Edward Lazear

“The idea of paying people what they are worth is a noble one. The problem is that it is not possible to know what people are worth.”

“Economists are fond of saying that the free lunch is a myth. The free lunch is not a myth; it is the basis of modern civilization.”

“The single most important variable in explaining growth is the amount of liberty that a country has.”

“Immigrants are a net gain to the U.S. economy.”

“When you raise the price of something, people use less of it. That is the most basic law of economics.”

“The best way to help the poor is to create a strong economy that creates jobs.”

“The way to think about the economy is to think about it as a series of incentives.”

“Entrepreneurship is the engine of economic growth.”

“The most important concept in personnel economics is the idea that firms and workers will structure their relationships in a way that is mutually beneficial.”

“There is no trade-off between equality and efficiency. The two are complements.”

“Unions are a double-edged sword. They can raise wages for their members, but they can also reduce employment.”

“The economic approach to human behavior is not about money. It is about choices.”

“The President's most important job is to create a climate of confidence in the economy.”

“What we want to do is create an environment where people can get the skills they need to compete in the global economy.”