Meaning: The quote "When better business decisions are made, economists won't make them" by Herbert Prochnow is a thought-provoking statement that sheds light on the role of economists in the business world. Herbert Prochnow, an American banker, author, and speaker, was known for his wit and wisdom in the field of economics and business. This quote challenges the traditional perception of economists as the primary decision-makers in the business realm and suggests that the ultimate goal is for businesses to make optimal decisions without constant intervention from economists.

In essence, the quote suggests that the ideal scenario is one in which businesses are so adept at making sound decisions that the need for constant input and guidance from economists diminishes. It implies that economists should serve as facilitators and advisors rather than the sole arbiters of business decisions. This sentiment reflects the idea that businesses should strive to cultivate their own internal expertise and analytical capabilities, enabling them to make better decisions independently.

From an economic standpoint, this quote underscores the importance of empowering businesses to develop their own decision-making capabilities. It highlights the notion that businesses should not rely solely on external economic expertise but should instead seek to build their own capacity for making informed and effective decisions. By doing so, businesses can become more agile and responsive to market dynamics, ultimately enhancing their competitiveness and resilience.

Moreover, this quote also speaks to the evolving role of economists in the modern business landscape. It suggests a shift from a model in which economists are the primary decision-makers to one in which they function as enablers of informed decision-making within businesses. This evolution reflects the changing nature of the relationship between economics and business, emphasizing the need for a collaborative and mutually supportive dynamic.

The quote also prompts us to consider the broader implications for the field of economics. It raises questions about the evolving role of economists and the skills they need to possess in order to effectively support businesses in making better decisions. This may involve a greater emphasis on communication, collaboration, and the ability to translate economic insights into actionable strategies for businesses.

In summary, Herbert Prochnow's quote "When better business decisions are made, economists won't make them" challenges traditional assumptions about the role of economists in business decision-making. It advocates for businesses to develop their own capabilities for making sound decisions, with economists serving as advisors rather than primary decision-makers. This quote encourages a shift towards greater autonomy and expertise within businesses, highlighting the evolving nature of the relationship between economics and business in the modern era.