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Top 25 Charles Wheelan Quotes (2025 Update)

Charles Wheelan Quote: “Economics is like gravity: Ignore it and you will be in for some rude surprises.”

1. “Economics is like gravity: Ignore it and you will be in for some rude surprises.”

— Charles Wheelan

Charles Wheelan Quote: “It’s easy to lie with statistics, but it’s hard to tell the truth without them.”

2. “It’s easy to lie with statistics, but it’s hard to tell the truth without them.”

— Charles Wheelan

Charles Wheelan Quote: “The real cost of something is what you must give up in order to get it, which is almost always more than just cash.”

3. “The real cost of something is what you must give up in order to get it, which is almost always more than just cash.”

— Charles Wheelan

Charles Wheelan Quote: “Descriptive statistics exist to simplify, which always implies some loss of nuance or detail.”

4. “Descriptive statistics exist to simplify, which always implies some loss of nuance or detail.”

— Charles Wheelan

Charles Wheelan Quote: “Good policy uses incentives to channel behavior toward some desired outcome. Bad policy either ignores incentives, or fails to anticipate how rational individuals might change their behavior to avoid being penalized.”

5. “Good policy uses incentives to channel behavior toward some desired outcome. Bad policy either ignores incentives, or fails to anticipate how rational individuals might change their behavior to avoid being penalized.”

— Charles Wheelan

Charles Wheelan Quote: “Regression analysis is the hydrogen bomb of the statistics arsenal.”

6. “Regression analysis is the hydrogen bomb of the statistics arsenal.”

— Charles Wheelan

Charles Wheelan Quote: “So it is with statistics; no amount of fancy analysis can make up for fundamentally flawed data. Hence the expression “garbage in, garbage out.”

7. “So it is with statistics; no amount of fancy analysis can make up for fundamentally flawed data. Hence the expression “garbage in, garbage out.”

— Charles Wheelan

Charles Wheelan Quote: “Statistics is like a high-caliber weapon: helpful when used correctly and potentially disastrous in the wrong hands.”

8. “Statistics is like a high-caliber weapon: helpful when used correctly and potentially disastrous in the wrong hands.”

— Charles Wheelan

Charles Wheelan Quote: “Why did the entrepreneur cross the road? Because he could make more money on the other side.”

9. “Why did the entrepreneur cross the road? Because he could make more money on the other side.”

— Charles Wheelan

Charles Wheelan Quote: “Making money takes time, so when we shop, we’re really spending time. The real cost of living isn’t measured in dollars and cents but in the hours and minutes we must work to live.”1.”

10. “Making money takes time, so when we shop, we’re really spending time. The real cost of living isn’t measured in dollars and cents but in the hours and minutes we must work to live.”1.”

— Charles Wheelan

Charles Wheelan Quote: “Technology displaces workers in the short run but does not lead to mass unemployment in the long run.”

11. “Technology displaces workers in the short run but does not lead to mass unemployment in the long run.”

— Charles Wheelan

Charles Wheelan Quote: “A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives.”

12. “A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives.”

— Charles Wheelan

Charles Wheelan Quote: “The greatest risks are never the ones you can see and measure, but the ones you can’t see and therefore can never measure. The ones that seem so far outside the boundary of normal probability that you can’t imagine they could happen in your lifetime – even though, of course, they do happen, more often than you care to realize.”

13. “The greatest risks are never the ones you can see and measure, but the ones you can’t see and therefore can never measure. The ones that seem so far outside the boundary of normal probability that you can’t imagine they could happen in your lifetime – even though, of course, they do happen, more often than you care to realize.”

— Charles Wheelan

Charles Wheelan Quote: “Probability doesn’t make mistakes; people using probability make mistakes.”

14. “Probability doesn’t make mistakes; people using probability make mistakes.”

— Charles Wheelan

Charles Wheelan Quote: “Why did the chicken cross the road? Because it maximized his utility.”

15. “Why did the chicken cross the road? Because it maximized his utility.”

— Charles Wheelan

Charles Wheelan Quote: “A Random Walk Down Wall Street.”

16. “A Random Walk Down Wall Street.”

— Charles Wheelan

Charles Wheelan Quote: “Here is one of the most important things to remember when doing research that involves regression analysis: Try not to kill anyone. You can even put a little Post-it note on your computer monitor: “Do not kill people with your research.”

17. “Here is one of the most important things to remember when doing research that involves regression analysis: Try not to kill anyone. You can even put a little Post-it note on your computer monitor: “Do not kill people with your research.”

— Charles Wheelan

Charles Wheelan Quote: “Two percent who care deeply about something are a more potent political force than the 98 percent who feel the opposite but aren’t motivated enough to do anything about it.”

18. “Two percent who care deeply about something are a more potent political force than the 98 percent who feel the opposite but aren’t motivated enough to do anything about it.”

— Charles Wheelan

Charles Wheelan Quote: “I once interviewed Robert Solow, winner of the 1987 Nobel Prize in Economics and a noted baseball enthusiast. I asked if it bothered him that he received less money for winning the Nobel Prize than Roger Clemens, who was pitching for the Red Sox at the time, earned in a single season. “No,” Solow said. “There are a lot of good economists, but there is only one Roger Clemens.” That is how economists think.”

19. “I once interviewed Robert Solow, winner of the 1987 Nobel Prize in Economics and a noted baseball enthusiast. I asked if it bothered him that he received less money for winning the Nobel Prize than Roger Clemens, who was pitching for the Red Sox at the time, earned in a single season. “No,” Solow said. “There are a lot of good economists, but there is only one Roger Clemens.” That is how economists think.”

— Charles Wheelan

Charles Wheelan Quote: “Families who live in public housing on the South Side of Chicago are not poor because Bill Gates lives in a big house.”

20. “Families who live in public housing on the South Side of Chicago are not poor because Bill Gates lives in a big house.”

— Charles Wheelan

Charles Wheelan Quote: “The democratic process will always favor small, well-organized groups at the expense of large, diffuse groups.”

21. “The democratic process will always favor small, well-organized groups at the expense of large, diffuse groups.”

— Charles Wheelan

Charles Wheelan Quote: “Fire, knives, automobiles, hair removal cream. Each of these things serves an important purpose. Each one makes our lives better. And each one can cause some serious problems when abused. Now you can add statistics to that list.”

22. “Fire, knives, automobiles, hair removal cream. Each of these things serves an important purpose. Each one makes our lives better. And each one can cause some serious problems when abused. Now you can add statistics to that list.”

— Charles Wheelan

Charles Wheelan Quote: “One powerful feature of a market economy is that it directs resources to their most productive use. Why doesn’t Brad Pitt sell automobile insurance? Because it would be an enormous waste of his unique talents.”

23. “One powerful feature of a market economy is that it directs resources to their most productive use. Why doesn’t Brad Pitt sell automobile insurance? Because it would be an enormous waste of his unique talents.”

— Charles Wheelan

Charles Wheelan Quote: “Data are to statistics what a good offensive is to a star quarterback.”

24. “Data are to statistics what a good offensive is to a star quarterback.”

— Charles Wheelan

Charles Wheelan Quote: “Commodity money solves the hyperinflation problem. No government can produce huge new quantities of gold, silver, or mackerel.”

25. “Commodity money solves the hyperinflation problem. No government can produce huge new quantities of gold, silver, or mackerel.”

— Charles Wheelan

Charles Wheelan Quote: “The Fed could not create new money to act as the lender of last resort for failing banks, as new money had to be backed by gold.”

26. “The Fed could not create new money to act as the lender of last resort for failing banks, as new money had to be backed by gold.”

— Charles Wheelan

Charles Wheelan Quote: “Their eagerness to learn was replaced by a bizarre and erroneous notion that education is somehow a competition, not a process whereby a person becomes more capable and complete. There is even a term for the elite high school students most consumed by this phenomenon: “crispies” – because they have burned out. On.”

27. “Their eagerness to learn was replaced by a bizarre and erroneous notion that education is somehow a competition, not a process whereby a person becomes more capable and complete. There is even a term for the elite high school students most consumed by this phenomenon: “crispies” – because they have burned out. On.”

— Charles Wheelan

Charles Wheelan Quote: “The democratic process will always favor small, well-organized groups at the expense of large, diffuse groups. It’s not just how many people care one way or the other; it’s how much they care. Two percent who care deeply about something.”

28. “The democratic process will always favor small, well-organized groups at the expense of large, diffuse groups. It’s not just how many people care one way or the other; it’s how much they care. Two percent who care deeply about something.”

— Charles Wheelan

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