“I have already remarked that the 'theory of scarcity has been a dominating influence in many of our economic policies. In the case of taxation, however, there is involved the 'theory of plenty' and there must now be involved the 'theory of plenty more.' Every dollar of the billions that are being indiscriminately spent without accountability is a mortgage on the income, the savings, as well as the security of the people. There must be brought home to the consciousness of all that the more the government takes, the less each one has no one can possibly escape.”

—  Alfred P. Sloan

New York Times interview, 1935

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Alfred P. Sloan 47
American businessman 1875–1966

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“We must move toward a soundly based and widely distributed economic well-being. This is the 'theory of plenty' as distinguished from the 'theory of scarcity' which has dominated our recent economic thinking and politics. Our yardstick, according to my thinking, I consists of the most effective balance between the following: First, the reduction in the real costs and selling! prices of goods and services; second, a more economic balance of national income through policies affecting wages, hours, prices and profits.”

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Cited in: Charles Cullen Chapman (1936), The development of American business and banking thought, 1913-1936. p. 265
New York Times interview, 1935

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“Our view of life must account for how we know life; biological theories must allow for their own discovery and employment. Theories of evolution must provide for the creative acts which brought such theories into existence. Beginning with our own embodiment our theory of knowledge must endorse the ways we manifestly transcend our embodiment by acts of indwelling and extension into more subtle and intangible realms of being, where we meet our ultimate ends.”

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“Although quantum theory involves the use of nonlocal states, such as wave packets and entangled states, there is nothing in the theory, or in the real world so far as it is accurately described by quantum theory, that corresponds to the sorts of instantaneous nonlocal influences which have often been thought to arise in the situation envisaged in the EPR paradox, or implied by the fact that quantum theory violates Bell inequalities.”

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2. Economic theory should be relevant to the modern problem of control. - Students of economics should spend their efforts upon subjects worth investigation…
3. The proper subject-matter of economic theory is institutions. - The demand that economic theory relate to institutions is implicit in the plea for its relevancy…
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5. Economic theory must be based upon an acceptable theory of human behavior.”

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