In 1879, American economist Francis Walker tried to explain why members of his profession were in such "bad odor amongst real people". He blamed it on their inability to understand why human behavior fails to comply with economic theory. We do not always act the way economists think we should, mainly because we're both less selfish and less rational than economists think we are. Economists are being indoctrinated into a cardboard version of human nature, which they hold true to such a degree that their own behavior has begun to resemble it. Psychological tests have shown that economics majors are more egoistic than the average college student. Exposure in class after class to the capitalist self-interest model apparently kills off whatever prosocial tendencies these students have to begin with. They give up trusting others, and conversely others give up trusting them. Hence the bad odor.

I didn't want to spend any more time inside the mind of an economist. It was dark and disturbing.

I have been pitiless in my criticism of the economists: for them I confess that, in general, I have no liking. The arrogance and the emptiness of their writings, their impertinent pride and their unwarranted blunders, have disgusted me. Whoever, knowing them, pardons them, may read them.

I have said he doesn’t understand economics. He is a cattle economist.

Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back

Here is a conclusion I've come to after many years: among all the errors we may have committed, the greatest of them all was that we believed that someone really knew something about socialism, or that someone actually knew how to build socialism. It seemed to be a sure fact, as well-known as the electrical system conceived by those who thought they were experts in electrical systems. Whenever they said: “That’s the formula”, we thought they knew. Just as if someone is a physician. You are not going to debate anemia, or intestinal problems, or any other condition with a physician; nobody argues with the physician. You can think that he is a good doctor or a bad one, you can follow his advice or not, but you won't argue with him. Which of us would argue with a doctor, or a mathematician, or a historian, or an expert in literature or in any other subject? But we must be idiots if we think, for example, that economy is an exact and eternal science and that it existed since the days of Adam and Eve, and I offer my apologies to the thousands of economists in our country.

I have been accused of being ignorant of economics (although I am the founder and Chairman of the Board of a company which publishes seven professional economic newsletters), of being ignorant of sociology (although I am trained in sociology and was C. Wright Mills' research assistant at Columbia), of being unable to use statistics (although I earned my living as a professional statistician for five years) and of ignoring political factors (although all my graduate training was in political science).

but then I remembered how crass it is to talk money or stocks with university types.

My life has been dominated by my differences with John Maynard Keynes. That turns almost wholly on the - I believe, false - conviction that there is a simple relationship between aggregate demand for consumer goods and the volume of employment. Keynes was one of the most intelligent people I knew but he understood very little economics. He must not be blamed for his disciples. He knew the danger of inflation.

“Research, he calls it. Research.” Pitkin sneered. “Junkie!” Schwartz matched him sneer for sneer. “Economist!”

Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.

Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the sleeves of some defunct economist