“Whenever the rate of return on capital is significantly and durably higher than the growth rate of the economy, it is all but inevitable that inheritance (of fortunes accumulated in the past) predominates over saving (wealth accumulated in the present). … The inequality r > g in one sense implies that the past tends to devour the future: wealth originating in the past automatically grows more rapidly, even without labor, than wealth stemming from work, which can be saved. Almost inevitably, this tends to give lasting disproportionate importance to inequalities created in the past, and therefore to inheritance.”

— Thomas Piketty , book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 377.

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Thomas Piketty 24

French economist 1971

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“Wealth can only be accumulated by the earnings of industry and the savings of frugality.”

John Tyler (1790–1862) American politician, 10th President of the United States (in office from 1841 to 1845)

First annual message to Congress (1 June 1841).

“First, most of the speculation about the superiority of the communist system - including the popular view that Western economies could painlessly accelerate their own growth by borrowing some aspects of that system - was off base. Rapid Soviet economic growth was based entirely on one attribute: the willingness to save, to sacrifice current consumption for the sake of future production. The communist example offered no hint of a free lunch.
Second, the economic analysis of communist countries' growth implied some future limits to their industrial expansion - in other words, implied that a naive projection of their past growth rates into the future was likely to greatly overstate their real prospects. Economic growth that is based on expansion of inputs, rather than on growth in output per unit of input, is inevitably subject to diminishing returns. It was simply not possible for the Soviet economies to sustain the rates of growth of labor force participation, average education levels, and above all the physical capital stock that had prevailed in previous years. Communist growth would predictably slow down, perhaps drastically.”

Paul Krugman (1953) American economist

Pop Internationalism (1996), Asia's Miracle (1994)

“In the absence of more consumers, capital finds ways to get existing consumers to consume more. Indeed, the dominant story for the past few hundred years: the growth rate of material use has always significantly outstripped the growth rate of the population.”

Jason Hickel (1982) author

Less is More: How Degrowth Will Save the World (2021)
Source: Rise of the Juggernaut, pp. 111-112

“I can now present the first fundamental law of capitalism, which links the capital stock to the flow of income from capital. The capital/income ratio β is related in a simple way to the share of income from capital in national income, denoted α. The formula is
α = r × β
Where r is the rate of return on capital.
For example, if β=600% and r = 5%, then α = r × β = 30%.
In other words, if national wealth represents the equivalent of six years of national income, and the rate of return on capital is 5 percent per year, then capital’s share in national income is 30 percent.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 52.

“No man-made law ever, no matter whether derived from the past or projected onto a distant, unforeseeable future, can or should ever be empowered to claim that it is greater than the Natural Law from which it stems and to which it must inevitably return in the eternal rhythm of creation and decline of all things natural.”

Wilhelm Reich (1897–1957) Austrian-American psychoanalyst

Response to FDA complaint (1954)
Context: No man-made law ever, no matter whether derived from the past or projected onto a distant, unforeseeable future, can or should ever be empowered to claim that it is greater than the Natural Law from which it stems and to which it must inevitably return in the eternal rhythm of creation and decline of all things natural. This is valid, no matter whether we speak in terms such as "God," "Natural Law," "Cosmic Primordial Force," "Ether" or "Cosmic Orgone Energy."

“Only when the stock of wealth can be related to human energy by purchasing living energy as "labor power", offered for sale by people who have no other means of using their labor to ensure their livelihood: and only when it can relate that labor power to purchased machines - embodiments of past transformation of nature by human energy expended in the past - only then does "wealth" become "capital."”

Eric Wolf (1923–1999) American anthropologist

Source: Europe and the People Without History, 1982, Chapter 10, Crises and Differentiation in Capitalism, p. 298.

“Given the extensive involvement of state violence in the process by which the corporate elite not only achieved its wealth in the past but continues to maintain and augment it in the present, it is clear that the massive inequalities of wealth that characterise present-day “capitalist” society are radically inconsistent with any approach to justice in holdings that is even remotely Nozickian.”

Roderick Long (1964) American philosopher

Source: "Left-libertarianism, market anarchism, class conflict and historical theories of distributive justice" (2012), p. 425

“You could say that GDP (National Income) and prosperity and wealth grows fastest when income tax rates are highest. And wealth slows, the economy slows, when taxes are cut. That's counter intuitive but if you look at any chart comparing tax rates and economic growth rates that's what you find. The 19th century knew it, the 18th century knew it but today you have a kind of counter revolution of junk economics that is basically anti-labor economics.”

Michael Hudson (economist) (1939) American economist

"Higher Taxes on Top 1% Equals Higher Productivity", Video Interview (13:28), The Real News Network (TRNN) http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=6000 (January 1, 2011)

“At the beginning of this marvelous era it was natural to expect, and it was expected, that labor-saving inventions would lighten the toil and improve the condition of the laborer; that the enormous increase in the power of producing wealth would make real poverty a thing of the past.”

Henry George book Progress and Poverty

Introductory : The Problem
Progress and Poverty (1879)
Context: At the beginning of this marvelous era it was natural to expect, and it was expected, that labor-saving inventions would lighten the toil and improve the condition of the laborer; that the enormous increase in the power of producing wealth would make real poverty a thing of the past. … It is true that disappointment has followed disappointment, and that discovery upon discovery, and invention after invention, have neither lessened the toil of those who most need respite, nor brought plenty to the poor. But there have been so many things to which it seemed this failure could be laid, that up to our time the new faith has hardly weakened. We have better appreciated the difficulties to be overcome; but not the less trusted that the tendency of the times was to overcome them.
Now, however, we are coming into collision with facts which there can be no mistaking. From all parts of the civilized world come complaints of industrial depression; of labor condemned to involuntary idleness; of capital massed and wasting; of pecuniary distress among businessmen; of want and suffering and anxiety among the working classes. All the dull, deadening pain, all the keen, maddening anguish, that to great masses of men are involved in the words "hard times," afflict the world to-day. This state of things, common to communities differing so widely in situation, in political institutions, in fiscal and financial systems, in density of population and in social organization, can hardly be accounted for by local causes.

“How helpless human beings are—in fact, how helpless all beings are! How hopelessly dependent we are upon the past, and how impossible it is to be really original! What the future will be depends upon what the present is, for the future will grow out of, and inherit, the present. What the present is depends upon what the past was, for the present has grown out of, and inherited, the past. And what the past was depends upon a remoter past from which it evolved, and so on. There is no end anywhere of dependence, either forward or backward. Every fact, from an idea to a sun, is a contingent link in an eternal chain.”

J. Howard Moore (1862–1916)

"The Genealogy of Animals", p. 85
The Universal Kinship (1906), The Physical Kinship

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