“For both long and short periods there is a consistent though not precise relation between the rate of growth of the quantity of money and the rate of growth of nominal income. If the quantity of money grows rapidly, so will nominal income, and conversely. The relation is much closer for long than for short periods”

— Milton Friedman

Source: Money Mischief (1992), Ch. 2 The Mystery of Money

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Milton Friedman 158

American economist, statistician, and writer 1912–2006

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“Over short periods, the relation between growth in money and growth in nominal income is often hard to see, partly because the relation is less close for short than for long periods, but mostly because it takes time for changes in monetary growth to affect income. And how long a time is itself variable. Today's income growth is not closely related to today's monetary growth; it depends on what has been happening to money in the past. What happens to money today affects what is going to happen to income in the future”

Milton Friedman (1912–2006) American economist, statistician, and writer

Source: Money Mischief (1992), Ch. 2 The Mystery of Money

“Distinctions must be kept in mind between quantity and quality of growth, between its costs and return, and between the short and the long term. Goals for more growth should specify more growth of what and for what.”

Simon Kuznets (1901–1985) economist

Simon Kuznets in: Herbert David Croly eds. (1962) The New Republic Vol. 147. p. 29: About rethinking the system of national accounting

“The model retains the uncomfortable property that any increase in demand for home output … leads to nominal and real appreciation… The uncomfortable fact remains that even in this model there is a short-run tendency for an expenditure increase to induce an appreciation… Expansionary fiscal policy will lead to an initial depreciation of the nominal and real exchange rate if … (it) is accommodated by an expansion in nominal money.”

Rudiger Dornbusch (1942–2002) German economist

Source: Open economy macroeconomics, 1980, p. 154-157; as cited by Partha Sen. Fiscal policy, the exchange rate and the current account : a re-examination. ; About the Mundell-Fleming model

“It has been frequently assumed that V is constant; and this indeed is the cornerstone of the quantity theory of money. But it seems fairly obvious that the velocity of circulation in fact depends on the short-term rate of interest.”

Michał Kalecki (1899–1970) Polish economist

Source: Theory of Economic Dynamics (1965), Chapter 6, The Short Term Rate of Interest, p. 73

“An important distinction exists between prospective and retrospective methods of calculating economic quantities such as incomes, savings, and investments; and… a corresponding distinction of great theoretical importance must be drawn between two alternative methods of defining these quantities. Quantities defined in terms of measurements made at the end of the period in question are referred to as ex post; quantities defined in terms of action planned at the beginning of the period in question are referred to as ex ante.”

Gunnar Myrdal (1898–1987) Swedish economist

Source: Monetary Equilibrium (1939), p. 34

“The first problem I propose to tackle is this: how much of its income should a nation save? To answer this a simple rule is obtained valid under conditions of surprising generality; the rule, which will be further elucidated later, runs as follows.
The rate of saving multiplied by the marginal utility of money should always be equal to the amount by which the total net rate of enjoyment of utility falls short of the maximum possible rate of enjoyment.”

Frank P. Ramsey (1903–1930) British mathematician, philosopher

"A Mathematical Theory of Saving", The Economic Journal, Vol. 38, No. 152 (Dec., 1928)

“As the Economic Policy Institute reported, "What income growth there was over the 1979-1989 period was driven primarily by more work at lower wages."”

Mark Ames (1965) American writer and journalist

Part III: Ragenomics, page 87.
Going Postal: Rage, Murder, and Rebellion, From Reagan's Workplaces to Clinton's Columbine and Beyond (2005)

“Short on money, long on hope”

Kim Edwards (1958) Author, educator

“The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

2007 Chairman's Letter http://www.berkshirehathaway.com/letters/2007ltr.pdf
Letters to Shareholders (1957 - 2012)
Context: The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

“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)

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Milton Friedman 158

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