Timothy Taylor > Quotes

“Economists see the world through a different lens than anthropologists, biologists, classicists, or practitioners of any other discipline. They analyze issues and problems using economic theories that are based on particular assumptions about human behavior. These assumptions tend to be different than the assumptions an anthropologist or psychologist might use. A theory is a simplified representation of how two or more variables interact with each other. The purpose of a theory is to take a complex, real-world issue and simplify it down to its essentials. If done well, this enables the analyst to understand the issue and any problems around it. A good theory is simple enough to understand, while complex enough to capture the key features of the object or situation you are studying.”
― Timothy Taylor, Principles of Macroeconomics for AP Courses

“[Economics] is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
― Timothy Taylor, Principles of Economics

“However, the lesson of sunk costs is to ignore them and make decisions based on what will happen in the future.”
― Timothy Taylor, Principles of Economics