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The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

George Soros

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George Soros
Age: 94
Born: 1930
Born: August 12
Banker
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György Schwartz
György Soros
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More quotes by George Soros

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The generally accepted theory is that financial markets tend towards equilibrium, and...discount the future correctly. I operate using a different theory, according to which financial markets cannot possibly discount the future correctly because the do not merely discount the future they help to shape it.
George Soros
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An open society calls itself open to improvement. It is based on the recognition that people have divergent views and interests, and that nobody is in possession of the ultimate truth.
George Soros
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Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.
George Soros
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Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.
George Soros
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If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.
George Soros
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Giving government aid to a bank basically transforms it into a utility. The huge salaries in this sector are only a symptom of a more profound misalignment. The profitability of the finance industry has been excessive. [...] That was absurd.
George Soros
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The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.
George Soros
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The bureaucratic method of building an integrated Europe has exhausted its potential.
George Soros
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Studying economics is not a good preparation for dealing with it.
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The more comprehensive and convincing a debt reduction program is, the less likely it is to fail. And remember, just as Germany is grateful to America for the Marshall Plan, Italy would be grateful to Germany for helping it lower its refinancing costs.
George Soros
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It is much easier to put existing resources to better use, than to develop resources where they do not exist.
George Soros
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Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.
George Soros
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As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.
George Soros
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My sense of insecurity keeps me alert, always ready to correct my errors.
George Soros
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The hardest thing to judge is what level of risk is safe.
George Soros
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Economics seeks to be a science. Science is supposed to be objective and it is difficult to be scientific when the subject matter, the participant in the economic process, lacks objectivity.
George Soros
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I contend that financial markets never reflect the underlying reality accurately they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.
George Soros
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The world order needs a major overhaul.
George Soros
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When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.
George Soros
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There is always a divergence between our perception and what actually exists.
George Soros