James Tobin

"Asset prices reflect not just expected returns but also risk premiums and liquidity concerns."

"Economic institutions matter because they shape incentives and constraints for individuals."

"The business cycle reflects both autonomous shocks and policy responses to those shocks."

"Poverty reduction requires sustained economic growth and redistributive policies."

"Financial innovation should be welcomed but regulated to prevent abuse and instability."

"The velocity of money is not constant but varies with financial conditions and expectations."

"Real economic growth depends on productivity growth, which depends on investment and innovation."

"The unemployment rate masks important variations in who bears the costs of economic downturns."

"Central banks have considerable power, but that power is not unlimited or always effective."

"Economic forecasting is difficult because the future depends on decisions not yet made."

"Inflation redistributes wealth from savers to borrowers and from creditors to debtors."

"The multiplier effect shows that aggregate demand management can be powerful policy tool."

"Financial stability is not an afterthought but central to economic prosperity."

"Interest rates signal the scarcity of capital and the impatience of society."

"Economic growth without environmental sustainability is growth that impoverishes the future."

"Market prices contain information about preferences and constraints of millions of people."

"The purpose of economic science is to understand how to improve human welfare."

"Financial crises teach us that markets can fail in catastrophic ways."

"Policy makers must act with humility, knowing that their understanding is always incomplete."

"The economy is not a machine with fixed relationships but an evolving complex system."

"Growth in income is necessary but not sufficient for human happiness and flourishing."