John Komlos Quotes

means that many processes are non-reversible... Poor people who go to poor schools... can't get into college and their whole life course is messed up...

Today 21% of [total] annual income goes to 1% of households. ...That cannot be the basis of a good democracy.

[I]n 2016. ...Trump ...said ...this is a good economy ...tremendous, we've never had it so good... but... people do not kill themselves [or kill strangers] to the extent of 150,000 people per annum in a good economy. You've got to generate a lot of despair in order to do that...

[I]n the United States... southerners were 1.5 cm taller than men of the more industrialized North, even though the per capita income was greater in the North. ...Although England had a higher per capita income... as much as 25%, its soldiers were shorter than those of the United States in the eighteenth century. A century later, Irish recruits into the Union Army were taller than soldiers born in England, although English per capital income was... higher...

[W]hile income determines the position of the for food, an individual who purchases food at higher market prices might consume less of it than a self-sufficient peasant isolated from the market... even if the income of the former is greater...

[T]here are better ways to measure progress than in terms of money.

With [incomplete or] assymetric information [and that's practically always the case]... Stiglitz and Greenwald proved... markets are inefficient, and that should be the default model.

[H]ousehold incomes... weren't going up. You don't need a Ph.D. in economics to figure out that something's not right with that.

Greenspan and Benjamin Bernanke... ignored the evidence because they were blinded by their ideology and the infallibility of the markets. They were prisoners of their own ideology.

was supposed to be good for the economy. It meant small government, low taxes, trickle down economics, , and all of these turned out to be bad... The slogan was to starve the beast... the government...

[W]e cannot help but... to organize our thoughts without making some fundamental assumptions... a function of our... mindset, worldview... intellectual and emotional commitments... [that] influence... ideas developed in the discipline.

The character is formed during the first few years of life, and the corporations have an impact on the way we think... so ... is not realistic, because producers spend an incredible amount of money in order to condition children and youth to drink Coca-Cola, to depend on the iPhone, to go to hamburger joints, to McDonald's... So adult economics, forget it! You've got to start the analysis with children, and that means that tastes are endogenous [determined within the economic system! ...The assumption of exogenous tastes is toxic.]

Although scientists have been interested in the study of human height from a medical, biological, or anthropological point of view for centuries, economic historians became aware of the implications of quantifying al status only recently.

Deregulation was supposed to make the economy more efficient... but instead it led to the financial crisis... and Blackboard Economists did not even see the crisis coming when it was around the corner.

[M]arkets were not made in heaven... and they are helping the privileged, as they are constituted today.