F. E. Smith, 1st Earl of Birkenhead quote: “I have read the Liberal programme. They talk of cooperation between employer and employed. That is not the problem. The…”

“The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.”

Harold Demsetz (1930–2019) American economist

Source: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

“The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.”

Armen Alchian (1914–2013) American economist

Source: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

“All our talents increase in the using, and every faculty, both good and bad, strengthens by exercise: therefore, if you choose to use the bad, or those which tend to evil, till they become your masters, and neglect the good till they dwindle away, you have only yourself to blame.”

Anne Brontë book The Tenant of Wildfell Hall

Source: The Tenant of Wildfell Hall (1848), Ch. XXIII : First weeks of Matrimony; Helen to Arthur

“Capital markets reward you for what you learn that other people have yet to ascertain.”

Kenneth Griffin (1968) American hedge fund manager

Bloomberg News (April 29, 2005) http://quote.bloomberg.com/apps/news?pid=nifea&&sid=asibq1F2VEMk.

“Population regulates itself by the funds which are to employ it, and therefore always increases or diminishes with the increase or the diminution of capital. Every reduction of capital is therefore necessarily followed by a less effective demand for corn, by a fall in price, and by diminished cultivation.”

David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter II, On Rent, p. 41

“We have a lot of employment, but the quality of the jobs has collapsed over the last 10 years. The people who work now used to be people who had a job with good income, good benefits and good security. The jobs, overwhelmingly, created have none of those things: low wages—that’s why our wages have gone nowhere; bad benefits—those are shrinking, pensions and so on; and the security is virtually gone. One of our biggest problems in America is people don’t know one week to the next what hours they’re working, what income they’ll get. You can’t have a life like this. So, what we’ve done is we’ve ratcheted down the quality of jobs. We’ve made people use up their savings since the great crash of 2008, so they’re in a bind. They have really no choice but to offer themselves at lower wages or at less benefit or at less security than before, which is why there’s the anger, which is why there was the vote for Mr. Trump in the first place, because this talk of recovery really is about that stock market with the funny money that the Fed Reserve pumped in, but is not about the real lives of people, which are in serious trouble, hence the numbers, like a average American family can’t get a $400 emergency cost because it doesn’t have that kind of money in the background. So, you’ve undone the underlying economy, you have this frothy stock market for the 1 percent, and this is an impossible tension tearing the country apart.”

Richard D. Wolff (1942) American economist

We Need a More Humane Economic System—Not One That Only Benefits the Rich (December 26, 2018)

“Once upon a time leftists and radicals talked of liberation or the abolition of work. Now the talk is about full employment.”

Russell Jacoby (1945) American historian

Source: The End of Utopia (1999), p. 21

“In recent years, hours of work have been reduced, holidays have been increased, the age of entry into employment has gone up, and above all, our general health and expectation of life as a people have markedly improved. It is a natural corollary of these changes that we should work longer and retire later.”

Hugh Gaitskell (1906–1963) British politician

Speech https://api.parliament.uk/historic-hansard/commons/1951/apr/10/social-insurance-and-assistance#column_849 in the House of Commons (10 April 1951) introducing the 1951 budget

“A class of labourers, who live only so long as they find work, and who find work only so long as their labour increase capital. These labourers, who must sell themselves piecemeal, are a commodity, like every other article of commerce, and are consequently exposed to all the vicissitudes of competition, to all the fluctuations of the market.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Section 1, paragraph 30, lines 3-8.
The Manifesto of the Communist Party (1848)

“No regulation of commerce can increase the quantity of industry in any society beyond what its capital can maintain. It can only divert a part of it into a direction into which it might not otherwise have gone; and it is by no means certain that this artificial direction is likely to be more advantageous to the society than that into which it would have gone of its own accord. Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in his view. But the study of his own advantage naturally, or rather necessarily leads him to prefer that employment which is most advantageous to the society.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book IV, Chapter II, p. 486.

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F. E. Smith, 1st Earl of Birkenhead 27

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