“We may perhaps start by throwing all kinds of production into one variable, all consumption into another, and so on, imagining that the notions 'production', 'consumption', and so on, can be measured by some sort of total indices. At present certain examples of micro-dynamic analyses have been worked out, but as far as I know no determinate macro-dynamic analysis is yet to be found in the literature.”

— Ragnar Frisch, Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 173

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "We may perhaps start by throwing all kinds of production into one variable, all consumption into another, and so on, im…" by Ragnar Frisch?

Ragnar Frisch26

Norwegian economist 1895–1973

Related quotes

“When we approach the study of business cycle with the intention of carrying through an analysis that is truly dynamic and determinate in the above sense, we are naturally led to distinguish between two types of analyses: the micro-dynamic and the macro-dynamic types. The micro-dynamic analysis is an analysis by which we try to explain in some detail the behaviour of a certain section of the huge economic mechanism, taking for granted that certain general parameters are given. Obviously it may well be that we obtain more or less cyclical fluctuations in such sub-systems, even though the general parameters are given. The essence of this type of analysis is to show the details of the evolution of a given specific market, the behaviour of a given type of consumers, and so on.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 2

“The essential measure of the success of the economy is not production and consumption at all, but the nature, extent, quality, and complexity of the total capital stock, including in this the state of the human bodies and minds included in the system. In the spaceman economy, what we are primarily concerned with is stock maintenance, and any technological change which results in the maintenance of a given total stock with a lessened throughput (that is, less production and consumption) is clearly a gain. This idea that both production and consumption are bad things rather than good things is very strange to economists, who have been obsessed with tile income-flow concepts to the exclusion, almost, of capital-stock concepts.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1960s, The Economics of the Coming Spaceship Earth, 1966, p. 9-10 as cited in: Mark W. W. McElroy, J.M.L. M. L. van van Engelen (2012) Corporate Sustainability Management.

“Consumption is the sole end and purpose of all production”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: The Wealth of Nations (1776), Book IV, Chapter VIII, p. 719.
Context: Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.

“Consumption is also immediately production, just as in nature the consumption of the elements and chemical substances is the production of the plant.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Grundrisse (1857-1858)
Source: Introduction, p. 10.

“The main key to the economics of the postwar world is a simple truism — that the rate of accumulation is equal to the rate of production less the rate of consumption. This is the "Bathtub Theorem." Production may be likened to the flow of water from the faucet, consumption to the flow down the drain. The difference between these two flows is the rate at which the water in the bathtub - the total stockpile of all goods - is accumulating.
War drains the economic bathtub in a great waste of consumption. The first problem of reconstruction is to rebuild the stockpile. It can be rebuilt only by widening the gap between production and consumption, or, in the case of a single country, by importing more than is exported. It is difficult for a ravaged country to increase either its production or its net imports. Unless it can obtain outside help, therefore, it must suffer a drastic restriction of consumption. Frequently the only way consumption can be restricted is by inflation. Here, therefore, is the key to the most fundamental problems of reconstruction.”

Kenneth E. Boulding (1910–1993) British-American economist

Preface
1940s, The Economics of Peace, 1945

“The encouragement of mere consumption is no benefit to commerce; for the difficulty lies in supplying the means, not in stimulating the desire of consumption; and we have seen that production alone, furnishes those means. Thus, it is the aim of good government to stimulate production, of bad government to encourage consumption.”

Jean-Baptiste Say (1767–1832) French economist and businessman

Source: A Treatise On Political Economy (Fourth Edition) (1832), Book I, On Production, Chapter XV, p. 138

“Dynamism is also the forming formula for Futurists works; i. e. dynamism is the additional element that transforms the perception of one state of phenomena to another, for example, from a static to a dynamic perception.”

Kazimir Malevich (1879–1935) Russian and Soviet artist of polish descent

Quote c. 1915 in 'Cubofuturism', Malevich, in his Essays on Art, op. cit., vol 2; as quoted in Futurism, ed. By Didier Ottinger; Centre Pompidou / 5 Continents Editions, Milan, 2008, p. 59
1910 - 1920

“The government has, in all countries, a vast influence, in determining the character of the national consumption; not only because it absolutely directs the consumption of the state itself, but because a great proportion of the consumption of individuals is gained by its will and example.”

Jean-Baptiste Say (1767–1832) French economist and businessman

Source: A Treatise On Political Economy (Fourth Edition) (1832), Book III, On Consumption, Chapter IV, p. 400

“We support the complex approach that has been initiated in connection with sustainable energy for all, sustainable consumption and production, the elimination of hunger, and ensuring urban infrastructure development.”

Viktor Yanukovych (1950) Ukrainian politician who was the President of Ukraine

Source: "Speech at the 67th session of the United Nations General Assembly" https://undocs.org/en/A/67/PV.9 (26 September 2012)

“It will not be wise, however, to engage in a blind rat-race of consumption and production as if man is created for the sole purpose of consumption.”

Deendayal Upadhyaya (1916–1968) RSS thinker and co-founder of the political party Bharatiya Jana Sangh

Source: —Deendayal Upadhyaya, thinker and forerunner of the Bharatiya Janata Party quoted from Malhotra, R. (2021). Artificial intelligence and the future of power: 5 battlegrounds. New Delhi : Rupa, 2021.

Help us to complete the source, original and additional information

Ragnar Frisch26

Related quotes

Related topics