Quotes about economics
page 14

“Earlier writers have recognized that economic activity is only in part trading and that the element of administration enters in, but they have tended to minimize this administrative aspect. The modern corporation has not only increased this aspect by bringing a greater part of economic activity within the administrative limits of single units, has altered the character of the market by making price not an outgrowth of trading but of administration.”

Gardiner C. Means (1896–1988) American economist

Source: The Corporate Revolution in America, 1957, p. 18

Parting

“It was an axiom of "containment" that no part of the known world could be considered neutral. "Neutralism" was among the Cold Warriors' gravest curse words, applied with caustic hostility to India and even France. Those who were not with were against, subjected to intense economic and ideological — and sometimes military — pressure to fall into line.”

Christopher Hitchens (1949–2011) British American author and journalist

"How Neo-Conservatives Perish" (1990).
1990s, For the Sake of Argument: Essays and Minority Reports (1993)

Hostility, World, Parting

“The collapse of the standard of living, engineered as result of macro-economic policy, is without precedent in Russian history: " We had more to eat during the Second World War."”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 16, The "Thirdworldization" of the Russian Federation, p. 241

War, World, History

“The construction of an economic model, or of any model or theory for that matter (or the writing of a novel, a short story, or a play) consists of snatching from the enormous and complex mass of facts called reality, a few simple, easily-managed key points which, when put together in some cunning way, become for certain purposes a substitute for reality itself.”

Evsey Domar (1914–1997) American economist

Essays in the Theory of Economic Growth (1957)

Way, Reality

“It is a special privilege for me on this occasion to have my name associated with that of Professor Bertil Ohlin. By the younger generation of economists we are no doubt both regarded as what in my country are now known as 'senior citizens'; but I am just that much younger than Professor Ohlin to have regarded him as one of the already established figures when I was first trying to understand international economics. His great work on International and Interregional Trade opened up new insights into the complex of relationships between factor supplies, costs of movement of products and factors, price relationships, and the actual international trade in products, migration of persons, and flows of capital. Of the two volumes which I later wrote on International Economic Policy - namely, The Balance of Payments and Trade and Welfare”

James Meade (1907–1995) British economist

it is in the latter that the influence of this work by Professor Ohlin is most clearly marked.
The Meaning of "Internal Balance", (1977)

Understanding, Personality, Country

“Many economists would have you believe that their field is an objective science. I disagree, and I think that it is equally a tool that humans use to enforce and encode our social and moral preferences and prejudices about status and power, which is why plutocrats like me have always needed to find persuasive stories to tell everyone else about why our relative positions are morally righteous and good for everyone: like, we are indispensable, the job creators, and you are not; like, tax cuts for us create growth, but investments in you will balloon our debt and bankrupt our great country; that we matter; that you don't. For thousands of years, these stories were called divine right. Today, we have trickle-down economics. How obviously, transparently self-serving all of this is.”

Nick Hanauer (1959) American businessman

"Beware, fellow plutocrats, the pitchforks are coming" TED (conference) August 2014 http://www.ted.com/talks/nick_hanauer_beware_fellow_plutocrats_the_pitchforks_are_coming/transcript?language=en

Thinking, Science, Country

“In 1938 and at the age of eighty, Hobson decided to republish Imperialism: A Study. By the late 1930s, public opinion was becoming much more critical of empire and imperialism: one prominent imperial historian of the time, W. K. Hancock, wrote that 'to… an increasing proportion of the ordinary public the "imperialist" is a robber and a bully'. Under growing Marxist influence there was also an increasing tendency to offer economic interpretations of imperial expansion and control. Encouraged by these trends and convinced that the looming conflict between Britain and France on the one side, and Germany, Italy and Japan on the other, was basically an attempt to re-divide the imperial spoils, Hobson decided that his ancient text was worth reprinting. But in republishing it, and despite adding a long preface, Hobson gave no indication that he had ever held different views.”

Peter Cain (1958) figure skater

Source: J. A. Hobson's Imperialism: A Study: A Centennial Retrospective (2002), p. 3.

Age, Study, Time

“The main development I want to discuss has already occurred: Keynesian economics is dead [maybe ‘disappeared’ is a better term]. I don’t know exactly when this happened but it is true today and it wasn’t true two years ago. This is a sociological not an economic observation, so the evidence for it is sociological. For example, you cannot find a good, under 40 economist who identifies himself and his work as ‘Keynesian’. Indeed, people even take offense if referred to in this way. At research seminars, people don’t take Keynesian theorizing seriously any more—the audience starts to whisper and giggle to one another. Leading journals aren’t getting Keynesian papers submitted any more.”

Robert Lucas Jr. (1937) American economist

Robert E. Lucas, "The Death of Keynesian Economics", in Issues and Ideas (Winter 1980).

People, Way, Dead

“Usually, so far as improvement in the people's economic conditions is concerned, humanitarians simply play the role of the busybody.”

Vilfredo Pareto book Manual of Political Economy

page 301.
Manual of Political Economy

People

“In economics, unlike fiction and the theater, there is no harm in a premature disclosure of the plot: it is to see the changes just mentioned and others as an interlocked whole.”

John Kenneth Galbraith book The New Industrial State

Source: The New Industrial State (1967), Chapter I, Section 3, p. 6

Change

“We believe in the right of every country to be free from interference in its own internal affairs by another country. And we believe that world peace can come — which we both devoutly hope to see — through mutual respect, even among those who have some differences between us.
Our goals are also the same, to have a just system of economics and politics, to let the people of the world share in growth, in peace, in personal freedom, and in the benefits to be derived from the proper utilization of natural resources. We believe in enhancing human rights. We believe that we should enhance, as independent nations, the freedom of our own people.”

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

Welcoming ceremony for Nicolae Ceauşescu of Romania (12 April 1978), Public Papers of the Presidents of the United States, Jimmy Carter, 1978 Book 1: January 1 to June 30, 1978, p. 735
Presidency (1977–1981), 1978

People, World, Peace, Hope

“The real alternative to co-EXistence is co-REsistance. Experts in the field have been saying for years that Communism does not have to be tolerated. It has no moral, economic or political excuse for existing. Furthermore, it is extremely vulnerable to many types of peaceful pressures which free men have not yet used. We will discuss these in a later section. At this point it is important simply to emphasize that Communism can be beaten - and it can be done without atomic war. Therefore the whole basis for arguing coexistence collapses. Coexistence is a contradiction of terms because it means trying to coexist with world conquest, which is impossible. One must resist or be conquered. It also means accepting the status quo of one-third of the human race in bondage as a permanent working arrangement. It means accepting Communism in spite of its deceit, subversion and broken covenants. It means tolerating Communism without resistance.”

W. Cleon Skousen book The Naked Communist

The Naked Communist (1958)

Men, War, World, Peace

“After any disturbance (such as two world wars coinciding with a period of growing economic and monetary incomprehensibility) we find our old concepts inadequate and look for new ones. But it unfortunately happens that the troubled times which produce an appetite for new ideas are the least propitious for clear thinking.”

Rebecca West (1892–1983) British feminist and author

As quoted in The Sunday Telegraph, London (1981), and The Annual Obituary 1983 (1984) edited by Elizabeth Devine and Marion Stoker Morgan, p. 143

War, World, Idea, Thinking

“In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.”

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

Kenneth Boulding (1962) " Notes on a Theory of Philanthropy http://www.nber.org/chapters/c1992.pdf" in: Philanthropy and Public Policy. Frank G. Dickinson, ed., New York, National Bureau of Economic Research. 1960s

Thinking, Selfishness

“The majority of the economic oscillations which we encounter seem to be explained most plausibly as free oscillations.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 1

“The increasing speed of technological advancement and economic integration in recent years has highlighted the importance of intellectual property and put great stress on the ability of established national and international systems that administer IP rights to effectively serve the global community.”

Talal Abu-Ghazaleh (1938) Jordanian businesspeople

August 11, 2003, at the Jordan IP Week Conference, Amman, Jordan.

Communication, Speed

“The existence of analogies between central features of various theories implies the existence of a general theory which underlies the particular theories and unifies them with respect to those central features. This fundamental principle of generalization by abstraction was enunicated by the eminent American mathematician E. H. Moore more than thirty years ago. It is the purpose of the pages that follow to work out its implication for theoretical and applied economics.”

Paul A. Samuelson book Foundations of Economic Analysis

Source: 1940s, Foundations of Economic Analysis, 1947, Ch. 1 : Introduction

“[N]either the Civil War nor Reconstruction fit neatly into traditional Marxist frameworks. Both the Civil War and Reconstruction belong to a chapter in American history in which the United States was still an overwhelmingly agricultural economy, and the contest that was waged between 1861 and 1865 was largely an argument (in economic terms) between the free-labor family farm and the slave-labor cotton plantation.”

Allen C. Guelzo (1953) American historian

2010s, Interview with Sara Gabbard (2018)

War, Family, History

“We're basically a vegetarian species and should be eating a wide variety of plant foods and minimizing our intake of animal foods. … Usually, the first thing a country does in the course of economic development is to introduce a lot of livestock. Our data are showing that this is not a very smart move, and the Chinese are listening. They're realizing that animal-based agriculture is not the way to go. … Ironically, osteoporosis tends to occur in countries where calcium intake is highest and most of it comes from protein-rich dairy products. The Chinese data indicate that people need less calcium than we think and can get adequate amounts from vegetables.”

T. Colin Campbell (1934) American biochemist

Reported in "Huge Study Of Diet Indicts Fat And Meat" http://www.nytimes.com/1990/05/08/science/huge-study-of-diet-indicts-fat-and-meat.html?pagewanted=2 by Jane Brody, in The New York Times (8 May 1990), p. 2.

People, Food, Way, Thinking

“… when the empire dissolved… the people of Britain suffered from a kind of vertigo: they could not believe that they were standing upright, and reached out for something to clutch. It seemed axiomatic that economically, as well as politically, they must be part of something bigger, though the deduction was as unfounded as the premise. So some cried: 'Revive the Commonwealth'. And others cried: 'Let's go in with America into a North Atlantic Free Trade Area'. Yet others again cried: 'We have to go into Europe: there's no real alternative'. In a sense they were right: there is no alternative grouping. In a more important sense they were wrong: there is no need for joining anything. A Britain which is ready to exchange goods, services and capital as freely as it can with the rest of the world is neither isolated nor isolationist. It is not, in the sneering phrases of Chamberlain's day, 'Little England'… The Community is not a free trade area, which is what Britain, with a correct instinct, tried vainly to convert it into, or combine it into, in 1957-60. For long afterwards indeed many Britons continued to cherish the delusion that it really was a glorified free trade area and would turn out to be nothing more. On the contrary the Community is, what its name declares, a prospective economic unit. But an economic unit is not defined by economics – there are no natural economic units – it is defined by politics. What we call an economic unit is really a political unit viewed in its economic aspect: the unit is political.”

Enoch Powell (1912–1998) British politician

Speech in Frankfurt (29 March 1971), from The Common Market: The Case Against (Elliot Right Way Books, 1971), pp. 76-77.
1970s

People, World, Communication, Nature

“Now, I don't have all the answers, but I do know the old ways don't work. Trickledown economics has sure failed. And big bureaucracies, both private and public, they've failed too. That's why we need a new approach to government, a government that offers more empowerment and less entitlement. More choices for young people in the schools they attend- in the public schools they attend. And more choices for the elderly and for people with disabilities and the long-term care they receive. A government that is leaner, not meaner; a government that expands opportunity, not bureaucracy; a government that understands that jobs must come from growth in a vibrant and vital system of free enterprise.”

Bill Clinton (1946) 42nd President of the United States

William J. Clinton: "Address Accepting the Presidential Nomination at the Democratic National Convention in New York," July 16, 1992. Online by Gerhard Peters and John T. Woolley, The American Presidency Project. http://www.presidency.ucsb.edu/ws/index.php?pid=25958 1990s

People, School, Way, Understanding

“There are three kinds of writing in economics: Greek-letter, up-and-down, and airport. Greek-letter writing formal, theoretical, mathematical is how professors communicate. Like any academic field, economics has its fair share of hacks and phonies, who use complicated language to hide the banality of their ideas; it also contains profound thinkers, who use the specialized language of the discipline as an efficient way to express deep insights. […] Up-and-down economics is what one encounters on the business pages of newspapers, or for that matter on TV. It is preoccupied with the latest news and the latest numbers, hence its name. […] Finally, airport economics is the language of economics bestsellers. These books are most prominently displayed at airport bookstores, where the delayed business traveler is likely to buy them. Most of these books predict disaster: a new great depression, the evisceration of our economy by Japanese multinationals, the collapse of our money. A minority have the opposite view, a boundless optimism: new technology or supply-side economics is about to lead us into an era of unprecedented economic progress. Whether pessimistic or optimistic, airport economics is usually fun, rarely well informed, and never serious.”

Paul Krugman (1953) American economist

Preface
The Age of Diminished Expectations (1990; 1994; 1997)

Money, Books, Way, Travel

“The dichotomies which are the signature of their work – the esoteric and the exoteric, the civil and the managerial, the friend and the foe, the lawful and the legislative – are so many cordons. Their function is to hold popular sovereignty at bay. The different gifts displayed in this enterprise, whatever view is taken of it, were remarkable. For all his later tendency to textual dressage, Strauss's range and subtlety as a master of the canon of political philosophy had no equal in his generation. Schmitt's moral instability never impaired an extraordinary capacity to fuse conceptual insight and metaphoric imagination in lightning flashes of illumination around the state. Hayek could seem tactically ingenuous, but he fashioned a theoretical synthesis out of his epistemology and economics whose scope and strength has yet to be supplanted. Oakeshott was the literary artist in this gallery. His writing varies considerably in quality, and can be whimsically arch at one moment and curiously crude at another, disconcertingly close to Punch or Cross-Bencher. But at its best, when it moves into high register, it can rise to a lyrical beauty.”

Perry Anderson (1938) British historian

Source: Spectrum: From Right to Left in the World of Ideas (2005), Ch. 1. "The Intransigent Right, Michael Oakeshott, Leo Strauss, Carl Schmitt, Friedrich von Hayek" (1992), p. 27

Law, Beauty, Imagination, Fashion

“[Neoinstitutional Economics…] theory has made an indispensable contribution in recent times to advances of understanding in this area. But it seems to me that in the economics of institutions theory is now outstripping empirical research to an excessive extent. No doubt the same could be said of other fields in economics, but there is a particular point about this one. Theoretical modelling may or may not be more difficult in this field than in others, but empirical work is confronted by a special difficulty. Because economic institutions are complex, they do not lend themselves easily to quantitative measurement. Even in the respects in which they do, the data very often are not routinely collected by national statistical offices. As a result, the statistical approach which has become the bread and butter of applied economics is not straightforwardly applicable. Examples of it do exist, the literature on the economics of slavery being perhaps the most fully developed - not surprisingly because slavery is an institution that is sharply defined. But to a large extent the empirical literature has consisted of case-studies which are interesting but not necessarily representative, together with a certain amount on legal court cases, which are almost certainly not representative. Is this the best we can do? There is a challenge here on the empirical side to economists to see what is the best way forward.”

R. C. O. Matthews (1927–2010) British economist

Way, Literature, Understanding, Study

“We must actively engage in regional economic integration, as Taiwan is an island with few natural resources and a relatively small economy. Taiwan had signed very few free-trade agreements in the past. How can we not be in a hurry to catch up?”

Ma Ying-jeou (1950) Taiwanese politician, president of the Republic of China

Ma Ying-jeou (2014) cited in: " President seeks support for liberalization policies http://www.taipeitimes.com/News/front/archives/2014/01/02/2003580319" in Taipei Times, 2 January 2014. Statement made during 2014 New Year's Day address in commenting Taiwan's fallen economic performance behind many other countries, 1 January 2014. Other topics

Nature, Past

“Africa does not have an uncle abroad who will come to bail it out of its political and economic woes. It is important that African countries wake up and pool whatever resources they have and jointly deal elements pulling our continent down a death blow.”

Bernard Membe (1953) Tanzanian politician

Quoted in Austin Beyadi, "Unity will end crises, Membe tells Africa," http://ippmedia.com/ipp/guardian/2008/03/28/111246.html The Guardian (2008-03-28)

Death, Country

“An important object of the Journal should be the publication of papers dealing with attempts at statistical verification of the laws of economic theory, and further the publication of papers dealing with the purely abstract problems of quantitative economics, such as problems in the quantitative definition of the fundamental concepts of economics and problems in the theory of economic equilibrium.
The term equilibrium theory is here interpreted as including both the classical equilibrium theory proceeding on the lines of Walras, Pareto, and Marshall, and the more general equilibrium theory which is now beginning to grow out of the classical equilibrium theory, partly through the influence of the modern study of economic statistics. Taken in this broad sense the equilibrium problems include virtually all those fundamental problems of production, circulation, distribution and consumption, which can be made the object of a quantitative study. More precisely: The equilibrium theory in the sense here used is a body of doctrines that treats all these problems from a certain point of view, which is contrasted on one side with the verbal treatment of economic problems and on the other side with the purely empirical-statistical approach to economic problems”

Ragnar Frisch (1895–1973) Norwegian economist

Frisch (1927). as quoted in: Bjerkholt, Olav, and Duo Qin. A Dynamic Approach to Economic Theory: The Yale Lectures of Ragnar Frisch. Routledge, 2010: About "Oekonometrika"
1920

Law, Problem, Sense, Study

“One hundred years of delay have passed since President Lincoln freed the slaves, yet their heirs, their grandsons, are not fully free. They are not yet freed from the bonds of injustice. They are not yet freed from social and economic oppression. And this Nation, for all its hopes and all its boasts, will not be fully free until all its citizens are free.”

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

1963, Civil Rights Address

Hope

“One must not just have great qualities, but also economize them”

François de La Rochefoucauld book Reflections; or Sentences and Moral Maxims

Ce n'est pas assez d'avoir de grandes qualités, il en faut avoir l'économie.
Variant translation: It is not enough to have great qualities; one must also make use of them sparingly.
Maxim 159.
Reflections; or Sentences and Moral Maxims (1665–1678)

“Perhaps as important is the relation between the existence of solutions to a competitive equilibrium and the problems of normative or welfare economics.”

Kenneth Arrow (1921–2017) American economist

Source: 1950s-1960s, "Existence of an equilibrium for a competitive economy." 1954, p. 265

Problem

“The laws of economic life are subject to the eternal laws of spiritual capital.”

Ted Malloch (1952) American businessman

Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 36.

Life, Law

“According to a frequently cited definition, economics is the study of “best use of scarce resources.” The definition is incomplete. “Second best” use of resources, and outright wasteful uses, have equal claim to attention. They are the other side of the coin.”

Tjalling Koopmans (1910–1985) Dutch American economist

Source: Concepts of Optimality and Their Uses, 1975, p. 239: Lead sentence

Study

“Dayan's correct assumption was that the boss in Washington might object formally, but with a wink, and would continue to provide the decisive military, economic and diplomatic support for the criminal endeavors. The criminality has been underscored by repeated Security Council resolutions, more recently by the International Court of Justice, with the basic agreement of U. S. Justice Thomas Buergenthal in a separate declaration. Israel's actions also violate U. N. Security Council resolutions concerning Jerusalem. But everything is fine as long as Washington winks.”

Noam Chomsky (1928) american linguist, philosopher and activist

Article The Charade of Israeli-Palestinian Talks for Truthout newsletter, December 6, 2010 http://www.chomsky.info/articles/20101206.htm. Quotes 2010s, 2010

Justice, Support, Decision

“This world materialist, hedonist and exhibitionist it doesn't even thrill me; and, considering that he reads me, you/he/she should know him/it. But I would want to know the system that you have in mind, and don't have the courage or the ability to propose. A Franciscan world? Beautiful: but looked around you, and tell me if you see a saio. A revised and correct communism? It would make the end of the other, even if he/she won't succeed in repeating its disasters. Believe me G.: the only acceptable social and economic system today, in West, it is that based on the market: a checked capitalism and moderate, to intend us. It is desirable that it may also correct: and not this always happens, it is true. The trouble is that the capitalism is served as the capitalists - and those, must admit, they are often difficult to be digested. You don't try to confuse me the ideas, therefore. You won't succeed us. I probably have three times his/her years, and I have seen where they conduct these generic pulls against "the multinationals": sooner or later, someone will depose the bar and he/she will take the gun. I forgot: I sign my opinions, she throws the stone and it hides the hand. All brave ones so, you boys of Seattle?”

Indro Montanelli (1909–2001) Italian journalist

Corriere della Sera, 9 June 2001.
2000s - 2010s

World, Beauty, Boy, Communication

“The Obama administration's agenda of maximizing dependency involves political favoritism cloaked in the raiment of "economic planning" and "social justice" that somehow produce results superior to what markets produce when freedom allows merit to manifest itself, and incompetence to fail. The administration's central activity – the political allocation of wealth and opportunity – is not merely susceptible to corruption, it is corruption.””

George Will (1941) American newspaper columnist, journalist, and author

Column, May 14, 2009, "Tincture of Lawlessness" http://www.realclearpolitics.com/articles/2009/05/14/tincture_of_lawlessness_96482.html at realclearpolitics.com. 2000s

Justice, Freedom, Dependency, Wealth

“Islam chose to unite earth and heaven in a single system, present both in the heart of the individual and the actuality of society, recognizing no separation of practical exertion from religious impulse. … The center of its being and the field of its action is human life in its entirety, spiritual and material, religious and worldly. Such a religion cannot continue to exist in isolation from society, nor can its adherents be true Muslims unless they practice their faith in their social, legal and economic relationships.”

Sayyid Qutb (1906–1966) Egyptian author, educator, Islamic theorist, poet, and politician

Source: Social Justice in Islam (1953), p. 26

Life, Faith, Religion, Heart

“To have peace and not war, the drift toward a war economy, as facilitated by the moves and the demands of the sophisticated conservatives, must be stopped; to have peace without slump, the tactics and policies of the practical right must be overcome. The political and economic power of both must be broken. The power of these giants of main drift is both economically and politically anchored; both unions and an independent labor party are needed to struggle effective.”

C. Wright Mills (1916–1962) American sociologist

The New Men of Power (1948).
1940s

War, Peace

“The central theme of this paper is the character and causes of long-term changes in the personal distribution of income. Does inequality in the distribution of income increase or decrease in the course of a country's economic growth? What factors determine the secular level and trends of income inequalities?”

Simon Kuznets (1901–1985) economist

Source: "Economic growth and income inequality," 1955, p. 1

Change, Personality, Country

“In reading the economics journals and talking with newly-minted PhDs, it is as if Keynesian economics never existed.”

David Colander (1947) American economist

[David Colander, “Functional Finance, New Classical Economics and Great Great Grandsons” (2002).
2000s

Reading

“The world socialist system, which includes in its fold over 1 billion people with a big economic and military potential continually growing at unprecedented rates, has become today the decisive factor in the development of the world history. It exerts a tremendous influence on the world; it has become a great attractive and revolutionizing force. The world socialist system is showing with every passing day its indisputable superiority over the capitalist system. It has become the shield of all the progressive forces of the world, the impregnable bulwark of freedom and peace, democracy and socialism.”

Enver Hoxha (1908–1985) the Communist leader of Albania from 1944 until his death in 1985, as the First Secretary of the Party of L…

Speeches, 20th Party Anniversary Address

People, World, Peace, Democracy

“The question we must all ask ourselves is how Mr. Benn was able to come within striking distance of the very heart of our economic life in the first place… an important part of the answer must be that our industry, economic life and society have been so debilitated by 30 years of Socialistic fashions that their very weakness tempts further inroads. The path to Benn is paved with 30 years of interventions: 30 years of good intentions: 30 years of disappointments. These have led the collectivists to say that we are failing only because we are taking half measures. The reality is that for 30 years the private sector of our economy has been forced to work with one hand tied behind its back by government and unions. Socialist measures and Socialist legacies have weakened free enterprise.”

Keith Joseph (1918–1994) British barrister and politician

Speech in Upminster http://www.margaretthatcher.org/archive/displaydocument.asp?docid=110604 (22 June 1974) 1970s

Life, Disappointment, Fashion, Question

“The so-called free market does not provide consumers with proper information, because the social and environmental costs of production are not part of the current economic models…. an ecological tax reform would be strictly revenue neutral, shifting the tax burden from income taxes to "eco-taxes." …the taxes would be added to existing products, forms of energy, services, and materials, so that prices would better reflect true costs.”

Fritjof Capra (1939) American physicist

Epilogue: Ecological Literacy
The Web of Life (1996)

Parting

“I thank the Foreign Secretary for giving way. I assure him that at least 60 Labour Members voted against the Bill on Second Reading and I am sure that they will vote against the Maastricht treaty again tonight, primarily because it takes away from national Parliaments the power to set economic policy and hands it over to an unelected set of bankers who will impose the economic policies of price stability, deflation and high unemployment throughout the European Community.”

Jeremy Corbyn (1949) British Labour Party politician

Speech http://hansard.millbanksystems.com/commons/1993/may/20/european-communities-amendment-bill in the House of Commons (20 May 1993). 1990s

Way, Communication, Reading

“In the long run the [Nazi] movement was moving to a position in which the economic New Order would be controlled by the Party through a bureaucratic apparatus staffed by technical experts and dominated by political interests, not unlike the system that had already been built up in the Soviet Union.”

Richard Overy (1947) British historian

Source: War and Economy in the Third Reich (1994), p. 118

“Unlike the members of the physical and biological sciences, the economist is asked to explain his work in a manner that is interesting and convincing to a weary listener. Yet there is no reason to believe that the explanation of our economic and social world is inherently simpler than the explanation of our physical world.”

George Stigler (1911–1991) American economist

"George J. Stigler - Banquet Speech," 1982

World, Science

“men talk of money and industry
of hard times and recoveries
of finance and economics
but the ants wait and the scorpions wait
for while men talk they are making deserts all the time
getting the world ready for the conquering ant
drought and erosion and desert
because men cannot learn”

Don Marquis (1878–1937) American writer

archy and mehitabel (1927), what the ants are saying

Men, Money, World, Learning

“I did say in print, in February, 1929 that there was no hope for economic recovery in Europe before American interest rates came down. That wouldn’t be until the American boom collapsed — which was likely to happen within the next few months. And this did, in fact, happen in October 1929.
What made me expect this, of course, was one of my main theoretical beliefs — that an inflationary boom cannot be maintained indefinitely. I was sure that a very unstable situation was created by the artificial prolongation of the boom in 1927, when the Federal Reserve tried to stave off a collapse by credit expansion.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

Hope

“[Software engineering is the] establishment and use of sound engineering principles to obtain economically software that is reliable and works on real machines efficiently.”

Friedrich Bauer (1924–2015) German computer scientist

Bauer (1972) "Software Engineering", In: Information Processing. p. 71

“Any discussion of Muslim intellectual life in the twentieth century must take into account the defining context of modernisation, with its dislocating effects on structural, economic, societal, political and cultural realities in Muslim countries.”

Suha Taji-Farouki (1950) British Islamic scholar

Modern Muslim Intellectuals and the Qur'an, OUP, Oxford 2004

Life, Reality, Country

“This is what Keynes had meant when he warned of the dangers of economic chaos—you never know what combination of rage, racism and revolution will be unleashed.”

Naomi Klein (1970) Canadian author and activist

The Shock Doctrine: The Rise of Disaster Capitalism (2007)

Rage

“A true socialist never hates people. He knows, that they are products of the great economical laws, which in the present society divides man into two nations of poor and rich… We socialists never hate specific individuals. But we hate the system - capitalism, militarism, reaction – and that system we scorn with a healthy, burning, eternal hatred.”

Ture Nerman (1886–1969) Swedish socialist

Socialist newspaper Folkets Dagblad - Politiken (24 April 1918)
Sourced quotes

Hate, People, Law

“Sraffa’s criticisms of the concept of capital also amount – at least in principle –to a deadly blow to the foundations of the so-called ‘neo-classical synthesis’. Combining Keynes’ thesis on the possibility of fighting unemployment by adopting adequate fiscal and monetary policies with the marginalist tradition of simultaneous determination of equilibrium quantities and prices as a method to study any economic problem, this approach has in the last few decades come to constitute the dominant doctrine in textbooks the whole world over. It is only thanks to increasing specialisation in the various fields of economics, often invoked as the inevitable response to otherwise insoluble difficulties, that the theoreticians of general equilibrium are able to construct their models without considering the problem of relations with the real world that economists are supposed to be interpreting, and that the macroeconomists can pretend that their ‘one commodity models’ constitute an acceptable tool for analysis. For those who believe that the true task facing economists, hard as it may be, is to seek to interpret the world they live in, Sraffa’s ‘cultural revolution’ still marks out a path for research that may not (as yet) have yielded all it was hoped to, but is certainly worth pursuing.”

Alessandro Roncaglia (1947) Italian economist

Source: Piero Sraffa: His life, thought and cultural heritage (2000), Ch. 1. Piero Sraffa

World, Hope, Problem, Study

“So my judgment is that Syria will move; Syria will change, as it embraces a legitimate relationship with the United States and the West and economic opportunity that comes with it and the participation that comes with it.”

John F. Kerry (1943) politician from the United States

Speech at Carnegie Endowment for International Peace, March 16, 2011.

Change

“What is necessary is for workers and the left to obtain all the lessons the Chilean experience can offer, so that we never again make these errors. That’s why I maintain, that in Chile the left has not failed, socialism has not failed, nor has the revolution failed, nor have workers failed. What came to a tragic end in Chile was the reformist illusion of modifying socio-economic structures and making revolutions before the pasive consent of those to be most affected: the ruling classes.”

Miguel Enríquez (1944–1974) Chilean politician

Answer to the question: "In your opinion does the downfall of the left cancel for a long period the struggle for socialism in Chile?"

Error

“The sight of wounded and whipped Zulus, mercilessly abandoned by their British persecutors, so appalled him that he turned full circle from his admiration for all things British to celebrating the indigenous and ethnic. He resuscitated the culture of the colonized and the fullness of Indian resistance against the British; he revived Indian handicrafts and made these into an economic weapon against the colonizer in his call for swadeshi — the use of one's own and the boycott of the oppressor's products, which deprive the people of their skills and their capital.”

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

2000s, The Sacred Warrior (2000)

People

“The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.”

Benjamin Graham (1894–1976) American investor

Source: World Commodities and World Currencies (1944), Chapter V, Stabilization of Raw Materials, p. 56

Wisdom, Age, Home, Thinking

“The chronological inconsistencies are perhaps most clearly exemplified by the writings of Nicole Oresme. In his Traictie de la Premierere Invention des Monnies, written about 1360, he develops a theory of money which reveals a very different approach to economic problems from that of his fellow Churchmen.”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Source: A History of Economic Thought (1939), Chapter I, The Beginnings, p. 53

Money, Problem

“Great strategic links are being developed abroad to destroy our Revolution. Those forces are trying to attract all those who have been hurt by the Revolution. We do not refer to the embezzlers, criminals, or the members of the old government; we are thinking of those who have remained on the margin of this revolutionary process, those who have lost economically but support the Revolution in a limited way.”

Ernesto Che Guevara (1928–1967) Argentine Marxist revolutionary

Speech to University students (1959)

Way, Support, Thinking, Hurt

“She still believes in classical economics, the allocation of resources under conditions of scarcity. Information doesn’t work that way.”

Charles Stross book Accelerando

Source: Accelerando (2005), Chapter 2 (“Troubadour”), p. 72

Way

“That austerity is a counterproductive economic policy in a situation of economic recession can be seen, rightly, as a “Keynesian critique.” Keynes did argue—and persuasively—that to cut public expenditure when an economy has unused productive capacity as well as unemployment owing to a deficiency of effective demand would tend to have the effect of slowing down the economy further and increasing—rather than decreasing—unemployment. Keynes certainly deserves much credit for making that rather basic point clear even to policymakers, irrespective of their politics, and he also provided what I would call a sketch of a theory of explaining how all this can be nicely captured within a general understanding of economic interdependences between different activities… I am certainly supportive of this Keynesian argument, and also of Paul Krugman’s efforts in cogently developing and propagating this important perspective, and in questioning the policy of massive austerity in Europe.
But I would also argue that the unsuitability of the policy of austerity is only partly due to Keynesian reasons. Where we have to go well beyond Keynes is in asking what public expenditure is for—other than for just strengthening effective demand, no matter what its content. As it happens, European resistance to savage cuts in public services and to indiscriminate austerity is not based only, or primarily, on Keynesian reasoning. The resistance is based also on a constructive point about the importance of public services—a perspective that is of great economic as well as political interest in Europe.”

Amartya Sen (1933) Indian economist

Amartya Sen, "What Happened to Europe?", New Republic (August 2, 2012)
2010s

Understanding, Question, Support, Effort

“After divorce, women’s biggest fear is economic deprivation; men’s biggest fear is emotional deprivation.”

Warren Farrell (1943) author, spokesperson, expert witness, political candidate

Women Can't Hear What Men Don't Say (2000)

Women, Men, Fear

“So-called racial differences in IQ scores are more a consequence of disparities in socioeconomic status and the quality of education than of any genetic differences between ethnic groups. Efforts to improve educational quality and opportunity can increase the economic benefits associated with increased educational achievement.”

Daniel J. Fairbanks (1956) American artist

Source: Everyone is African: How Science Explodes the Myth of Race (2015), pp. 154–155.

Education, Effort

“I have never forgotten how the deprivation of work erodes human beings, those not working and those related to them. And from that time on, I loathed an economic that could put a huge part of its workforce on the streets with no compunction.”

Herbert Schiller (1919–2000) American media critic

Introduction, One Life, One Century, p. 12
Living In The Number One Country (2000)

Time, Parting

“During the past three decades numerous empirical studies of economic behavior have been carried out and their theoretical foundation has been clarified. There was a rapid development and articulation of data, theory, and methodology. A new discipline of behavioral economics was emerging [which] consists of the empirical investigations of the behavior of businessmen and consumers in one country in one time. Generalizations about economic behavior emerge gradually by comparing behavior observed under different circumstances.”

George Katona (1901–1981) American psychologist

George Katona, and James N. Morgan (1980). Essays on behavioral economics. Univ of Michigan Survey Research. p. 3

Behavior, Study, Time, Past

“PLEASURE and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort - to procure the greatest amount of what is desirable at the expense of the least that is undesirable - in other words, to maximize pleasure, is the problem of economics.”

William Stanley Jevons The Theory of Political Economy

Source: The Theory of Political Economy (1871), Chapter III, Theory of Utility, p. 61.

Pain, Pleasure, Problem, Effort

“Hitler also anticipated modern economic policy... by recognizing that a rapid approach to full employment was only possible if it was combined with wage and price controls. That a nation oppressed by economic fear would respond to Hitler as Americans did to F. D. R. is not surprising.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

As quoted in Adolf Hitler: The Definitive Biography (1991), by John Toland, also quoted in "Repatriation — The Dark Side of World War II (1995) by Jacob G. Hornberger http://www.fff.org/freedom/0795a.asp

Fear

“One of our primary tasks is to foster in people a desire to attain lofty social goals, to foster in them ideological conviction and a truly creative attitude to work. This is a very important area of struggle for communism, and the economic as well as the socio-political development of the country will be increasingly dependent on our successes in this area.”

Leonid Brezhnev (1906–1982) General Secretary of the Communist Party of the Soviet Union

Cited in Triumph of Lenin's Ideas http://leninist.biz/en/1978/TOLI198/01-Opening.Remarks

People, Communication, Success, Dependency

“The more people are free, the greater their human development and national wealth. In short, freedom is the way to economic and social human security.”

Rudolph Rummel (1932–2014) American academic

Source: The Blue Book of Freedom: Ending Famine, Poverty, Democide, and War (2007), p. 13

People, Way, Freedom, Wealth

“The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhythms and fluctuations of developed economies.”

Paul Ormerod book The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 162
The Death of Economics (1994)

World

“To those… who see in certain underlying economic forces, the source of nearly all of our distressing social evils, individual hatred and malice can make in reality no appeal.”

Robert Hunter (author) (1874–1942) American sociologist, author, golf course architect

Source: Violence and the Labor Movement (1914), p.xii

Reality, Evil

“Now, I'm no shrinking violet. I played hockey until half of my teeth were knocked down my throat. And I'm extremely competitive on a tennis court — I'll dive for any ball on any surface. But that experience at the slaughterhouse overwhelmed me. When I walked out of there, I knew I would never again harm an animal! I knew all the physiological, economic, and ecological arguments supporting vegetarianism, but it was that firsthand experience of man's cruelty to animals that laid the real groundwork for my commitment to vegetarianism.”

Peter Burwash (1945) Canadian tennis player

Vegetarian Primer (New York: Atheneum, 1983), p. 75

Support, Animals, Hockey

“Why has he closed the door on Canada Post? Here's a guy who says he was a terrific manager of the economy and all things economic yet he's shut down our postal service. It's certainly the wrong thing to do and it sends a very bad signal out to the working people that tromp up and down our sidewalks and deliver our mail … that he doesn't really respect the bargaining process.”

Jack Layton (1950–2011) Leader of the New Democratic Party of Canada

Layton nixes cutting NDP ties to labour unions http://www.ctv.ca/CTVNews/Canada/20110618/ndp-layton-labour-movement-110618/ June 18,2011

People, Guy

“Rosen would still demand, no doubt, an explanation of why the ruling class is so good at identifying and promoting its interests, while the majority is not. But, again, there is an obvious answer: for isn’t it generally quite easy to identify your short-term interests when the status quo is to your benefit? In such circumstances, you favor the status quo! In other words, if the status quo provides tangible benefits to the few—lots of money, prestige, and power—is it any surprise that the few are well-disposed to the status quo, and are particularly good at thinking of ways to tinker with the status quo (e. g., repeal the already minimal estate tax) to increase their money, prestige, and power? (The few can then promote their interests for exactly the reasons Marx identifies: they own the means of mental production.) By contrast, it is far trickier for the many to assess what is in their interest, precisely because it requires a counterfactual thought experiment, in addition to evaluating complex questions of socio-economic causation. More precisely, the many have to ascertain that (1) the status quo—the whole complex socio-economic order in which they find themselves--is not in their interests (this may be the easiest part); (2) there are alternatives to the status quo which would be more in their interest; and (3) it is worth the costs to make the transition to the alternatives—to give up on the bad situation one knows in order to make the leap in to a (theoretically) better unknown. Obstacles to the already difficult task of making determinations (1) and (2)—let alone (3)—will be especially plentiful, precisely because the few are strongly, and effectively (given their control of the means of mental production), committed to the denial of (1) and”

Brian Leiter (1963) American philosopher and legal scholar

2
"The Hermeneutics of Suspicion: Recovering Marx, Nietzsche, and Freud"

Money, Way, Question, Thinking

“The gospel of St. Matthew told of the angry Jesus driving the merchants and money-changers out of the temple, knocking over the tables of the money-changers and spilling their coins on the floor. Jesus was not opposed to capitalism and the profit motive, so long as economic activities were carried on outside the temple. In the parable of the talents, he praises the servant who used his master's money to make a profitable investment, and condemns the servant who was too timid to invest. But he draws a clear line at the temple door. Inside the temple, the ground belongs to God and profit-making must stop.”

Freeman Dyson (1923) theoretical physicist and mathematician

Progress In Religion (2000)

Money, God, Motivation, Drawing

“A second part of criticisms [of our concept, Multitude], which relate closely to the first, focus on the economic conception of the multitude. … "You are really against the workers!" … Industrial labor has been displaced from its hegemonic position over other forms of labor by immaterial labor, which now tends to transform all sectors of production and society itself in line with its qualities. Industrial workers remain important, then, but within the context of this new paradigm. Here arises, then, but within the second criticism of this pair, that our argument of hegemony of immaterial labor replaces the old vanguard of industrial workers with a new vanguard of immaterial workers - Microsoft programmers leading us on the shining path. "You are just postmodern Leninist in sheep's clothing!" they cry. No, the hegemonic position of a form of production in the economy should not imply any political hegemony. Our argument about the hegemony of immaterial labor and the becoming common of all forms of labor is aimed instead at establishing that contemporary conditions tending to form a general communication and collaboration of labor that can be the basis of the multitude.”

Antonio Negri book Multitude: War and Democracy in the Age of Empire

(223)
Multitude: War and Democracy in the Age of Empire

Communication, Parting, Cry, Clothes

“The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. Indeed, it is only in the last third of the century, within my own lifetime as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cambridge University, once asked the rhetorical question, “Who would ever think of employing an economist to run a brewery?” Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private.”

Paul A. Samuelson (1915–2009) American economist

Source: 1950s–1970s, Maximum Principles in Analytical Economics, 1970, p. 62: Lead paragraph

Way, Home, Question, Thinking

“Europe's economic greed was instrumentalized by Arab League policy in a long-term political strategy targeting Israel, Europe, and America. […] Through the labyrinth of the EAD system, a policy of Israel's delegitimization was planned at both the EC's national and international levels. […] Strategically, the Euro-Arab Cooperation was a political instrument for anti-Americanism in Europe, whose aim was to separate and weaken the two continents by an incitement to hostility and the permanent denigration of American policy in the Middle East.”

Bat Ye'or (1933) British writer

Bat Ye'Or, " Eurabia The road to Munich... http://www.dhimmitude.org/archive/the-road-to-munich.pdf", National Review, 2002-10-09

Hostility

“Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumption enables economics to predict a great deal of behavior (correctly or incorrectly) without ever making empirical studies of human actors.”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

Simon (1990) "Invariants of Human Behavior" in: Annu. Rev. Psychol. 41: p. 6.
1980s and later

People, Way, Behavior, Decision

“Our goal is to build a broad-based model of key components of the economy: households, firms, banks and government… The failure to embrace things like simulation has inhibited progress in economics.”

J. Doyne Farmer (1952) American physicist and entrepreneur (b.1952)

As quoted by Stephen Foley, " Physicists and the financial markets http://www.ft.com/intl/cms/s/2/8461f5e6-35f5-11e3-952b-00144feab7de.html#axzz2j7a3dBoP" Financial Times Magazine (Oct18, 2013) ref: the CRISIS Project http://www.crisis-economics.eu/.

Failure

“There have been articles lately asking why the United States is so hated in some parts of the world. As this week's Exhibit A from Hollywood, I offer Zoolander, a comedy about a plot to assassinate the prime minister of Malaysia because of his opposition to child labor. You might want to read that sentence twice. The logic: Child labor is necessary to the economic health of the fashion industry, and so its opponents must be eliminated…if the Malaysians made a comedy about the assassination of the president of the United States because of his opposition to slavery, it would seem approximately as funny to us as Zoolander would seem to them.”

Roger Ebert (1942–2013) American film critic, author, journalist, and TV presenter

Review http://www.rogerebert.com/reviews/zoolander-2001 of Zoolander (28 September 2001) Reviews, One-star reviews

Hate, Health, World, Fashion

“A critical aspect of increasing economic growth is creating a smarter Scotland.”

Alex Salmond (1954) Scottish National Party politician and former First Minister of Scotland

Principles and Priorities : Programme for Government (September 5, 2007)

“It must always be borne in mind that each and every individual is not only a producer but a consumer. In the final analysis of our conditions, we have to admit that it is not lack of consumption, but lack of production which is our present economic danger. The immigrant is needed, provided this fact is overcome, provided supply—whether in schools, in homes, or in shoes—does not fall behind demand. The public could today consume much more of the necessities of food, shelter and clothing than they are able to procure or have ever been able to procure in a country where the standard of living is so high. If, through cheap labor, and an increased willingness on the part of alien labor to live on the edge of existence, these standards are threatened, then is the time to bring legislative action to bear on the situation.”

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

1920s, Whose Country Is This? (1921)

School, Food, Shoe, Home

“Our adversaries are not demons, witches, fate, or mental illness. We have no enemy whom we can fight, exorcise, or dispel by "cure." What we do have are problems in living — whether these be biologic, economic, political, or sociopsychological. In this essay I was concerned only with problems belonging in the last mentioned category, and within this group mainly with those pertaining to moral values. The field to which modern psychiatry addresses itself is vast, and I made no effort to encompass it all. My argument was limited to the proposition that mental illness is a myth, whose function it is to disguise and thus render more palatable the bitter pill of moral conflicts in human relations.”

Thomas Szasz book The Myth of Mental Illness

"The Myth of Mental Illness" in American Psycholigist, Vol. 15 (1960), p. 115.

Fate, Problem, Effort, Fight

“Empires are synonymous with centralized—if occasionally schismatized—hierarchical power structures in which influence is restricted to an economically privileged class retaining its advantages through—usually—a judicious use of oppression and skilled manipulation of both the society’s information dissemination systems and its lesser—as a rule nominally independent—power systems. In short, it’s all about dominance.”

Iain Banks Culture series

Source: Culture series, The Player of Games (1988), Chapter 1 (p. 91).

“The free enterprise policies that produce solely for waste and for profit and that promote a consumerist mentality rather than one of need are damaging to the environment. I am in no sense defending the centralised economies of eastern Europe. They have polluted the north sea and rivers just as industries in Britain and North America have destroyed rivers, wasted natural resources and ruined people's lives by their form of pollution. It is not good enough to promote an economic system that produces for waste and to promote environmental controls in western Europe and North America to look after our environment if at the same time we transfer that destruction of the environment to poorer Third-world countries, either by exporting toxic waste and letting those countries get rid of it by whatever means they can, because they are desperate for foreign currency, or by promoting the destruction of the rain forests, through raping those countries to collect debt payments, when they can make them only by destroying all their natural resources. We live in an age when we have an opportunity to improve our environment and save ourselves from mass destruction through climatic change and environmental disasters.”

Jeremy Corbyn (1949) British Labour Party politician

Speech http://hansard.millbanksystems.com/commons/1990/jan/15/environmental-protection-bill in the House of Commons (15 January 1990). 1990s

People, Age, World, Nature

“I still believe that, in the long run, the aggregate of the decisions of individual businessmen, exercising individual judgment in a free economy, even if often mistaken, is likely to do less harm than the centralized decisions of a Government; and certainly the harm is likely to be counteracted faster. As I said earlier in this debate, our economic medicine may be painful but it is fast and powerful because it can act freely.”

John James Cowperthwaite (1915–2006) British colonial administrator

March 24, 1966, page 216.
Official Report of Proceedings of the Hong Kong Legislative Council

Pain, Exercises, Decision

“It is futile to speak of liberty as long as economic slavery exists.
"Speak not of liberty — poverty is slavery!" is not a vain formula; it has penetrated into the ideas of the great working-class masses; it filters through all the present literature; it even carries those along who live on the poverty of others, and takes from them the arrogance with which they formerly asserted their rights to exploitation.”

Peter Kropotkin (1842–1921) Russian zoologist, evolutionary theorist, philosopher, scientist, revolutionary, economist, activist, geogr…

Anarchism: Its Philosophy and Ideal (1896)

Literature, Idea

“The greatest problem before engineers and managers today is the economical utilization of labor. The limiting of output by the workman, and the limiting by the employer of the amount a workman is allowed to earn, are both factors which militate against that harmonious co-operation of employer and employee which is essential to their highest common good.”

Henry Gantt (1861–1919) American engineer

H.L. Gantt (1904) paper presented before the International Congress of Arts and Sciences at the Louisiana Purchase Exhibition, St. Louis, 1904. Published in: H.L. Gantt (1910) Work, Wages, and Profits: Their Influence on the Cost of Living. 1910.

Problem

“Labour is apparently pursuing a sectional agenda based on the idea that disaffected Liberal Democrats and public-sector employees will give Labour a majority next time around. But we have not won, and show no signs of winning, the economic argument. We have not articulated a constructive alternative capable of recognising our weaknesses in government and taking the argument to the coalition. We show no relish for reconfiguring the relationship between the state, the market and society. The world is on the turn, yet we do not seem equal to the challenge.”

Maurice Glasman, Baron Glasman (1961) British philosopher

New Statesman article: see Press Association story 5 Jan 2012

World, Idea, Time

“God forbid that India should ever take to industrialism after the manner of the West. The economic imperialism of a single tiny island kingdom is today keeping the world in chains. If an entire nation of 300 million took to similar economic exploitation, it would strip the world bare.”

Mahatma Gandhi (1869–1948) pre-eminent leader of Indian nationalism during British-ruled India

1928, as reported in Development Without Destruction: Economics of the Spinning Wheel, p. 97
1920s

God, World

“I have tried to make clear in this brief sketch of the nature of deductively formulated theories, at least as they occur in economics, that, although their origin lies in common observation and introspection, nevertheless they are capable of a purely mathematical development through the exact statement of a of a set of postulates which, however, since they must inevitably contain assumptions about human behaviour, require to be tested by reference to actual events.”

Richard Stone (1913–1991) British economist, Nobel Memorial Prize winner

Source: The Role of Measurement in Economics. 1951, p. 14-15

Mathematics, Nature

“Science as subversion has a long history. … Davis and Sakharov belong to an old tradition in science that goes all the way back to the rebels Benjamin Franklin and Joseph Priestley in the eighteenth century, to Galileo and Giordano Bruno in the seventeenth and sixteenth. If science ceases to be a rebellion against authority, then it does not deserve the talents of our brightest children. … We should try to introduce our children to science today as a rebellion against poverty and ugliness and militarism and economic injustice.”

Freeman Dyson (1923) theoretical physicist and mathematician

The Scientist As Rebel (2006)

Children, Way, History, Science

“It has been in accordance with these principles that we have made generous settlements of our foreign debts. The little sentiment of "live and let live" expresses a great truth. It has been thought wise to extend the payment of our debts over a long period of years, with a very low rate of interest, in order to relieve foreign peoples of the burden of economic pressure beyond their capacity to bear. An adjustment has now been made of all these major obligations, and they have all but one been mutually ratified. The moral principle of the payment of international debts has been preserved. Every dollar that we have advanced to these countries they have promised to repay with some interest. Our National Treasury is not in the banking business. We did not make these loans as a banking enterprise. We made them to a very large extent as an incident to the prosecution of the war. We have not sought to adjust them on a purely banking basis. We have taken into consideration all the circumstances and the elements that attended the original transaction and all the results that will probably flow from their settlement. They have been liquidated on this broad moral and humanitarian basis. We believe that the adjustments which have been made will be mutually beneficial to the trade relations of the countries involved and that out of these economic benefits there will be derived additional guaranties to the stability and peace of the world.”

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

1920s, Ways to Peace (1926)

War, People, Truth, World

“The only word I will accept on the word 'conservative', for me anyway, is 'unapologetic'. Because, I for one, am not sorry that we won the Cold War. I am not sorry that we reduced tax rates and created economic opportunities for millions. I am not sorry that we reformed welfare and put millions of people back to work. And I will never, ever apologize for America. It is the last best hope for Western civilization. Let's face it- no one flees for a better life from the United States, to say, Pakistan or anywhere for that matter. Why is it so hard for us, why is it so difficult for us to take pride in the fact of who we are, what we have created, what Western civilization really means.”

Tom Tancredo (1945) American politician

CPAC Afternoon Session http://video.c-span.org/archive/c08/c08_030207_cpac2.rm (March 2, 2007).

Life, War, People, Hope

“Feminists have emphasized for a long time the importance of each woman’s individual entity and the necessity of economic independence. Perhaps it was necessary. But now I think we need some emphasis on the instinctive side of life, sex and motherhood…. Life isn’t all earning your living. Unfortunately we fall in love and Feminism must take that into consideration.”

Dora Russell (1894–1986) author, feminist, socialist campaigner

"Who is Dora Black?" Equal Rights (5 June 1926)

Love, Life, Sex, Thinking

“The vast differences in power contributed to faulty social theories of these differences that are still with us today. When a society is economically dominant, it is easy for its members to assume that such dominance reflects a deeper superiority--whether religious, racial, genetic, cultural, or institutional--rather than an accident of timing or geography.”

Jeffrey D. Sachs book The End of Poverty

The End of Poverty" The End of Poverty, 2005

Time

“Tonight Vietnam must hold the center of our attention, but across the world problems and opportunities crowd in on the American Nation. I will discuss them fully in the months to come, and I will follow the five continuing lines of policy that America has followed under its last four Presidents. The first principle is strength. Tonight I can tell you that we are strong enough to keep all of our commitments. We will need expenditures of $58.3 billion for the next fiscal year to maintain this necessary defense might. While special Vietnam expenditures for the next fiscal year are estimated to increase by $5.8 billion, I can tell you that all the other expenditures put together in the entire federal budget will rise this coming year by only $0.6 billion. This is true because of the stringent cost-conscious economy program inaugurated in the Defense Department, and followed by the other departments of government. A second principle of policy is the effort to control, and to reduce, and to ultimately eliminate the modern engines of destruction. We will vigorously pursue existing proposals—and seek new ones—to control arms and to stop the spread of nuclear weapons. A third major principle of our foreign policy is to help build those associations of nations which reflect the opportunities and the necessities of the modern world. By strengthening the common defense, by stimulating world commerce, by meeting new hopes, these associations serve the cause of a flourishing world. We will take new steps this year to help strengthen the Alliance for Progress, the unity of Europe, the community of the Atlantic, the regional organizations of developing continents, and that supreme association—the United Nations. We will work to strengthen economic cooperation, to reduce barriers to trade, and to improve international finance.”

Lyndon B. Johnson (1908–1973) American politician, 36th president of the United States (in office from 1963 to 1969)

1960s, State of the Union Address (1966)

World, Hope, Communication, Problem

“Only Boris concerns me. When I used to watch Have I Got News For You, which as a kid I was proud to watch, full stop, I loved it when Boris Johnson came on. I didn't know who he was or what he did, I didn't think about it, I just liked him. I liked his voice, his manner, his name, his vocabulary, his self-effacing charm, humour and, of course, his hair. He has catwalk hair. Vogue cover hair, Rumplestiltskin spun it out of straw, straight-out-of-bed, drop-dead, gold-thread hair. He was always at ease with Deayton, Merton and Hislop, equal to their wit and always gave a great account of himself. "This bloke is cool," I thought. As I grew up I found out that he was an old Etonian, bully-boy, Spectator-editing Tory.
"That's weird," I thought. While I was busy becoming a world-class junkie, the man from HIGNFY became mayor. People like Boris Johnson; I like the HIGNFY Boris. He is the most popular politician in the country. Well, not in the country, on the television. There is a difference. Most people, of course, haven't met him, they've seen him on the telly. When I met Boris in his office, the nucleus of his dominion, I glanced at his library. Among the Wodehouses and the Euripides there were, of course, fierce economic tomes, capitalist manuals, bibles of domination. Eye-to-eye, the bumbling bonhomie appeared to be a lacquer of likability over a living obelisk of corporate power.”

Russell Brand (1975) British comedian, actor, and author

Russell Brand - The Guardian (2013)

Love, People, World, Boy

“It seems to me that it is these extremists who are advocating a soft approach. Their oversimplifications and their baseless generalizations reflect the softness of those who cannot bear to face the burdens of a continuing struggle against a powerful and resourceful enemy. A truly tough approach, in my judgment, is one which accepts the challenge of communism with the courage and determination to meet it with every instrumentality of foreign policy—political and economic as well as military, and with the willingness to see the struggle through as far into the future as may be necessary. Those who seek to meet the challenge—or, in reality, to evade it—by bold adventures abroad and witch hunts at home are the real devotees of softness—the softness of seeking escape from painful realities by resort to illusory panaceas.”

J. William Fulbright (1905–1995) American politician

Regarding radicals of the right, “Public Policy and Military Responsibility,” speech at the opening session of the National War College and the Industrial College of the Armed Forces, Washington, D.C., August 21, 1961, Congressional Record, vol. 107, p. 16444.

Pain, Home, Communication, Courage

“History shows that, at earlier stages of economic development, corruption is difficult to control. The fact that today no country that is very poor is very clean suggests that a country has to rise above absolute poverty before it can significantly reduce venality in the system. When people are poor, it is easy to buy their dignity—starving people find it difficult not to sell their votes for a bag of flour, while under-paid civil servants will often fail to resist the temptation to take a bribe. But it is not just a matter of personal dignity. There are also more structural causes.”

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

Source: Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008), Ch. 8: 'Zaire vs Indonesia, Should we turn our backs on corrupt and undemocratic countries?', Prosperity and honesty, p. 166

People, History, Personality, Country

Quotes about economics page 14

Quotes about economics
page 14