„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.“

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

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Abba Lerner3
American economist 1903 - 1982

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„The quantity of money, which is readily parted with to obtain a thing is called its price.“

—  Jean-Baptiste Say French economist and businessman 1767 - 1832

Chapter I, p. 61
A Treatise On Political Economy (Fourth Edition) (1832), Book I, On Production

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„It is not for its own sake that men desire money, but for the sake of what they can purchase with it.“

—  Adam Smith Scottish moral philosopher and political economist 1723 - 1790

Chapter I, p. 471.
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Haruki Murakami photo

„What gave money its true meaning was its dark-night namelessness, its breathtaking interchangeability.“

—  Haruki Murakami Japanese author, novelist 1949

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Context: Money had no name of course. And if it did have a name, it would no longer be money. What gave money its true meaning was its dark-night namelessness, its breathtaking interchangeability.

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„Esteem money neither more nor less than it deserves, it is a good servant and a bad master.“

—  Alexandre Dumas, fils French writer and dramatist, son of the homonym writer and dramatist 1824 - 1895

N'estime l'argent ni plus ni moins qu'il ne vaut: c'est un bon serviteur et un mauvais maître.
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„I do not mean to suggest that all those who call themselves monetarists make this unconscious assumption that an inflation involves this uniform rise of prices. But we may distinguish two schools of monetarism. The first would prescribe a monthly or annual increase in the stock of money just sufficient, in their judgment, to keep prices stable. The second school (which the first might dismiss as mere inflationists) wants a continuous increase in the stock of money sufficient to raise prices steadily by a "small" amount—2 or 3 per cent a year. These are the advocates of a "creeping" inflation. … I made a distinction earlier between the monetarists strictly so called and the "creeping inflationists." This distinction applies to the intent of their recommended policies rather than to the result. The intent of the monetarists is not to keep raising the price "level" but simply to keep it from falling, i. e., simply to keep it "stable." But it is impossible to know in advance precisely what uniform rate of money-supply increase would in fact do this. The monetarists are right in assuming that in a prospering economy, if the stock of money were not increased, there would probably be a mild long-run tendency for prices to decline. But they are wrong in assuming that this would necessarily threaten employment or production. For in a free and flexible economy prices would be falling because productivity was increasing, that is, because costs of production were falling. There would be no necessary reduction in real profit margins. The American economy has often been prosperous in the past over periods when prices were declining. Though money wage-rates may not increase in such periods, their purchasing power does increase. So there is no need to keep increasing the stock of money to prevent prices from declining. A fixed arbitrary annual increase in the money stock "to keep prices stable" could easily lead to a "creeping inflation" of prices.“

—  Henry Hazlitt American journalist 1894 - 1993

Where the Monetarists Go Wrong (1976)

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„Neither party has God on its side, a monopoly on good ideas, or a lock on any single fiscal, social, or moral philosophy.“

—  Michael Bloomberg American businessman and politician, former mayor of New York City 1942

http://mikebloomberg.com/en/issues/public_health/mayor_bloomberg_delivers_opening_address_at_ceasefire_bridging_the_political_divide_conference
Partisanship

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„Sure, we loaned money to build hotels and casinos in Las Vegas. So what? Las Vegas borrowers were good customers.“

—  Jimmy Hoffa American labor leader 1913 - 1982

Chapter 7, Gangsters and the "Irish Mafia", p. 119

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„Labour was the first price, the original purchase-money that was paid for all things.“

—  Adam Smith Scottish moral philosopher and political economist 1723 - 1790

It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased; and its value, to those who possess it, and who want to exchange it for some new productions, is precisely equal to the quantity of labour which it can enable them to purchase or command.
Chapter V, p. 38.
The Wealth of Nations (1776), Book I

„Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Etiam egestas wisi a erat. Morbi imperdiet, mauris ac auctor dictum.“

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