Quotes about economics
page 15

“…nothing short of a world state will be really effective in preventing war. As long as you rely for security on a number of national armaments you will have the difficulty as to who shall bell the cat in case of need, while you will have general staffs in all countries planning future wars. I want us to come out boldly for a real long-range policy which will envisage the abolition of the conception of the individual sovereign state. … A united navy to police the seas of the world could be attained and would incidentally bring enormous pressure to bear on Japan. The next thing would be an international air force and an international air service. … The basis of such a move would have to be a frank recognition that all states must surrender a large degree of sovereignty and that the Peace Treaties must be revised. On this basis one must then proceed to build up a world structure politically and economically. … This may sound very visionary but I am convinced that unless we see the world we want it is vain to try to build a permanent habitation for Peace and that temporary structures will catch fire very soon if we wait any longer.”

Clement Attlee (1883–1967) Former Prime Minister of the United Kingdom

Letter to Tom Attlee (1 January 1933), quoted in W. Golant, 'The Emergence of C. R. Attlee as Leader of the Parliamentary Labour Party in 1935', The Historical Journal, Vol. 13, No. 2 (Jun., 1970), p. 323
Deputy Leader of the Opposition

War, World, Peace, Cats

“The organization of economic activity through voluntary exchange presumes that we have provided, through government, for the maintenance of law and order to prevent coercion of one individual by another, the enforcement of contracts voluntarily entered into, the definition of the meaning of property rights, the interpretation and enforcement of such rights, and the provision of a monetary framework.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Source: (1962), Ch. 2 The Role of Government in a Free Society, p. 27

Law

“We have destroyed their two most cherished institutions: the family and the village. We have destroyed their land and their crops. We have cooperated in the crushing of the nation's only noncommunist revolutionary political force, the United Buddhist Church. This is a role our nation has taken, the role of those who make peaceful revolutions impossible but refusing to give up the privileges and the pleasures that comes from the immense profits of overseas investments. I'm convinced that if we are to get on the right side of the world revolution, we as a nation must undergo a radical revolution of values. We must rapidly begin the shift from a thing-oriented society to a person-oriented society. When machines and computers, profit motives and property rights are considered more important than people, the giant triplets of racism, militarism and economic exploitation are incapable of being conquered.”

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

1960s, Why I Am Opposed to the War in Vietnam (1967)

People, Pleasure, World, Family

“As a dedicated, successful writer, Lydia Sigourney violated essential elements of the very gender roles she celebrated. In the process, she offered young, aspiring women writers around the country an example of the possibilities of achieving both fame and economic reward.”

Lydia Sigourney (1791–1865) American poet

Melissa Ladd Teed, Domesticity and Localism: Women's Public Identity in Nineteenth-Century Hartford, Connecticut (1999).
About

Women, Success, Country

“The nature of the instability of an unregulated free-enterprise system is only now beginning to be clearly understood. Perhaps the degree of understanding already attained ensures that the grosser shortcomings have gone for ever, and to that extent the conflict between Capitalism and Communism is about issues that belong to the past. It may now be too late. The gods must smile to note how different the state of the world might have been if the progress of economic thought of the last twenty years had been advanced by even ten years.
The possibility of a stable economic life with full utilization of our resources is still not sufficiently assured, and it is extremely important that it should be so assured, and that the whole world should accept this as a fact. The work that is being done in econometrics is massive, and undaunted by mathematical difficulties, but it appears, at any rate as viewed from outside, to be unclear as to its aim.”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. 1

Life, God, World, Smile

“These facts and figures must serve as an eye-opener to the people of Mysore. I refer to them here not because I have any hopes of our reaching the levels of prosperity of the two Colonies, but because it will do us good to know what organization and human endeavour are capable of achieving under favourable conditions. / The nationality of our people rests on a religious and fatalistic basis, not on an economic basis, as in the West. There are still people among us who believe that the golden age was in the past, the world is on the down-grade and the old-word conditions might yet be reproduced some day. The Hindu ideal of life is that this world is a preparation for the next and not a place to stay in and make ourselves comfortable. We are devoted to past ideals, although, out of necessity or from prospect of personal gain, we have partly taken to Western methods of work and business. There is a yearning for the old ideals and a half-hearted acquiescence in the new and, on the whole, the genius of the people is for standing still. / If we are to follow in the wake of other countries in the pursuit of material prosperity, we must give up aimless activities and bring our ideals into line with the standards of the West, namely, to spread education in all grades, multiply occupations and increase production and wealth. All other activities should conform themselves to the economic idea.”

Mokshagundam Visveshvaraya (1860–1962) Indian engineer, scholar, statesman and the Diwan of Mysore

148-149
[Speeches by Sir M. Visvesvaraya, K.C.I.E, https://archive.org/details/VisvesvarayaSpeeches, 1917, Bangalore Government Press, 148]

Life, People, Age, World

“I will not be proposing a course which has been under some public discussion recently — deficit financing. It is wholly inappropriate to our economic situation. In its least extreme form it is based on the theory that additional money generated by a Government deficit (and given currency, as necessary, by use of the printing press) will stimulate consumption and thereby production, in time to match the excess money with goods before real inflationary harm is done. Unfortunately we don't, and can't, produce more than a small fraction of what we consume, and increased consumption would merely mean increased imports without matching exports; and a severe balance of payment crisis, which would destroy Hong Kong's credit and confidence in the Hong Kong dollar; and which we could not cure without coming close to ruining ourselves. Keynes was not writing with our situation in mind. In this hard world we have to earn before we spend.”

John James Cowperthwaite (1915–2006) British colonial administrator

February 27, 1963, page 50.
Official Report of Proceedings of the Hong Kong Legislative Council

Money, World, Confidence, Time

“We need… a much more competent and honest government. Economic reform and political reform must go hand in hand. Without the one there cannot be the other.”

Jeffrey D. Sachs (1954) American economist

"The Price Of Civilization: Reawakening American Virtue And Prosperity," w:Good Reads, https://www.goodreads.com/work/quotes/17083930-the-price-of-civilization-reawakening-american-virtue-and-prosperity

“Our understanding of how markets and businesses operate was passed down to us more than a century ago by a handful of European economists — Alfred Marshall in England and a few of his contemporaries on the continent. It is an understanding based squarely upon the assumption of diminishing returns: products or companies that get ahead in a market eventually run into limitations, so that a predictable equilibrium of prices and market shares is reached. The theory was roughly valid for the bulk-processing, smokestack economy of Marshall’s day. And it still thrives in today’s economics textbooks. But steadily and continuously in this century, Western economies have undergone a transformation from bulk - material manufacturing to design and use of technology — from processing of resources to processing of information, from application of raw energy to application of ideas. As this shift has occurred, the underlying mechanisms that determine economic behavior have shifted from ones of diminishing to ones of increasing returns.”

W. Brian Arthur (1946) American economist

Arthur, W. Brian. "Increasing Returns and the New World of Business." Harvard business review 74.4 (1996): p. 100

Behavior, Idea, Understanding, Business

“I don't believe racism in this country today holds anybody back in a big way. Are there some elements of racism? Yes, it gets back to if we don't grow this economy, that is a ripple effect for every economic level, and because blacks are more disproportionately unemployed, they get hit the worst when economic policies don't work. That's where it starts.”

Herman Cain (1945) American writer, businessman and activist

State of the Union
2011-10-09
Television, quoted in * Cain: Racism not holding anyone back
Political Ticker
2011-10-09
Kevin
Liptak
CNN
http://politicalticker.blogs.cnn.com/2011/10/09/cain-racism-not-holding-anyone-back/

Way, Country

“…in fact, the war against Iraq is continuing. And it's continuing now by the means which the administration described as contemptible and useless, when they were put forth as an alternative to an actual all-out aerial bombardment. Namely, economic sanctions, which do have the effect of slowly starving and crippling the population of Iraq, while leaving the military caste of Saddam Hussein and his criminal Baath Party in charge. I was asked the other day … why do you think the administration decided to spare Saddam Hussein … and I said I think because they thought they might need him again…”

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

1992
NPR
Talk of the Nation with John Hockenberry
http://www.youtube.com/watch?v=KcXsync4bD8
1990s

War, Thinking

“During the relatively brief period in the late 1960s when economists were pondering the possible obsolescence of business cycles, the scholarly discipline of macroeconomics showed signs of becoming fragmented into speciality areas devoted to components of the then popular large-scale econometric models-for example, consumption, investment, money demand, and the Phillips curve. But more recently the revival of severe real world business cycles, together with the revolutions associated with Milton Friedman's monetarism and Lucas's classical equilibrium models, has brought about a revival of interest in economic analysis that focuses on a few broad aggregates summarizing activity in the economy as a whole-nominal and real income, the inflation rate, and the unemployment rate.”

Robert J. Gordon (1940) American economist

Source: The American Business Cycle, 1986, p. 2

Money, World, Business

“I believe a second factor which has weighed heavily in this matter is the attitude, or supposed attitude, of the United States. I confess that I am not greatly moved by this. Whatever may be the attitude of the American Government and public to the United Kingdom as such, my view of American policy over the last decade has been that it has been steadily and relentlessly directed towards the weakening and the destruction of the links which bind the British Empire together. [Cyril Osborne: "No!"] We can watch the events as they unfold and place our own interpretation on them. My interpretation is that the United States has for this country, considered separately, a very considerable economic and strategic use but that she sees little or no strategic use or economic value in the British Empire or the British Commonwealth as it has existed and as it still exists. Against the background I ask the House to consider the evidence of advancing American imperialism in this area from which they are helping to eliminate us.”

Enoch Powell (1912–1998) British politician

Speech http://hansard.millbanksystems.com/commons/1953/nov/05/foreign-affairs in the House of Commons (5 November 1953) on the British evacuation of the Suez Canal. 1950s

Help, Housing, Country

“Conventions of generality and mathematical elegance may be just as much barriers to the attainment and diffusion of knowledge as may contentment with particularity and literary vagueness… It may well be that the slovenly and literary borderland between economics and sociology will be the most fruitful building ground during the years to come and that mathematical economics will remain too flawless in its perfection to be very fruitful.”

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

Kenneth Boulding (1948) "Samuelson's Foundations: The Role of Mathematics in Economics," In: Journal of Political Economy, Vol 56 (June). as cited in: Peter J. Boettke (1998) " James M. Buchanan and the Rebirth of Political Economy http://publicchoice.info/Buchanan/files/boettke.htm". Boettke further explains "Boulding's words are even more telling today than they were then as we have seen the fruits of the formalist revolution in economic theory and how it has cut economics off from the social theoretic discourse on the human condition." 1940s

Mathematics, Knowledge, Perfection

“There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U. S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.”

Ben Bernanke (1953) American economist

"A Crash Course for Central Bankers," http://www.foreignpolicy.com/story/cms.php?story_id=3272 Foreign Policy (September/October 2000)

History

“Several times I have commented that hatred felt long and deeply enough no longer feels like hatred, but more like tradition, economics, religion, what have you. It is when those traditions are challenged, when the entitlement is threatened, when the masks of religion, economics, and so on are pulled away that hate transforms from its more seemingly sophisticated, "normal," chronic state--where those exploited are looked down upon, or despised--to a more acute and obvious manifestation. Hate becomes more perceptible when it is no longer normalized. Another way to say all of this is that if the rhetoric of superiority works to maintain the entitlement, hatred and direct physical force remain underground. But when that rhetoric begins to fail, force and hatred waits in the wings, ready to explode.”

Derrick Jensen book The Culture of Make Believe

Source: The Culture of Make Believe (2003), p. 106-7

Hate, Religion, Way, Feeling

“[I]f you look at Europe and see a continent adrift, with no identity and no strong values beyond economic equality and possessing little capacity to identify evil, let alone a will to fight it, then you need to start fighting.”

Dennis Prager (1948) American writer, speaker, radio and TV commentator, theologian

Dennis Prager. "America Founded To Be Free, Not Secular" https://www.creators.com/read/dennis-prager/01/07/america-founded-to-be-free-not-secular at creators.com, 3 January 2007. 2000s

Strong, Evil, Fight

“Betty Friedan's The Feminine Mystique is still heralded as having paved the way for contemporary feminist movement-it was written as if these women did not exist. Friedan's famous phrase, "the problem that has no name," often quoted to describe the condition of women in this society, actually referred to the plight of a select group of college-educated, middle and upper class, married white women-housewives bored with leisure, with the home, with children, with buying products, who wanted more out of life. Friedan concludes her first chapter by stating: "We can no longer ignore that voice within women that says: 'I want something more than my husband and my children and my house.'" That "more" she defined as careers. She did not discuss who would be called in to take care of the children and maintain the home if more women like herself were freed from their house labor and given equal access with white men to the professions. She did not speak of the needs of women without men, without children, without homes. She ignored the existence of all non-white women and poor white women. She did not tell readers whether it was more fulfilling to be a maid, a babysitter, a factory worker, a clerk, or a prostitute, than to be a leisure class housewife. She made her plight and the plight of white women like herself synonymous with a condition affecting all American women. In so doing, she deflected attention away from her classism, her racism, her sexist attitudes towards the masses of American women. In the context of her book, Friedan makes clear that the women she saw as victimized by sexism were college-educated, white women who were compelled by sexist conditioning to remain in the home. … Specific problems and dilemmas of leisure class white housewives were real concerns that merited consideration and change but they were not the pressing political concerns of masses of women. Masses of women were concerned about economic survival, ethnic and racial discrimination, etc. When Friedan wrote The Feminine Mystique, more than one third of all women were in the work force. Although many women longed to be housewives, only women with leisure time and money could actually shape their identities on the model of the feminine mystique.”

Bell Hooks book Feminist Theory: From Margin to Center

p. 1-2 https://books.google.com/books?id=uvIQbop4cdsC&pg=PA1. Feminist Theory: From Margin to Center (1984), Chapter 1: Black Women: Shaping Feminist Theory

Life, Women, Men, Money

“Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark. So it is a great boon that gold or silver are scarce and are costly to increase in supply.
But if government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

"Taking Money Back" http://mises.org/story/2882, in The Freeman (September - October 1995) http://www.fee.org/publications/the-freeman/.

Money, Shoe, Nature, Help

“The topic that I have attempted to explore is the usefulness of these notions of the engineer, about feeds-back, harmonic components and the like, in application to the analogous problems of economic fluctuation and economic regulation.”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. v

Problem

“We are now in a period of social transition, a period characterized, that is, by an unusually rapid rate of change of the most important economic, social, political, and cultural institutions of society. This transition is from the type of society which we have called capitalist or bourgeois to a to a type of society which we shall call managerial.”

James Burnham (1905–1987) American philosopher

Source: The Managerial Revolution, 1941, p. 71; cited in: Robert Manley (ed) (1962) Age of the manager http://archive.org/stream/ageofmanager00manl#page/n15/mode/2up. p. xiii

Change

“Neither economic liberalism nor Keynesianism can conceptualise vocation, virtue or labour value as economic categories, neither can give a primary economic value to intermediate institutions, whether they be the corporate governance of a firm, vocational colleges, regional banks or supporter owned football clubs, they can only conceptualise the state or the market and all forms of particular association are viewed as at best “cultural” or at worst “obstructive”. They can give no conceptual status to place, to the specificity of place and the necessity of institutions in generating virtue and value within it.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Politics, Employment Polices and the Young Generation, Maurice Glasman http://www.lse.ac.uk/economics/newsEventsSeminars/files/MauriceGlasmanPaper.pdf

Support, Football

“… it is precisely because it is not a democracy that China will likely be so successful…What is of vital importance for economic success is economic freedom, meaning the protection of private property, the rule of law, and minimal regulation and taxation, not the right to vote.”

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

Quotes from Crash Proof (2006)

Law, Democracy, Freedom, Success

“A rising economic power that violates human rights is a threat to peace.”

Fang Lizhi (1936–2012) Professor of astrophysics; civil rights activist and dissident

Obituary of Fang Lizhi http://www.economist.com/node/21552551, The Economist, 14th April 2012, p. 98

Peace

“The major western democracies are moving towards corporatism. Democracy has become a business plan, with a bottom line for every human activity, every dream, every decency, every hope. The main parliamentary parties are now devoted to the same economic policies — socialism for the rich, capitalism for the poor — and the same foreign policy of servility to endless war. This is not democracy. It is to politics what McDonalds is to food.”

John Pilger (1939) Australian journalist

John Pilger, Sydney Peace Prize address http://johnpilger.com/articles/breaking-the-great-australian-silence, Sydney Opera House, 5 November 2009

War, Food, Dreams, Hope

“Each time a country is freed, we say, it is a defeat for the world imperialist system, but we must agree that real liberation or breaking away from the imperialist system is not achieved by the mere act of proclaiming independence or winning an armed victory in a revolution. Freedom is achieved when imperialist economic domination over a people is brought to an end.”

Ernesto Che Guevara (1928–1967) Argentine Marxist revolutionary

Afro-Asian Conference (1965)

People, World, Freedom, Time

“Although Hayek ascribed a primarily monetary source to economic fluctuations, he was not a monetarist as this term came to be used.”

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

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

“Our movement is about replacing a failed and corrupt political establishment with a new government controlled by you, the American people. The establishment has trillions of dollars at stake in this election. For those who control the levers of power in Washington and for the global special interests, they partner with these people that don't have your good in mind. The political establishment that is trying to stop us is the same group responsible for our disastrous trade deals, massive illegal immigration and economic and foreign policies that have bled our country dry. The political establishment has brought about the destruction of our factories and our jobs as they flee to Mexico, China and other countries all around the world. It's a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities. The only thing that can stop this corrupt machine is you. The only force strong enough to save our country is us. The only people brave enough to vote out this corrupt establishment is you, the American people. I'm doing this for the people and the movement and we will take back this country for you and we will make America great again. I'm Donald Trump and I approve this message.”

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

Closing argument for America (4 November 2016)
Source: 2010s, 2016, November, Lines recycled from Trump's campaign rally in West Palm Beach, FL (10/13/2016)

Money, People, World, Decision

“For two hundred and fifty years, from the second half of the eighteenth Century on, Capitalism was the dominant social reality. For the last Hundred years, Marxism was the dominant social ideology. Both are rapidly being superseded by a new and very different society. The new society – and it is already here – is a post-capitalist society… The center of gravity in the post-capitalist society – its structure, its social and economic dynamics, its social classes, and its social problems – is very different from the one that dominated the last two hundred and fifty years”

Henry Mintzberg (1939) Canadian busines theorist

Drucker (1993) Guru Guide. p. 293-294 as cited in: Nancy Campbell (2004) "The Practice of Management and the Idea of Leadership: An Overview of Theory and Practice"

Problem, Reality

“Prior to his introduction to combat, the average flier possesses a series of intellectual and emotional attitudes regarding his relation to the war. The intellectual attitudes comprise his opinon concerning the necessity of the war and the merits of our cause. Here the American soldier is in a peculiarly disadvantageous position compared with his enemies and most of his Allies. Although attitudes vary from strong conviction to profound cynicism, the most usual reaction is one of passive acceptance of our part in the conflict. Behind this acceptance there is little real conviction. The political, economic or even military justifications for our involvement in the war are not apprehended except in a vague way. The men feel that, if our leaders, the “big-shots,” could not keep us out, then there is no help for it; we have to fight. There is much danger for the future in this attitude, since the responsibility is not personally accepted but is displaced to the leaders. If these should lose face or the men find themselves in economic difficulties in the postwar world, the attitude can easily shift to one of blame of the leaders. The the cry will rise: “We were betrayed—the politicians got us in for their own gain. The militarists made us suffer for it.”

Roy R. Grinker, Sr. (1900–1993) American psychiatrist and neurologist

Source: Men Under Stress, 1945, p. 38-39 cited in: The Clare Spark Blog (2009) Strategic Regression in “the greatest generation” http://clarespark.com/2009/12/09/strategic-regression-in-the-greatest-generation/ December 9, 2009

Men, War, World, Way

“The prevailing economic theory of business enterprise and behavior, the maximization of profit—which is simply a complicated way of phrasing the old saw of buying cheap and selling dear—may adequately explain how Richard Sears operated. But it cannot explain how Sears, Roebuck or any other business enterprise operates, nor how it should operate. The concept of profit maximization is, in fact, meaningless.”

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

Source: 1960s - 1980s, MANAGEMENT: Tasks, Responsibilities, Practices (1973), Part 1, p. 59 (1986 ; 45)

Way, Behavior, Business

“Capitalism might be defined, if we wish to be scientific, as a form of economic organization motivated by the pursuit of profit within a price structure.”

Carroll Quigley (1910–1977) American historian

Source: The Evolution of Civilizations (1961) (Second Edition 1979), Chapter 8, Canaanite and Minooan Civilizations, p. 240

Motivation

“Today there is a new class hostile to business in general, and especially to large corporations. As a group, you find them mainly in the very large and growing public sector and in the media. They share a disinterest in personal wealth, a dislike for the free-market economy, and a conviction that society may best be improved through greater governmental participation in the country's economic life. They are the media. They are the educational system. Their dislike for the free-market economy originates in their inability to exercise much influence over it so as to produce change. In its place they would prefer a system in which there is a very large political component. This is because the new class has a great deal of influence in politics. Thus, through politics, they can exercise a direct and immediate influence on the shape of our society and the direction of national affairs.”

Irving Kristol (1920–2009) American columnist, journalist, and writer

1970s, Two Cheers for Capitalism (1978)

Life, Hostility, Education, Exercises

“[V]oluntary exchange among individuals held morally responsible under the rule of law creates both prosperity and an unparalleled diversity of human choices. Such a model also has been a precondition of individuation and freedom. By contrast, regimes of central planning create poverty and occasion ineluctable developments toward totalitarianism and the worst abuses of power. Dynamic free-market societies, grounded in rights-based individualism, have altered the entire human conception of liberty and of dignity for formerly marginalized groups. The entire "socialist experiment," by contrast, ended in stasis; ethnic hatreds; the absence of even the minimal preconditions of economic, social, and political renewal; and categorical contempt for both individuation and minority rights. Our children do not know this true comparison.”

Alan Charles Kors (1943) American academic

2000s, Can There Be an "After Socialism"? (2003)

Children, Law, Freedom

“It may also be noted that the authoritarian states are in trouble internationally. Some regard this as intentional, as part of the diversion and scapegoat technique, while others think that it is more or less inevitable because of the very co-ordination of the economic activities of the individual nations in question.”

Luther H. Gulick (1892–1993) American academic

Source: "Notes on the Theory of Organization," 1937, p. 40

Question, Thinking, Parting

“For many years we Communists have struggled for a cultural revolution as well as for a political and economic revolution, and our aim is to build a new society and a new state for the Chinese nation. That new society and new state will have not only a new politics and a new economy but a new culture. In other words, not only do we want to change a China that is politically oppressed and economically exploited into a China that is politically free and economically prosperous, we also want to change the China which is being kept ignorant and backward under the sway of the old culture into an enlightened and progressive China under the sway of a new culture. In short, we want to build a new China. Our aim in the cultural sphere is to build a new Chinese national culture.”

Mao Zedong (1893–1976) Chairman of the Central Committee of the Communist Party of China

We Want to Build a New China
On New Democracy (1940)
Original: (zh-CN) 我们共产党人，多年以来，不但为中国的政治革命和经济革命而奋斗，而且为中国的文化革命而奋斗；一切这些的目的，在于建设一个中华民族的新社会和新国家。在这个新社会和新国家中，不但有新政治、新经济，而且有新文化。这就是说，我们不但要把一个政治上受压迫、经济上受剥削的中国，变为一个政治上自由和经济上繁荣的中国，而且要把一个被旧文化统治因而愚昧落后的中国，变为一个被新文化统治因而文明先进的中国。一句话，我们要建立一个新中国。建立中华民族的新文化，这就是我们在文化领域中的目的。

Change

“What makes a piece of mathematical economics not only mathematics but also economics is, I believe, this: When we set up a system of theoretical relationships and use economic names for the otherwise purely theoretical variables involved, we have in mind some actual experiment, or some design of an experiment, which we could at least imagine arranging, in order to measure those quantities in real economic life that we think might obey the laws imposed on their theoretical namesakes.”

Trygve Haavelmo (1911–1999) Norwegian economist and econometrician

Trygve Haavelmo, "The probability approach in econometrics" in: Supplement to Econometrica. 12 91944), p. 5; Cited in Pearl (2012, 1-2)

Life, Law, Imagination, Mathematics

“I did not call him "Fritz." To me he remained always "Professor Hayek," despite his own graciousness in treating me as a peer. I shall not attempt to evaluate Professor Hayek's monumental contribution to our understanding of the events of this turbulent century, to the influence of his ideas on these events themselves or even to the development of economic theory in a strictly scientific sense.”

James M. Buchanan (1919–2013) American economist

"I did not call him “Fritz”: Personal recollections of Professor F. A. v. Hayek." Constitutional Political Economy 3.2 (1992): 129-135.

Idea, Understanding, Sense

“WE have placed our psychotechnical interest at the service of economic tasks… The purpose before us was to find for every economic occupation the best-fitted personality, both in the interest of economic success and in the interest of personal development.”

Hugo Munsterberg (1863–1916) German-American psychologist, philosopher and agitator

Source: Psychology and Industrial Efficiency (1913), p. 141

Success, Personality

“It does not follow, because our difficulties are stupendous, because there are some souls timorous enough to doubt the validity and effectiveness of our ideals and our system, that we must turn to a state controlled or state directed social or economic system in order to cure our troubles.”

Herbert Hoover (1874–1964) 31st President of the United States of America

The Hoover Policies (1937)

Soul

“Legal and economic equality are absolutely necessary remedies for the Fall, and protection against cruelty.”

Clive Staples Lewis (1898–1963) Christian apologist, novelist, and Medievalist

Equality (1943)

“In defining a microeconomic system two distinct component elements will be identified: an environment and an institution. The environment consists of a list of N economic agents {l,…, N}, a list of K + 1 commodities (including resources) {O, l,…, K}, and certain characteristics of each agent … Hence, a microeconomic environment is defined by the collection of characteristics e”

Vernon L. Smith (1927) American economist

e',...,e”
Source: "Microeconomic systems as an experimental science," 1982, p. 925.

“Since all models are wrong the scientist cannot obtain a "correct" one by excessive elaboration. On the contrary following William of Occam he should seek an economical description of natural phenomena. Just as the ability to devise simple but evocative models is the signature of the great scientist so overelaboration and overparameterization is often the mark of mediocrity.”

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

Source: Science and Statistics (1976), p. 792

Nature

“It is also a fact that America is too democratic at home to be autocratic abroad. This limits the use of America's power, especially its capacity for military intimidation. Never before has a populist democracy attained international supremacy. But the pursuit of power is not a goal that commands popular passion, except in conditions of a sudden threat or challenge to the public's sense of domestic well-being. The economic self-denial (that is, defense spending) and the human sacrifice (casualties, even among professional soldiers) required in the effort are uncongenial to democratic instincts. Democracy is inimical to imperial mobilization.”

Zbigniew Brzeziński book The Grand Chessboard

Source: The Grand Chessboard (1997), Chapter 2, The Eurasian Chessboard, p. 35-36.

Democracy, Home, Sense, Effort

“I am merely trying to illustrate one of the fundamental facts about American journalism today, the fact that the servants of the press lords are slaves very much as they have always been, and that any attempt at revolt is immediately punished with the economic weapon.”

George Seldes (1890–1995) American journalist

Lords of the Press

“You may ask what kind of republic I dream of. Let me reply: I dream of a republic independent, free, and democratic, of a republic economically prosperous and yet socially just; in short, of a humane republic that serves the individual and that therefore holds the hope that the individual will serve it in turn. Of a republic of well-rounded people, because without such people it is impossible to solve any of our problems — human, economic, ecological, social, or political.”

Václav Havel (1936–2011) playwright, essayist, poet, dissident and 1st President of the Czech Republic

New Year's Address to the Nation (1990)

People, Dreams, Hope, Problem

“When a politician, on a subject implicating science — hard science, economic science, social science — says, ‘The debate is over,’ you may be sure of two things. It’s that the debate is raging and he’s losing it.”

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

Discussion, Fox News Sunday, February 16, 2014
2010s

Rage, Science

“Politics is not a self-enclosed activity, organically generating a body of concepts internal to it. What counts as a set of ideas with a bearing on the political conflicts of a time varies according to epoch and region. Today it stretches far beyond the purview of political science, traditionally conceived. Philosophy, economics, history, sociology, psychology, not to speak of the earth and life sciences, and the arts, all intersect at different points with terrain of politics, in its classic definition.”

Perry Anderson (1938) British historian

Source: Spectrum: From Right to Left in the World of Ideas (2005), Foreword, p. xi

Life, Art, History, Idea

“The time has come to educate people, to cease all quarrels in the name of religion, culture, countries, different political or economic systems. Fighting is useless. Suicide.”

Tenzin Gyatso (1935) spiritual leader of Tibet

News conference in Vancouver, B.C. as quoted in The Globe and Mail. (8 September 2006).

People, Education, Religion, Suicide

“As the world becomes increasingly inter-linked and competitive, we know that our future economic success and prosperity will be predicated upon the strength of our human capital, and our ability to forge and to sustain competitive advantage.”

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

Sabhal Mòr Ostaig Lecture (December 19, 2007)

World, Success, Future

“Fortunately for the stability of the world, the difference between the technical-economic potentials of the Soviet Union and the United States is not so great that one of the sides could undertake a "preventive aggression" without an almost inevitable risk of a destructive retaliatory blow. This situation would not be changed by a broadening of the arms race through the development of anti-missile defenses.”

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

Progress, Coexistence and Intellectual Freedom (1968), Dangers, The Threat of Nuclear War

World, Change

“Cultural and behavioral scholars are uneasy about this use of their studies. Fortunately, the intellectual tide has begun to turn. Increasing numbers of economists have come to realize that standard economic theory is just as applicable to the scarcity problems that confront low income countries as to the corresponding problems of high income countries.”

Theodore Schultz (1902–1998) American economist

"The Economics of Being Poor," (1979)

Behavior, Problem, Study, Country

“Economic logic requires that we maximize the productivity of the limiting factor in the short run, and invest in increasing its supply in the long run. When the limiting factor changes, then behavior that used to be economic becomes uneconomic. Economic logic remains the same, but the pattern of scarcity in the world changes, with the result that behavior must change if it is to remain economic. Instead of maximizing returns to and investing in man-made capital (as was appropriate in an empty world), we must now maximize returns to and invest in natural capital (as is appropriate in a full world). This is not “new economics,” but new behavior consistent with “old economics” in a world with a new pattern of scarcity.”

Herman E. Daly (1938) American economist

Herman E. Daly (1994) in: AnnMari Jansson. Investing in Natural Capital: The Ecological Economics Approach To Sustainability. 1994. p. 24

World, Behavior, Nature, Change

“The field of economics is not exempt from the consequences of chaos and complexity. Marketplaces are indeterminate; value is subjective; and outcomes are subject to interpretation. Economic forecasting is just as nebulous, being based on the probability of statistical information that may or may not be accurate.”

L. K. Samuels (1951) American writer

Source: In Defense of Chaos: The Chaology of Politics, Economics and Human Action, (2013), p. 16

“Education is the principal tool of socio-economic development and unless all societies are provided with right type of education, adequate in quality and quantity, it will not be possible to tackle satisfactorily the problem of ignorance of health and poverty which afflicts the majority of human beings in the world.”

V. V. Giri (1894–1980) Indian politician and 4th president of India

Gopal Bhargava in: Child Labour http://books.google.co.in/books?id=6iYmX2k6G-MC&pg=PA96, Gyan Publishing House, 1 January 2003, P.96

Health, World, Education, Problem

“The essential is the object. Error consists in forgetting that grain, cotton, wool are vital objects and in being interested in them only because of their value in gold, their speculative value. The economic purpose is not 'to make millionaires out of gasoline' but to distribute gasoline according to demand and need. [Wall street] is an abstraction.”

Fernand Léger (1881–1955) French painter

Quote from exhibition catalogue, John Becker Gallery, New York, March 1933
Quotes of Fernand Leger, 1930's

Error, Forgetting

“We need to address climate change, we need to limit the temperature rise globally to the maximum extent but we cannot do it at the expense of keeping people in poverty and stopping their economic development.”

Khalid A. Al-Falih (1960) CEO of Saudi Aramco

Interview with Financial Times (18 November 2016)

People, Change

“If there is one single area of economics in which path dependence is unmistakable, it is in economic geography – the location of production in space.”

Paul Krugman (1953) American economist

"History and Industry Location: The Case of the Manufacturing Belt", The American Economic Review, Vol. 81, No. 2, (May, 1991)

Dependency

“Economists have traditionally been leery at mentalités as a factor in long-term economic development. In the budding literature on the economic rise of the West, such factors have been ignored or curtly dismissed. In the past, economists’ hostility to religious factors stems from the incompleteness of such theories. Attitudes were a matter of degree, not of absolutes.”

Joel Mokyr (1946) Israeli American economic historian

Source: The lever of riches: Technological creativity and economic progress, 1992, p. 171

Hostility, Literature, Past

“Economic theory, since the time of the Physiocrats, has endeavored to get rid of the human will and to explain economic phenomena in terms of physical and hedonic forces. The human will had been the main reliance of the Mercantilists and of the economic theory of the Church fathers. But the will was arbitrary, capricious and contrary to natural laws. There were two stages of these physical theories which attempted to get away from the will:-the natural rights arld physical equilibrium stage of foreordained evolution of Quesnay, Adam Smith and Karl Marx, and the natural selection stage of blind evolution that followed Darwin, whose distinguished exponent in economics is Veblen. The theorists of each stage attempted to get rid of the human will and to explain economic phenomena as the working out of natural forces, either foreordained or blind. It was a concept of society as the natural growth of a mechanistic equilibrium.”

John R. Commons (1862–1945) United States institutional economist and labor historian

Source: Legal foundations of capitalism. 1924, p. 376

Law, Nature, Time

“Practically, the Church was an immense vested interest, implicated to the hilt in the economic fabric, especially on the side of agriculture and land tenure. Itself the greatest of landowners, it could no more quarrel with the feudal structure than the Ecclesiastical Commission, the largest of mineral owners today, can lead a crusade against royalties.”

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

Part I, Ch. 3
Religion and the Rise of Capitalism (1926)

“Our economic order is tightly woven around the exploitation of animals, and while it may seem easy to dismiss concern about animals as the soft-headed mental masturbation of people who really don't understand oppression and the depths of actual human misery, I hope to get you to think differently about suffering and pain, to convince you that animals matter, and to argue that anyone serious about ending domination and hierarchy needs to think critically about bringing animals into consideration.”

Bob Torres American podcaster

Source: Making a Killing: The Political Economy of Animal Rights (2007), p. 20

Pain, People, Hope, Understanding

“Since economics deals with human beings, the problems of its scientific treatment involves fundamental problems of the relations between man and his world. From a rational or scientific point of view, all practically real problems are problems in economics. The problem of life is to utilize resources "economically," to make them go as far as possible in the production of desired results. The general theory of economics is therefore simply the rationale of life. - In so far as it has any rationale! The first question in regard to scientific economics is this question of how far life is rational, how far its problems reduce to the form of using given means to achieve given ends. Now this, we shall contend, is not very far; the scientific view of life is a limited and partial view; life is at bottom an exploration in the field of values, an attempt to discover values, rather than on the basis of knowledge of them to produce and enjoy them to the greatest possible extent. We strive to "know ourselves," to find out our real wants, more than to get what we want. This fact sets a first and most sweeping limitation to the conception of economics as a science.”

Frank Knight (1885–1972) American economist

Source: "The limitations of scientific method in economics", 1924, p. 97 (2009 edition); Lead paragraph

Life, World, Question, Knowledge

“Average Americans have little or no influence over the making of U. S. government policy. … Wealthy Americans wield a lot of influence. By investing money in politics, they can turn economic power into political power.”

Benjamin Page (1939) Professor of Decision Making

Benjamin I. Page and Martin Gilens, Democracy in America?: What Has Gone Wrong and What We Can Do About It (University of Chicago Press: 2017), p. 90

Money

“Because he did not care about his country, Lenin was prepared to promise everybody whatever they wanted without giving much thought to the future. The peasants wanted private land for their communes? Let them take it: eventually all the land will be confiscated and collectivized anyway. Until then, ‘looting the loot’ will win over, or at least neutralize, the peasantry. The workers demand to run the factories? Even though ‘workers’ control is a detestable syndico-anarchist slogan, there is no harm in granting their desires—for the time being. Once industries have been nationalized and subjected to general economic plan of production, ‘workers’ control’ will vanish of itself.”

Richard Pipes (1923–2018) American historian

Source: Three “Whys” of the Russian Revolution (1995), p. 44

Communication, Time, Future, Country

“The presumed causes of Americas troubles can be summed up simply: the evils of unlimited competition, and abuses by those with economic power.”

Charles A. Reich book The Greening of America

Source: The Greening of America (1970), Chapter III : The Failure Of Reform, p. 43

Evil

“America`s perpetual trouble has been a less-productive black minority. Black-white economic inequality is not a problem that America is going to be able to solve any time soon. But, due to our market-dominant majority, our country is rich enough to live with it. In contrast, if our current mass immigration system is allowed to continue, America will become just another country with a market dominant minority. Through government policy, we will have inflicted upon ourselves the kind of ugly society seen in most of the rest of the world.”

Steve Sailer (1958) American journalist and movie critic

Will U.S. Retain Its “Market-Dominant Majority”? http://www.vdare.com/articles/will-us-retain-its-market-dominant-majority, VDARE, February 2, 2003

World, Problem, Time, Country

“Poverty has been created by the economic and social system that we have designed for the world. It is the institutions that we have built, and feel so proud of, which created poverty.”

Muhammad Yunus (1940) Bangladeshi banker, economist and Nobel Peace Prize recipient

"Eliminating Poverty Through Market-Based Social Entrepreneurship" in Global Urban Development Magazine (May 2005)

World, Feeling

“We Scots derive a strong sense of identity from our nationhood. Scotland has always retained a unique culture and character - not defined in opposition to our neighbours, but by ourselves and our basic values. We Scots have made great contributions in the world of philosophy, economics, science and letters. We were the first country in the world to adopt free education for all. And our legal system is a unique hybrid of the civil and common law traditions.”

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

Vision for Scotland in the European Union (December 12, 2007)

World, Education, Law, Sense

“I have not the slightest doubt that the economic measures and the Socialist measures which one will find in countries of Eastern Europe, will become increasingly powerful against the uncoordinated, planless society in which the West is living at present.”

James Callaghan (1912–2005) Prime Minister of the United Kingdom; 1976-1979

Speech http://hansard.millbanksystems.com/commons/1960/dec/15/south-west-africa in the House of Commons (15 December 1960) Shadow Chancellor of the Exchequer

Country

“Even though leading scholars … recognize that Paul's letters were not theological treatises, they still construct Pauline Christianity as if it were an already existing definable religion. And apparently because religion in the modern West is separate from political and economic affairs—indeed, more or less subject to an agreement not to conflict with political and economic affairs—scholarly constructions often simply ignore (or avoid) implications in the sources of engagement with political-economic affairs, particularly any implications of conflict with the dominant political-economic order.”

Richard A. Horsley (1939) Biblical scholar

"Paul's assembly in Corinth: an alternative society," in Urban Religion in Corinth (Harvard: 2005), pp. 374-375.

Religion

“In the course of a few weeks the one policy with which the Prime Minister was uniquely and personally associated, the contribution to policy of which he appears to have been most proud, has been blown apart, and with it has gone for ever any claim by the Prime Minister or the party that he leads to economic competence. He is the devalued Prime Minister of a devalued Government.”

John Smith (1938–1994) Labour Party leader from Scotland (1938-1994)

Hansard http://www.publications.parliament.uk/pa/cm199293/cmhansrd/1992-09-24/Debate-2.html, House of Commons, 6th series, vol. 212, col. 22. House of Commons speech, 24 September 1992, referring to Black Wednesday.

Appearance, Personality

“Since Judaism made Christianity possible and gave it the character of a religion essentially free from magic, it rendered an important service from the point of view of economic history. For the dominance of magic outside the sphere in which Christianity has prevailed in one of the most serious obstructions to the rationalization of economic life. Magic involves a stereotyping of technology and economic relations. When attempts were made in China to inaugurate the building of railroads and factories a conflict with geomancy ensued … Similar is the relation to capitalism of the castes in India. Every new technical process which an Indian employs signifies for him first of all that he leaves his caste and falls into another, necessarily lower … An additional fact is that every caste makes every other caste impure. In consequence, workmen who dare not accept a vessel filled with water from each other's hands, cannot be employed together in the same factory room. Obviously, capitalism could not develop in an economic group thus bound hand and foot by magical means.”

Max Weber (1864–1920) German sociologist, philosopher, and political economist

Max Weber, General Economic History, trans. by Frank Knight, 1961. p 265

Life, Religion, History, Water

“Lincoln is, both culturally and in terms of his economic thinking, firmly and immovably located in the center of what we can call liberal democratic thought in the 19th century. He is very much market oriented, with tremendous confidence in the power of a capitalist society to transform for the better, and he believes in opening the possibilities of that society to as many as possible. To him, that’s what’s coterminous with liberty.”

Allen C. Guelzo (1953) American historian

2010s, Interview with Tom Mackaman (2013)

Confidence, Thinking

“At its core, the argument against racism, at least as it works to further black interests, is an argument against collectivism. You're meant to avoid judging an entire people based on the color of their epidermis or the conduct of a statistically significant number of them. It is, however, deemed perfectly acceptable to malign and milk Europeans for all they're worth, based on the lack of pigment in their skin and their overall better socio-economic performance.”

Ilana Mercer South African writer

"Europeans Abolished Slavery; Africans/Muslims Still Practice It." http://www.frontpagemag.com/fpm/263735/europeans-abolished-slavery-africansmuslims-still-ilana-mercer FrontPage Magazine 8/4/016. 2010s, 2016

People, Color

“But public works, economic protectionism, cheap money, 'deficit-financed government spending,' and 'the animal spirits of the spendthrift' in the service of boosting 'consumption demand'… Doesn't Keynesianism simply appeal to the worst in human nature?”

Ilana Mercer South African writer

"John Maynard Keynes: Where’s The Genius?! (Part 2) http://www.economicpolicyjournal.com/2013/08/john-maynard-keynes-wheres-genius-part-2.html Economic Policy Journal, August 23, 2013. 2010s, 2013

Money, Nature, Animals

“Intelligence is given every wise opportunity to develop. Unfortunate if it is overclouded by class consciousness. If labor's fear of immigration is only a way of asserting, in an organized plea, labor's right to monopoly, it must be remembered that such an attitude has never been successful, and will not be successful in this case. There are those who leach the laborer that the fewer hours he works, the better off he is. In order to maintain that belief, they have attempted, through organization, to dictate to government. This attitude is against public conscience, against the working of economic law. There was a time, in our country's history, when we believed that leisure meant opportunity. But educated people soon found that opportunity lay not in leisure but in effort; so they went to work. The ideal for rich and poor alike is that any one, through honest effort, may assume and secure any position for which he is fitted.”

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

1920s, Whose Country Is This? (1921)

People, Education, Fear, Law

“Revenue has increased in this way is in no small measure, I am convinced, due to our low tax policy which has helped to generate an economic expansion in the face of unfavourable circumstances”

John James Cowperthwaite (1915–2006) British colonial administrator

February 26, 1964, page 53.
Official Report of Proceedings of the Hong Kong Legislative Council

Way, Help

“The condensation of all property in the hands of one individual is an economic catastrophe-something like the formation of a black hole in astrophysics. It's obviously bad news for the majority of the people, who are left penniless. But even if you happen to be the big winner, your victory may prove hollow. Although you have all the riches in the world, you can't buy a thing, because no one else has goods to sell.”

Brian Hayes (scientist) (1900) American scientist, columnist and author

Source: Group Theory in the Bedroom (2008), Chapter 3, Follow The Money, p. 47

People, World, Victory

“The old form of trade union, which was born in the nineteenth century and aimed primarily at negotiating wages for a specific trase is no longer sufficient. First of all, as we have been argueing, the old trade unions are not able to represent the unemployed, the poor, or even the mobile and flexible post-Fordist workers with short term contracts, all of whom participate actively in social production and increase social wealth. Second, the old unions are divided according to the various products and tasks defined in the heyday of industrial production - a miners' union, a pipefitters' union, a machinists' union and so forth. Today, insofar as the conditions and the relations of labor are becoming common, these traditional divisions (or even newly defined divisions) no longer make sense and serve only as an obstacle. Finally the old unions have become purely economic, not political, organization.”

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

136
Multitude: War and Democracy in the Age of Empire

Sense, Wealth

“Hayek’s move from economic theory to political philosophy was a natural evolution in his ideas. First, he considered the influence of prices in production. Then he considered the larger question of the role of prices in social life. The conclusion he reached was that law should guarantee to each person a protected sphere within which each could live as much as possible as he pleased. Later in his career, he progressed to the idea that whole societies through their customs, morals, and rules are engaged in macrocompetition, the survivor of which would possess the customs, morals, and rules that are the most materially productive and result in the highest standard of living for the most—the economist’s goal.”

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

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

Life, Law, Idea, Question

“Economic progress… means the discovery and application of better ways of doing things to satisfy our wants. The piping of water to a household that previously dragged it from a well, the growing of two blades of grass where one grew before, the development of a power loom that enables one man to weave ten times as much as he could before, the use of steam power and electric power instead of horse or human power — all these things clearly represent economic progress.”

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

Remark: Kenneth Boulding gave the same example in his 1945 The economics of peace, p. 74
Source: 1950s, Principles of economic policy, 1958, p. 23

Way, Grass, Water, Time

“We cannot continue to have an excellence gap with the rest of the world and intend to remain the [economic superpower] and [military superpower] of the planet. That's just not going to happen. We're in a position where unless we take action, we'll end up being the [France] of the 21st century: a lot of talk, but not a lot of strength behind it in terms of economic capability.”

Mitt Romney (1947) American businessman and politician

[2005-11-16, Boston Globe]
2003–2007 Governor of Massachusetts

World

“But wherever the truth may lie, this much is crystal-clear: our bigger-and-better society is now like a hypochondriac, so obsessed with its own economic health as to have lost the capacity to remain healthy.”

Aldo Leopold book A Sand County Almanac

Source: A Sand County Almanac, 1949, Foreword, p. viii-ix.

Health, Truth, Lie

“Economic history matters. Students of economics should read Charles MacKay and Charles Kindleberger, and should study the history of the Wall Street Crash as well as the theory and the mathematics required to formalize it.”

Adair Turner, Baron Turner of Ecchinswell (1955) British businessman

Source: Economics after the crisis : objectives and means (2012), Ch. 2 : Financial Markets: Efficiency, Stability, and Income Distribution

History, Mathematics, Study, Reading

“An evolving discipline–whether it be history or economics or astrophysics or immunology–is ever dynamically changing. Two steps forward and X steps back, so to speak. Periodically, the scholarly group registers more or less self-confidence, self-esteem, and complacency. We careerists are happiest when recent past achievements have seemed to be successful, but when still there are completable tasks dimly visible ahead.”

Paul A. Samuelson (1915–2009) American economist

"Foreword: Eavesdropping on the Future?" in New Frontiers in Economics (2004)
New millennium

Confidence, History, Change, Success

“The United States has already passed on as the world’s economic leader. Having flouted Thomas Jefferson for too long, America has succumbed to public debt, the 'fore horse for oppression and despotism,' after which 'taxation will follow, and in its train wretchedness and oppression.”

Ilana Mercer South African writer

“Economic Apocalypse Now,” http://www.ilanamercer.com/phprunner/public_article_list_view.php?editid1=603 WorldNetDaily.com, June 3, 2011. 2010s, 2011

World, Horse, Training

“Every religious, moral, economic, ethical, or other antithesis transforms into a political one if it is sufficiently strong to group human beings effectively according to friend and enemy. The political does not reside in the battle itself, which. possesses its own technical, psychological, and military laws, but in the mode of behavior which is determined by this possibility, by clearly evaluating the concrete situation and thereby being able to distinguish correctly the real friend and the real enemy.”

Carl Schmitt book The Concept of the Political

The Concept of the Political (1927)

Law, Behavior, Strong

“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

The Death Wish of the Anarcho-Communists (1970) http://www.lewrockwell.com/rothbard/rothbard122.html.

People, Science

“Through Marshall's life and work the Victorian demand for authoritative social doctrine found one of its most important expressions in the Cambridge School of Economics. Maynard Keynes's relationship to that tradition is one of the central themes of this biography. That relationship was never unproblematic, because Marshall's achievement was incomplete. He had shown how the existing moral code could be made to serve society rather than God. But there was nothing in his work to show how it could be altered so as to make it possible for individuals to lead happier or more civilised lives. Marshall himself seems not to have felt any pressure to do so. But Sidgwick had, as had many other thinking Victorians. It was the reorganisation of personal life rather than the reorganisation of society which seemed the urgent problem for the next generation, especially once the soc ail and economic clouds of the 1880s and 1890s had given way to the bright sunlight of the Edwardian age.”

Robert Skidelsky (1939) Economist and author

John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman (2003), Ch. 2. Cambridge Civilisation: Sidgwick and Marshall

Life, God, Age, School

“I say what I think
Because it's more economic than drugs or a drink”

Sara Bareilles (1979) American pop rock singer-songwriter and pianist

"Sweet As Whole"
Lyrics, Once Upon Another Time (2012)

Drink, Thinking

“Though mainstream economics began by assuming that his hedonistic, individualistic approach to analysing consumer demand was intellectually sound, it ended up proving that it was not.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 2, The Calculus Of Hedonism, p. 23

“The workers of the nation were tired of waiting for corporate industry to right their economic wrongs, to alleviate their social agony and to grant them their political rights. Despairing of fair treatment, they resolved to do something for themselves.”

John L. Lewis (1880–1969) American labor leader

Labor and the Nation speech (September 3, 1937)

Waiting, Despair

“95% of Economics is common sense deliberately made complicated.”

Ha-Joon Chang (1963) Economist

Lecture http://www.youtube.com/watch?v=whVf5tuVbus at the RSA about his book 23 Things They Don't Tell You About Capitalism, September 2010.

Sense

“It is no coincidence that the same diet that helps prevent or cure diabetes also causes effortless weight loss, lowers cholesterol and triglycerides, cleans out the arteries, and returns the body to excellent function. But no matter how much research appears saying the same thing over and over again, the tide is unlikely to change because of the economic incentives for the medical establishment of continued illness and profitable treatments.”

John A. McDougall (1947) American physician

“Diet and Diabetes: The Meat of the Matter,” in EarthSave Magazine (November 2002), p. 22; as quoted in Will Tuttle, The World Peace Diet (Lantern Books, 2005), p. 85 https://books.google.it/books?id=BTqLjAOwsSMC&pg=PA85.

Appearance, Change, Loss, Help

“THE TERM (Sustainability) HAS BECOME so widely used that it is in danger of meaning nothing. It has been applied to all manner of activities in an effort to give those activities the gloss of moral imperative, the cachet of environmental enlightenment. “Sustainable” has been used variously to mean “politically feasible,” “economically feasible,” “not part of a pyramid or bubble,” “socially enlightened,” “consistent with neoconservative small-government dogma,” “consistent with liberal principles of justice and fairness,” “morally desirable,” and, at its most diffuse, “sensibly far-sighted.””

Eric Zencey (1953–2019) American writer

Eric Zencey, " Theses on Sustainability https://orionmagazine.org/article/theses-on-sustainability/" in Orion, May/June 2010.

Justice, Effort, Parting

“Socialism rejects the premises and the conclusions of anarchy upon the State and upon government. What socialism says is "Away with the economic system that alters the beneficent functions of the central direction authority from an aid to production into a means of oppression." And it proceeds to show that, when the instruments of production shall be owned no longer by the minority, but shall be restored to the Commonwealth; that when, as a results of this, no longer the minority or any portion of the people shall be in poverty and classes, class distinctions and class rule shall, as they necessarily must, have vanished, that then the central directing authority will lose all its repressive functions and is bound to reassume the functions it had in the old communities of our ancestors, become against a necessary aid, and assist in production.”

Daniel De Leon (1852–1914) American newspaper editor

Revolution
Reform or Revolution (1896)

People, Communication

“Both the existence of these parallels and their tragic nature would not have escaped Charles Kindleberger, whose World in Depression, 1929-1939 was published exactly 40 years ago, in 1973. Where Kindleberger’s canvas was the world, his focus was Europe. While much of the earlier literature, often authored by Americans, focused on the Great Depression in the US, Kindleberger emphasised that the Depression had a prominent international and, in particular, European dimension. It was in Europe where many of the Depression’s worst effects, political as well as economic, played out. And it was in Europe where the absence of a public policy authority at the level of the continent and the inability of any individual national government or central bank to exercise adequate leadership had the most calamitous economic and financial effects.”

Barry Eichengreen (1952) Economist

J. Bradford DeLong and Barry Eichengreen, "New preface to Charles Kindleberger, The World in Depression 1929-1939" http://www.voxeu.org/article/new-preface-charles-kindleberger-world-depression-1929-1939 (2012)

World, Exercises, Literature, Nature

“The materials collected in this volume are intended to acquaint the student with economic principles as they are manifested in the tangible facts of economic life. A few extracts of primarily theoretical character have been included to represent important aspects of contemporary or historic thought; but for the most part the selections are not so much authoritative formulations of economic laws as concrete case-material embodying such laws, or affording a background of information which the systematic treatises on economics can hardly give and which the teacher certainly cannot often assume that his students will possess.”

Chester W. Wright (1879–1966) American economic historian

James A. Field, Leon C. Marshall and Chester W. Wright. Materials For the Study of Elementary Economics https://archive.org/stream/materialsforstud00mars#page/n5/mode/2up, University of Chicago Press, 1913. Preface

Life, Law, Teachers, Parting

“I have a message for my fellow plutocrats and zillionaires and for anyone who lives in a gated bubble world: Wake up. Wake up. It cannot last. Because if we do not do something to fix the glaring economic inequities in our society, the pitchforks will come for us, for no free and open society can long sustain this kind of rising economic inequality. It has never happened. There are no examples. You show me a highly unequal society, and I will show you a police state or an uprising.”

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

World

Quotes about economics page 15

Quotes about economics
page 15