In the short-run, the market is a voting machine -…

“[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.”

Benjamin Graham (1894–1976) American investor

Quoted and attributed to Graham in Warren Buffett's 1993 letter to investors. https://www.berkshirehathaway.com/letters/1993.html
The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference. https://www.bogleheads.org/forum/viewtopic.php?t=77840
Disputed

“Unlike what neo-liberals say, market and democracy clash at a fundamental level. Democracy runs on the principle of 'one man (one person), one vote'. The market runs on the principle of 'one dollar, one vote'.”

Ha-Joon Chang book Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Source: Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008), Ch. 8, Democracy and the free market, p. 172
Context: Unlike what neo-liberals say, market and democracy clash at a fundamental level. Democracy runs on the principle of 'one man (one person), one vote'. The market runs on the principle of 'one dollar, one vote'. Naturally, the former gives equal weight to each person, regardless of the money she/he has. The latter give greater weight to richer people. Therefore, democratic decisions usually subvert the logic of market.

“What looks like a man is only a representation of a man who does what the organization requires. He (or it) does not run the machine; he tends it.”

Charles A. Reich book The Greening of America

Source: The Greening of America (1970), Chapter V : Anatomy Of The Corporate State, p. 107

“If stability and efficiency required that there existed markets that extended infinitely far into the future — and these markets clearly did not exist — what assurance do we have of the stability and efficiency of the capitalist system?”

Joseph E. Stiglitz (1943) American economist and professor, born 1943.

Autobiographical Essay (2001)

“Often people, especially computer engineers, focus on the machines. They think, "By doing this, the machine will run faster. By doing this, the machine will run more effectively. By doing this, the machine will something something something." They are focusing on machines. But in fact we need to focus on humans, on how humans care about doing programming or operating the application of the machines. We are the masters. They are the slaves.”

Yukihiro Matsumoto (1965) Japanese computer scientist

Yukihiro Matsumoto " The Philosophy of Ruby, A Conversation with Yukihiro Matsumoto, Part I http://www.artima.com/intv/ruby4.html" by Bill Venners on 2003-09-29 (Artima Developer).

“In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 25

“This administration is running like a fine-tuned machine.”

Donald J. Trump (1946) 45th President of the United States of America

2010s, 2017, February

“Are you perchance running on a 64-bit machine?”

Larry Wall (1954) American computer programmer and author, creator of Perl

[199711102149.NAA16878@wall.org, 1997]
Usenet postings, 1997

“In a free-market economy, the consumer is king: labor unions don't run things, business people don't run things, bankers don't run things, politicians don't run things, but the success of a business depends on how people spend their money.”

Ron Paul (1935) American politician and physician

In response to the question "What is your opinion on direct democracy, where the citizens themselves make law, rather than elected representatives?" https://www.youtube.com/watch?v=p-nfaTZNWcI (May 14, 2015)
2010s

“In a free-market economy, the consumer is king: labor unions don't run things, business people don't run things, bankers don't run things, politicians don't run things, but the success of a business depends on how people spend their money.”

Ron Paul (1935) American politician and physician

In response to the question "What is your opinion on direct democracy, where the citizens themselves make law, rather than elected representatives?" https://www.youtube.com/watch?v=p-nfaTZNWcI (May 14, 2015)
2015

“In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long-run, the market is a weighing machine.”

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