“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”

Economics in One Lesson (1946), The Lesson (ch. 1)

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Henry Hazlitt 16
American journalist 1894–1993

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“It is often sadly remarked that the bad economists present their errors to the public better than the good economists present their truths. It is often complained that demagogues can be more plausible in putting forward economic nonsense from the platform than the honest men who try to show what is wrong with it. But the basic reason for this ought not to be mysterious. The reason is that the demagogues and bad economists are presenting half-truths. They are speaking only of the immediate effect of a proposed policy or its effect upon a single group. As far as they go they may often be right. In these cases the answer consists in showing that the proposed policy would also have longer and less desirable effects, or that it could benefit one group only at the expense of all other groups. The answer consists in supplementing and correcting the half-truth with the other half. But to consider all the chief effects of a proposed course on everybody often requires a long, complicated, and dull chain of reasoning. Most of the audience finds this chain of reasoning difficult to follow and soon becomes bored and inattentive. The bad economists rationalize this intellectual debility and laziness by assuring the audience that it need not even attempt to follow the reasoning or judge it on its merits because it is only “classicism” or “laissez-faire,” or “capitalist apologetics” or whatever other term of abuse may happen to strike them as effective.”

Economics in One Lesson (1946), The Lesson (ch. 1)

“Economic development does not consist merely in the piling up of things, but in the accumulation of new kinds of things”

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

Source: 1960s, The meaning of the twentieth century: the great transition, 1964, p. 116. partly cited in: (2013) " What Boulding Said Went Wrong with Economics, A Quarter Century On http://www.deirdremccloskey.com/editorials/boulding.php"
Context: The success of Japanese development is due simply to the fact that Japan devoted a substantial portion of its resources to the growth industry, and particularly to the human resources and then commended Max Weber's emphasis on hard work and thrift.
All the law and the prophets of economic development can be summed up in the old proverb that "where there's a will there's a way". The way indeed is absurdly easy and is well known. It consists merely in putting resources into growth. What could be simpler and easier! the problem however, is the will, and this. I think, we understand very little. The whole cultural milieu of society plays a role in the process of developing its will, and it is hard to separate the determining factors. A widespread puritan ethic, as Max Weber pointed out, is undoubtedly an asset, if this leads people to place a high value on hard work and thrift. On the other hand, puritanism often goes along with a resistance to social change and an unwillingness to innovate outside a narrow field of technology, and thrift alone can often lead to uncreative forms of accumulation or even to unemployment and depression. Mere accumulation is not enough. Economic development does not consist merely in the piling up of things, but in the accumulation of new kinds of things.

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“The poetic act consists in suddenly seeing that an idea splits into a number of motives of equal value and in grouping them; they rhyme.”

Stéphane Mallarmé (1842–1898) French Symbolist poet

L'acte poétique consiste à voir soudain qu'une idée se fractionne en un nombre de motifs égaux par valeur et à les grouper; ils riment.
"Crise de Vers", La Revue Blanche (September 1895) as translated in Mallarmé : The Poet and his Circle ([1999] 2005) by Rosemary Lloyd, p. 231.
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“Shared cultural meaning, as it is institutionalised in public policies and state structures, influences the pragmatic solutions groups envision to such instrumental problems as economic growth.”

Frank Dobbin (1956) American sociologist

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“Fritz Nonnenbruch, the financial editor of the Voelkischer Beobachter, states: ‘There exists no law which binds the State. The state can do what it regards as necessary, because it has the authority…. The next stage of National-Socialist economic policy consists of replacing capitalist laws by policy.”

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