“Before the Treatise, the interest- rate was determined by tastes and objective circumstances, by the persuasibility of income-earners to transfer consumption from the present to the future, and the desire of business men to transfer the means of free enterprise from the future to the present, thus altering the productive possibilities and enlarging the prospective income of the society including themselves.”

— G. L. S. Shackle

Source: Epistemics and Economics. (1972), p. 162

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G. L. S. Shackle 8

British economist 1903–1992

Harvey S. Rosen (1949) American economist

Source: Public Finance - International Edition - Sixth Edition, Chapter 18, Deficit Finance, p. 435

“[We may view the] economic organization as a system of prize relations. Seen in the large, free enterprise is an organization of production and distribution in which individuals or family units get their real income, their "living," by selling productive power for money to "business units" or "enterprises", and buying with the money income thus obtained the direct goods and services which they consume. This view, it will be remembered, ignores for the sake of simplicity the fact that an appreciable fraction of the productive power in use at any time is not really employed in satisfying current wants but to make provision for increased want-satisfaction in the future; it treats society as it would be, or would tend to become, with progress absent, or in a “static” state.”

Frank Knight (1885–1972) American economist

Source: The Economic Organization, 1933., p.59-60; on the circular-flow of income and the circular-flow diagram.

“It is possible for you to project to a future event in which you will be involved and by an act that you make in the projection, alter the course that this future will take. Such an action would therefore appear to happen twice, once in your present and once in your future. But in the future, you would be the one whose course is altered from this traveling self from the past.”

Jane Roberts (1929–1984) American Writer

Source: Seth, Dreams & Projections of Consciousness, (1986), p. 322, quoting from Session 262

“The Church owns property, needs income, employs men, works on human material, and banks on its moral prestige. Its present efficiency and future standing are bound up for weal or woe with the social welfare of the people and with the outcome of the present struggle.”

Walter Rauschenbusch (1861–1918) United States Baptist theologian

Source: Christianity and the Social Crisis (1907), Introduction, p.xiv

“Figure 12-6 pulls together in a simplified way the main elements of income determination. Without saving and investment, there would be a circular flow of income between business and the public: above, business pays out wages, interest, rents, and profits to the public in return for the services of labor and property; and below, the public pays consumption dollars to business in return for goods and services.
Realistically, we must recognize that the public will wish to save some of its income, as shown at the spigot Z. Hence, businesses cannot expect their consumption sales to be as large as the total of wages, interest, rents, and profits.”

Paul A. Samuelson (1915–2009) American economist

8th ed., 1970, p. 218
1940s, Economics (1948-)

“Anybody can reduce taxes, but it is not so easy to stand in the gap and resist the passage of increasing appropriation bills which would make tax reduction impossible. It will be very easy to measure the strength of the attachment to reduced taxation by the power with which increased appropriations are resisted. If at the close of the present session the Congress has kept within the budget which I propose to present, it will then be possible to have a moderate amount of tax reduction and all the tax reform that the Congress may wish for during the next fiscal year. The country is now feeling the direct stimulus which came from the passage of the last revenue bill, and under the assurance of a reasonable system of taxation there is every prospect of an era of prosperity of unprecedented proportions. But it would be idle to expect any such results unless business can continue free from excess profits taxation and be accorded a system of surtaxes at rates which have for their object not the punishment of success or the discouragement of business, but the production of the greatest amount of revenue from large incomes. I am convinced that the larger incomes of the country would actually yield more revenue to the Government if the basis of taxation were scientifically revised downward. Moreover the effect of the present method of this taxation is to increase the cost of interest. on productive enterprise and to increase the burden of rent. It is altogether likely that such reduction would so encourage and stimulate investment that it would firmly establish our country in the economic leadership of the world.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Second State of the Union Address (1924)

“The great revolution in the history of man, past, present and future, is the revolution of those determined to be free.”

John F. Kennedy (1917–1963) 35th president of the United States of America

Message to Chairman Khrushchev Concerning the Meaning of Events in Cuba (18 April 1961).
1961

“I can now present the first fundamental law of capitalism, which links the capital stock to the flow of income from capital. The capital/income ratio β is related in a simple way to the share of income from capital in national income, denoted α. The formula is
α = r × β
Where r is the rate of return on capital.
For example, if β=600% and r = 5%, then α = r × β = 30%.
In other words, if national wealth represents the equivalent of six years of national income, and the rate of return on capital is 5 percent per year, then capital’s share in national income is 30 percent.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 52.

“The corruption of freedom is in proportion to the moral deterioration of the people. For a people who have lost their sense of self-respect have no need for freedom. And the income tax, by transferring the property of earners to the State, has disintegrated the moral fiber of Americans to such a degree that they do not even recognize the fact.”

Frank Chodorov (1887–1966) American libertarian thinker

Source: The Income Tax: Root of All Evil (1954), p. 52

“The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system.”

John F. Kennedy (1917–1963) 35th president of the United States of America

1962, Address and Question and Answer Period at the Economic Club of New York (549)

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G. L. S. Shackle 8

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