Joan Robinson

"Economics is a science of thinking in terms of models, joined with the art of choosing models which are relevant to the contemporary world."

"The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists."

"I myself have always been rather in favour of biblical criticism and what is called the 'Higher Criticism'."

"One cannot prove that the capitalist system is either just or efficient, merely by pointing to its achievements."

"The great tradition of parliamentary government in Britain goes far back in history."

"A competitive system is supposed to reward virtue and punish vice, but actually it rewards luck and punishes bad luck."

"Independence of mind is difficult to maintain when you are working within a profession or institution."

"I think the purpose of open debate is partly to inform and partly to let people feel they have been heard."

"Economic systems must adapt or perish."

"The beauty of economic analysis is that it can be applied to any situation."

"To teach or not to teach is not the question; how to teach is."

"Fair play and justice are not natural; they are human achievements."

"Knowledge is power, but only if it is properly applied."

"The accumulation of capital is not the only purpose of human life."

"Equilibrium in economics is a useful concept, but real life is never in equilibrium."

"To be an economist requires patience, clarity, and humility."

"The law of diminishing returns applies to all things human."

"In the real world, perfect competition is a fairy tale."

"Progress is not inevitable; it must be fought for."

"The question is not whether the market works, but whether it works for whom."

"Economics without ethics is merely arithmetic."

"To understand the present, you must understand the past."

"Money is a useful servant but a terrible master."

"Innovation often comes from necessity, not abundance."

"The hardest thing in economics is to admit you were wrong."

"Full employment is not a luxury; it is a necessity."

"Ideas are the most powerful force in human affairs."

"The test of a good theory is whether it explains reality."

"Political power grows out of economic understanding."

"We must distinguish between what is and what ought to be."