Quotes about economics
page 16

“The wage earner. Two very important policies have been adopted by this country which, while extending their benefits also in other directions, have been of the utmost importance to the wage earners. One of these is the protective tariff, which enables our people to live according to a better standard and receive a better rate of compensation than any people, any time, anywhere on earth, ever enjoyed. This saves the American market for the products of the American workmen. The other is a policy of more recent origin and seeks to shield our wage earners from the disastrous competition of a great influx of foreign peoples. This has been done by the restrictive immigration law. This saves the American job for the American workmen. I should like to see the administrative features of this law rendered a little more humane for the purpose of permitting those already here a greater latitude in securing admission of members of their own families. But I believe this law in principle is necessary and sound, and destined to increase greatly the public welfare. We must maintain our own economic position, we must defend our own national integrity.”

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

1920s, Second State of the Union Address (1924)

People, Family, Law, Time

“The democratic ideal springs from the ideas of liberty, equality, majority rule through free elections, protection of the rights of minorities, and freedom to subscribe to multiple loyalties in matters of religion, economics, and politics rather than to a total loyalty to the state. The spirit of democracy is the idea of importance and worth in the individual, and faith in the kind of world where the individual can achieve as much of his potential as possible.”

Saul D. Alinsky (1909–1972) American community organizer and writer

Source: Rules for Radicals: A Practical Primer for Realistic Radicals (1971), p. xxiv

World, Faith, Religion, Democracy

“In our advance to a greater life, we confront an initial obstacle. Unless we remove or overcome this obstacle, we can rise no further. We spend our time in a daze of diminished existence, neither awake nor asleep. We resign ourselves to compromise and routine, seeing the world through the categories of the prevailing culture or the methods of established ways of thinking. We reconcile ourselves to the mutilation of our experience that we begin to accept when we entered on a particular course of life. We allow ourselves to be subdued by the carapace of diminished experience that formed around is, as we grew older. For the vast majority of men and women, overwhelming economic necessity and drudgery overwhelm and disguise a stupefaction that would otherwise be apparent. For the increasing number of people who, with the material progress of society, are released from grinding material constraint, there is no disguise. In this way, we cease to live as embodied spirit: as the context-bound but context-resisting agents that we really are. That which is most precious—life itself—we give away in return for nothing. We belittle ourselves, wrongly mistaking our belittlement for a fate as inescapable as our mortality, our groundlessness, and our insatiability.”

Roberto Mangabeira Unger The Religion of the Future

Source: The Religion of the Future (2014), p. 356

Life, Women, Men, Fate

“Globalization is the economic treason that dare not speak it name.”

Patrick Buchanan (1938) American politician and commentator

2000s, Where the Right Went Wrong (2004)

“Once some engineers from the veneer trust laboratory came to me for consultation with a quite skilful presentation of their problems. Diﬀerent productivity is obtained for veneer-cutting machines for diﬀerent types of materials; linked to this the output of production of this group of machines depended, it would seem, on the chance factor of which group of raw materials to which machine was assigned. How could this fact be used rationally?
This question interested me, but nevertheless appeared to be quite particular and elementary, so I did not begin to study it by giving up everything else. I put this question for discussion at a meeting of the mathematics department, where there were such great specialists as Gyunter, Smirnov himself, Kuz’min, and Tartakovskii. Everyone listened but no one proposed a solution; they had already turned to someone earlier in individual order, apparently to Kuz’min. However, this question nevertheless kept me in suspense. This was the year of my marriage, so I was also distracted by this. In the summer or after the vacation concrete, to some extent similar, economic, engineering, and managerial situations started to come into my head, that also required the solving of a maximization problem in the presence of a series of linear constraints.
In the simplest case of one or two variables such problems are easily solved—by going through all the possible extreme points and choosing the best. But, let us say in the veneer trust problem for ﬁve machines and eight types of materials such a search would already have required solving about a billion systems of linear equations and it was evident that this was not a realistic method. I constructed particular devices and was probably the ﬁrst to report on this problem in 1938 at the October scientiﬁc session of the Herzen Institute, where in the main a number of problems were posed with some ideas for their solution.
The universality of this class of problems, in conjunction with their difficulty, made me study them seriously and bring in my mathematical knowledge, in particular, some ideas from functional analysis.
What became clear was both the solubility of these problems and the fact that they were widespread, so representatives of industry were invited to a discussion of my report at the university.”

Leonid Kantorovich (1912–1986) Russian mathematician

L.V. Kantorovich (1996) Descriptive Theory of Sets and Functions. p. 39; As cited in: K. Aardal, ‎George L. Nemhauser, ‎R. Weismantel (2005) Handbooks in Operations Research and Management Science, p. 15-26

Marriage, Search, Mathematics, Idea

“The conditioning of petty criminals with the whip, or some more scientific procedure, followed by a short stay in hospital, would probably suffice to insure order. Those who have murdered, robbed while armed with automatic pistol or machine gun, kidnapped children, despoiled the poor of their savings, misled the public in important matters, should be humanely and economically disposed of in small euthanasic institutions supplied with proper gasses. A similar treatment could be advantageously applied to the insane, guilty of criminal acts.”

Alexis Carrel (1873–1944) French surgeon and biologist

Source: (1935), p. 391

Children

“The transformation of the advanced countries to their present stage has been brought about by the acceptance of a scientiﬁc and rational view of life and nature. The scientiﬁc view has already permeated in a large measure the administrative organizations of the advanced countries. The scientiﬁc revolution, the social revolution and the industrial revolution are three aspects of the modernization of every society; these three aspects may be distinguished but cannot be separated. The rate of economic growth in every country is determined both directly and indirectly by the rate of progress of science and technology; directly through the utilization of the results of research and development, and indirectly through institutional changes brought about by the increasing inﬂuence of the scientiﬁc out-look and tradition.”

Prasanta Chandra Mahalanobis (1893–1972) Indian scientist

Quote, Professor P.C. Mahalanobis and the Development of Population Statistics in lndia

Life, Nature, Science, Change

“Paradoxically, it has turned out that game theory is more readily applied to biology than to the field of economic behavior for which it was originally designed”

John Maynard Smith book Evolution and the Theory of Games

Source: Evolution and the Theory of Games (1973), p. vii.

Behavior, Game

“Paul has no problem with wealth, yet he advocates positions that work against his personal economic interests. He notes that, while advocating the closing of tax loopholes, he has no difficulty taking advantage of those that remain. Fundamentally, Paul represents a middle path, as expressed in the ancient dictum that "men with vision walk in the middle."”

Michael Szenberg (1934) American economist

5.Paul Samuelson is Human.
Ten Ways to Know Paul A. Samuelson (2006)

Men, Problem, Personality, Wealth

“The Church, sensing that the middle class was slipping out of its grasp, certainly tried to create patterns of living which would enable the bourgeois to remain a bourgeois as well as a Christian; that is, to carry out his economic and social functions while preserving the features of a son of the Church. But it never succeeded in hallowing the aspirations of the new middle class by giving them a religious basis.”

Bernard Groethuysen (1880–1946) French literary historian, translator and writer

Source: The Bourgeois: Catholicism vs. Capitalism in Eighteenth-Century France (1927), p. 48

Sense

“Imperialist war arises not merely because of bitter economic competition among industrialists and financiers of various nations, but because of the dominance of government by powerful vested interests who use the armed forces of the nation to increase their private gains in other lands. To the degree that the power of these groups is broken by socialization and equalization of economic privilege, the likelihood of war is thereby reduced.”

Kirby Page (1890–1957) American clergyman

Property (1935)

War

“The importance to economics of the study of institutions is no longer a controversial proposition, thanks in part to the scholarly literature generated by the new institutional economics movement. Institutions are more than organizations – property is an institution, but not an organization – but organizations are an important form of institution and will be the focus of my paper, as it is, to a considerable extent, of the new institutional economics.”

Richard A. Posner (1939) United States federal judge

"From the new institutional economics to organization economics: with applications to corporate governance, government agencies, and legal institutions" (2010).

Literature, Study, Parting

“As economics is known as "The Miserable Science", software engineering should be known as "The Doomed Discipline", doomed because it cannot even approach its goal since its goal is self-contradictory. (…) Software engineering has accepted as its charter "How to program if you cannot.”

Edsger W. Dijkstra (1930–2002) Dutch computer scientist

Dijkstra (1988) " On the cruelty of really teaching computing science http://www.cs.utexas.edu/users/EWD/transcriptions/EWD10xx/EWD1036.html (EWD1036). 1980s

Science

“The most constructive of the anarchists were, socially speaking, individualists, peaceful and harmless. The least constructive, socially speaking, were dedicated to the overthrow of force by counter force. But without exception, in the realm of economics every anarchist comes unglued.”

Robert LeFevre (1911–1986) American libertarian businessman

Anarchy (1959)

Peace

“Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.”

Paul A. Samuelson (1915–2009) American economist

Paul Samuelson, Tjalling Koopmans, and Richard Stone. "Report of the evaluative committee for Econometrica." Econometrica- journal of the Econometric Society. (1954): 141-146.
1950s–1970s

“Political thought as we understand it began in Athens because the Athenians were a trading people who looked at their contemporaries and saw how differently they organized themselves. If they had not lived where they did and organized their economic lives as they did, they could not have seen the contrast. Given the opportunity, they might not have paid attention to it. The Israelites of the Old Testament narrative were very conscious of their neighbors, Egyptian, Babylonian, and other, not least because they were often reduced to slavery or near-slavery by them. That narrative makes nothing of the fact that Egypt was a bureaucratic theocracy; it emphasizes that the Egyptians did not worship Yahweh. The history of Old Testament politics is the history of a people who did their best to have no politics. They saw themselves as under the direct government of God, with little room to decide their own fate except by obeying or disobeying God’s commandments. Only when God took them at their word and allowed them to choose a king did they become a political society, with familiar problems of competition for office and issues of succession. For the Jews, politics was a fall from grace. For the Greeks, it was an achievement. Many besides Plato thought it a flawed achievement; when historians and philosophers began to articulate its flaws, the history of political thought began among the argumentative Athenians.”

Alan Ryan (1940) British philosopher

On Politics: A History of Political Thought: From Herodotus to the Present (2012), Ch. 1 : Why Herodotus?

God, Fate, People, History

“The nation is in the grip of a crisis. It is in essence a crisis of character. The obstructions and failures in other fields – economic, social and political – are just a reflection of our decline in the moral scale.”

Gulzarilal Nanda (1898–1998) Prime Minister of India

MSN News in: Past Prime Ministers: Those who came before Gulzarilal Nanda http://news.in.msn.com/elections-2014/past-prime-ministers-those-who-came-before?page=2, MSN News, 26 May 2014.

Failure

“National Socialism like Anti-Semitism glimpses in the Jewish-materialistic spirit the primary root of the evil, but it also knows that this most powerful battle of world-history cannot remain standing in purely negative anti-Semitic demands, therefore the entire national- and economic programme of National Socialism rises far above the certainly ground-breaking but negative anti-Semitic battle by positively giving a creative constructive image of how the National Socialist state of work and performance should look. If this main goal is reached, then the National Socialist Party will be dissolved.”

Gottfried Feder (1883–1941) German economist and politician

Source: The German State on a National and Socialist Foundation (1923), p. 58

World, History, Evil

“[ John Rawls's] Theory of Justice begins with this assertion: “Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust …. Truth and justice are uncompromising” (p. 3). How, one might ask. do we know that justice has this preeminence? Rawls’s second basic claim is that we have a particular kind of access to this preeminence: we have an “intuitive conviction of the primacy of justice” (p. 4) over all other considerations including welfare, efficiency, democratic choice, transparency, dignity, international competitiveness, or freedom, and, of course, over any rooted moral, philosophical, or religious conceptions. There is no account of where these intuitions came from, whether they might be in any way historically or sociologically variable, or what role they play in society.”

Raymond Geuss book Philosophy and Real Politics

Source: Philosophy and Real Politics (2008), pp. 70-71.

Truth, Justice, Law, Way

“Well, I certainly was not going to study physics, and I knew I was not going to study biology, but I could have become a sociologist or an anthropologist. However, I found sociology a little soft. I think that somewhere in my mind, I probably already had the notion – which turned out to be right – that if I was going to be a social scientist of some kind, I would like a rigorous social science. The analytical aspect of economics already appealed to me. That must have been so. It was not really a matter of chance. But if my wife had said ‘oh, no, economics was terribly boring’, I would probably have found something else to do.”

Robert Solow (1924) American economist

in Karen Ilse Horn (ed.) Roads to Wisdom, Conversations With Ten Nobel Laureates in Economics (2009)

Thinking, Study, Science, Chance

“We started with pure parliamentary democracy at the Centre and in the States. Now this has been extended to the grassroots, though not in the Gandhian way, but according to the dream of Gandhiji, along that line. We have extended democracy to the grassroots, in the panchayati raj experiment and I think that has given solid support to our parliamentary system. Our parliamentary system could not have survived, without this basic grassroot support. But all these can function only in an atmosphere of social and economic progress and greater equality.”

K. R. Narayanan (1920–2005) 9th Vice President and the 10th President of India

Shri K. R. Narayanan President of India in Conversation with N. Ram on Doordarshan and All India Radio

Dreams, Way, Democracy, Support

“This book is written in the conviction that economics is a powerful tool for analyzing a vast range of legal questions but that most lawyers and law students-even very bright ones-have difficulty connecting economic principles to concrete legal problems.”

Richard A. Posner (1939) United States federal judge

Source: Economic Analysis of Law (7th ed., 2007), Ch. 1: The Nature of Economic Reasoning

Books, Law, Question, Problem

“Have you ever tried to take the metro with a pushchair? I have two small boys. It's a nightmare, you can't replace that with a vélib [Mr Delanoë's bike rental scheme]. Lots of middle-class families with children are obliged to leave, due to economic and housing issues. The Left denies it, but more and more are going out to the suburbs.”

Nathalie Kosciusko-Morizet (1973) French politician

Interview with The Daily Telegraph (2003)

Children, Family, Boy, Housing

“The economic system denies the right of the sincerest and most sympathetic to keep their hands out of the blood of their brothers. We may not go to our rest at night, or waken to our work in the morning, without bearing the burden of the communal guilt; without being ourselves creators and causes of the wrongs we seek to bear away. At every step, when we would do good, evil is present with us, and exacts its tribute from the very citadel of the soul.”

George D. Herron (1862–1925) American clergyman, writer and activist

Source: Between Caesar and Jesus (1899), pp. 24-25

Soul, Communication, Evil, Night

“What kind of political order, then, is taking shape in Europe, 15 years after Maastricht? The pioneers of European integration – Monnet and his fellow spirits – envisaged the eventual creation of a federal union that would one day be the supranational equivalent of the nation-states out of which it emerged, anchored in an expanded popular sovereignty, based on universal suffrage, its executive answerable to an elected legislature, and its economy subject to requirements of social responsibility. In short, a democracy magnified to semi-continental scale (they had only Western Europe in mind). But there was always another way of looking at European unification, which saw it more as a limited pooling of powers by member governments for certain – principally economic – ends, that did not imply any fundamental derogation of national sovereignty as traditionally understood, but rather the creation of a novel institutional framework for a specified range of transactions. De Gaulle famously represented one version of this outlook; Thatcher another. Between these federalist and inter-governmentalist visions of Europe, there has been a continual tension down to the present.”

Perry Anderson (1938) British historian

"Depicting Europe", London Review of Books (20 September 2007)

Way, Democracy, Universe

“The widespread abuse of prisoners is a virtually foolproof indication that politicians are trying to impose a system--whether political, religious or economic--that is rejected by large numbers of the people they are ruling. Just as ecologists define ecosystems by the presence of certain "indicator species" of plants and birds, torture is an indicator species of a regime that is engaged in a deeply anti-democratic project, even if that regime happens to have come to power through elections.”

Naomi Klein (1970) Canadian author and activist

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

People, Bird

“Land has lost its original strategic value; military forces are no longer employed primarily to conquer land, but to ensure stable economic, energy and information flows, which constitute the true resources, along with the natural resources. Alongside military hard power, international organization are increasing attempts to use soft power, at regional level, to solve environmental problems that do not pose short-term problems, but which can generate conflicts in the medium-to-long term, such as water-related problems or desertification.”

Corrado Maria Daclon (1963) Italian journalist and scientist

From Geopolitics of Environment, A Wider Approach to the Global Challenges, La Comunità Internazionale, no. 4, (2007)

Nature, Problem, Water

“What does cultural pluralism signify in the absence of economic pluralism? Perhaps the question seems meaningless. Yet the apparent lack of meaning signals the intellectual retreat. The economic structure of society—call it advanced industrial society or capitalism or the market economy—stands as the invariant; few can imagine a different economic project. The silent agreement says much about multiculturalism. No divergent political or economic vision animates cultural diversity. From the most militant Afrocentrism to the most ardent feminists, all quarters subscribe to very similar beliefs about work, equality and success. The secret of cultural diversity is its political and economic uniformity. The future looks like the present with more options. Multiculturalism spells the end of utopia.”

Russell Jacoby (1945) American historian

Source: The End of Utopia (1999), pp. 39-40

Secret, Imagination, Question, Success

“By 1970, approximately two-thirds of the marriages of those on the tribal rolls were to people who were not, with the result that only 59 percent of births reflected a situation in which both parents registered themselves as possessing any Indian blood at all; U. S. Dept. of Health, Education and Welfare, A Study of Selected Socio-Economic Characteristics of Ethnic Minorities Based on the 1970 Census, Vol. 3: American Indians (Washington, D. C.: U. S. Government Printing Office, 1974) pp. 74, 78. For effects in terms of the "blood quantum" criteria by which native identity is officially defined in the U. S., see Thorton, American Indian Holocaust and Survival, pp. 174-5. The implications are clear: "Set the blood quantum at one-quarter, hold to it as a rigid definition of Indians, let intermarriage proceed as it [has] and eventually Indians will be defined out of existence"; Patricia Nelson Limerick, The Legacy of Conquest; The Unbroken Past of the American West (New York; W. W. Norton, 1987) p. 338.”

Ward Churchill (1947) Political activist

[Kill the Indian, Save the Man: The Genocidal Impact of American Indian Residential Schools, City Lights Books, San Francisco, CA, November 2004, 88, 0872864340]

Marriage, People, Health, Education

“I think the Services can be rightly very upset at the continuous series of defence reviews which the Government has been forced by economic circumstances—and maybe economic mistakes too—to carry out…”

Denis Healey (1917–2015) British Labour Party politician and Life peer

On BBC Television's Panorama programme (22 January, 1968).
1960s

Thinking

“The oil is a gift bestowed by God on the Arab nation, to use after centuries of poverty, backwardness and servitude — in raising its living standards, developing its economic, social and cultural conditions, and building up its own power to meet the challenges and conspiracies besetting it.”

Saddam Hussein (1937–2006) Iraqi politician and President

President Saddam Hussein's Speech on National Day (1981)

God

“It is no accident that the Labour Party of 1964 should share this craving for autarchy, for economic self-sufficiency, with the pre-war Fascist régimes and the present-day Communist states. They are all at heart totalitarian.”

Enoch Powell (1912–1998) British politician

Speech to the Dulwich Conservative Association (29 February 1964), from A Nation Not Afraid. The Thinking of Enoch Powell (B. T. Batsford Ltd, 1965), p. 75
1960s

War, Heart

“In the course of history periods of capitalism and socialism alternate with one another; capitalism is the unnatural, socialism the natural economic system…The National Socialists and the Red Front have the same aspirations. The Jews falsified the Revolution in the form of Marxism and that failed to bring fulfilment.”

Heinrich Himmler (1900–1945) Nazi officer, Commander of the SS

Speech in Potsdam (13 October 1926), quoted in Peter Longerich, Heinrich Himmler (Oxford: Oxford University Press, 2012), pp. 92-93.
1920s

History, Nature

“This is a comparative study of six organizations operating in the same industrial environment. The subsystems (sales, research, and production) in each organization were differentiated from each other in terms of subsystem formal structures, the member's goal orientation, member's time orientations and member's interpersonal orientations. This differentiation was related to the requirements of the particular subenvironment with which each subsystem dealt. A relationship was found between the extent to which the states of differentiation and integration in each organization met the requirements of the environment and the relative economic performance of the organizations.”

Paul R. Lawrence (1922–2011) American business theorist

Source: "Differentiation and integration in complex organizations," 1967, p. 1

Study, Time

“I have been accused of being ignorant of economics (although I am the founder and Chairman of the Board of a company which publishes seven professional economic newsletters), of being ignorant of sociology (although I am trained in sociology and was C. Wright Mills' research assistant at Columbia), of being unable to use statistics (although I earned my living as a professional statistician for five years) and of ignoring political factors”

Lloyd deMause (1931) American thinker

although all my graduate training was in political science
Source: Foundations of Psychohistory (1982), Ch. 2, ibid.

Science, Training

“Question: …you believe the Fed shouldn't exist… make the case.
Ron Paul: First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. This station talks about free market capitalism, and you can't have free market capitalism if you have a secret bank creating money and credit out of thin air. They become the central planners, they decide what interest rates should be, what the supply of money should be…
Question: How does the gold standard solves that?
Ron Paul: It maintains a stable currency and a stable value. If the Fed concentrated more on stable money rather than stable prices… They push up new money in stocks and in commodities and in houses, and then they have to come in to rescue the situation. They create the bubbles, then they come in and rescue it, and they do nothing more than try to do price fixing. Capitalism depends, and capital comes from savings, but there's no savings in this country, so this is all artificial. It creates the misdirection and the malinvestment and all the excessive debt, and it always has to have a correction. Since the Fed has been in existence, the dollar has lost about 97% of its value. You're supposed to encourage savings, but if something loses its value, why save dollars? There's no encouragement whatsoever. […] Gold is 6000 years old, and it still maintains its purchasing power. Oil prices really are very stable in terms of Gold. […] Both conservatives and liberals want to enhance big government, and this is a seductive way to tax the middle class.”

Ron Paul (1935) American politician and physician

CNBC debate with Faiz Shakir, March 20, 2008 http://www.youtube.com/watch?v=k94VWPjUQSM 2000s, 2006-2009

Money, Secret, Way, Question

“The Liberal party is very much your northern Democrat, or mainstream Democratic party, a party that is less concessionary to the secessionists than the PCs, but still somewhat concessionary. And they still occupy the mainstream of public opinion in Ontario, which is the big and powerful province, politically and economically, alongside Quebec.”

Stephen Harper (1959) 22nd Prime Minister of Canada

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

“Some institutionalist lines of thought, arising particularly in economics and political science, retain very strong notions of society as made up of bounded, purposive, sovereign, and rational actors. In economics, these might be individuals or organizations, operating in market-like environments. In political science, they might be sovereign national-states operating in an almost anarchic environment. Institutionalism, in such schemes, involves the idea that some fundamental institutional principle must be in place before systems of such actors can effectively operate. The classic core principle required in economic versions is property rights (North & Thomas, 1973). In international relations theory it is the principle of nation-state sovereignty”

John W. Meyer (1935) Sociologist and professor at Stanford University

Krasner, 1999
Source: "Reflections on institutional theories of organization,." 2008, p. 790

Idea, Strong, Science

“This book is… devoted to the study of economic policies to enhance the quality of life. Our willingness to embark on so considerable a subject only reflects our conviction that economists as a body have already made sufficient headway on these problems to make such an undertaking worthwhile.”

William J. Baumol (1922–2017) American economist

Preface to first edition.
The theory of environmental policy, 1988

Life, Books, Problem, Study

“Without an industrial economy, the modern army, as in America, could not exist; it is an army of machines. Professional economists usually consider military institutions as parasitic upon the means of production. Now, however, such institutions have come to shape much of the economic life of the United States.”

C. Wright Mills book The Power Elite

The Power Elite (1956)

Life

“What a hell of an economic system! Some are replete with everything while others, whose stomachs are no less demanding, whose hunger is just as recurrent, have nothing to bite on. The worst of it is the constrained posture need puts you in. The needy man does not walk like the rest; he skips, slithers, twists, crawls.”

Denis Diderot book Rameau's Nephew

Rameau's Nephew (1762)

Hunger, Hell

“Americanization today is little more than an impulse, and its context, as popularly conceived, is both narrow and superficial. As French has been the language of diplomacy in the past, so English is to be the language of the reconstruction of the world. English is the language of 90,000,000 people living in America. The English language is a highway of loyalty; it is a medium of exchange; it is the open door to opportunity; it is a means of common defense. It is an implement of Americanization, but it is not necessarily Americanization. The American who thinks that America is united and safe when all men speak one language has only to look at Austria and to study the Jugo-Slav and Czecho-Slovak nationalistic movements. The imposition of a language is not the creation of nationalism. A common language is essential to a common understanding, and by all means let America open such a line of communication. The traffic that goes over this line is, however, the vital thing, and what that shall be and how it is to be prepared are matters to which but little thought has been given. Even those who urge the abolition of all other languages are indefinite about the restriction. Shall a man after he has learned English be allowed to get news in a foreign language paper and to worship in his native tongue; and if not, what becomes of the liberty which he is urged to learn English in order to appreciate? Are foreign languages to be encouraged as an expression of culture and to be denied as a means of economic and political expression? The English language campaigns in America have failed because they have not secured the support of the foreign-born. Men must have reasons for learning new languages, and America has never presented the case conclusively or satisfactorily. Furthermore, wherever the case has been presented, it has not been done with the proper facilities and under favorable conditions. The working day must not be so long that men cannot study.”

Frances Kellor (1873–1952) American sociologist

What is Americanization? (1919)

Men, People, World, Communication

“What I believe is that the age of creative silliness is not past. Virtue, as an economic theorist, does not consist in squeezing the last drop of blood out of assumptions that have come to seem natural because they have been used in a few hundred earlier papers. If a new set of assumptions seems to yield a valuable set of insights, then never mind if they seem strange.”

Paul Krugman (1953) American economist

How I Work (1993)

Age, Nature, Past

“Much of current academic teaching and research has been criticized for its lack of relevance, that is, of immediate practical impact… The trouble is caused, however, not by an inadequate selection of targets, but rather by our inability to hit squarely any one of them… The weak and all too slowly growing empirical foundations clearly cannot support the proliferating superstructure of pure, or should I say, speculative economic theory.”

Wassily Leontief (1906–1999) Russian economist

Source: "Theoretical assumptions and nonobserved facts," 1971, p. 1.

Support

“Skidelsky tells us, Keynes was also practical, absorbed in questions of economic policy, argumentative, benevolent and intolerant, often rude, and had an intellectual arrogance that would allow positions previously held with great passion to be calmly abandoned. Well, that is exactly what the Cambridge faculty was like in the 1960s. Not only did the ghost of Keynes dominate the content of economics education at Cambridge, it also dominated the style. That style could be sustained with substance only by the extraordinarily gifted. So it is not surprising that the Cambridge faculty, although still very "Keynesian," looks much more conventional these days.”

John Eatwell, Baron Eatwell (1945) British economist

"Citizen Keynes", 1994

Education, Question, Passion

“The first fallacy of Communism is its attempt to over-simplify history. Marx and Engels attempted to change history from a fluid stream, fed by human activities from millions of tributaries, into a fixed, undeviating, pre-determined course of progress which could be charted in the past and predicted for the future on the basis of a single, simple criterion - economics. Obviously economics have played a vital and powerful role in human history but so have climate, topography, access to oceans and inland waterways, mechanical inventions, scientific discoveries, national and racial affinities, filial affection, religion, desire for explanatory adventure, sentiments of loyalty, patriotism and a multitude of other factors.”

W. Cleon Skousen book The Naked Communist

The Naked Communist (1958)

Religion, History, Communication, Change

“We shall also concern ourselves with the institutional order built up from transactions, but our focus will be less narrowly economic than the one adopted by Williamson. Like him, we shall argue that institutional structures aim partly at achieving transactional efficiencies and that where such efficiencies are effectively achieved they act somewhat like a magnetic field – a mathematician would call them ‘attractors’ – drawing the uncommitted transaction into a given institutional orbit. Yet in contrast to Williamson’s, our concept of transactions is underpinned by an explicit rather than an implicit theory of information production and exchange which yields a different way of classifying them as well as a distinctive approach to their governance. We find ourselves in consequence in the realm of political economy rather than of economics tout court.”

Max Boisot (1943–2011) British academic and educator

Source: Information Space, 1995, p. 235

Way, Drawing

“L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market.”

Kenneth Arrow (1921–2017) American economist

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

Time

“I believe in limited government. I believe that government should be limited in many ways, and what I am going to emphasize is only an intellectual thing. I don't want to talk about everything at the same time. Let's take a small piece, an intellectual thing.No government has the right to decide on the truth of scientific principles, nor to prescribe in any way the character of the questions investigated. Neither may a government determine the aesthetic value of artistic creations, nor limit the forms of literary or artistic expression. Nor should it pronounce on the validity of economic, historic, religious, or philosophical doctrines. Instead it has a duty to its citizens to maintain the freedom, to let those citizens contribute to the further adventure and the development of the human race.”

Richard Feynman book The Meaning of It All

lecture II: "The Uncertainty of Values"
The Meaning of It All (1999)

Truth, Way, Question, Freedom

“The world about us can be looked at in a variety of ways. One way is to see the world as made up from many interacting systems: weather, societal, economic, ecological, floral, faunal, tectonic plate, oceanic, and so on. This is very much a connected view of the world: nothing is isolated and totally independent; everything is part of something bigger, and everything comprises many interacting parts — subsystems.”

Derek Hitchins (1935) British systems engineer

Derek Hitchins (2013) at " Systems World http://www.hitchins.net/" at hitchins.net

World, Way, Parting, Weather

“Every economic decision has a moral consequence.”

Pope Benedict XVI (1927) 265th Pope of the Catholic Church

2009, Cartias in Vertitate (29 June 2009)

Decision

“Democracy can hardly be expected to flourish in societies where political and economic power is being progressively concentrated and centralized. But the progress of technology has led and is still leading to just such a concentration and centralization of power.”

Aldous Huxley book Brave New World Revisited

Source: Brave New World Revisited (1958), Chapter 3 (p. 19)

Democracy

“One cannot help but be struck by the diversity that characterizes efforts to study the management process. If it is true that psychologists like to study personality traits in terms of a person's reactions to objects and events, they could not choose a better stimulus than management science. Some feel it is a technique, some feel it is a branch of mathematics, or of mathematical economics, or of the "behavioral sciences," or of consultation services, or just so much nonsense. Some feel it is for management (vs. labor), some feel it ought to be for the good of mankind — or for the good of underpaid professors.
But this diversity of attitude, which is really characteristic of all fields of endeavor, is matched by another and more serious kind of diversity. In the management sciences, we have become used to talking about game theory, inventory theory, waiting line theory. What we mean by "theory" in this context is that if certain assumptions are valid, then such-and-such conclusions follow. Thus inventory theory is not a set of statements that predict how inventories will behave, or even how they should behave in actual situations, but is rather a deductive system which becomes useful if the assumptions happen to hold. The diversity of attitude on this point is reflected in two opposing points of view: that the important problems of management science are theoretical, and that the important problems are factual.”

C. West Churchman (1913–2004) American philosopher and systems scientist

quote in: Fremont A. Shull (ed.), Selected readings in management https://archive.org/stream/selectedreadings00shul#page/n13/mode/2up, , 1957. p. 7-8 1940s - 1950s, "Management Science — Fact or Theory?" 1956

Behavior, Feeling, Game, Mathematics

“I am sure that entering the exchange rate mechanism was absolutely right and is still right. I regret that we did not do so five years earlier, but that is history. Economic monetary union must come as soon as possible, and with it the single currency. Industry wants the single currency, and we must pay attention to the requests and demands of industry.”

Edward Heath (1916–2005) Prime Minister of the United Kingdom (1970–1974)

Speech in the House of Commons (26 June 1991) http://hansard.millbanksystems.com/commons/1991/jun/26/European-Community Post-Prime Ministerial

History

“That sort of fundamentalism which treats possession of private property not as a desirable economic and personal asset but as a condition of liberty is a form of primitive religion.”

Neil Kinnock (1942) British politician

Source: Speech to National Housing and Town Planning Conference, Bournemouth (28 October 1986).

Religion, Personality

“[The Liberal party is a] moderate Democrat, a type of Clinton-pragmatic Democrat. It's moved in the last few years very much to the right on fiscal and economic concerns, but still believes in government intrusion in the economy where possible, and does, in its majority, believe in fairly liberal social values.”

Stephen Harper (1959) 22nd Prime Minister of Canada

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

“History does not merely unfold within the terrain mapped out by these institutions. It does not resolve itself into the evolution of contents, of men and situations, etc., while the principles of society remain eternally valid. … On the contrary, history is precisely the history of these institutions, of the changes they undergo as institutions which bring men together in societies. Such institutions start by controlling economic relations between men and go on to permeate all human relations”

György Lukács book History and Class Consciousness

and hence also man's relations with himself and with nature
Source: History and Class Consciousness (1968), pp. 47-48

Men, History, Nature, Change

“The question of Hayek’s relationship to the Chicago school of economics raises the anterior question of the Chicago school of economics itself.”

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

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

School, Question

“I am not saying that such a theory cannot be constructed, but only that I cannot see how to do it in any way that might be useful. The decisive point, anyway, is that a macrotheory of international politics would lack the practical implications of macroeconomic theory. National governments can manipulate system-wide economic variables. No agencies with comparable capabilities exist internationally. Who would act on the possibilities of adjustment that a macrotheory of international politics might reveal?”

Kenneth N. Waltz book Theory of International Politics

Source: Theory of International Politics (1979), p. 110

Way, Decision

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

Gérard Debreu (1921–2004) French economist and mathematician

Arrow, Kenneth J., and Gerard Debreu. " Existence of an equilibrium for a competitive economy http://cowles.econ.yale.edu/P/cp/p00b/p0087.pdf." Econometrica: Journal of the Econometric Society (1954): p. 265

Problem

“So far as I can see, coalescence of faith and truth has not been achieved anywhere in the world, not even in American departments of economics…”

William H. McNeill (1917–2016) Canadian historian

Discrepancies among the Social Sciences (1981)

Truth, World, Faith

“Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion—the technique of the army and of the modern totalitarian state. The other is voluntary co-operation of individuals—the technique of the market place.”

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

Source: (1962), Ch. 1 The Relation Between Economic Freedom and Political Freedom, pp. 12-13

Way

“The shrewd, calculating commercialism which tries all human relations by pecuniary standards, the acquisitiveness which cannot rest while there are competitors to be conquered or profits to be won, the love of social power and hunger for economic gain—these irrepressible appetites had evoked from time immemorial the warnings and denunciations of saints and sages. Plunged in the cleansing waters of later Puritanism, the qualities which less enlightened ages had denounced as social vices emerged as economic virtues. They emerged as moral virtues as well. For the world exists not to be enjoyed, but to be conquered. Only its conqueror deserves the name of Christian. For such a philosophy, the question, [http://www.biblegateway.com/passage/?search=Mark+8%3A36&version=KJV "What shall it profit a man?"] carries no sting. In winning the world, he wins the salvation of his own soul as well.”

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

Part IV, Ch. 4
Religion and the Rise of Capitalism (1926)

Love, Hunger, Age, World

“A government which maintained law and order, defined property rights, served as a means whereby we could modify property rights and other rules of the economic game, adjudicated disputes about the interpretation of the rules, enforced contracts, promoted competition, provided a monetary framework, engaged in activities to counter technical monopolies and to overcome neighborhood effects widely regarded as sufficiently important to justify government intervention, and which supplemented private charity and the private family in protecting the irresponsible, whether madman or child—such a government would clearly have important functions to perform. The consistent liberal is not an anarchist.”

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

Source: (1962), Ch. 2 The Role of Government in a Free Society, p. 34

Family, Law, Game

“There can be no doubt that the existence of public tortures and executions were connected with something quite other than this internal organization. Rusche and Kirchheimer are right to see it as the effect of a system of production in which labour power, and therefore the human body, has neither the utility nor the commercial value that are conferred on them in an economy of an industrial type. Moreover, this ‘contempt’ for the body is certainly related to a general attitude to death; and, in such an attitude, one can detect not only the values proper to Christianity, but a demographical, in a sense biological, situation: the ravages of disease and hunger, the periodic massacres of the epidemics, the formidable child mortality rate, the precariousness of the bio-economic balances – all this made death familiar and gave rise to rituals intended to integrate it, to make it acceptable and to give a meaning to its permanent aggression. But in analysing why the public executions survived for so long, one must also refer to the historical conjuncture; it must not be forgotten that the ordinance of 1670 that regulated criminal justice almost up to the Revolution had even increased in certain respects the rigour of the old edicts; Pussort, who, among the commissioners entrusted with the task of drawing up the documents, represented the intentions of the king, was responsible for this, despite the views of such magistrates as Lamoignon; the number of uprisings at the very height of the classical age, the rumbling close at hand of civil war, the king’s desire to assert his power at the expense of the parlements go a long way to explain the survival of so severe a penal system.”

Michel Foucault book Discipline and Punish

Source: Discipline and Punish (1977), pp. 51

Death, Hunger, War, Age

“As with all theories, we can learn something from agency theory and transaction-costs economics, since they emphasize something others hide. But as with all theories, they also distort; in fact, I will argue that their distortions outweigh the value of what they highlight.”

Charles Perrow (1925–2019) American sociologist

Source: 1970s, Complex organizations, 1972, p. 220

Learning

“On March 20, 1854, the Republican Party was established in Ripon, Wisconsin. Referred to as the 'GOP' or 'Grand Old Party', it established for one reason, to break the chains of slavery and ensure the unalienable rights endowed by the Creator of life, liberty, and the pursuit of happiness would be for all Americans. The Republican Party was created to achieve individual freedom. Then, as now, the antagonist to the Republican Party has been the Democrats, the party of collective subjugation and individual enslavement, then physical, now economic.”

Allen West (politician) (1961) American politician; retired United States Army officer

2010s, Voting Democratic for the next 200 years (2014)

Life, Happiness, Freedom

“Reading Blood In My Eye I discovered that capitalist-private property relations are the source of class inequalities, which is the primary factor in my being a member of a class that bears all the burdens of society without enjoying its advantages. Under the influence of illegitimate-capitalist values, I was pursuing the alleviation of social-economic hardship through individual advancement. This is a wholly inadequate remedy to social problems because it doesn’t challenge the fundamental injustice of class-exploitation and class-oppression, which are responsible for creating the socio-economic ills in the first place. Unaware of my class interest, I was perpetuating my own oppression by engaging in competitive capitalist practices that ensure the smooth functioning of the system as the exploiting minority profits in more ways than one off the division and disunity engendered by competition, so prevalent amongst the exploited. Look around: competition, euphemistically called “individuality,” permeates and is systematically promoted to the masses of people while the corporate conglomerations and Fortune 500 are busy “merging and monopolizing.””

Kevin Rashid Johnson (1971) American prisoner and social activist

Defying the Tomb: Selected Prison Writings and Art of Kevin Rashid Johnson (2010)

People, Way, Business, Problem

“…the power to control the supply of money, which is one of the fundamental aspects of sovereignty, has passed from government into other hands; and therefore new institutions must be set up which will in effect exercise some of the major functions of government. They would set the level of public expenditure, and settle fiscal policy, the exercise of taxing and borrowing powers of the state, since these are indisputedly the mechanism by which the money supply is determined. But they would do more than this. They would be supreme over the economic ends and the social structure of society: for by fixing prices and incomes they would have to replace the entire automatic system of the market and supply and demand—be that good or evil—and put in its place a series of value judgments, economic or social, which they themselves would have to make…There is a specific term for this sort of polity. It is, of course, totalitarian, because it must deliberately and consciously determine the totality of the actions and activities of the members of the community; but it is a particular kind of totalitarian regime, one, namely, in which authority is exercised and the decisions are taken by a hierarchy of unions or corporations—to which, indeed, on this theory the effective power has already passed. For this particular kind of totalitarianism the Twentieth Century has a name. That name is "fascist."”

Enoch Powell (1912–1998) British politician

Speech in Leamington (18 September 1972), quoted in The Times (19 September 1972), p. 12
1970s

Money, Exercises, Communication, Decision

“It takes some audacity for a non-economist to write a book about economics, especially if the book deals with one of the yardsticks of the profession, i. e., money.”

Margrit Kennedy (1939–2013) German architect

Introduction, p. 13
Interest and Inflation Free Money (1995)

Money, Books

“Conservatives need to be reinvigorated in their pursuit of core principles; the movement must become more than simply an ideological fig leaf for the Republican Party. It is time to focus on achieving real victory—a victory over the economic collectivism and cultural barbarism that is modern liberalism.”

Jeffrey T. Kuhner (1969) American journalist

The Conservative Surrender http://www.humanevents.com/article.php?id=17803, Human Events, 2006-11-1

Time, Victory

“Having been connected with industry during my entire life, it seems eminently proper that I should turn back, in part, the proceeds of that activity with the hope of promoting a broader as well as a better understanding of the economic principles and national policies which have characterized American enterprise down through the years.”

Alfred P. Sloan (1875–1966) American businessman

Alfred P. Sloan (1936); Cited in: " OBITUARY : Alfred P. Sloan Jr. Dead at 90; G.M. Leader and Philanthropist http://www.nytimes.com/learning/general/onthisday/bday/0523.html," the New York Times, February 18, 1966. This article comments: Toward the end of the year [1936] Mr. Sloan made a substantial foray into philanthropy by endowing the Alfred P. Sloan Foundation with $10-million.

Life, Hope, Understanding, Parting

“State capitalism is about more than emergency government spending, implementation of more intelligent regulation, or a stronger social safety net. It’s about state dominance of economic activity for political gain.”

Ian Bremmer (1969) American political scientist

"The End of the Free Market: Six Questions for Ian Bremmer," http://harpers.org/archive/2010/05/hbc-90006994 Harper's (May 7, 2010).

Intelligence

“Well, I'd say, and this is probably a change from what I would have said when I was younger: Have a very healthy respect for the study of economic history, because that's the raw material out of which any of your conjectures or testings will come. And I think the recent period has illustrated that. The governor of the Bank of England seems to have forgotten or not known that there was no bank insurance in England, so when Northern Rock got a run, he was surprised. Well, he shouldn't have been.
But history doesn't tell its own story. You've got to bring to it all the statistical testings that are possible. And we have a lot more information now than we used to.”

Paul A. Samuelson (1915–2009) American economist

Conor Clarke, An Interview With Paul Samuelson http://www.theatlantic.com/politics/archive/2009/06/an-interview-with-paul-samuelson-part-two/19627/, Part Two (2009) New millennium

History, Thinking, Study, Change

“Today we have arrived at a point when the thre principles [of modern resistance: 1. measure of efficacy, 2. the form of political and military organization correspond to the currest forms of economic and social production, 3. democracy and freedom] coincide. The distributed network structure provides the model for an absolutely democratic organization that corresponds to the dominant forms of economic and social production and is also the most poweful weapon against the rulin power structure.”

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

88
Multitude: War and Democracy in the Age of Empire

Democracy, Freedom

“Western social Darwinists, who include modernisation and development theorists and their kindred spirits (UN agencies, human rights organisations and activists, NGOs, the IMF, the World Bank, the US State Department, etc) would see the possible "advance" of the Arab world (as well as the rest of the "underdeveloped" world) toward a western-defined and sponsored modernity as part of a historical teleology wherein non-Europeans who are still at the stage of European childhood will eventually replicate European "progress" toward modern forms of organisation, sociality, economics, politics and sexual desires. What is emerging in the Arab (and the rest of the third) world is not some universal schema of the march of history but rather the imposition of these western modes by different forceful means and their adoption by third world elites, thus foreclosing and repressing myriad ways of movement and change and ensuring that only one way for transformation is made possible.”

Joseph Massad (1963) Associate Professor of Arab Studies

Ibid., pp. 49-50.
Desiring Arabs

World, Way, History, Universe

“The type of rationality we assume in economics — perfect, logical, deductive rationality — is extremely useful in generating solutions to theoretical problems. But it demands much of human behavior — much more in fact than it can usually deliver. If we were to imagine the vast collection of decision problems economic agents might conceivably deal with as a sea or an ocean, with the easier problems on top and more complicated ones at increasing depth, then deductive rationality would describe human behavior accurately only within a few feet of the surface. For example, the game Tic-Tac-Toe is simple, and we can readily find a perfectly rational, minimax solution to it. But we do not find rational “solutions” at the depth of Checkers; and certainly not at the still modest depths of Chess and Go.”

W. Brian Arthur (1946) American economist

Source: Inductive Reasoning and Bounded Rationality (The El Farol Problem) (1994), p. 1

Behavior, Imagination, Game, Problem

“To take what might seem an "objective", macro-economic approach to the origins of the world economy would be to treat the behavior of early European explorers, merchants, and conquerors as if they were simply rational responses to opportunities—as if this were just what anyone would have done in the same situation. This is what the use of equations so often does: make it seem perfectly natural to assume that, if the price of silver in China is twice what it is in Seville, and inhabitants of Seville are capable of getting their hands on large quantities of silver and transporting it to China, then clearly they will, even if doing so requires the destruction of entire civilizations. Or if there is a demand for sugar in England, and enslaving millions is the easiest way to acquire labor to produce it, then it is inevitable that some will enslave them.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Eleven, "Age of the Great Capitalist Empires", p. 314

World, Way, Behavior, Nature

“All the books that I have seen about the science and the economics of global warming, including the two books under review, miss the main point. The main point is religious rather than scientific. There is a worldwide secular religion which we may call environmentalism, holding that we are stewards of the earth, that despoiling the planet with waste products of our luxurious living is a sin, and that the path of righteousness is to live as frugally as possible. … Environmentalism has replaced socialism as the leading secular religion.”

Freeman Dyson (1923) theoretical physicist and mathematician

The New York Review of Books (12 June 2008)

Books, Religion, Science

“The partisan situation in the Italian theater, particularly central Italy, has deteriorated to such an extent that it constitutes a serious danger to troops, supply lines, war industry and economic potential. The fight against the partisans must be carried out with all means at our disposal and with utmost severity. I will protect any commander who exceeds our usual restraint in the choice of methods in executing one's orders is better than failure or neglect to act.”

Albert Kesselring (1885–1960) German Luftwaffe Generalfeldmarschall during World War II

June 17, 1944. Quoted in "Mussolini: The Last 600 Days of Il Duce" - Page 131 - by Ray Moseley - History - 2004.

War, Failure, Fight

“the 'Negro problem'-that condition which is peculiar to Negroes, and common to them-is rather found in the attitude of the White race toward the Negro; an attitude of majority which seeks to shut out a minority from the enjoyment of the whole social and economic life.”

Richard R. Wright Jr. (1878–1967)

Wright Jr. 87 Years Behind the Black Curtain: An Autobiography. 1965

Life, Problem

“The fact that this enterprise is being begun in one of our new states not yet great in population, not largely developed in its resources, discloses that the old American spirit still goes where our people go, still dominates their lives, still inspires them to deeds of devotion and sacrifice. It is but another illustration of the determination of our people to use their material resources to minister to their spiritual life. This memorial will be another national shrine to which future generations will repair to declare their continuing allegiance to independence, to self-government, to freedom and to economic justice. It is an inspiring phase of American life that men are willing to devote their energies to the erection of a memorial of this nature. Money spent for such a purpose is certain of adequate returns in the nature of increased public welfare.”

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

1920s, Address at the Black Hills (1927)

Life, Men, Money, People

“The division of opinion turns on the definition of property and the scope of contract. Physical things of themselves are powerless. Even liberty to choose between opportunities is passive and ineffective. But power to withhold opportunities is economic power, and associated power is government. When therefore liberty of contract is merged with property, it adds the liberty of persons to the exclusive holding of things. And this liberty operates in the several directions of liberty to combine their property into an industrial government and to act as a unit, not only in proportioning their resources economically but also in choosing opportunities, in commanding obedience, in persuading or coercing, and in planning for the expectations of an indefinite future.”

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

Source: Legal foundations of capitalism. 1924, p. 320

Future, Personality

“Political intrusion using a stick or carrot to bribe or force one individual business to do what politicians insist, versus establishing policy incentivizing our ENTIRE ethical economic engine to roar back to life, isn’t the answer.”

Sarah Palin (1964) American politician

2016, But… Wait… The Good Guys Won’t Win With More Crony Capitalism (December 2, 2016)

Life, Business

“Without regard to his conscience, the economic system involves a man in the guilt of the moral and physical death of his brothers: their blood cries to him from the adulterated and monopolized foods he eats; from the sweat-shop clothes he wears; from his educational advantages, his special privileges, his social opportunities. … In fine, civilization denies to man that highest of all rights — the right to live a guiltless life, the right to do right.”

George D. Herron (1862–1925) American clergyman, writer and activist

Source: Between Caesar and Jesus (1899), p. 20

Life, Death, Education, Food

“The object of this paper is fivefold. The first objective is to derive a practical system of demand equations which possess properties usually considered desirable from the standpoint of elementary economic theory. The second is to consider the statistical problems involved in applying the system of equations. The third is to analyse the pattern of demand for consumers' goods in terms of this system on the basis of annual data relating to the United Kingdom over the years 1920-38. The fourth is to compare the results of this system, and systems like it, with the actual state of demand in 1900. Finally, the fifth is to compare the post-war structure of demand with what might be expected from the inter-war relationshipp under free-market condition.”

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

Stone, Richard. " Linear expenditure systems and demand analysis: an application to the pattern of British demand http://www.jstor.org/discover/10.2307/2227743?uid=3738736&uid=2&uid=4&sid=21104302232953." The Economic Journal (1954): 511-527.

War, Problem

“Every American should take note of those candidates who stand with the economic interests of America’s citizens, and who stand with the Rule of Law, by rejecting Amnesty in all its forms. It is wrong when Democrats seek to demean the intrinsic value of American citizenship by importing the Third World to replace the millions of voters their redistributionist policies and racial grievance politics have driven away. It is also wrong when Republican leadership conveniently chooses to waive the application of the law to guarantee a supply of unskilled and low-cost workers for their corporate benefactors.”

Steve King (1949) US Representative for Iowa

Rep. Steve King: ‘DACA’ – ‘Delivering Amnesty to Central Americans’ http://www.breitbart.com/big-government/2017/09/26/exclusive-rep-steve-king-daca-delivering-amnesty-central-americans/ (September 26, 2017)

World, Law

“The equilibrium price level is determined at the point where the money market is in equilibrium. The temporary suspension of Walras' Law, far from making economic nonsense, thus appears as the crucial "trick" by which the tatonnement process is decomposed in two parts.
This analysis confirms that for a neoclassical general equilibrium system with neutral money there is indeed a consistent decomposition procedure, based on appropriate compensation principles, permitting the determination of real variables in the real sector while the price level is determined in the monetary sector. However, the amount of intellectual effort which, in the wake of Lange and Patinkin, was devoted to this issue, is entirely out of proportion to its economic significance. The real economic question is not whether a system can be dichotomized, but whether money is neutral.”

Jürg Niehans (1919–2007) Swiss economist

Source: The theory of money, 1978, p. 12

Money, Law, Question, Effort

“Although Keynes’s General Theory provides the foundation for much of our current understanding of economic fluctuations, it is important to remember that classical economics provides the right answers to many fundamental questions.”

N. Gregory Mankiw (1958) American economist

N. Gregory Mankiw]], Macroeconomics, Preview ; Cited in: David Colander (2005). 'The Stories Economists Tell. p. 182
2000s -

Understanding, Question

“This ascendancy of economic theory has not made the world a better place. Instead, it has made an already troubled society worse: more unequal, more unstable, and less 'efficient.”

Steve Keen (1953) Australian economist

Preface, p. xiv
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)

World

“Obama-Clinton economic policies have produced 1.2 percent economic growth, the weakest so-called recovery since the Great Depression. Now, this is, like, unbelievable — 1.2. Do you know China goes to 7 percent or 8 percent, it's like a national catastrophe. Now, what they do is they cut their currency. They devalue their currency, and big league, and then all of our businesses continue to be drained out of the United States. Our money, our jobs. They make our product, they sell our product to us. No tax, no nothing, you devalue — see devaluing is sort of cheating.”

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

2010s, 2016, August, Speech at rally in Wilmington, North Carolina (August 9, 2016)

Money, Business, Cheating

“If Black people had simply accepted a status of economic and political inferiority, the mob murders would probably have subsided. But because vast numbers of ex-slaves refused to discard their dreams of progress, more than ten thousand lynchings occurred during the three decades following the war.”

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

Women, Race and Class (1983)

War, People, Dreams

“Annette’s communiqué is anodyne; a giggling confession off camera (shower-curtain rain in the background) that the famous Manfred Macx is in Paris for a weekend of clubbing, drugging, and general hell-raising. Oh, and he’s promised to invent three new paradigm shifts before breakfast every day, starting with a way to bring about the creation of Really Existing Communism by building a state central planning apparatus that interfaces perfectly with external market systems and somehow manages to algorithmically outperform the Monte Carlo free-for-all of market economics, solving the calculation problem. Just because he can, because hacking economics is fun, and he wants to hear the screams from the Chicago School.”

Charles Stross book Accelerando

Source: Accelerando (2005), Chapter 2 (“Troubadour”), pp. 57-58

School, Way, Communication, Hell

“Of course there are Chinese millionaires in big cars and big houses. Is it the answer to make a few Malay millionaires with big cars and big houses? How does telling a Malay bus driver that he should support the party of his Malay director (UMNO) and the Chinese bus conductor to join another party of his Chinese director (MCA) - how does that improve the standards of the Malay bus driver and the Chinese bus conductor who are both workers in the same company? If we delude people into believing that they are poor because there are no Malay rights or because opposition members oppose Malay rights, where are we going to end up? You let people in the kampongs believe that they are poor because we don't speak Malay, because the government does not write in Malay, so he expects a miracle to take place in 1967 (the year Malay would become the national and sole official language in Malaysia). The moment we all start speaking Malay, he is going to have an uplift in the standard of living, and if doesn't happen, what happens then? Meanwhile, whenever there is a failure of economic, social and educational policies, you come back and say, oh, these wicked Chinese, Indian and others opposing Malay rights. They don't oppose Malay rights. They, the Malay, have the right as Malaysian citizens to go up to the level of training and education that the more competitive societies, the non-Malay society, has produced. That is what must be done, isn't it? Not to feed them with this obscurantist doctrine that all they have got to do is to get Malay rights for the few special Malays and their problem has been resolved.”

Lee Kuan Yew (1923–2015) First Prime Minister of Singapore

Lee Kuan Yew in the Parliament of Malaysia, 1965 http://maddruid.com/?p=645 1960s

People, Education, Cars, Failure

“Freedom consists not only in the absence of restraint but also in the presence of opportunity. Liberty is not a single and simple conception. It has four elements – national, political, personal and economic. The man who is fully free is one who lives in a country which is independent; in a state which is democratic; in a society where laws are equal and restrictions at a minimum; in an economic system in which national interests are protected and the citizen has the scope of secure livelihood, an assured comfort and full opportunity to rise by merit.

This freedom, so truly and courageously defined, is not ours today and until this condition is reached, India will never achieve true greatness or happiness, based on the glorious features of her past civilisation.”

Syama Prasad Mookerjee (1901–1953) Indian politician

Speech delivered at Patna University Convocation on 27th November 1937.

Happiness, Law, Courage, Freedom

“The power of the United States depended heavily on its pale empire of ideas, attitudes and innovations. Its ideas alighted effortlessly on foreign ground, irrespective of who owned the ground. Much of its influence came from such innovations as the telephone, electricity, aircraft and the cheap car, nuclear weapons and spacecraft, computers and the Internet. Its influence came through jazz, cartoons, Hollywood, television and popular culture. Its influence came from an excitement about technology and economic change, and a belief in incentives and individual enterprise. It was also the most ardent missionary for the creed of democracy. While military and economic might was vital to the success of the United States, the power of its pale empire of ideas was probably even more pervasive.”

Geoffrey Blainey book A Short History of the World

A Short History of the World (2000)

Cars, Democracy, Idea, Change

“Wherever a lessening of population pressures through reduced birth rates can increase the prospects for such stability, population policy becomes relevant to resource supplies and to the economic interests of the United States.”

Henry Kissinger (1923–2023) United States Secretary of State

National Security Study Memorandum 200. Adapted as policy by President General Ford originally classified. https://en.wikipedia.org/wiki/National_Security_Study_Memorandum_200 1970s

Birth

“Some see danger in bigness. They fear the concentration of economic power that it brings with it. That is in a degree true. It simply means, however, that industrial management must expand its horizons of responsibility. It must recognize that it can no longer confine its activities to the mere production of goods and services. It must consider the impact of its operation on the economy as a whole in relation to the social and economic welfare of the entire community. For years I have preached this philosophy. Those charged with great industrial responsibility must become industrial statesmen.”

Alfred P. Sloan (1875–1966) American businessman

Source: "The Broadened Responsibilities of Industry's Executive," 1936, p. 358; Also in Sloan & Sparkes (1941, 145); Partly cited in: Roland Marchand (1997, p. 83)

Fear, Communication

“What sex is to the biology classroom, stocks and investment riskiness is to the sophomore economics lecture hall.”

Paul A. Samuelson (1915–2009) American economist

Samuelson's Economics at Fifty: Remarks on the Occasion of the Anniversary of Publication (1998)
1980s–1990s

Sex

“Science that abdicates its cultural values risks being perceived as an extension of technology, an instrument in the hands of political or economic power. Humanity that disavows science risks falling into the hands of superstition.”

Nicola Cabibbo (1935–2010) Italian physicist

Address to the Holy Father, in The cultural values of science, The Pontifical Academy of Sciences, Scripta Varia 105 (8-11 November 2002), page xiv http://www.vatican.edu/roman_curia/pontifical_academies/acdscien/archivio/s.v.105_cultural_values/part1.pdf

Science

Quotes about economics page 16

Quotes about economics
page 16