“Business-cycle theorists concerned themselves with why the economy naturally generated fluctuations in employment and output, [while the rest of the profession] continued to operate on the assumption that full employment was the natural, equilibrium position for the economy.”

— Robert Aaron Gordon

Source: Business Fluctuations (1952), p. 340; as cited in: Thomas Cate (2013), An Encyclopedia of Keynesian Economics, Second edition. p. 347

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American economist 1908–1978

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. 128

“One of the most striking trends, since at least the 1960's, has been for employment in services to grow far more rapidly than employment in manufacturing. It is this trend that has led to the view that developed economies have become de-industrialized and that they are now effectively service economies.”

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 16, Making a Living in Developed Countries, p. 525

“Employment is Nature's physician, and is essential to human happiness.”

Galén (129–216) Roman physician, surgeon and philosopher

Latter day attributions
Source: Day's Collacon: an Encyclopaedia of Prose Quotations, (1884), p. 223.

“The central idea is that government fiscal policy, its spending and taxing, its borrowing and repayment of loans, its issue of new money and withdrawal of money, shall be undertaken with an eye only to the results of these actions on the economy and not to any established traditional doctrine what is sound and what is unsound …Government should adjust its rates of expenditure and taxation such that total spending is neither more or less than that which is sufficient to purchase the full employment level of output at current prices. If this means there is deficit, greater borrowing, "printing money," etc., then these things in themselves are neither good or bad, they are simply the means to the desired ends of full employment and price stability.”

Abba Lerner (1903–1982) American economist

On Functional Finance: (1943, pg.354) http://papers.ssrn.com/sol3/papers.cfm?abstract_id=174849

“All that this country can achieve depends on developing our nation as a high growth, vibrant economy. In the modern global economy, even the greatest political ambition is doomed to failure without an economy driving employment, investment, research and development and rewarding success.”

Alex Salmond (1954) Scottish National Party politician and former First Minister of Scotland

Principles and Priorities : Programme for Government (September 5, 2007)

“In many parts of the economy, stabilizing forces appear not to operate. Instead, positive feedback magniﬁes the effects of small economic shifts; the economic models that describe such effects differ vastly from the conventional ones. Diminishing returns imply a single equilibrium point for the economy, but positive feedback – increasing returns – makes for many possible equilibrium points. There is no guarantee that the particular economic outcome selected from among the many alternatives will be the “best” one.”

W. Brian Arthur (1946) American economist

Source: Increasing Returns and Path Dependence in the Economy, (1994), p. 1: Chapter 1. Positive feedback in economics

“A corporate raid on a country is not foreign investment. It's just a corporate raid. A corporate raid doesn't expand our wealth, our employment, our exports, is not advantageous to most economies and most economies understand that. In New Zealand we did not. Everything that came from overseas was regarded as foreign investment, when, in fact, it was often a downsizing of the operation, a break-up of the operation and a mass of sackings.”

Winston Peters (1945) New Zealand politician

Interview with the 7:30 Report, ABC TV, Australia.

“[W]e have things fundamentally backwards today: we let the needs of the economy dictate the nature of our society, while we should let the needs of our society determine the nature of our economy.”

Linda McQuaig (1951) journalist and author

All You Can Eat: Greed, Lust and the New Capitalism (2001)

“The greatest problem before engineers and managers today is the economical utilization of labor. The limiting of output by the workman, and the limiting by the employer of the amount a workman is allowed to earn, are both factors which militate against that harmonious co-operation of employer and employee which is essential to their highest common good.”

Henry Gantt (1861–1919) American engineer

H.L. Gantt (1904) paper presented before the International Congress of Arts and Sciences at the Louisiana Purchase Exhibition, St. Louis, 1904. Published in: H.L. Gantt (1910) Work, Wages, and Profits: Their Influence on the Cost of Living. 1910.

“Keynes did not challenge the efficacy of price adjustment mechanisms in clearing particular markets in the Marshallian partial equilibrium theory on which he had been reared. He did challenge the mindless application of those mechanisms to economy-wide markets. Founding what came to be known as macroeconomics, he was modeling a whole economy as a closed system. He knew he could not use the Marshallian assumption that the clearing of one market could be safely described on the assumption that the rest of the economy was unaffected.”

James Tobin (1918–2002) American economist

"Price Flexibility and Output Stability: An Old Keynesian View" (1993)

“Business-cycle theorists concerned themselves with why the economy naturally generated fluctuations in employment and output, [while the rest of the profession] continued to operate on the assumption that full employment was the natural, equilibrium position for the economy.”

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