Quotes about economics

A collection of quotes on the topic of economics, politics, socialism, people.

Quotes about economics

José Baroja photo

“I think that living only from writing is a privilege, in economic terms, that only some writers have achieved and to which, probably, all authors aspire: a difficult goal that is not impossible.”

José Baroja (1983) Chilean author and editor

Original: Pienso que vivir solo de la escritura es un privilegio, en términos económicos, que solo algunos escritores y escritoras han conseguido y al que, probablemente, todos los autores aspiramos: una meta difícil que no imposible.
Source: Cazas Fernández, A. (2022). "La escritura le aportó sentido, coherencia e identidad a mi vida". En Correo Gallego. https://www.elcorreogallego.es/el-correo-2/la-escritura-le-aporto-sentido-coherencia-e-identidad-a-mi-vida-AP10794051. Consultado el 16 de junio de 2022.

“All sort of boundaries, be their gender, age, socio-economic status, physical or mental disabilities have to be eliminated.”

Sukavich Rangsitpol (1935) Thai politician

Education for All People and Education for Life

Carl Sagan photo

“Consider again that dot. That's here. That's home. That's us. On it everyone you love, everyone you know, everyone you ever heard of, every human being who ever was, lived out their lives. The aggregate of our joy and suffering, thousands of confident religions, ideologies, and economic doctrines, every hunter and forager, every hero and coward, every creator and destroyer of civilization, every king and peasant, every young couple in love, every mother and father, hopeful child, inventor and explorer, every teacher of morals, every corrupt politician, every "superstar", every "supreme leader", every saint and sinner in the history of our species lived there — on a mote of dust suspended in a sunbeam.
The Earth is a very small stage in a vast cosmic arena. Think of the rivers of blood spilled by all those generals and emperors so that, in glory and triumph, they could become the momentary masters of a fraction of a dot. Think of the endless cruelties visited by the inhabitants of one corner of this pixel on the scarcely distinguishable inhabitants of some other corner, how frequent their misunderstandings, how eager they are to kill one another, how fervent their hatreds.
Our posturings, our imagined self-importance, the delusion that we have some privileged position in the Universe, are challenged by this point of pale light. Our planet is a lonely speck in the great enveloping cosmic dark. In our obscurity, in all this vastness, there is no hint that help will come from elsewhere to save us from ourselves.
The Earth is the only world known so far to harbor life. There is nowhere else, at least in the near future, to which our species could migrate. Visit, yes. Settle, not yet. Like it or not, for the moment the Earth is where we make our stand.
It has been said that astronomy is a humbling and character-building experience. There is perhaps no better demonstration of the folly of human conceits than this distant image of our tiny world. To me, it underscores our responsibility to deal more kindly with one another, and to preserve and cherish the pale blue dot, the only home we've ever known.”

Source: Pale Blue Dot: A Vision of the Human Future in Space (1994), p. 8, Supplemental image at randi.org http://www.randi.org/images/122801-BlueDot.jpg

Joseph Goebbels photo
Luiz Inácio Lula da Silva photo

“This is a crisis that was caused by people, white with blue eyes. And before the crisis they looked as if they knew everything about economics.”

Luiz Inácio Lula da Silva (1945) Brazilian politician, 35th president of Brazil

At a 2009 G-20 London Summit in March 2009.
Financial crisis 'caused by white men with blue eyes http://www.independent.co.uk/news/world/politics/financial-crisis-caused-by-white-men-with-blue-eyes-1655354.html, by Andrew Grice, The Independent, 27 March 2009

Thomas Sankara photo
Lee Kuan Yew photo
Osama bin Laden photo

“First, for over seven years the United States has been occupying the lands of Islam in the holiest of places, the Arabian Peninsula, plundering its riches, dictating to its rulers, humiliating its people, terrorizing its neighbors, and turning its bases in the Peninsula into a spearhead through which to fight the neighboring Muslim peoples.
If some people have in the past argued about the fact of the occupation, all the people of the Peninsula have now acknowledged it. The best proof of this is the Americans' continuing aggression against the Iraqi people using the Peninsula as a staging post, even though all its rulers are against their territories being used to that end, but they are helpless.
Second, despite the great devastation inflicted on the Iraqi people by the crusader-Zionist alliance, and despite the huge number of those killed, which has exceeded 1 million… despite all this, the Americans are once again trying to repeat the horrific massacres, as though they are not content with the protracted blockade imposed after the ferocious war or the fragmentation and devastation.
So here they come to annihilate what is left of this people and to humiliate their Muslim neighbors.
Third, if the Americans' aims behind these wars are religious and economic, the aim is also to serve the Jews' petty state and divert attention from its occupation of Jerusalem and murder of Muslims there. The best proof of this is their eagerness to destroy Iraq, the strongest neighboring Arab state, and their endeavor to fragment all the states of the region such as Iraq, Saudi Arabia, Egypt, and Sudan into paper statelets and through their disunion and weakness to guarantee Israel's survival and the continuation of the brutal crusade occupation of the Peninsula.”

Osama bin Laden (1957–2011) founder of al-Qaeda

1990s, Jihad Against Jews and Crusaders (1998)

Omraam Mikhaël Aïvanhov photo
Michael Parenti photo

“It may come as a surprise to some academics, but there is a marked relationship between economic power and political power.”

Michael Parenti (1933) American academic

Preface to the Sixth Edition, p. viii
Democracy for the Few (2010 [1974]), sixth edition

H.P. Lovecraft photo

“I can better understand the inert blindness & defiant ignorance of the reactionaries from having been one of them. I know how smugly ignorant I was—wrapped up in the arts, the natural (not social) sciences, the externals of history & antiquarianism, the abstract academic phases of philosophy, & so on—all the one-sided standard lore to which, according to the traditions of the dying order, a liberal education was limited. God! the things that were left out—the inside facts of history, the rational interpretation of periodic social crises, the foundations of economics & sociology, the actual state of the world today … & above all, the habit of applying disinterested reason to problems hitherto approached only with traditional genuflections, flag-waving, & callous shoulder-shrugs! All this comes up with humiliating force through an incident of a few days ago—when young Conover, having established contact with Henneberger, the ex-owner of WT, obtained from the latter a long epistle which I wrote Edwin Baird on Feby. 3, 1924, in response to a request for biographical & personal data. Little Willis asked permission to publish the text in his combined SFC-Fantasy, & I began looking the thing over to see what it was like—for I had not the least recollection of ever having penned it. Well …. I managed to get through, after about 10 closely typed pages of egotistical reminiscences & showing-off & expressions of opinion about mankind & the universe. I did not faint—but I looked around for a 1924 photograph of myself to burn, spit on, or stick pins in! Holy Hades—was I that much of a dub at 33 … only 13 years ago? There was no getting out of it—I really had thrown all that haughty, complacent, snobbish, self-centred, intolerant bull, & at a mature age when anybody but a perfect damned fool would have known better! That earlier illness had kept me in seclusion, limited my knowledge of the world, & given me something of the fatuous effusiveness of a belated adolescent when I finally was able to get around more in 1920, is hardly much of an excuse. Well—there was nothing to be done … except to rush a note back to Conover & tell him I'd dismember him & run the fragments through a sausage-grinder if he ever thought of printing such a thing! The only consolation lay in the reflection that I had matured a bit since '24. It's hard to have done all one's growing up since 33—but that's a damn sight better than not growing up at all.”

H.P. Lovecraft (1890–1937) American author

Letter to Catherine L. Moore (7 February 1937), in Selected Letters V, 1934-1937 edited by August Derleth and Donald Wandrei, pp. 407-408
Non-Fiction, Letters

Michael Parenti photo
Mikhail Bakunin photo

“Unity is the great goal toward which humanity moves irresistibly. But it becomes fatal, destructive of the intelligence, the dignity, the well-being of individuals and peoples whenever it is formed without regard to liberty, either by violent means or under the authority of any theological, metaphysical, political, or even economic idea.”

"Federalism, Socialism, Anti-Theologism" http://www.marxists.org/reference/archive/bakunin/works/various/reasons-of-state.htm (Fédéralisme, socialisme et antithéologisme), presented originally as a Reasoned Proposal to the Central Committee of the League for Peace and Freedom, at the League's first congress held in Geneva (September 1867)
"Reasoned Proposal to the Central Committee of the League for Peace and Freedom" also known as "Federalism, Socialism, Anti-Theologism" (September 1867)
Context: Unity is the great goal toward which humanity moves irresistibly. But it becomes fatal, destructive of the intelligence, the dignity, the well-being of individuals and peoples whenever it is formed without regard to liberty, either by violent means or under the authority of any theological, metaphysical, political, or even economic idea. That patriotism which tends toward unity without regard to liberty is an evil patriotism, always disastrous to the popular and real interests of the country it claims to exalt and serve. Often, without wishing to be so, it is a friend of reaction – an enemy of the revolution, i. e., the emancipation of nations and men.

Volodymyr Zelensky photo

“Unless we make these difficult and unpopular decisions, there will be no economic growth or job creation.”

Volodymyr Zelensky (1978) 6th President of Ukraine

interview to NewsWeek https://www.ukrinform.net/rubric-polytics/2859479-zelensky-we-are-ready-for-ratings-going-down-due-to-unpopular-reforms.html (20 January 2020)

Joan Robinson photo

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”

Joan Robinson (1903–1983) English economist

Source: Contributions to Modern Economics (1978), Chapter 7, Marx, Marshall and Keynes, p. 75

Peter Singer photo
Vladimir Lenin photo
Gustav Stresemann photo
Benito Mussolini photo

“We deny the existence of two classes, because there are many more than two classes. We deny that human history can be explained in terms of economics. We deny your internationalism. That is a luxury article which only the elevated can practise, because peoples are passionately bound to their native soil.
We affirm that the true story of capitalism is now beginning, because capitalism is not a system of oppression only, but is also a selection of values, a coordination of hierarchies, a more amply developed sense of individual responsibility.”

Benito Mussolini (1883–1945) Duce and President of the Council of Ministers of Italy. Leader of the National Fascist Party and subsequen…

Speech (21 June 1921), Ion Smeaton Munro, Through Fascism to World Power: A History of the Revolution in Italy, 27 January 2008 http://books.google.com/books?id=DML39RmvsmYC&pg=PA120&dq=%E2%80%9CWe+deny+your+internationalism%22+mussolini&lr=&sig=gTHVLgfaIKPCn_jW8f0phjDKrAI,
1920s

José Mourinho photo
Ronald H. Coase photo
George Orwell photo
Barack Obama photo
Nikola Tesla photo
Allan Boesak photo
Malcolm X photo
George Orwell photo
Margaret Thatcher photo
François Quesnay photo
Aga Khan IV photo
Émile Durkheim photo
George Orwell photo
George Orwell photo

“[Hitler] has grasped the falsity of the hedonistic attitude to life. Nearly all western thought since the last war, certainly all "progressive" thought, has assumed tacitly that human beings desire nothing beyond ease, security, and avoidance of pain. In such a view of life there is no room, for instance, for patriotism and the military virtues. The Socialist who finds his children playing with soldiers is usually upset, but he is never able to think of a substitute for the tin soldiers; tin pacifists somehow won’t do. Hitler, because in his own joyless mind he feels it with exceptional strength, knows that human beings don’t only want comfort, safety, short working-hours, hygiene, birth-control and, in general, common sense; they also, at least intermittently, want struggle and self-sacrifice, not to mention drums, flags and loyalty-parades. However they may be as economic theories, Fascism and Nazism are psychologically far sounder than any hedonistic conception of life. The same is probably true of Stalin’s militarised version of Socialism. All three of the great dictators have enhanced their power by imposing intolerable burdens on their peoples. Whereas Socialism, and even capitalism in a grudging way, have said to people "I offer you a good time," Hitler has said to them "I offer you struggle, danger and death," and as a result a whole nation flings itself at his feet.”

George Orwell (1903–1950) English author and journalist

From a review of Adolf Hitler's Mein Kampf, New English Weekly (21 March 1940)

Mikhail Bakunin photo

“Political Freedom without economic equality is a pretense, a fraud, a lie; and the workers want no lying.”

Mikhail Bakunin (1814–1876) Russian revolutionary, philosopher, and theorist of collectivist anarchism

"The Red Association" http://www.marxists.org/reference/archive/bakunin/works/writings/ch05.htm (1870)

Ben Shapiro photo
Harry Schwarz photo

“I must and will work to ensure that the new democratic South Africa has a fair chance to succeed economically as well as politically, and to try to assist in fulfilling at least a part of the dream of the oppressed and deprived when the new South Africa is born.”

Harry Schwarz (1924–2010) South African activist

Speech to the National Press Club in Washington, D.C, April 1991.
As ambassador to the United States
Source: http://articles.baltimoresun.com/1991-05-16/news/1991136167_1_south-africa-schwarz-frances-academy

Fukuzawa Yukichi photo

“Therefore, to teach them [women] at least an outline of economics and law is the first requirement after giving them a general education. Figuratively speaking, it will be like providing the women of civilized society with a pocket dagger for self-protection.”

Fukuzawa Yukichi (1835–1901) Japanese author, writer, teacher, translator, entrepreneur and journalist who founded Keio University

From Fukuzawa Yukichi on Japanese Women (1988), trans. Kiyooka Eiichi.

Martin Luther King, Jr. photo
Michael J. Sandel photo
Ilham Aliyev photo

“Our economy is very stable and we managed to develop even in the years of economic crisis. We managed to triple our GDP in less than 10 years”

Ilham Aliyev (1961) 4th President of Azerbaijan from 2003

CNN TV interview during World Economic Forum at Davos (23 January 2013) http://edition.cnn.com/2013/01/23/business/aliyev-rosneft-quest-davos/
Internal politics

Gregor Strasser photo
Mohamed Azmin Ali photo

“We must pursue a balanced development path, with policies that enhance inclusion, integrity and sustainability as well as delivering economic growth for the continued prosperity of Malaysians.”

Mohamed Azmin Ali (1964) Malaysian politician

Mohamed Azmin Ali (2018) cited in " Azmin: A different economic logic for Malaysia https://www.thestar.com.my/business/business-news/2018/10/08/azmin-a-different-economic-logic-for-malaysia/" on The Star Online, 8 October 2018

Jan Tinbergen photo
Friedrich Hayek photo

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”

Source: 1980s and later, The Fatal Conceit: The Errors of Socialism (1988), Ch. 5: The Fatal Conceit.
Context: Whereas, in fact, specialised students, even after generations of effort, find it exceedingly difficult to explain such matters, and cannot agree on what are the causes or what will be the effects of particular events. The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
To the naive mind that can conceive of order only as the product of deliberate arrangement, it may seem absurd that in complex conditions order, and adaptation to the unknown, can be achieved more effectively by decentralizing decisions and that a division of authority will actually extend the possibility of overall order. Yet that decentralization actually leads to more information being taken into account.

Margaret Thatcher photo

“Economics is just like managing your household.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Source: movie The Iron Lady

Mwanandeke Kindembo photo
Thomas Sowell photo

“The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”

Thomas Sowell (1930) American economist, social theorist, political philosopher and author

Student Loans
1980s–1990s, Is Reality Optional? (1993)
Source: Is Reality Optional?: And Other Essays

Mark Twain photo

“Most writers regard the truth as their most valuable possession, and therefore are economical in its use.”

Mark Twain (1835–1910) American author and humorist

Said to portrait painter Samuel Johnson Woolf, cited in Here am I (1941), Samuel Johnson Woolf; this has often been abbreviated: Most writers regard truth as their most valuable possession, and therefore are most economical in its use.
Context: A critic never made or killed a book or a play. The people themselves are the final judges. It is their opinion that counts. After all, the final test is truth. But the trouble is that most writers regard truth as their most valuable possession and therefore are most economical in its use.

Dave Barry photo
Malcolm X photo
John Maynard Keynes photo
Ronald Reagan photo

“Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.”

Ronald Reagan (1911–2004) American politician, 40th president of the United States (in office from 1981 to 1989)
Karl Marx photo

“In the social production of their life, men enter into definite relations that are indispensable and independent of their will; these relations of production correspond to a definite stage of development of their material forces of production. The sum total of these relations of production constitutes the economic structure of society — the real foundation, on which rises a legal and political superstructure and to which correspond definite forms of social consciousness. The mode of production of material life determines the social, political and intellectual life process in general. It is not the consciousness of men that determines their being, but, on the contrary, their social being that determines their consciousness.”

Preface to ' (1859).
Source: A Contribution to the Critique of Political Economy
Context: In the social production of their life, men enter into definite relations that are indispensable and independent of their will; these relations of production correspond to a definite stage of development of their material forces of production. The sum total of these relations of production constitutes the economic structure of society — the real foundation, on which rises a legal and political superstructure and to which correspond definite forms of social consciousness. The mode of production of material life determines the social, political and intellectual life process in general. It is not the consciousness of men that determines their being, but, on the contrary, their social being that determines their consciousness. [Es ist nicht das Bewußtsein der Menschen, das ihr Sein, sondern umgekehrt ihr gesellschaftliches Sein, das ihr Bewusstsein bestimmt. ] At a certain stage of their development, the material productive forces in society come in conflict with the existing relations of production, or — what is but a legal expression for the same thing — with the property relations within which they have been at work before. From forms of development of the productive forces these relations turn into fetters. Then begins an epoch of social revolution. With the change of the economic foundation the entire immense superstructure is more or less rapidly transformed. In considering such transformations a distinction should always be made between the material transformation of the economic conditions of production, which can be determined with the precision of natural science, and the legal, political, religious, aesthetic or philosophic — in short, ideological forms in which men become conscious of this conflict and fight it out. Just as our opinion of an individual is not based on what he thinks of himself, so we can not judge of such a period of transformation by its own consciousness; on the contrary, this consciousness must be explained rather from the contradictions of material life, from the existing conflict between the social productive forces and the relations of production. No social order ever disappears before all the productive forces for which there is room in it have been developed; and new, higher relations of production never appear before the material conditions of their existence have matured in the womb of the old society itself. Therefore, mankind always sets itself only such tasks as it can solve; since, looking at the matter more closely, we will always find that the task itself arises only when the material conditions necessary for its solution already exist or are at least in the process of formation. In broad outlines we can designate the Asiatic, the ancient, the feudal, and the modern bourgeois modes of production as so many progressive epochs in the economic formation of society. The bourgeois relations of production are the last antagonistic form of the social process of production — antagonistic not in the sense of individual antagonism, but of one arising from the social conditions of life of the individuals; at the same time the productive forces developing in the womb of bourgeois society create the material conditions for the solution of that antagonism. This social formation constitutes, therefore, the closing chapter of the prehistoric stage of human society.

Friedrich Engels photo
Andrea Dworkin photo

“One needs either equality or political and economic superiority.”

Source: Scapegoat: The Jews, Israel, and Women's Liberation (2000), p. 336.

James Tobin photo
Theodore Roosevelt photo
Barack Obama photo
Barack Obama photo
Hans-Hermann Hoppe photo
Gustave de Molinari photo
Maurice Maeterlinck photo
Barack Obama photo
Bertil Ohlin photo

“Nutrition seems to mock the achievements of economic development”

Bertil Ohlin (1899–1979) Swedish economist and politician

Ohlin (1977, p. 201); as cited in: Larry Lev (1981) The effect of cash cropping on food consumption adequacy among the Meru of northern Tanzania. p. 1.
1970s

William Stanley Jevons photo
Peter F. Drucker photo
Kim Jong-un photo
Lotfi A. Zadeh photo
Recep Tayyip Erdoğan photo
James Tobin photo
Barack Obama photo
François Quesnay photo

“Calculations are to the economic science what bones are to the human body. Without them it will always be a vague and confused science, at the mercy of error and prejudice.”

François Quesnay (1694–1774) French economist

François Quesnay in letter to Mirabeau (Archives Nationales, Ms. 779, 4 bis, p.2 note); as cited in: Richard Van Den Berg and Albert Steenge. "Tableaux and Systèmes. Early French Contributions to Linear Production Models." Cahiers d'économie Politique/Papers in Political Economy 2 (2016): 11-30.

Bertrand Russell photo

“There are three forces on the side of life which require no exceptional mental endowment, which are not very rare at present, and might be very common under better social institutions. They are love, the instinct of constructiveness, and the joy of life. All three are checked and enfeebled at present by the conditions under which men live—not only the less outwardly fortunate, but also the majority of the well-to-do. Our institutions rest upon injustice and authority: it is only by closing our hearts against sympathy and our minds against truth that we can endure the oppressions and unfairnesses by which we profit. The conventional conception of what constitutes success leads most men to live a life in which their most vital impulses are sacrificed, and the joy of life is lost in listless weariness. Our economic system compels almost all men to carry out the purposes of others rather than their own, making them feel impotent in action and only able to secure a certain modicum of passive pleasure. All these things destroy the vigor of the community, the expansive affections of individuals, and the power of viewing the world generously. All these things are unnecessary and can be ended by wisdom and courage. If they were ended, the impulsive life of men would become wholly different, and the human race might travel towards a new happiness and a new vigor.”

Bertrand Russell (1872–1970) logician, one of the first analytic philosophers and political activist

Source: 1910s, Why Men Fight https://en.wikisource.org/wiki/Why_Men_Fight (1917), pp. 18-19

Barack Obama photo
Leon Trotsky photo
Alvin Toffler photo

“Freedom of expression is no longer a political nicety, but a precondition for economic competitiveness.”

Alvin Toffler (1928–2016) American writer

1997 interview with John Perry Barlow, as reported on Twitter http://twitter.com/#!/JPBarlow/status/104518695333789697

Barack Obama photo
Douglass C. North photo

“Schumpeter’s approach has an important implication for political behavior. If the constellation of economic interests regularly changes because of innovation and entry, politicians face a fundamentally different world than those in a natural state: open access orders cannot manipulate interests in the same way as natural states do. Too much behavior and formation of interests take place beyond the state’s control. Politicians in both natural states and open access orders want to create rents. Rent-creation at once rewards their supporters and binds their constituents to support them. Because, however, open access orders enable any citizen to form an organization for a wide variety of purposes, rents created by either the political process or economic innovation attract competitors in the form of new organizations. In Schumpeterian terms, political entrepreneurs put together new organizations to compete for the rents and, in so doing, reduce existing rents and struggle to create new ones. As a result, creative destruction reigns in open access politics just as it does in open access economies. Much of the creation of new interests is beyond the control of the state. The creation of new interests and the generation of new sources of rents occur continuously in open access orders.”

Douglass C. North (1920–2015) American Economist

Source: Violence and Social Orders (2009), Ch. 1 : The Conceptual Framework

Joseph Goebbels photo

“The fact that the causes and effective potentialities of Bolshevism were already existent in a latent form in democracy explains why Bolshevism flourishes only on democratic soil, and is indeed generally the inevitable consequence of a radical and excessively democratic conception of the State. Bolshevism allegedly makes a classless society its aim. The equality of whatever bears a human form, which democracy applied only to political and social life, is set up as a ruling principle for economic life also. In this respect there are supposed to be no differences left. But this equality of all individuals in respect of economic goods can, in the Marxist-Bolshevist view, result only from a brutal and pitiless class struggle. … It is only logical that in connexion with this, Bolshevism should proclaim the equality of nations and races. … The opposition between the democratic and the Bolshevist mentality and conception of the State are in the last resort merely theoretical, and here we have the answer to the mysterious riddle which overshadows Europe and the explanation both of the opposition in the lives of nations to-day and of the things which they have in common. It enables us to see at once why democracy and Bolshevism, which in the eyes of the world are irrevocably opposed to one another, meet again and again on common ground in their joint hatred of and attacks on authoritarian nationalist concepts of State and State systems. For the authoritarian nationalist conception of the State represents something essentially new. In it the French Revolution is superseded.”

Joseph Goebbels (1897–1945) Nazi politician and Propaganda Minister

On National-Socialism, Bolshevism & Democracy (September 10, 1938) http://www.jewishvirtuallibrary.org/joseph-goebbels-on-national-socialism-bolshevism-and-democracy
1930s

Jane Addams photo

“The common stock of intellectual enjoyment should not be difficult of access because of the economic position of him who would approach it.”

Jane Addams (1860–1935) pioneer settlement social worker

Source: Twenty Years at Hull-House (1910), Ch. 17

Kurt Vonnegut photo
Hans-Hermann Hoppe photo

“According to the pronouncements of our state rulers and their intellectual bodyguards (of whom there are more than ever before), we are better protected and more secure than ever. We are supposedly protected from global warming and cooling, from the extinction of animals and plants, from the abuses of husbands and wives, parents and employers, from poverty, disease, disaster, ignorance, prejudice, racism, sexism, homophobia, and countless other public enemies and dangers. In fact, however, matters are strikingly different. In order to provide us with all this protection, the state managers expropriate more than 40 percent of the incomes of private producers year in and year out. Government debt and liabilities have increased without interruption, thus increasing the need for future expropriations. Owing to the substitution of government paper money for gold, financial insecurity has increased sharply, and we are continually robbed through currency depreciation. Every detail of private life, property, trade, and contract is regulated by ever higher mountains of laws legislation), thereby creating permanent legal uncertainty and moral hazard. In particular, we have been gradually stripped of the right to exclusion implied in the very concept of private property. … In short, the more the state has increased its expenditures on social security and public safety, the more our private property rights have been eroded, the more our property has been expropriated, confiscated, destroyed, or depreciated, and the more we have been deprived of the very foundation of all protection: economic independence, financial strength, and personal wealth.”

Hans-Hermann Hoppe (1949) Austrian school economist and libertarian anarcho-capitalist philosopher

"The Private Production of Defense" http://www.mises.org/journals/scholar/Hoppe.pdf (15 June 1999)

Jan Tinbergen photo

“The central question of economic policy is the question of the effectiveness of its various instruments.”

Jan Tinbergen (1903–1994) Dutch economist

Source: Income Distribution (1975), p. 53

Thomas J. Sargent photo

“Economics is organized common sense. Here is a short list of valuable lessons that our beautiful subject teaches.”

Thomas J. Sargent (1943) American economist

Thomas J. Sargent, University of California at Berkeley graduation speech (2007), quoted in David Glasner, " Memo to Tom Sargent: Economics Is More than Just Common Sense https://uneasymoney.com/2014/04/25/memo-to-tom-sargent-economics-is-more-than-just-common-sense/" (2014)

Marcella Althaus-Reid photo
Douglass C. North photo
Malcolm X photo
H.P. Lovecraft photo
Douglass C. North photo
James Tobin photo
Hans-Hermann Hoppe photo
Jan Tinbergen photo
Kenzaburō Ōe photo
Barack Obama photo

“The true engine of economic growth will always be companies like Solyndra.”

Barack Obama (1961) 44th President of the United States of America

Speech at Solyndra, May 26, 2010. http://www.youtube.com/watch?v=qy2xEAZhAuo
2010, 2010 Deepwater Horizon oil spill (April 2010)

H.P. Lovecraft photo
Joseph E. Stiglitz photo
James Tobin photo

“In economic surveys of households, many variables have the following characteristics: The variable has a lower, or upper, limit and takes on the limiting value for a substantial number of respondents. For the remaining respondents, the variable takes on a For the remaining respondents, the variable takes on a wide range of values above, or below, the limit.”

James Tobin (1918–2002) American economist

Tobin, James. " Estimation of relationships for limited dependent variables http://cowles.econ.yale.edu/P/cp/p01a/p0117.pdf." Econometrica: journal of the Econometric Society (1958): 24-36.
1950s-60s

Theodore Roosevelt photo

“I believe that material wealth is an exceedingly valuable servant, and a particularly abhorrent master, in our National life. I think one end of government should be to achieve prosperity; but it should follow this end chiefly to serve an even higher and more important end - that of promoting the character and welfare of the average man. In the long run, and inevitably, the actual control of the government will be determined by the chief end which the government subserves. If the end and aim of government action is merely to accumulate general material prosperity, treating such prosperity as an end in itself and not as a means, then it is inevitable that material wealth and the masters of that wealth will dominate and control the course of national action. If, on the other hand, the achievement of material wealth is treated, not as an end of government, but as a thing of great value, it is true—so valuable as to be indispensable—but of value only in connection with the achievement of other ends, then we are free to seek through our government, and through the supervision of our individual activities, the realization of a true democracy. Then we are free to seek not only the heaping up of material wealth, but a wise and generous distribution of such wealth so as to diminish grinding poverty, and, so far as may be, to equalize social and economic no less than political opportunity.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1910s, The Progressives, Past and Present (1910)