloustiede näyttää kuin ihmeen kaupalla selviytyvän murskakritiikistä kerta toisensa jälkeen." Ilmo Massa (2008, s. 169).

"Oman näkemykseni mukaan taloustiede joutui harhateille, koska ekonomistit ryhmänä erehtyivät pitämään vaikuttavalta näyttävän matematiikan kauneutta totuutena." Paul Krugman (2010, s. 26).

"However, we show that the impact of such training crucially depends on the form in which financial literacy training is provided. In this setting, training that relies on the standard approach to small business training, teaching the fundamentals of financial accounting, had no measurable effect. But the training program based on simple rules of thumb led to significant improvements in the way small and medium-sized enterprises managed their finances relative to the control group that was not offered training." Alejandro Drexler, Greg Fischer & Antoinette S. Schoar (2010, s. 19).

”The introduction of free incorporation with general limited liability and the construction of the corporate legal form in nineteenth century England was, then, ’induced’ less by the imperatives of economic rationality and efficiency and more by the political power of the rentier class.” Paddy Ireland (2010, s. 848).

”Microeconomics simply lifted equilibrium analysis, utility maximization, and the accompanying systems of differential equations and matrix algebra directly from the classical mechanics of pre-entropic energy physics. By borrowing the methods of physics, economists also borrowed its prestige.” James Bernard Murphy (1995, s. 156-157).

”It seems necessary, therefore, to introduce a more comprehensive and more deliberate supra-individualistic rationality into the spontaneous, decentralized, evolutionary processes. Specifically, a public-policy frame-setting is needed in order either to initiate (i.e. de-block, un-lock) or to accelerate and stabilize processes of institutionalization which cannot be brought forth with sufficient certainty, speed and stability by individualistic rationality alone.” Wolfram Elsner (2005, s. 37-38).

"Scholars have often argued that the sharing of complex information is enhanced by embedded ties, which suggests that informal ties have the potential to make a significant contribution to innovation. There is a strong sense among researchers that informal relations undergird formal ties. --- Nevertheless, many organizations are largely unaware of the extent to which formal activities are buttressed by informal connections." Walter W. Powell & Stine Grodal (2005, s. 70-71).

"For Bourdieu there is, therefore, a 'trickle up' of tastes from the working class to the upper class that allows the latter to outflank the middle class, whose pretentiousness leaves them confused by the way in which popular tastes are embraced." Andrew B. Trigg (2001, s. 106).

"In contrast the insight from financial history is that expectations in the real world change slowly at some times and rapidly at others as different groups realize - sometimes at different moments and at other times more or less simultaneously - that the current forecasts of prices and values in the distant future differ from earlier views of these same prices and values." Charles P. Kindleberger & Robert Z. Aliber (2005, s. 90).

"Several other recent experimental studies have confirmed the notion that external rules and monitoring can crowd out cooperative behavior. These studies typically find that a social norm, especially in a setting where there is communication between the parties, can work as well or nearly as well at generating cooperative behavior as an externally imposed set of rules and system of monitoring and sanctioning." Elinor Ostrom (2000, s. 147).


TALOUSTIETEEN LUONNE?

"As in the case of a good fable, a good model can have an enormous influence on the real world, not by providing advice or by predicting the future, but rather by influencing culture. Yes, I do think we are simply the tellers of fables, but is that not wonderful?" Ariel Rubinstein (2006, s. 882).

"Unlike the position that exists in the physical sciences, in economics and other disciplines that deal with essentially complex phenomena, the aspects of the events to be accounted for about which we can get quantitative data are necessarily limited and may not include the important ones." F. A. Hayek (1974, s. 3).

"Empirical fit deserves its high rank among the goals economists seek. The principle of parsimony, however, should not be applied blindly to promote empirical fit, since it may retard the pursuit of other goals important to economists: understanding and policy usefulness." Andrew M. Yuengert (2006, s. 93).


MAKROTALOUSTIETEEN LUONNE?

"Since most of what is relevant and interesting in economic life has to do with the interaction and coordination of ensemblems of heterogeneous economic actors, the methodological preference for single actor models has extremely handicapped macroeconomic analysis and prevented it from approaching vital topics." David Colander ym. (2008, s. 9).

"The breakdown of the microfoundations project suggests that phenomena at the micro and macro levels in economics are so complex that one theoretical approach, such as microeconomics, does not have the resources to provide a complete explanation or description of them." Esther-Mirjam Sent (2006, s. 93).

"As the dramatic development of the present crisis abundantly proves, there is no denying the fact that the depression may, under certain circumstances, grow to dimensions quite out of proportion to the preceding boom, so that it loses more and more its function of readjustment and degenerates into a secondary depression void of any function whatsoever except to test the strength of the patience of the people in enduring a cumulative process of senseless and murderous economic destruction." Wilhelm Röpke (1936, s. 178).


TALOUSTIETEESSÄ JOTAIN VIALLA?

"But it cannot be denied that there is something scandalous in the spectacle of so many people refining the analyses of economic states which they give no reason to suppose will ever, or have ever, come about." F. H. Hahn (1970, s. 1).

"The domain of inquiry is restricted to what can best be explained. The theory is not designed to fit the data, the data are selected to fit the theoretical desiderata. In order to conform to its self-imposed ideal of unification mainstream economics restricts itself to those areas of research that fit within idealized assumptions." Rogier De Langhe (2009, s. 142).

"In consequence, to the extent that we are interested in the way the real world is and works, none of us should be any more interested in a believed-to-be unrealistic mathematical deductivist model that supports a preferred (e.g., believed to be true) conclusion, than one that seems to negate it." Tony Lawson (2009, s. 767).

"There is a 'spongineness' to neoclassical economics that enables it to absorb divergent elements around it without ever emphasizing their main points. These fringe ideas become footnotes to which theorists can refer as evidence that they have taken the ideas into account." Gerald P. O'Driscoll, Jr. & Mario J. Rizzo (1985, s. 231).

"The Black–Scholes price might be said to be 'politically correct' from the standpoint of modern neoclassical finance. The Black–Scholes result is shaken in the face of the unwary with the same intensity used by the followers of Mao Zedong with their little red book during the Chinese cultural revolution." James R. Thompson ym. (2006, s. 12).

"Nor is the concept of 'strategic investment' recognized in the finance literature. Finance theory provides almost no guidance with respect to how to estimate future cash flows, although making such estimates is as much, if not more, the essence of good decision making as are the methodologies and procedures for analyzing cash flows." David J. Teece (2007, s. 1329).

"The decline of history of economic thought as a part of graduate economics education is especially disturbing, as this is the one area where the notion of economics as a moral science is likely to be discussed. It is, therefore, hardly surprising that in modern neoclassical works one scarcely finds morality mentioned." James E. Alvey (2000, s. 1246).

"In the majority of cases, what makes of an economic model a 'good' one (in terms of the quality rankings of the profession) is, instead, the mastery of analytical skills revealed by its creator. Economics is in this sense more similar to the fine arts or to sports than to other scientific disciplines." Jesús P. Zamora Bonilla (2002, s. 370-371).

"The motives for action do not precede action because they enter the scene in the middle of ongoing action processes. Therefore, it is not useful to analyze only discrete actions and their motives as neoclassical economics is wont to do." Antti Gronow (2008, s. 361).

"The range of formal theory is thereby limited to one era, the one that first gave rise to it. In other times, there may have been no conception of available choice among means, the logic of maximizing calculation may have been displaced by the demands of solidarity, or the definition of the human condition as one marked by scarcity and the endless growth of needs may have been explicitly rejected." William James Booth (1994, s. 655).


VAIN ITSEKKYYTTÄ JA AMORAALIA?

"How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it." Adam Smith (1759, ensimmäinen lause).

"This emphasis on mechanisms to the exclusion of morals is new. Before the advent of economics in the 18th century, it was more common to appeal to civic virtues: fellow feeling toward one's neighbors, the work ethic, and the moral obligation to repay." Samuel Bowles (2008, s. 1606).

"Just look at the textbooks. Though some do mention fairness as a motive, they still demote it to end-of-chapter, back-of-the book status. It is reserved for those sections that students know they can skip when studying for the exam, while the professors who assign the textbook can assure themselves that, yes, it really does cover everything – it even covers fairness." George A. Akerlof & Robert J. Schiller (2009, s. 20). '

"We do want the maximum of competition between firms, but not between individuals. A world where everyone else appears as a threat is unlikely to generate much happiness, even if it generates massive output." Richard Layard (2006, s. 31).

"Furthermore, if workers have an interest in the welfare of their coworkers, they gain utility if the firm relaxes pressure on the workers who are hard pressured; in return for reducing such pressure, better workers are often willing to work harder." George A. Akerlof (1982, s. 550).

"Thus, excessively instrumental understandings of interpersonal relations may frustrate the production of relational goods. We need to be alert to the danger that some institutional frameworks – perhaps ones that are favoured by market competition – may promote such understandings as by-products." Robert Sugden (2005, s. 69).

"When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done." John Maynard Keynes (1936, s. 159).


EPÄRATIONAALISTA?

"Decisions made under the influence of fiscal illusion have been (and may still be) treated as irrational and therefore as not being a suitable subject of investigation for economic analysis, though this may not necessarily be the case." Werner W. Pommerehne & Friedrich Schneider (1978, s. 381).

"We suffer more, it has already been observed, when we fall from a better to a worse situation, than we ever enjoy when we rise from a worse to a better." Adam Smith (1759, VI.i.6).


VAIN KOVIA KANNUSTIMIA?

"Whatever their differences may be, one heuristic is characteristic of the various contribution streams that constitute the modern economics of organization: an overriding emphasis on conceptualizing virtually all problems of economic organization as problems of reducing incentive conflicts through ex ante contractual alignment and through ex post governance mechanisms." Nicolai J. Foss (1999, s. 732).

"We worry that fascination with strategic moves and Machiavellian tricks will distract managers from seeking to build more enduring sources of competitive advantage." David J. Teece, Gary Pisano & Amy Shuen (1997, s. 513).


VAIN STAATTISTA OPTIMOINTIA JA MATEMATIIKKAA?

"Samuelson's skill at mathematics in the eyes of his readers, an impression nurtured at every turn, is itself an important and persuasive argument. On good grounds, he presents himself as an authority. That the mathematics is sometimes pointless, as here, is beside the point. Being able to do such a difficult thing (so it would have seemed to the typical economist reader in 1947) is warrant of expertise." Donald N. McCloskey (1986, s. 70).

"The attraction of this more mathematical approach was partly its technocratic lure, and partly because it proposed apparent solutions to the urgent problem of the day. It appeared that increasing a variable called G could alleviate the problem of unemployment. The 'solution' was plain and beguiling and dressed up in mathematical and 'scientific' garb." Geoffrey M. Hodgson (2009, s. 1211).

"Unfortunately, just as neoclassical microeconomics is really a static solution to a much more complicated (and never realistically addressed) dynamic problem, financial economics is also a static (certain) solution regardless of all the bells and whistles added to make it appear otherwise." M. C. Findley & E. E. Williams (2009, s. 221).

"But once the model is interpreted as a mental process, we must imagine that the decisionmaker actually performs the optimization. Since the decisionmaker is systematically wrong about future behavior there is no obvious benefit from maximizing the objective function as opposed to taking some other (perhaps arbitrary) action." Wolfgang Pesendorfer (2006, s. 718).


VAIN MITTAAMISTA JA EKONOMETRIAA?

"It is no accident that much of the generally optimistic rational choice discussion of 'credible commitments' in politics has focused on relatively transparent economic issues (e.g., budget deficits, monetary policy). In these instances, performance indicators are clear, and behavior is easy to monitor." Paul Pierson (2000, s. 261).


TIETEEN TEHTÄVÄT?

"But the end of science is to know reality. It is not mental gymnastics or a logical pastime. Therefore praxeology restricts its inquiries to the study of acting under those conditions and presuppositions which are given in reality." Ludwig von Mises (1949, s. 65).

"A scientific theory, unlike religious belief or works of art, should not be judged by its elegance but by its capacity to withstand empirical testing." Paul De Grauwe & Marianna Grimaldi (2006, s. 3).

"The use of flawed models by true believers can cause mischief not only for individual investors but also for the economy generally." James R. Thompson ym. (2006, s. 17).

"The other disciples therefore said to him, 'We have seen the Lord.' So he said to them, 'Unless I see in His hands the print of the nails, and put my finger into the print of the nails, and put my hand into His side, I will not believe.'" John 20:25.

"This paper is an attempt to explore the reliability of prestige labels. It might be viewed as closely related to papers ---- which emphasize that where a modern scientist publishes appears to be in some danger of becoming more important than what the author is actually saying." Andrew J. Oswald (2007, s. 22).


TIETEEN LUOVUUS?

"Education, whatever benefits it may confer, is transmission of traditional doctrines and valuations; it is by necessity conservative. It produces imitation and routine, not improvement and progress." Ludwig von Mises (1949, s. 314).

"The worry is that current forms of graduate education may actually be stifling creativity. As graduate programs are now structured, students are often asked to put their creative potential 'on hold' during their first two years while they accumulate knowledge and acquire technical skills." Anne O. Krueger ym. (1991, 1048).


JULKISEN VALLAN TEHTÄVÄT?

"The effectiveness of voice is significantly constrained by rational ignorance. As we have seen, individual voters have little incentive to acquire and effectively use relevant information about public policy. By contrast, exit has the tremendous comparative advantage of creating strong incentives for individuals to acquire the necessary information to make decisions about where to live." Ilya Somin (2006, s. 271).

"Success or failure of a police department's activities cannot be ascertained according to the arithmetical procedures of profit-seeking business. No accountant can establish whether or not a police department or one of its subdivisions has succeeded." Ludwig von Mises (1949, s. 305).

"Taxation is theft, purely and simply, even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match." Murray N. Rothbard (1982, s. 162).

"There can be little doubt that, left to themselves, the courts would have solved the problems of the radio industry in much the same way as they had solved similar problems in other industries". R. H. Coase (1959, s. 30).

"In this sense limited liability is a privilege and it is a valid argument to say that it is for the law to decide on which conditions this privilege is to be granted." F. A. Hayek (1967, s. 306).


ONNEN SALAISUUS?

"Because the very notion of happiness is subjective and constantly changing, it is our contention that a flourishing human life is one where the individual has the freedom to discover and pursue whatever it is that maximizes his well-being. For some a flourishing life will be characterized by a workaholic lifestyle, for others it will consist of a life dedicated to philanthropy and charity." Christopher J. Coyne & Peter J. Boettke (2006, s. 101).

"Generating occasions for pleasant emotions is a major part of people's lives. Yet emotional satisfactions differ in one important aspect from the hedonic satisfaction generated by a good meal: they are amplified by surprise." Jon Elster (1998, s. 54).

"Projection bias over habit formation, for instance, can lead people to overrate the differences between 'poverty and riches'. In simple terms, poor people will overestimate how good it would be to become rich, and rich people will overestimate how bad it would be to become poor." George Loewenstein, Ted O'Donoghue & Matthew Rabin (2003, s. 1236).


NEUROTALOUSTEORIA?

"The largest payoff from neuroeconomics will not come from finding rational-choice processes in the brain for complex economic decisions ----. The largest innovation may come from pointing to biological variables which have a large influence on behaviour and are underweighted or ignored in standard theory." Colin F. Camerer (2007, s. 35).

"The most important economics assumption that neuroeconomics brings to the table is that the brain is a system of scarce resources. Economists have long studied the effects of scarcity on the emergent order of social systems and have made a number of general hypotheses about these effects, which can be applied to the brain." Kevin McCabe (2006, s. 172).

"Since our theories and thought processes about social systems involve the conscious and deliberate use of reason, it is necessary to remind ourselves constantly that human activity is diffused and dominated by unconscious, autonomic, neuropsychological systems that enable people to function effectively without always calling upon the brain's scarcest resource: attention and self-aware reasoning circuitry." Vernon L. Smith (2008, s. 32).


YRITYKSEN TALOUSTEORIA?

"The position of perfectly competitive equilibrium is usually characterized as one where firms can expect to achieve constant or diminishing returns to scale. This is discussed in the textbooks on microeconomics as if it were an obvious fact – and yet, if it were true, it would spell an end to all value chain reconfigurations painstakingly mapped out by firms in strategizing mode." John A. Mathews (2006, s. 53).

"Bounded rationality, it has been argued, is very much a background assumption that is introduced in order to help explaining, in an 'intuitive' way, other, more central, insights and concepts. At first glance, this rather limited use of bounded rationality in the economics of organization is surprising, considering the importance of Simon for the whole field
---." Nicolai J. Foss (2003, s. 256).

"As we have seen, individuals, organizations and institutions all live with rules, with some important differences. Both individuals and organizations solve problematic situations through learning, according to criteria of procedural rationality. Yet, individuals change their routines in a faster and less 'bureaucratic' way, in the spaces of free will allowed by the institutional rules and by the organizations in which they operate." Salvatore Rizzello (2000, s. 147).

"Large firms are more likely to possess the relevant specialized and cospecialized assets within their boundaries at the time of new product introduction. They can therefore do a better job of milking their technology, however meager, to maximum advantage." David J. Teece (1986, s. 301).

"Democracy is not well-developed within corporations. The essential element of competition – namely, that the voters can choose among relevant alternatives – hardly exists. For instance, for a truly democratic process, the persons with voting rights in the firm must have the option to choose among various persons willing to serve as directors." Matthias Benz & Bruno S. Frey (2007, s. 99).


MUUT SITAATIT

"As the principles of open source are considered to be recent and have gained recognition only in the last few years, their propagation is hampered by present weak diffusion. Under these conditions, it is not surprising that both researchers and practitioners find (or think) it difficult to generalize open source principles beyond the software industry." Benoît Demil & Xavier Lecocq (2006, s. 1460).

"Path dependency in the processes of acquisition of knowledge is evident. Its acquisition depends in fact on history, on upbringing, and above all on the experience which the individual has acquired and is continually acquiring." Salvatore Rizzello (1997, s. 111).

"Without assuming that men and women on the whole have identical preferences, evolutionary psychology can explain why the sex gap in pay exists and women on average make less than men do; women have better things to do than earn money." Satoshi Kanazawa (2006, s. 97).

"At the core of management school criticism, then, is a fundamental mismatch: the academic system's current methods for hiring and rewarding professors don't necessarily attract or encourage the kind of practitioner-oriented faculty we need to make business-school research and MBA education much more attuned to meeting today's and tomorrow's management challenges." Richard Schmalensee (2006, s. 118).


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