“I myself have no doubt in the past tended to appear to many to be more concerned with the creation of wealth than with its distribution. I must confess that there is a degree of truth in this, but to the extent that it is true, it has been because of my conviction that the rapid growth of the economy, and the pressure that comes with it on demand for labour, both produces a rapid and substantial redistribution of income directly of itself and also makes it possible to assist more generously those who are not, from misfortune temporary or permanent, sharing in the general advance. The history of our last fifteen years or so demonstrates this conclusively.”

February 26, 1969, page 104.
Official Report of Proceedings of the Hong Kong Legislative Council

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 "I myself have no doubt in the past tended to appear to many to be more concerned with the creation of wealth than with …" by John James Cowperthwaite?

John James Cowperthwaite38

British colonial administrator 1915–2006

Related quotes

“The best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.”

Ha-Joon Chang book 23 Things They Don't Tell You About Capitalism

Source: 23 Things They Don't Tell You About Capitalism

“Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.”

Benjamin Graham book The Intelligent Investor

Source: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 7, Portfolio Policy: The Positive Side, p. 75

“There is a crisis of masculinity in Britain because of the pressures rapid economic and social change have placed on masculine identity. A generation of men are in transit and unclear of their social role. They are also under pressure to live up to pornified ideals.”

Diane Abbott (1953) British Labour Party politician

Diane Abbott to warn of British 'masculinity crisis' https://www.bbc.co.uk/news/uk-22530184 BBC News (15 May 2013) <br class="br">2010s, 2013

“Newton saw the truth of many propositions of geometry without reading the demonstrations, but not, we may be sure, without their flashing through his mind. A truth, or supposed truth, which is really the result of a very rapid inference, may seem to be apprehended intuitively. It has long been agreed by thinkers of the most opposite schools, that this mistake is actually made in so familiar an instance as that of the eyesight. There is nothing of which we appear to ourselves to be more directly conscious, than the distance of an object from us. Yet it has long been ascertained, that what is perceived by the eye, is at most nothing more than a variously coloured surface; that when we fancy we see distance, all we really see is certain variations of apparent size, and degrees of faintness of colour; and that our estimate of the object's distance from us is the result of a comparison (made with so much rapidity that we are unconscious of making it) between the size and colour of the object as they appear at the time, and the size and colour of the same or of similar objects as they appeared when close at hand, or when their degree of remoteness was known by other evidence.”

John Stuart Mill book A System of Logic

Source: A System of Logic (1843), p. 4
Context: [W]e may fancy that we see or feel what we in reality infer. Newton saw the truth of many propositions of geometry without reading the demonstrations, but not, we may be sure, without their flashing through his mind. A truth, or supposed truth, which is really the result of a very rapid inference, may seem to be apprehended intuitively. It has long been agreed by thinkers of the most opposite schools, that this mistake is actually made in so familiar an instance as that of the eyesight. There is nothing of which we appear to ourselves to be more directly conscious, than the distance of an object from us. Yet it has long been ascertained, that what is perceived by the eye, is at most nothing more than a variously coloured surface; that when we fancy we see distance, all we really see is certain variations of apparent size, and degrees of faintness of colour; and that our estimate of the object's distance from us is the result of a comparison (made with so much rapidity that we are unconscious of making it) between the size and colour of the object as they appear at the time, and the size and colour of the same or of similar objects as they appeared when close at hand, or when their degree of remoteness was known by other evidence. The perception of distance by the eye, which seems so like intuition, is thus, in reality, an inference grounded on experience; an inference, too, which we learn to make; and which we make with more and more correctness as our experience increases; though in familiar cases it takes place, so rapidly as to appear exactly on a par with those perceptions of sight which are really intuitive, our perceptions of colour.

“Regulatory policies are inherently redistributive; that is, they involve the seizure of earned income for purposes of allocating this income in ways the government’s policymakers believe are more important than do those whose income has been seized.”

Tibor R. Machan (1939–2016) Hungarian-American philosopher

Source: Private Rights and Public Illusions (1994), p. 154

“When I talk about trade and industry, it is not because I think trade and industry are more important than social reform. It is purely because I know that you must make wealth in the country before you can distribute it.”

David Lloyd George (1863–1945) Former Prime Minister of the United Kingdom

Speech in Manchester (21 April 1908), quoted in Better Times: Speeches by the Right Hon. D. Lloyd George, M.P., Chancellor of the Exchequer (London: Hodder & Stoughton, 1910), p. 46.
Chancellor of the Exchequer

“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

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

The Counter-Revolution in Monetary Theory (1970) <!-- ([[w:Institute of Economic Affairs
Context: Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. … A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.

“The development of fixed capital indicates in still another respect the degree of development of wealth generally, or of capital…
The creation of a large quantity of disposable time apart from necessary labour time for society generally and each of its members (i.e. room for the development of the individuals’ full productive forces, hence those of society also), this creation of not-labour time appears in the stage of capital, as of all earlier ones, as not-labour time, free time, for a few. What capital adds is that it increases the surplus labour time of the mass by all the means of art and science, because its wealth consists directly in the appropriation of surplus labour time; since value directly its purpose, not use value. It is thus, despite itself, instrumental in creating the means of social disposable time, in order to reduce labour time for the whole society to a diminishing minimum, and thus to free everyone’s time for their own development. But its tendency always, on the one side, to create disposable time, on the other, to convert it into surplus labour...
The mass of workers must themselves appropriate their own surplus labour. Once they have done so – and disposable time thereby ceases to have an antithetical existence – then, on one side, necessary labour time will be measured by the needs of the social individual, and, on the other, the development of the power of social production will grow so rapidly that, even though production is now calculated for the wealth of all, disposable time will grow for all. For real wealth is the developed productive power of all individuals. The measure of wealth is then not any longer, in any way, labour time, but rather disposable time. Labour time as the measure of value posits wealth itself as founded on poverty, and disposable time as existing in and because of the antithesis to surplus labour time; or, the positing of an individual’s entire time as labour time, and his degradation therefore to mere worker, subsumption under labour. The most developed machinery thus forces the worker to work longer than the savage does, or than he himself did with the simplest, crudest tools.”

Karl Marx book Grundrisse

Grundrisse (1857-1858)
Source: Notebook VII, The Chapter on Capital, pp. 628–629.

“Everyday I become more convinced, there is no doubt in my mind, as many intellectuals have said, that it is necessary to transcend capitalism. But capitalism can not be transcended through capitalism itself; it must be done through socialism, true socialism, with equality and justice. I’m also convinced that it is possible to do it under democracy, but not in the type of democracy being imposed by Washington.”

Hugo Chávez (1954–2013) 48th President of Venezuela

Hugo Chávez during his closing speech at the World Social Forum in Porto Alegre, Brazil. January 31, 2005. http://www.venezuelanalysis.com/news.php?newsno=1486 <br class="br">2005

“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.

Help us to complete the source, original and additional information

John James Cowperthwaite38

Related quotes

Related topics