Quotes about economics (3228 quotes, page 10)

“The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant -- that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them.”

Paul Krugman (1953) American economist

"Virus Strikes Again", Originally "Supply-Side Virus Strikes Again: Why there is no cure for this virulent infection" http://web.mit.edu/krugman/www/virus.html, undated draft at web.mit.edu of a "The Dismal Science" column for Slate
The Accidental Theorist: And Other Dispatches From The Dismal Science (1998)

Life , People , Fools , History

“The predecessor of the Reform party, the Social Credit party, was very much like this. Believing in funny money and control of banking, and a whole bunch of fairly non-conservative economic things.”

Stephen Harper (1959) 22nd Prime Minister of Canada

1990s, Speech to the Council for National Policy (1997)

Money

“[The consumer is] the supreme mover of economic order… for whom all goods are made and towards whom all economic activity is directed.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, Economic Analysis, 1941, p. 613 (rev. ed. 1948) as cited in: Andrew McMeekin (2002) Innovation by Demand. p. 131

“As we look back, it seems like willful blindness. The abandonment of the radical economic foundation of the women's and civil-rights movements by the conflation of causes that came to be called political correctness successfully retrained generation of activists in the politics of image, not action.”

Naomi Klein (1970) Canadian author and activist

Source: No Logo: Taking Aim at the Brand Bullies 1999, Chapter Five: "The Patriarchy Gets Funky"

Women

“The university immediately published my pamphlet, and it was sent to ﬁfty People’s Commissariats. It was distributed only in the Soviet Union, since in the days just before the start of the World War it came out in an edition of one thousand copies in all.
Soviet Union, since in the days just before the start of the World War it came out in an edition of one thousand copies in all. The number of responses was not very large. There was quite an interesting reference from the People’s Commissariat of Transportation in which some optimization problems directed at decreasing the mileage of wagons was considered, and a good review of the pamphlet appeared in the journal "The Timber Industry."
At the beginning of 1940 I published a purely mathematical version of this work in Doklady Akad. Nauk [76], expressed in terms of functional analysis and algebra. However, I did not even put in it a reference to my published pamphlet—taking into account the circumstances I did not want my practical work to be used outside the country
In the spring of 1939 I gave some more reports—at the Polytechnic Institute and the House of Scientists, but several times met with the objection that the work used mathematical methods, and in the West the mathematical school in economics was an anti-Marxist school and mathematics in economics was a means for apologists of capitalism. This forced me when writing a pamphlet to avoid the term "economic" as much as possible and talk about the organization and planning of production; the role and meaning of the Lagrange multipliers had to be given somewhere in the outskirts of the second appendix and in the semi Aesopian language.”

Leonid Kantorovich (1912–1986) Russian mathematician

L.V. Kantorovich (1996) Descriptive Theory of Sets and Functions. p. 41; As cited in: K. Aardal, ‎George L. Nemhauser, ‎R. Weismantel (2005) Handbooks in Operations Research and Management Science, p. 19-20

War , People , World , School

“There has always been a temptation to classify economic goods in clearly defined groups, about which a number of short and sharp propositions could be made, to gratify at once the student’s desire for logical precision, and the popular liking for dogmas that have the air of being profound and are yet easily handled. But great mischief seems to have been done by yielding to this temptation, and drawing broad artificial lines of division where Nature has made none. The more simple and absolute an economic doctrine is, the greater will be the confusion which it brings into attempts to apply economic doctrines to practice, if the dividing lines to which it refers cannot be found in real life. There is not in real life a clear line of division between things that are and are not Capital, or that are and are not Necessaries, or again between labour that is and is not Productive.”

Alfred Marshall book Principles of Economics

Source: Principles of Economics, (1890), p. viii (9th ed. 2009).

Life , Nature , Drawing

“We should continue to abide by the principles of putting aside differences and seeking consensus, and put economics before politics in handling cross-strait relations. This is why we are focused on cross-strait exchanges in the area of economic and trade cooperation.”

Wu Po-hsiung (1939) Taiwanese politician

Wu lauds DPP’s China department (2012)

“Despite the roar of voices wanting to equate strategy with ambition, leadership, “vision,” planning, or the economic logic of competition, strategy is none of these. The core of strategy work is always the same: discovering the critical factors in a situation and designing a way of coordinating and focusing actions to deal with those factors.”

Richard Rumelt (1942) American economist

Source: Good Strategy Bad Strategy, 2011, p. 3

Way

“[To work is to pray. ] By the Puritan moralist the ancient maxim is repeated with a new and intenser significance. The labor which he idealizes is not simply a requirement imposed by nature, or a punishment for the sin of Adam. It is itself a kind of ascetic discipline, more rigorous than that demanded of any order of mendicants—a discipline imposed by the will of God, and to be undergone, not in solitude, but in the punctual discharge of secular duties. It is not merely an economic means, to be laid aside when physical needs have been satisfied. It is a spiritual end, for in it alone can the soul find health, and it must be continued as an ethical duty long after it has ceased to be a material necessity.”

R. H. Tawney (1880–1962) English philosopher

Laborare est orare.
Part IV, Ch. 3
Religion and the Rise of Capitalism (1926)

God , Health , Soul , Nature

“The relationship between a civilization's socio-economic structure and its culture is perhaps the most complicated of all problems for the sociologist.”

Daniel Bell book The Cultural Contradictions of Capitalism

Source: The Cultural Contradictions of Capitalism (1976), Chapter 1, The Cultural Contradictions of Capitalism, p. 33

Problem

“Liberty once again must become more important to us than the desire for security and material comfort. Personal safety and economic prosperity can only come as the consequence of liberty. They cannot be provided by an authoritarian government… The foundation for a police state has been put in place, and it's urgent we mobilize resistance before it's too late… Central planning is intellectually bankrupt – and it has bankrupted our country and undermined our moral principles. Respect for individual liberty and dignity is the only answer to government force, force that serves the politically and economically powerful. Our planners and rulers are not geniuses, but rather demagogues and would-be dictators -- always performing their tasks with a cover of humanitarian rhetoric… The collapse of the Soviet system came swiftly and dramatically, without a bloody conflict… It came as no surprise, however, to the devotees of freedom who have understood for decades that socialism was doomed to fail… And so too will the welfare/warfare state fail… A free society is based on the key principle that the government, the president, the Congress, the courts, and the bureaucrats are incapable of knowing what is best for each and every one of us… A government as a referee is proper, but a government that uses arbitrary force to direct every aspect of society threatens freedom… The time has come for a modern approach to achieving those values that all civilized societies seek. Only in a free society do individuals have the best chance to seek virtue, strive for excellence, improve their economic well-being, and achieve personal happiness… The worthy goals of civilization can only be achieved by freedom loving individuals. When government uses force, liberty is sacrificed and the goals are lost. It is freedom that is the source of all creative energy. If I am to be your president, these are the goals I would seek. I reject the notion that we need a president to run our lives, plan the economy, or police the world… It is much more important to protect individual liberty and privacy than to make government even more secretive and powerful.”

Ron Paul (1935) American politician and physician

Video Address Announcing 2008 Presidential Exploratory Committee, February 19, 2007 http://blog.4president.org/2008/2007/02/ron_paul_video_.html http://www.youtube.com/watch?v=FPlPT4bncq8
2000s, 2006-2009

Love , Secret , World , Freedom

“Black unemployment is terrible. The black frame of mind is terrible, they're depressed, they're down — Obama's not doing anything for 'em. How is that hoax and change workin' for ya? They're all livid. I mean, they thought there were gonna be an exact 180-degree economic reversal and it's done nothing but get bad for everybody, but they're especially upset about it because they look at him as one of them, and now they feel abandoned. And I'm sure Tiger Woods' choice of females not helping 'em out with their attitudes there either.”

Rush Limbaugh (1951) U.S. radio talk show host, Commentator, author, and television personality

On the Black state of mind, The Rush Limbaugh Show, December 8, 2009 http://mediamatters.org/mmtv/200912080019

Feeling , Change , Help

“The magnitude of the business of this road, its numerous and important connections, and. the large number of employés engaged in operating it, have led many, whose opinions are entitled to respect, to the conclusion, that a proper regard to details, which enter so largely into the elements of success in the management of all railroads, cannot possibly be attained by any plan that contemplates its organization as a whole; and in proof of this position, the experience of shorter roads is referred to, the business operations of which have been conducted much more economically.
Theoretically, other things being equal, a long road should be operated for a less cost per mile than a short one. This position is so clearly evident and so generally admitted, that its truth may be assumed without offering any arguments in support of it; and, notwithstanding the reverse, so far as practical results are considered, has generally been the case, we must look to other causes than the mere difference in length of roads for a solution of the difficulty.”

Daniel McCallum (1815–1878) Canadian engineer and early organizational theorist

Source: Report of the Superintendent of the New York and Erie Railroad to the Stockholders (1856), p. 33-34: First two paragraphs

Truth , Business , Support , Success

“Legislators represent people, not trees or acres. Legislators are elected by voters, not farms or cities or economic interests.”

Earl Warren (1891–1974) United States federal judge

On the subject of state Senate apportionment, in Reynolds v. Sims (1964)
1960s

People , Tree

“Everything we hope to do, depends on an expanding economic pie. And only a vibrant, competitive, thriving private sector can create that. Government is a necessary partner, but it is the junior partner. Only the private sector can produce the revenues for the social programs that we Democrats care so much about. The financing of those programs through ever more public debt violates our generation responsibility.”

Paul Tsongas (1941–1997) American politician

ibid.

Hope , Dependency

“It has never been in my power to study anything, — mathematics, ethics, metaphysics, gravitation, thermodynamics, optics, chemistry, comparative anatomy, astronomy, psychology, phonetics, economics, the history of science, whist, men and women, wine, metrology, except as a study of semeiotic.”

Charles Sanders Peirce (1839–1914) American philosopher, logician, mathematician, and scientist

Letter to Victoria (23 December 1908)

Women , Men , History , Mathematics

“The black people I knew came from different places and backgrounds- social, economic, even ethnic- yet the color of our skin was somehow supposed to make us identical in spite of our differences. I didn't buy it. Of course we had all experienced racism in one way or another, but did that mean that we had to think alike?”

Clarence Thomas (1948) Associate Justice of the Supreme Court of the United States

Page 62
2000s, (2008)

People , Color , Way , Thinking

“Don’t you think a man who has this kind of economic genius is a lot better for the United States than a woman, and the only thing she’s ever produced is a lot of work for the FBI checking out her e-mails.”

Rudy Giuliani (1944–2001) American businessperson and politician, former mayor of New York City

October 2, 2016, on ABC's This Week
Source: 'This Week' Transcript: Rudy Giuliani and Sen. Bernie Sanders" http://abcnews.go.com/Politics/week-transcript-rudy-giuliani-sen-bernie-sanders/story?id=42496702. ABC News. 2016-10-02. Retrieved 2016-10-02.

Thinking

“This was no doubt due in part to economic reasons, for Scotland before the era of modern industrial developments was a poor country and brains and brawn were among its few merchantable assets. Hence, on the one hand, the rewarding eminence attained by so many Scots beyond their own borders in the worlds of scholarship, commerce, and administration… and hence, on the other hand, the fame of the achievements of the Scots on the Continent as soldiers of fortune in the wars of Europe, a valorous reputation subsequently so well maintained by the Highland Regiments in the service of the British Crown.”

Hugh Macmillan, Baron Macmillan (1873–1952) British judge

Source: A Man of Law's Tale (1952), On Education, p. 14

War , World , Parting , Country

“O. K., so what does standard new classical economics say? You should cut the wages of everybody who works for you. Because there are all the people standing outside the factory gates, and they have the same skill set as the people who work for you. You should at least be willing, according to this view, if not to hire them, to say to your own workers, ‘If you don’t take a pay cut, I’m going to replace you with them.’ But one goes around, actually talks to firms, and you’ll find that no firm would do that.”

Janet Yellen (1946) American economist and professor

The Hand on the Lever (2014)

People

“Ambedkar is my Father in Economics. He is true celebrated champion of the underprivileged. He deserves more than what he has achieved today. However he was highly controversial figure in his home country, though it was not the reality. His contribution in the field of economics is marvelous and will be remembered forever..!”

Amartya Sen (1933) Indian economist

Amartya Sen, "Dr. BR Ambedkar: As an Economist." International Journal of Humanities and Social Science Invention 2.3 (2013): 24-27.
2010s

Home , Reality , Country

“We are Brigand Philosophers
Our hearts are high and cheery,
For we know our robbery rests upon
A sound economic theory!”

Robertson Davies (1913–1995) Canadian journalist, playwright, professor, critic, and novelist

The Golden Ass (1999)

Heart

“Economics is a young science, and there is still much to be learned. Economists sometimes disagree because they have different hunches about the validity of alternative theories or about the size of important parameters that measure how economic variables are related.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 2. Thinking Like an Economist; p. 30

Learning , Science

“No area of life will be free from this concept in the future. That means that people will recognize the social organism, and they must think within this context. They must not only think about schools but also about the legal system and economic structures. They must always think through the entire social organism…”

Joseph Beuys (1921–1986) German visual artist

1970's, Every Man an Artist: Talks at Documenta 5', 1972

Life , People , School , Thinking

“Organizational design often focuses on structural alternatives such as matrix, decentralization, and divisionalization. However, control variables (e. g., reward structures, task characteristics, and information systems) offer a more flexible approach. The purpose of this paper is to explore these control variables for organizational design. This is accomplished by integration and testing of two perspectives, organization theory and economics, notably agency theory. The resulting hypotheses link task characteristics, information systems, and business uncertainty to behavior vs. outcome based control strategy. These hypothesized linkages are examined empirically in a field study of the compensation practices for retail salespeople in 54 stores. The findings are that task programmability is strongly related to the choice of compensation package. The amount of behavioral measurement, the cost of measuring outcomes, and the uncertainty of the business also affect compensation. The findings have management implications for the design of compensation and reward packages, performance evaluation systems, and control systems, in general. Such systems should explicitly consider the task, the information system in place to measure performance, and the riskiness of the business. More programmed tasks require behavior based controls while less programmed tasks require more elaborate information systems or outcome based controls.”

Kathleen M. Eisenhardt American economist

Source: "Control: Organizational and economic approaches," 1985, p. 134; Article abstract

Behavior , Business , Study

“[T]he assumption describes our actions, not our thoughts. If you had to understand something intellectually in order to do it, none of us would be able to walk.
Economics is based on the assumption that people have reasonably simple objectives and choose means to achieve them. Both assumptions are false-but useful.
Suppose someone is rational only half the time. Since there is generally one right way of doing things and many wrong ways, the rational behavior can be predicted but the irrational cannot. If we assume he is rational, we predict his behavior correctly about half of the tie - far from perfect, but a lot better then nothing. If I could do well at the racetrack I would be a very rich man.
[R]ationality is an assumption I make about other people. I know myself.
[R]ationality is an assumption I make about other people. I know myself well enough to allow for the consequences of my own irrationality. But for the vast mass of my fellow humans, about whom I know very little, rationality is the best predictive assumption available.”

David D. Friedman (1945) American economist, physicist, legal scholar, and libertarian theorist

As cited in Ronald J. Baker (2010) Implementing Value Pricing: A Revolutionary Business Model for Professional Firms. p. 122
Source: Hidden Order: The Economics of Everyday Life, 1996, pp.3-5

People , Way , Behavior , Understanding

“Taipei has a responsibility to share its 60-year experience of democratization and economic development with Beijing. We also have a responsibility to make freedom, democracy, human rights and rule of law the core values for promoting cross-strait ties.”

Lin Chu-chia (1956) Taiwanese politician

Lin Chu-chia (2012) cited in " MAC sees Beijing reforms as key to cross-strait ties http://taiwantoday.tw/ct.asp?xItem=198574&CtNode=452" on Taiwan Today, 13 November 2012.

Law , Democracy , Freedom

“My friends, there have been dozens of economic programs these past 60 years. I myself have seen so many Medium Term Development Programs prepared by very capable men and women from government, academe and the private sector.”

Francis Escudero (1969) Filipino politician

2009, Speech: The Socio-Economic Peace Program of Senator Francis Escudero

Women , Men , Past

“The attacks of September 11 were intended to break our spirit, instead we have emerged stronger and more unified. We feel renewed devotion to the principles of political, economic and religious freedom, the rule of law and respect for human life. We are more determined than ever to live our lives in freedom”

Rudy Giuliani (1944–2001) American businessperson and politician, former mayor of New York City

Dedication for the exhibit "After September 11 : Images from Ground Zero." (31 December 2001) http://italy.usembassy.gov/policy/events/020311/

Life , Law , Feeling , Freedom

“Keynes was to economics as Katrina was to New Orleans.”

Ilana Mercer South African writer

“Seeking honorable Hondurans for Hire,” http://www.ilanamercer.com/phprunner/public_article_list_view.php?editid1=506 WorldNetDaily.com, July 10, 2009.
2000s, 2009

“The worst thing that can happen during the 1980s is not energy depletion, economic collapse, limited nuclear war, or conquest by a totalitarian government. As terrible as these catastrophes would be for us, they can be repaired within a few generations. The one process ongoing in the 1980s that will take millions of years to correct is the loss of genetic and species diversity by the destruction of natural habitats. This is the folly that our descendents are least likely to forgive us.”

Edward O. Wilson (1929) American biologist

Gaia Atlas of Planet Management

War , Forgiveness , Nature , Loss

“We have a large reservoir of engineers (and scientists) with a vast background of engineering know how. They need to learn statistical methods that can tap into the knowledge. Statistics used as a catalyst to engineering creation will, I believe, always result in the fastest and most economical progress…”

George E. P. Box (1919–2013) British statistician

Statement of 1992, quoted in Introduction to Statistical Experimental Design — What is it? Why and Where is it Useful? (2002) Johan Trygg & Svante Wold

Knowledge , Learning

“Though Latin long held sway in Court and bureaucratic circles, the cultural cement of the empire’s core populations was Greek and its education was in the Greek classics and tongue. Imperial tradition, Christian Orthodoxy and Greek culture became even more the bases of Byzantium and her Hellenic community, after she had lost most of her western and Asiatic possessions in the seventh century — to Visigoths and then Arabs m Spain and North Africa, to the Lombards in much of Italy, to the Slavs in the Balkans and to Muslim armies in Egypt and the Near East. Political circumstances, and the resilience of Greek culture and Greek education, made her predominantly Greek in speech and character. After the sack of Constantinople in 1204 and the establishment of a Latin empire under Venetian auspices, the rivalry of the Greek empires based on Nicaea, Epirus and Trebizond to realize the patriotic Hellenic dream of recapturing the former capital further stimulated Greek ethnic sentiment against Latin usurpation. W1cn in the face of Turkith threats, the fifteenth-century Byzantine emperor, Michael Palaeologus, tried to place the Orthodox Church under the Papacy and hence Western protection; an inflamed Greek sentiment vigorously opposed his policy. The city’s populace in the fourteenth and fifteenth centuries, their Hellenic sentiments fanned by monks, priests and the Orthodox party against the Latin policies of the government, actually preferred the Turkish turban to the Latin mitre and attacked the urban wealthy classes. But the Turkish conquest and the demise of Byzantium did not spell the end of the Orthodox Greek community and its ethnic sentiment. tinder its Church and Patriarch, and organized as a recognized milliet of the Ottoman empire, the Greek community flourished in exile, the upper classes of its Diaspora assuming privileged economic and bureaucratic positions in the empire. So Byzantine bureaucratic incorporation had paradoxical effects: as in Egypt, it helped to sunder the mass of the Greek community from the state and its Court and bureaucratic imperial myths and culture in favour of a more demotic Greek Orthodoxy; but, unlike Egypt, the demise of the state served to strengthen that Orthodoxy and reattach to it the old dynastic Messianic symbolism of a restored Byzantine empire in opposition to Turkish oppression.”

Anthony D. Smith (1939–2016) British academic

The Ethnic Origins of Nations (1987)

Education , Dreams , Communication , Help

“According to the World Bank, the concentration of wealth and the structures of corporate economic power have no bearing on woman's rights.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 4, The World Bank and Woman's Rights, p. 67

World , Wealth

“Mathematics brought rigor to Economics. Unfortunately, it also brought mortis”

Kenneth E. Boulding (1910–1993) British-American economist

Attributed to Kenneth Boulding in: Peter J. Dougherty (2002) Who's afraid of Adam Smith?: how the market got its soul. p. 110
1990s and attributed

Mathematics

“I began studying philosophy and economics about the same time. The similarity of the two disciplines struck me at once. I found no difficulty in grasping the differences between the great philosophical systems as they were presented by our textbooks and our teachers. Economic theory was easier still. Indeed, I thought the successive systems of economics were rather crude affairs compared with the subtleties of the metaphysicians. Having run the gamut from Plato to T. H. Green (as undergraduates do) I felt the gamut from Quesnay to Marshall was a minor theme. The technical part of the theory was easy. Give me premises and I could spin speculations by the yard. Also I knew that my 'deductions' were futile…
Meanwhile I was finding something really interesting in philosophy and in economics. John Dewey was giving courses under all sorts of titles and every one of them dealt with the same problem — how we think… And, if one wanted to try his own hand at constructive theorizing, Dewey's notion pointed the way. It is a misconception to suppose that consumers guide their course by ratiocination—they don't think except under stress. There is no way of deducing from certain principles what they will do, just because their behavior is not itself rational. One has to find out what they do. That is a matter of observation, which the economic theorists had taken all too lightly. Economic theory became a fascinating subject—the orthodox types particularly — when one began to take the mental operations of the theorists as the problem…
Of course Veblen fitted perfectly into this set of notions. What drew me to him was his artistic side… There was a man who really could play with ideas! If one wanted to indulge in the game of spinning theories who could match his skill and humor? But if anything were needed to convince me that the standard procedure of orthodox economics could meet no scientific tests, it was that Veblen got nothing more certain by his dazzling performances with another set of premises…
William Hill set me a course paper on 'Wool Growing and the Tariff.”

Wesley Clair Mitchell (1874–1948) American statistician

I read a lot of the tariff speeches and got a new sidelight on the uses to which economic theory is adapted, and the ease with which it is brushed aside on occasion. Also I wanted to find out what really had happened to wool growers as a result of protection. The obvious thing to do was to collect and analyze the statistical data... That was my first 'investigation'.
Wesley Clair Mitchell in letter to John Maurice Clark, August 9, 1928. Originally printed in Methods in Social Science, ed. Stuart Rice; Cited in: Arthur F. Burns (1965, 65-66)

Way , Behavior , Game , Idea

“In economic theory the conclusions are sometimes less interesting than the route by which they are reached.”

Piero Sraffa (1898–1983) Italian economist

October 1975 in letter to C.P. Blitch, as cited in: Riccardo Bellofiore, ‎Scott Carter (2014), Towards a New Understanding of Sraffa. p. 199

“Just as economic pressure from the base … is able to modify the production of surplus value, so pressure grounded in spatial practice is alone capable of modifying the apportionment of that surplus value — i. e. the distribution of the portion of social surplus production allotted to society's collective 'interests', to so-called social services. Such grass-roots pressure, if it is to be effective in this regard, cannot be confined to attacking the state qua guardian of the 'general interest'. For this state, born of the hegemony of a class, has as one of its functions — and a more and more significant function — the organization of space, the regularization of its flows, the control of its networks. It devotes to these purposes a considerable part of global surplus value, of the surplus production assigned to the running of society.”

Henri Lefebvre (1901–1991) French philosopher

Henri Lefebvre (1974) The Production of Space. Translated to English in 1991 by Donald Nicholson-Smith; As cited in: "Henri Lefebvre on Governance and Space" on thepolisblog.org 2012.10
Other quotes

Grass , Parting

“Another discipline began to intrude upon the confident work and increasingly elaborate models of the human relations theorists (largely social psychologists) and the uneasy toying with bureaucracy of the "structionalists" (largely sociologists). Both tended to study economic organizations. A few, like Philip Selznick, were noting conflict and differences in goals (perhaps because he was studying a public agency, the Tennessee Valley Authority), but most ignored conflict or treated it as a pathological manifestation of breakdowns in communication or the ego trips of unreconstructed managers.”

Charles Perrow (1925–2019) American sociologist

Source: 1970s, "The short and glorious history of organizational theory", 1973, p. 7

Confidence , Communication , Study

“Living with the conditions of slavery and then later segregation, many Negroes lost faith in themselves. Many came to feel that perhaps they were less than human, perhaps they were inferior. But then something happened to the Negro. Circumstances made it possible and necessary for him to travel more. The coming of the automobile, the upheavals of two world wars, the great depression. So his rural plantation background gradually gave way to urban industrial life. His economic life was gradually rising and even his cultural life was gradually rising through the steady decline of crippling illiteracy. All of these forces conjoined to cause the Negro to take a new look at himself. His religion revealed to him that God loves all of his children and that all men are made in His image. That the basic thing about a man is not his specificity but his fundamental. Not the texture of his hair or the color of his skin but his eternal dignity and worth.”

Martin Luther King, Jr. (1929–1968) American clergyman, activist, and leader in the American Civil Rights Movement

"Social Justice and the Emerging New Age" address at the Herman W. Read Fieldhouse, Western Michigan University (18 December 1963)
1960s

Love , Life , Men , God

“The skills and productivity of American Workers, not to mention the taxes they pay, are the greatest economic resource our country has. To condemn large numbers of them to unemployment, to deprive the Treasury of their tax contributions and to force them to live on unemployment at public expense is the most expensive luxury any society ever chose to buy.”

Lane Kirkland (1922–1999) American labor leader

Cited in The AFL-CIO American Federationist, Vols. 84-86 (1977), p. 4.

Country

“The root of the problem is that domesticated animals have inherited from their wild ancestors many physical, emotional and social needs that are redundant in human farms. Farmers routinely ignore these needs without paying any economic price. They lock animals in tiny cages, mutilate their horns and tails, separate mothers from offspring, and selectively breed monstrosities.”

Yuval Noah Harari (1976) Israeli historian

Introduction to Animal Liberation

Problem , Animals

“A great measure of world poverty today and African poverty in particular is due to the continuing dependence on foreign markets for manufactured goods, which undermines domestic production and dams up domestic skills, apart from piling up unmanageable foreign debts. Gandhi's insistence on self-sufficiency is a basic economic principle that, if followed today, could contribute significantly to alleviating Third World poverty and stimulating development.”

Nelson Mandela (1918–2013) President of South Africa, anti-apartheid activist

2000s, The Sacred Warrior (2000)

World , Dependency

“The general theory of economic equilibrium was strengthened and made effective as an organon of thought by two powerful subsidiary conceptions — the Margin and Substitution. The notion of the Margin was extended beyond [Utility]] to describe the equilibrium point in given conditions of any economic factor which can be regarded as capable of small variations about a given value, or in its functional relation to a given value.”

John Maynard Keynes (1883–1946) British economist

Source: Essays In Biography (1933), Alfred Marshall, p. 223

“Borrowing to build factories is not the economic equivalent of borrowing to buy television sets, and it’s amazing just how few modern economists can see the difference…Borrowing to produce is the way poor countries become rich. Borrowing to consume is the way rich countries become poor. A vivid example of the latter is the stream of container ships unloading at U. S. ports and going back empty because we have nothing to ship.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

Way , Country

“Nietzsche saw in the Protestant ethic, in both its religious and secular (economic) forms, a final protest before the emergence into dominance of the ordered, bourgeois world of the ‘last man’—he who will pay any price in tedium for comfort and the absence of tension.”

John Carroll (1944) Australian professor and author

Source: Break-Out from the Crystal Palace (1974), p. 96

World

“There is an unbroken chain of opposition to the introduction of economic freedom and to the capitalist autonomy of the economic sphere… In every case the opposition could only be overcome - peacefully or by force - because of the promise of capitalism to establish equality… That this promise was an illusion we all know.”

Peter F. Drucker (1909–2005) American business consultant

Source: 1930s- 1950s, The End of Economic Man (1939), p. 39

Freedom

“Practically all traditional distinctions, whether economic, moral, social, or aesthetic, are today under assault as founded on a prejudice.”

Richard M. Weaver (1910–1963) American scholar

“Life without prejudice,” p. 4.
Life Without Prejudice (1965)

“Hitler and others promised that as soon as the National Socialist revolution had removed Jewry, economic exploitation would be overcome and a socially just utopia would be nigh.”

Götz Aly (1947) German journalist, historian and social scientist

Source: Why the Germans? Why the Jews?: Envy, Race Hatred, and the Prehistory of the Holocaust (2011), p. 89

“Not only has capitalism failed to bring us to the brink of a scarcity-free world, but in a sense, you could say that capitalism invented scarcity - at least as a deliberate method of economic organization…. The flipside of this bounty, this endless feast, is scarcity.”

Linda McQuaig (1951) journalist and author

All You Can Eat: Greed, Lust and the New Capitalism (2001)

World , Sense

“Since the beginning of 1979, it has often been said that the Shiite religion, like the ephemeral French Republic of 1792 is "one and indivisible". Nothing could be further from the truth. Those in power do not represent the élite of the hierarchy. Narrow-minded and mediocre, they are as far removed as it is possible to be from the noble ideas of the Prophet. They are ignorant of essential political, economic and social realities of the day, but nonetheless they claim to legislate.”

Mohammad Reza Pahlavi (1919–1980) Shah of Iran

Page 205
Publications, The Shah's Story (1980), On Islam and the Islamic Revolution

Truth , Religion , Idea , Reality

“She stopped dead; and the look in her eyes showed plainly she’d just received the import of a crude lesson in economics.”

Keith Roberts book Pavane

Sixth measure “Corfe Gate” (p. 224)
Pavane (1968)

Dead

“In my view—and that of most contemporary economists, I believe—Schumpeter’s most original and most lastingly significant book was Theory of Economic Development, which appeared in 1911 (and was translated into English in 1934). It was at the University of Czernowitz, not far from the beginning of his career as an economist, that he worked out his conception of the entrepreneur, the maker of “new combinations,” as the driving force and characteristic figure of the fits-and-starts evolution of the capitalist economy. He was explicit that, while technological innovation was in the long run the most important function of the entrepreneur, organizational innovation in governance, finance, and management was comparable in significance.”

Robert Solow (1924) American economist

"Heavy Thinker" (2007)

Books , Universe , Appearance

“I have noticed in this economic downturn that more of my friends talk about God…”

John Townsend (1952) Canadian clinical psychologist and author

Where Is God (2009, Thomas Nelson publishers)

God

“While many brilliant writers and speech makers have been battling passionately about communism, fascism, socialism, and democracy, our studies of how governmental organizations actually function have forced us to the conclusion that there is little significance to these terms. Indeed, it has been our general observation that not only in different countries, but from generation to generation men go on organizing their governments and earning their living in much the same manner. Notable changes and improvements can be credited from time to time to the scientists and engineers, and in general to improved technology, but throughout history economic laws and the processes of production and distribution display an utter contempt for changes in the political complexion of government. In appraising the many experiments in governmental organization that are being tried currently throughout the world, it is important that we should not be thrown off the track by the circumstance that the various revolutionary movements or changes in government have adopted different symbols around which to rally supporters. The vital point is the plain fact that, once the controlling group gets into power, the practical circumstances of the situation force the new leaders to organize the government according to principles of organization that are as old as the hills.”

James D. Mooney (1884–1957) American businessman

Source: The Principles of Organization, 1947, p. 14-15; as cited in: Albert Lepawsky (1949), Administration, p. 251-252 ; Parts published earlier in: News and Views. General Motors Acceptance Corporation, General Exchange Insurance Corporation, Motors Insurance Corporation, 1938. p. 8

Men , World , Law , Democracy

“It would be more realistic to think of all economic enterprise as a public service. Thought of in this perspective, a private economy is a contradiction in terms. Every economy is a public or social (not socialist) economy.”

Robert A. Dahl (1915–2014) American political scientist

After the Revolution? (1970; 1990), Ch. 4 : From Principles to Problems

Thinking

“If that hideousness came here, it wouldn't be any more hideous for the animals — they are all bound for a ghastly death anyway. But it would wake up consumers. … I openly hope it [hoof and mouth disease] comes here. It will bring economic harm only for those who profit from giving people heart attacks and giving animals a concentration camp-like existence. It would be good for animals, good for human health and good for the environment.”

Ingrid Newkirk (1949) British-American activist

ABC News interview, 2001 April 2

Death , People , Health , Disease

“The [Labour] moderates split off and that split of the moderates delayed the realignment of British politics for at least one generation and possibly two, because as a conservative passionately believing in freedom under the law and believing that socialism cannot stand for that, the realignment - you hear me say my job is to stay in long enough so that everyone knows that socialism and the British character do not mix, so socialism has got to go - is to get the fundamental realignment which I think is in keeping with the British character, which is two parties, a free enterprise party, because if you have political freedom under the rule of law you have got to have economic freedom as well. It is to bring about that can only be done really by eventually the Labour Party splitting off the Left and rejecting the Clause 4 and the command economy, and then we really should get a realignment.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Interview for The Standard (13 March 1987) http://www.margaretthatcher.org/document/106595
Second term as Prime Minister

Law , Thinking , Freedom , Passion

“Here's the story: There's a terrible crisis affecting the American economy. We have come together on a bill to alleviate the crisis. And because somebody hurt their feelings they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hypersensitivity […] But think about this: Somebody hurt my feelings so I will punish the country. I mean, that's hardly plausible. And there are 12 Republican members who were ready to stand up for the economic interests of America but not if anybody insulted them. I'll make an offer: Give me those 12 people's names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they'll now think about the country.”

Barney Frank (1940) American politician, former member of the House of Representatives for Massachusetts

Speaking of the defeat of a financial bailout plan in the House
[Foon, Rhee, http://www.boston.com/news/politics/politicalintelligence/2008/09/frank_mocks_gop.html, Frank mocks GOP complaint on bailout, The Boston Globe, September 29, 2008, 2008-11-20]

People , Feeling , Thinking , Hurt

“I’m not saying that arguments based on rationality are necessarily wrong in particular cases. (I can’t very well say that, given that I wrote an article on why it can be rational to vote.) I’m just trying to understand how pop-economics can so rapidly swing back and forth between opposing positions. And I think it’s coming from the comforting presence of rationality and efficiency in both formulations. It’s ok to distinguish economists from ordinary people (economists are rational and think the unthinkable, ordinary people don’t) and it’s also ok to distinguish economists from other social scientists (economists think ordinary people are rational, other social scientists believe in “culture”). You just have to be careful not to make both arguments in the same paragraph.”

Andrew Gelman (1965) American mathematician

“One of the easiest ways to differentiate an economist from almost anyone else in society” http://andrewgelman.com/2011/07/19/one_of_the_easi/ (19 July 2011)

People , Understanding , Thinking

“Property rights develop to internalize externalities when the gains of internalization become larger than the cost of internalization. Increased internalization, in the main, results from changes in economic values, changes which stem from the development of new technology and the opening of new markets, changes to which old property rights are poorly attuned [G]iven a community's tastes… [for private versus state ownership], the emergence of new private or state-owned property rights will be in response to changes in technology and relative prices.”

Harold Demsetz (1930–2019) American economist

Harold Demsetz, (1967). "Toward a Theory of Property Rights." American Economic Review 57 (May, No. 2): 347-359. p. 350, as cited in Eggertsson (1990; 250)

Communication , Change

“In the aftermath of the war, we find one of the most hidden eras of US history; and that is the period of radical reconstruction. It certainly remains the most radical era in the entire history of the United States of America. And this is an era that is rarely acknowledged in historical texts. … There were progressive laws passed challenging male supremacy. This is an era that is rarely acknowledged. During that era of course we had the creation of what we now call historically black colleges and universities and there was economic development. This period didn’t last very long. From the aftermath of the abolition of slavery, we might take 1865 as that day until 1877 when a radical reconstruction was overturned—and not only was it overturned but it was erased from the historical record—and so in the 1960s we confronted issues that should have been resolved in the 1860s. One hundred years later.”

Angela Davis (1944) American political activist, scholar, and author

Freedom is a Constant Struggle: Closures and Continuities (2013)

War , Law , History , Universe

“The dictionary defines "economics" as "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services." Here is another definition of economics which I think is more helpful in explaining how economics relates to software engineering.
Economics is the study of how people make decisions in resource-limited situations.
This definition of economics fits the major branches of classical economics very well.
Macroeconomics is the study of how people make decisions in resource-limited situations on a national or global scale. It deals with the effects of decisions that national leaders make on such issues as tax rates, interest rates, foreign and trade policy.
Microeconomics is the study of how people make decisions in resource-limited situations on a more personal scale. It deals with the decisions that individuals and organizations make on such issues such as how much insurance to buy, which word processor to buy, or what prices to charge for their products or services.”

Barry Boehm (1935) American software engineer

Source: Software engineering economics. (1984), p. 4

People , Thinking , Decision , Study

“Hayek’s essential gist in capital theory was that capital is heterogeneous, that it cannot be put to many uses simultaneously or at different times. If these empirical assumptions as to capital’s heterogeneity are false, then his theoretical system of economic activity falls. Hayek never established that changes in interest rates primarily and predominantly influence capital production of goods of higher order and their prices.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

Change , Time , Falseness

“It is my conviction and shraddha (faith) that even on economic issues, Gandhi is relevant even today…. So in every aspect of my social reform efforts, you will see the imprint of Gandhi…. I bring every little aspect of Gandhi ji’s life into my work. In social forestry, that is, in planting trees outside forest areas, Gujarat is number one in India… We have also incentivized every village to have a panchvati (a green belt drawing its name from the forest in which Ram, Lakshman, and Sita lived during their years of exile)…. This is part of putting our traditions and Gandhian values to creative use.”

Narendra Modi (1950) Prime Minister of India

Narendra Modi quoted from Kishwar, Madhu (2014). Modi, Muslims and media: Voices from Narendra Modi's Gujarat. p.381-386
2013

Life , Faith , Effort , Tree

“The U. S. knows that I have attacked it, by the grace of God, for more than 10 years now. The U. S. alleges that I am fully responsible for the killing of its soldiers in Somalia. God knows that we have been pleased at the killing of American soldiers. This was achieved by the grace of God and the efforts of the mujahedin from among the Somali brothers and other Arab mujahedin who had been in Afghanistan before that. America has been trying ever since to tighten its economic blockade against us and to arrest me. It has failed. This blockade does not hurt us much. We expect to be rewarded by God.”

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

In response to the interviewer stating: 'The U.S. is trying to stop the flow of funds to your organization. Has it been able to do so?'
1990s, Time magazine interview (1998)

God , Effort , Hurt

“For – to say a few words on technique – whereas the curved line was used predominantly for reasons of beauty, (Phidias, Michelangelo, Raphael, Rubens) it has been used more and more economically for reasons of truth (Millet, Claude Monet, Paul Cézanne) until it will end as the straight line for reasons of Love. This will enable the art of the future to create an international form; a form understandable to all and vital enough to the expression of a general feeling of love in a monumental way. Such is the future.”

Theo van Doesburg (1883–1931) Dutch architect, painter, draughtsman and writer

Quote from 'Onafhankelijke bespiegelingen over de kunst', by Theo van Doesburg, in the Dutch journal De Avondpost 23 January 1916
1912 – 1919

Love , Truth , Beauty , Art

“The whole point of the military-first policy was not so much to whip up support for the military as to de-ideologize the economic sector, to make it possible to dismantle the command economy without dismantling the authority of the whole system.”

Brian Reynolds Myers (1963) American professor of international studies

2010s, Interview with Joshua Stanton (August 2017)

Support

“As far as the use of mathematics in economics is concerned, there is an abundance of formulas where such are not needed. They are frequently introduced, one fears, in order to show off. The more difficult the mathematical theorem, the more esoteric the name of the mathematician quoted, the better.”

Oskar Morgenstern (1902–1977) austrian economist

Oskar Morgenstern, " Limits of the Use of Mathematics in Economics https://www.princeton.edu/~erp/ERParchives/archivepdfs/M49.pdf," in: James C. Charlesworth (Hg.), Mathematics and the Social Science. The Utility and Inutility of Mathematics in the Study of Economics, Political Sciences and Sociology, Philadelphia 1963, S. 12-29, hier S. 18.

Fear , Quotes , Mathematics

“We believe that no nation can survive politically free but economically enslaved.”

Tommy Douglas (1904–1986) Scottish-born Canadian politician

Budget Debate, House of Commons, Ottawa, Ontario, March 22, 1943.

“I firmly believe that any organization, in order to survive and achieve success, must have a sound set of beliefs on which it premises all its policies and actions.
Next I believe that the most important single factor in corporate success is faithful adherence to those beliefs.
And, finally I believe if an organization is to meet the challenge of a changing world, it must be prepared to change everything about itself except those beliefs as it moves through corporate life.
Basic philosophy, spirit and drive of an organization have far more to do with its relative achievements than do technological or economic resources, organizational structure, innovation and timing…”

Thomas Watson, Jr. (1914–1993) American businessman and diplomat

Watson, Jr. (1962) as cited in: Heather Clark, John Chandler, Jim Barry (1994) Organisation and Identities: : Text and Readings in Organizational Behaviour. p. 355.

Life , World , Faith , Change

“Real economic growth emanates from increased productivity, which tends to hold prices down.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“Negroes are not the only poor in the nation. There are nearly twice as many white poor as Negro, and therefore the struggle against poverty is not involved solely with color or racial discrimination but with elementary economic justice….”

Martin Luther King, Jr. (1929–1968) American clergyman, activist, and leader in the American Civil Rights Movement

1960s, Address to Local 815, Teamsters and the Allied Trades Council (1967)

Justice , Color

“The economic problems of society are important. On the whole, we are meeting them fairly well. They are so personal and so pressing that they never fail to receive constant attention. But they are only a part. We need to put a proper emphasis on the other problems of society. We need to consider what attitude of the public mind it is necessary to cultivate in order that a mixed population like our own may dwell together more harmoniously and the family of nations reach a better state of understanding. You who have been in the service know how absolutely necessary it is in a military organization that the individual subordinate some part of his personality for the general good. That is the one great lesson which results from the training of a soldier. Whoever has been taught that lesson in camp and field is thereafter the better equipped to appreciate that it is equally applicable in other departments of life. It is necessary in the home, in industry and commerce, in scientific and intellectual development. At the foundation of every strong and mature character we find this trait which is best described as being subject to discipline. The essence of it is toleration. It is toleration in the broadest and most inclusive sense, a liberality of mind, which gives to the opinions and judgments of others the same generous consideration that it asks for its own, and which is moved by the spirit of the philosopher who declared that 'To know all is to forgive all.”

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

It may not be given to infinite beings to attain that ideal, but it is none the less one toward which we should strive.
1920s, Toleration and Liberalism (1925)

Life , Family , Home , Forgiveness

“Political institutions are a superstructure on the economic foundation.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

The Three Sources and Three Constituent Parts of Marxism (March 1913)
1910s

“Eight years before he became vice president, Richard Cheney spelled out this premise in his "Defense Strategy for the 1990s." Either before or soon after 9/11, he and his close associates chose Iraq as the first major target, apparently to remove a threat to Israel and to have Iraq serve as our permanent military, economic, and political base in the Middle East.”

Jimmy Carter (1924) American politician, 39th president of the United States (in office from 1977 to 1981)

Page 100
Post-Presidency, Our Endangered Values (2005)

“The labor of women in the house, certainly, enables men to produce more wealth than they otherwise could; and in this way women are economic factors in society. But so are horses.”

Charlotte Perkins Gilman (1860–1935) American feminist, writer, commercial artist, lecturer and social reformer

Source: Women and Economics (1898), Ch. 1.

For women , Women , Men , Way

“Although it is obvious that the Keynesians were all wrong and interventionism and central economic planning don’t work, whom are we listening to for advice on getting us out of this mess? Unfortunately, it’s the Keynesians, the socialists, and big-government proponents. Who’s being ignored? The Austrian free-market economists — the very ones who predicted not only the Great Depression, but the calamity we’re dealing with today. If the crisis was predictable and is explainable, why did no one listen? It’s because too many politicians believed that a free lunch was possible and a new economic paradigm had arrived. But we’ve heard that one before — like the philosopher’s stone that could turn lead into gold. Prosperity without work is a dream of the ages.”

Ron Paul (1935) American politician and physician

The Austrians Were Right, November 20, 2008 http://www.house.gov/apps/list/speech/tx14_paul/statement_11_20_08.shtml http://www.youtube.com/watch?v=8PIEGK0IbA4
2000s, 2006-2009

Age , Dreams

“Are we, in blind obedience to primitive instincts and old prejudices, enslaved by the old catchwords and that curious indolence which makes the revision of old ideas unpleasant, to duplicate indefinitely on the political and economic side a condition from which we have liberated ourselves on the religious side? Are we to continue to struggle, as so many good men struggled in the first dozen centuries of Christendom — spilling oceans of blood, wasting mountains of treasure — to achieve what is at bottom a logical absurdity, to accomplish something which, when accomplished, can avail us nothing, and which, if it could avail us anything, would condemn the nations of the world to never-ending bloodshed and the constant defeat of all those aims which men, in their sober hours, know to be alone worthy of sustained endeavor?”

Norman Angell book The Great Illusion

The Great Illusion (1910)

Men , World , Mountain , Idea

“The vision pursued by the founders of the EU was one of economic self interest, (subsidies, protection and investment) and lofty aspiration, (peace, prosperity and justice). It was predicated on a Europe without borders where mutual economic interests would lead to perpetual peace. A soft Kantian Marxism underpinned the European Union from the start, in which economic interests and a legal order would displace local institutions and national politics.”

Maurice Glasman, Baron Glasman (1961) British philosopher

The case against remaining in the EU on LabourList.org, 2 June 2016 http://labourlist.org/2016/06/why-should-labour-support-the-european-union-the-case-for-out/

Peace , Justice

“Barack Obama has been a grave disappointment to many of us, particularly with the increase in the number of drone strikes. His Administration is now strangling any country that would dare to stand up to the might of imperial America. Ireland should be an example of a small country that stands up against this international bullying. It has already got Bradley Manning, a person I salute, from inside the army. We need more of these people to tell the truth. Meanwhile Mr. Obama is off on this vulgar deathbed tourism. The one time I agreed with Mrs. Winnie Mandela was when she condemned Jacob Zuma for having his photograph taken with the poor unfortunate Nelson Mandela who was a complete zombie in the photograph and did not have a clue who it was who was molesting him by touching his hand and this horrid stuff. Let us, please, have a little [interrupted] I am asking him to appeal to the Government to offer sanctuary to Mr. Snowden. Even though this is a small country in economic difficulty, we should affirm to the world that we stand for openness, accountability, truth, honesty, decency and integrity, all of which Mr. Snowden represents.”

David Norris (1944) Irish scholar, independent Senator, and gay and civil rights activist

2 July 2013 http://www.kildarestreet.com/sendebates/?id=2013-07-02a.8&s=speaker%3A210#g52

People , Truth , World , Disappointment

“The use of the term institution has become widespread in the social sciences in recent years, reflecting the growth in institutional economics and the use of the institution concept in several other disciplines, including philosophy, sociology, politics, and geography. The term has a long history of usage in the social sciences, dating back at least to Giambattista Vico in his Scienza Nuova of 1725. However, even today, there is no unanimity in the definition of this concept. Furthermore, endless disputes over the definitions of key terms such as institution and organization have led some writers to give up matters of definition and to propose getting down somehow to practical matters instead. But it is not possible to carry out any empirical or theoretical analysis of how institutions or organizations work without having some adequate conception of what an institution or an organization is. This paper proposes that those that give up are acting in haste; potentially consensual definitions of these terms are possible, once we overcome a few obstacles and difficulties in the way. It is also important to avoid some biases in the study of institutions, where institutions and characteristics of a particular type are overgeneralized to the set”

Geoffrey Hodgson (1946) British economist

Source: Economics and institutions." 1988, p. 1; Abstract

Way , History , Study , Science

“Crises of every kind - economic crises more frequently, but not only these - in their turn increase very considerably the tendency towards concentration and monopoly”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Source: Imperialism, The Highest Stage of Capitalism (1917), Chapter One

“Even though I disagree with the tactics and the divisive rhetoric of the Black Lives Matter movement, I do understand that hopelessness and lack of opportunity breeds this type of desperation. And this is true in many of our nation’s ghettos and underprivileged communities, much of the protests in urban city centers are born out of this kind of desperation. But the thing is — the way that we can solve the problem and to eliminate this kind of a desperation is to create good jobs, urban economic revitalization, and opportunities for job training and long-term solutions. That will solve the problem in our troubled cities around this country. And I want to make a loud cry that we as Republicans — we are declaring right now today, that we are determined more than ever to listen to the cries of the disenfranchised, the low-income, the at-risk communities. We are more than ever – we will solve the problems together!”

Mark Burns (televangelist) (1979) Christian pastor and founder of the NOW Television Network

Speech at the 2016 Republican National Convention (July 21, 2016)

Way , Communication , Understanding , Problem

“It is apparently futile only to insist that the more backward countries restrict their birth rates. What is needed most of all is economic and technical assistance to these countries. This assistance must be of such scale and generosity that it is unlikely before the estrangement in the world and the egotistical, narrow-minded approach to relations between nations and races are eliminated.”

Andrei Sakharov (1921–1989) Soviet nuclear physicist and human rights activist

Progress, Coexistence and Intellectual Freedom (1968), Dangers, Hunger and Overpopulation (and the Psychology of Racism)

World , Birth , Country

“Having written all that, I must admit that there is some soul searching going on in the economics profession. As obvious as the financial crisis seems after the fact, few economists saw it coming (with some notable exceptions). Virtually none anticipated how severe it might be. In the fall of 2005, several prominent economists wrote in a prestigious journal, “As of the end of 2004, our analysis reveals little evidence of a housing bubble.”
Wrong. Actually the article was worse than wrong, because it was written explicitly to refute the signs of a bubble that had become obvious to many laypeople—which is kind of like the fire department showing up at a house with smoke wafting from the roof and declaring, “No, that’s not a fire,” only to have flames start leaping from the attic twenty minutes later. There was a bubble. And it can be explained best by incorporating psychology into economics, namely the tendency of individuals to believe that whatever is happening now is what’s most likely to happen in the future.”

Charles Wheelan (1966) American politician

Introduction
Naked Economics (rev. and updated ed., 2010)

Soul , Search , Future , Housing

“I have been gradually coming under the conviction, disturbing for a professional theorist, that there is no such thing as economics - there is only social science applied to economic problems.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1950s, A Reconstruction of Economics, 1950, p. vii

Problem , Science

“Today we are talking not just about warring sides but about humanity at large. Any reasonable man finds it hard to believe that while hunger, diseases, social inequality, economic underdevelopment and illiteracy are in existence, hundreds of billions of dollars are wasted to feed the insatiable monster — the arms race.”

Yevgeniy Chazov (1929) Russian physician

Tragedy and Triumph of Reason (1985)

Hunger , War , Disease

“We have entered upon a period of crisis and conflict more grave and crucial than any living man has known, and it is a conflict which I think has been more deliberately undertaken and will be more resolutely fought through by both sides than any political conflict that we can recall. Terribly important as economic and constitutional questions may be, the fiscal system of a country and the system of Government which prevails in a country are only means to an end, and that end must be to create conditions favourable to the social and moral welfare of the masses of the citizens.”

Winston S. Churchill (1874–1965) Prime Minister of the United Kingdom

The People's Rights [1909] (London: Jonathan Cape, 1970), p. 137
Early career years (1898–1929)

Question , Thinking , Country

“If, of course, one builds into the concept of an 'individual' all that Professor Hayek does in his Road To Serfdom, Individualism and Economic Order and many other works, which is, to put it briefly, the whole of laisser-faire economic theory, then plainly man as such a programmed predator has very little interest in being fraternal, or very little chance.”

Bernard Crick (1929–2008) British political theorist and democratic socialist

A Footnote To Rally Fellow Socialists, p. 234.
In Defence Of Politics (Second Edition) – 1981

Chance

“Economic theory makes a fundamental assumption that maximizing profits is the basic objective of every firm. But in recent years, profit maximization has been extensively qualified by theorists to refer to the long run; to refer to management’s rather than to owners’ income; to include non-financial income such as increased leisure for high-strung executives and more congenial relations between executive levels within the firm; and to make allowance for special considerations such as restraining competition, maintaining management control, warding off wage demands, and forestalling anti-trust suits. The concept has become so general and hazy that it seems to encompass most of men’s aims in life.
This trend reflects a growing realization by theorists that many firms, and particularly the big ones, do not operate on the principle of profit maximizing in terms of marginal costs and revenues…”

Joel Dean (1906–1979) American economics wrtier

Source: Managerial Economics, 1951, p. 28; Cited in: Peter F. Drucker, Management: Tasks, Responsibilities, Practices, New York: Harper & Row, 1973.

Life , Men

“I think that this is Schumpeter’s main legacy to economics: the role of technological and organizational innovation in driving and shaping the growth trajectory of capitalist economies.”

Robert Solow (1924) American economist

"Heavy Thinker" (2007)

Thinking

“In the quantitative models that appear in leading economics journals and textbooks, nature is taken to be a fixed, indestructible factor of production. The problem with the assumption is that it is wrong: nature consists of degradable resources.”

Partha Dasgupta (1942) British economist

Partha Dasgupta "Nature's role in sustaining economic development." Philosophical Transactions of the Royal Society B: Biological Sciences 365.1537 (2010): 5-11.

Nature , Problem , Appearance

“Through Operation Flood, milk has been transformed from a commodity into a brand, from insufficient production to sufficient production, from rationing to plentiful availability; from loose unhygienic milk to milk that is pure and sure, from subjugation to as symbol of farmer’s economic independence, to being the consumer’s greatest insurance policy for good health.”

Verghese Kurien (1921–2012) Indian founder of dairy-cooperative Amul

In p. 85
Quote, Our Leaders

Health

“So the game plan is not merely to free the income of the wealthiest class to “offshore” itself into assets denominated in harder currencies abroad. It is to scrap the progressive tax system altogether. … How stable can a global situation be where the richest nation does not tax its population, but creates new public debt to hand out to its bankers? … The “solution” to the coming financial crisis in the United States may await the dollar’s plunge as an opportunity for a financial Tonkin Gulf resolution. Such a crisis would help catalyze the tax system’s radical change to a European-style “Steve Forbes” flat tax and VAT sales-excise tax…. More government giveaways will be made to the financial sector in a vain effort to keep bad debts afloat and banks “solvent.” As in Ireland and Latvia, public debt will replace private debt, leaving little remaining for Social Security or indeed for much social spending. … The bottom line is that after the prolonged tax giveaway exacerbates the federal budget deficit – along with the balance-of-payments deficit – we can expect the next Republican or Democratic administration to step in and “save” the country from economic emergency by scaling back Social Security while turning its funding over, Pinochet-style, to Wall Street money managers to loot as they did in Chile. And one can forget rebuilding America’s infrastructure. It is being sold off by debt-strapped cities and states to cover their budget shortfalls resulting from un-taxing real estate and from foreclosures. Welcome to debt peonage. This is worse than what was meant by a double-dip recession. It will be with us much longer.”

Michael Hudson (economist) (1939) American economist

Obama's Bushism http://michael-hudson.com/2010/12/obamas-bushism/ (December 8, 2010)
Michael-Hudson.com, 1998-

Money , Game , Effort , Change

“We are more interested in the monthly trade returns than in Debrett, more preoccupied with what is said by the industrial correspondents and economic editors than what is said by William Hickey; more concerned with modernizing the machinery of government and the action that will need to follow the report of the Estimates Committee on the Civil Service than in altering the layout of Burke's Landed Gentry.”

Harold Wilson (1916–1995) Former Prime Minister of the United Kingdom

Speech to the Labour Party Conference in Blackpool (28 September 1965), quoted in The Times (29 September 1965), p. 5.
Prime Minister

“Mao Zedong was a great leader of the Chinese Revolution and as a result enjoyed an enormous amount of prestige among he ordinary Chinese people. However, Mao, as a revolutionary Marxist-Leninist, had always worked with and relied upon other Party leaders as well had always worked with and relied upon either Party leaders as well as the grass-roots Part members and masses to accomplish political, economic and social goals. Mao never relied upon and never believed in a command hierarchy imposed form above. Within the Chinese Communist Party, Mao had never gained that kind of absolute control that Stalin had over the Soviet Communist Party (and even Stalin could not simply impose his will without the cooperation of much of the Party and state bureaucracy). ON the contrary, on many historical occasions, Mao often found himself in the minority (as Lenin did within the Part leadership. If Mai's intention had eventually become the will of the Party, that took place only after patient and sustained persuasion, difficult and sometimes intense intra-Party struggle, criticism and self-criticisms, and most importantly, after the Party leaders and members had learnt from practice themselves.”

Li Minqi (1969) Chinese economist

Source: The Rise of China and the Demise of the Capitalist World-Economy (2008), Chapter Two, "Accumulation, Basic Needs, and Class Struggle: the Rise of Modern China"

People , Grass , Parting

“The claim "I deserve my income," as applied to an individual's pretax income in free market economies, has considerable intuitive force. If true, it suggests a powerful moral claim against taxation for redistributive purposes, on the intuitively plausible supposition that a just economic order ought to ensure that people get what they morally deserve.
But, however intuitive these claims may be, they are unjustified. In two of his important works of political economy, The Constitution of Liberty (see esp. ch. 6), and Law, Legislation, and Liberty (vol. 2), Hayek explained why free market prices cannot, and should not, track claims of individual moral desert.”

Elizabeth S. Anderson (1959) professor of philosophy and womens' studies

How Not to Complain About Taxes (III): "I deserve my pretax income" http://left2right.typepad.com/main/2005/01/how_not_to_comp_1.html (January 26, 2005)

People , Law

“We shall never stop until we can go back home and Israel is destroyed… The goal of our struggle is the end of Israel, and there can be no compromises or mediations… the goal of this violence is the elimination of Zionism from Palestine in all its political, economic and military aspects… We don’t want peace, we want victory. Peace for us means Israel’s destruction and nothing else.”

Yasser Arafat (1929–2004) former Palestinian President, and Nobel Peace Prize recipient

Quoted in the Washington Post (29 March 1970)
1970s

Peace , Home , Victory

“Two important features in the modern development of economics are the application of mathematics to abstract economic reasoning… and the attempt at placing economics on a numerical and experimental basis by an intensive study of economic statistics.
Both these developments have a common characteristic: they emphasize the quantitative character of economics. This quantitative movement in our estimation is one of the most promising developments in modern economics. We also consider it important that the two aspects of the quantitative method referred to should be furthered, developed, and studied jointly as two integrating parts of economics.
We therefore venture to propose the establishment of an international periodical devoted to the advancement of the quantitative study of economic phenomena, and especially to the development of a closer relation between pure economics and economic statistics.
We believe that the scope of the new journal would be happily suggested if it is called "Oekonometrika."”

Ragnar Frisch (1895–1973) Norwegian economist

Accordingly, the quantitative study of economic phenomena here considered may be termed econometrics.
Frisch (1927) as quoted in Divisia 1953, pp.24-25; Cited in: Bjerkholt, Olav. " Ragnar Frisch and the foundation of the Econometric Society and Econometrica http://www.ssb.no/a/histstat/doc/doc_199509.pdf." ECONOMETRIC SOCIETY MONOGRAPHS 31 (1998): 26-57.
Lead paragraph of a memorandum on the importance of establishing the journal "Oekonometrika"
1920

Mathematics , Study , Parting

Quotes about economics page 10

Quotes about economics
page 10