Jerry Wyant > Quotes

“Economics: the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants.”
― Jerry Wyant, Basic Economics for Students and Non-Students Alike

“Just because an association between events can be found does not mean that one event caused the other. Two things happening together could be a coincidence. Or there may be a provable statistical connection between two events. But just because the events can be linked does not in any way imply that one caused the other.”
― Jerry Wyant, Basic Economics for Students and Non-Students Alike

“Keynes’ viewpoints became the consensus view among economists, and this view prevailed throughout his lifetime. He died in 1946. By the time that Monetarists (led by Milton Friedman) came along in the 1950s to challenge the Keynesian point of view, the debate had changed. It was no longer Keynesian vs. Classical. Government intervention during recessions was advocated by both Keynesians and Monetarists; indeed, by almost all mainstream economists. The debate throughout the 1950s and 1960s was about the relative strength of fiscal and monetary policy. Keynesians believed that fiscal policy was more effective, and monetarists believed that monetary policy was more effective.”
― Jerry Wyant, Basic Economics for Students and Non-Students Alike