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An economy may be in equilibrium from a short-period point of view and yet contain within itself incompatibilities that are soon going to knock it out of equilibrium.

Joan Robinson

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Joan Robinson
Age: 79 †
Born: 1903
Born: October 31
Died: 1983
Died: August 5
Economist
University Teacher
Camberley
Surrey
Joan Violet Robinson
Joan Violet Maurice
Short
View
Incompatibility
Views
Equilibrium
Economy
Knock
Within
Contain
Point
Period
May
Periods
Going
Soon

More quotes by Joan Robinson

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Capital' is not what capital is called, it is what its name is called.
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It's a terrible thing to be a worker exploited in the capitalist system. The only worse thing is to be a worker unable to find anyone to exploit you.
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A depression is a situation of self-fulfilling pessimism.
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Economic theorists should not make such a production about taking a rabbit out of a hat after having put the rabbit into the hat in full view of the audience.
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In all the talk in the Principles (as opposed to the formal analysis) it is not the saving of rentiers but the energy of entrepreneurs which governs accumulation.
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I came away from the talk with the perception that the risk of adverse side effects is so much greater than the risk of cervical cancer, I couldn’t help but question why we need the vaccine at all.
Joan Robinson
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The very nature of economics is rooted in nationalism. ... It [was] developed ... in the hope of throwing light upon questions of policy. But policy means nothing unless there is an authority to carry it out, and authorities are national.
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There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.
Joan Robinson
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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.
Joan Robinson
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It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.
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The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future.
Joan Robinson
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I do not regard the Keynesian revolution as a great intellectual triumph. On the contrary, it was a tragedy because it came so late. Hitler had already found out how to cure unemployment before Keynes had finished explaining why it occured.
Joan Robinson
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The first essential for economists ... is to ... combat, not foster, the ideology which pretends that values which can be measured in terms of money are the only ones that ought to count.
Joan Robinson
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The point of studying economics is so as not to be fooled by economists.
Joan Robinson
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Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.
Joan Robinson
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Income from property is not the reward of waiting, it is the reward of employing a good stockbroker.
Joan Robinson
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Ideology is like breath: you never smell your own.
Joan Robinson
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Unemployment is a reproach to a democratic government.
Joan Robinson
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When I came up to Cambridge (in October 1921) to read economics, I did not have much idea of what it was about.
Joan Robinson
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owning capital is not a productive activity.
Joan Robinson