Source: Economics Of The Welfare State (Fourth Edition), Chapter 14, Higher Education, p. 323
“Borrowing to build factories is not the economic equivalent of borrowing to buy television sets, and it’s amazing just how few modern economists can see the difference…Borrowing to produce is the way poor countries become rich. Borrowing to consume is the way rich countries become poor. A vivid example of the latter is the stream of container ships unloading at U. S. ports and going back empty because we have nothing to ship.”
Quotes from Crash Proof (2006)
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Peter D. Schiff 40
American entrepreneur, economist and author 1963Related quotes
“Modern economics and the welfare state borrowed heavily on the future.”
Source: Timescape (1980), Chapter 43 (p. 445)
The Beginning of Time (1996)
“Stale is stale and borrowed is borrowed, no matter how original your models may have been.”
Introduction to New Dimensions 1, edited by Robert Silverberg
“But borrowing strength builds weakness.”
Source: The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change
22 September 1830.
Table Talk (1821–1834)
Context: A poet ought not to pick nature's pocket: let him borrow, and so borrow as to repay by the very act of borrowing. Examine nature accurately, but write from recollection; and trust more to your imagination than to your memory.