Quotes about economics (3228 quotes, page 17)

“In the beginning, at least for academics, there was philosophy. All of learned inquiry occurred within the discipline of philosophy and was carried out by philosophers. We retain the vestiges of this organization in our practice of awarding a single advanced academic degree, the Ph. D. or Doctor of Philosophy.’ As our understanding of the world around us grew, however, various areas of philosophy became sufficiently well understood to graduate into their own disciplines. Mathematics and the physical and biological sciences were the first to appear, followed more recently by the social sciences. Emerging as its own discipline is only the first step toward becoming a mature field of study. Economics is unique among the social sciences for the number of remaining steps it has taken. Unlike many social sciences, economics has a well-defined core set of methods. The first year graduate program in economics is virtually indistinguishable across American universities, consisting of microeconomics, macroeconomics and econometrics. As a result, economics can be easily defined by its tools of inquiry as by the target of its inquiry.”

Larry Samuelson (1953) American economist

Larry Samuelson. "Bounded Rationality and Game Theory", The Quarterly Review of Economics and Finance, Vol. 36, Special Issue, 1996, pages 17-35.

World , Mathematics , Understanding , Study

“Throughout the years in which the US was punishing countries that departed from fiscal prudence, it was borrowing on a colossal scale to finance tax cuts and fund its over-stretched military commitments. Now, with federal finances critically dependent on continuing large inflows of foreign capital, it will be the countries that spurned the American model of capitalism that will shape America's economic future.”

John Gray (1948) British philosopher

A shattering moment in America's fall from power (2008)

Future , Dependency , Country

“One basic weakness in a conservation system based wholly on economic motives is that most members of the land community have no economic value. Wildflowers and songbirds are examples. Of the 22,000 higher plants and animals native to Wisconsin, it is doubtful whether more than 5 per cent can be sold, fed, eaten, or otherwise put to economic use. Yet these creatures are members of the biotic community, and if (as I believe) its stability depends on its integrity, they are entitled to continuance.”

Aldo Leopold book A Sand County Almanac

Source: A Sand County Almanac, 1949, "The Land Ethic", p. 210.

Communication , Motivation , Animals , Dependency

“What the heck is a neocon anyway in 2003? A friend of mine suggests it means the kind of right-winger a liberal wouldn't be embarrassed to have over for cocktails. That's as good a definition as any, since the term has clearly come unmoored from its original meaning. … In social policy, it stands for a broad sympathy with a traditionalist agenda and a rejection of extreme libertarianism. Neocons have led the charge to combat some of the wilder excesses of academia and the arts. But there is hardly an orthodoxy laid down by Neocon Central. I, for one, am not eager to ban either abortion or cloning, two hot-button issues on the religious right. On economic matters, neocons--like pretty much all other Republicans, except for Mr. Buchanan and his five followers--embrace a laissez-faire line, though they are not as troubled by the size of the welfare state as libertarians are.”

Max Boot (1969) American writer and historian

[What the Heck Is a ‘Neocon’?, http://web.archive.org/web/20030210064645/http://www.opinionjournal.com/editorial/feature.html?id=110002840, OpinionJournal.com, The Wall Street Journal, December 30, 2002]

Art

“[the authors in Justice Belied made a] compelling case that this system is not only flawed but produces serious and systematic injustice. One major theme pressed in a number of chapters is that the international criminal justice system (ICJS) that has emerged in the age of tribunals and “humanitarian intervention” has replaced a real, if imperfect, system of international justice with one that misuses forms of justice to allow dominant powers to attack lesser countries without legal impediment. No tribunals have been established for Israel’s actions in Palestine or Kagame’s mass killings in the DRC. Numerous authors in Justice Belied stress the remarkable fact of the ICC’s [International Criminal Court] exclusive focus on Africans, with not a single case of charges brought against non-Africans. And within Africa itself the selectivity is notorious – U. S. clients Kagame and Museveni are exempt; U. S. targets Kenyatta, Taylor, and Gadaffi are charged. […] The system has worked poorly in service to justice, as the authors point out, but U. S. policy has had larger geopolitical and economic aims, and underwriting Kagame’s terror in Rwanda and the DRC and directing the ICC toward selected African targets while ignoring others served those aims. Many of the statutes and much political rhetoric accompanying the new ICJS proclaimed the aim of bringing peace and reconciliation. But this was blatant hypocrisy as the exclusion of aggression as a crime, the selectivity of application, the frequency of applied victor’s justice, and the manifold abuses of the judicial processes have made for war, hatred, and exacerbated conflict. The authors of Justice Belied do a remarkable job of spelling out these sorry conditions and calling for a dismantling of the new ICJS and return to the UN Charter and nation-based attention to dealing with injustice.”

Edward S. Herman (1925–2017) American journalist

Herman, review of Justice Belied: The Unbalanced Scales of International Criminal Justice, Z Magazine, January 2015.
2010s

War , Age , Peace , Justice

“[The right] may never bring prayer back to schools, but it has rescued all manner of rightwing economic nostrums from history’s dustbins. Having rolled back the landmark economic reforms of the sixties (the war on poverty) and those of the thirties (labor law, agricultural price supports, banking regulation), its leaders now turn their guns on the accomplishments of the earliest years of progressivism (Woodrow Wilson’s estate tax; Theodore Roosevelt’s anti-trust measures). With a little more effort, the backlash may well repeal the entire twentieth century.”

Thomas Frank book What's the Matter with Kansas?

Ibid. (p. 8).
What's the Matter with Kansas? (2004)

War , School , Law , History

“For Marx, ‘pure’ economic theory, that is economic theory which abstracts from a specific social structure, is impossible.”

Ernest Mandel (1923–1995) Belgian economist and Marxist philosopher

Introduction to Capital. Introduction to volume 1 (1976)

“Early in April, an international community of sustainability theorists and practitioners gathered in New York City at a special High Level Meeting at the United Nations… the larger purpose of the meeting was to articulate the elements of a new economic paradigm, and to issue a call to world leaders to adopt its fundamental precepts.”

Eric Zencey (1953–2019) American writer

Eric Zencey, " Toward a New Bretton Woods and a Sustainable Civilization http://steadystate.org/new-bretton-woods/," at steadystate.org, 2012.

World , Communication

“Bukharin, like Lenin, regarded the system of basing economic life on mass terror not as a transient necessity but as a permanent principle of socialist organization. He did not shrink from justifying all means of coercion and held, like Trotsky at the same period, that the new system called essentially for the militarization of labour – i. e. the use of police and military force to compel the whole population to work in such places and conditions as the state might arbitrarily decree. Indeed, once the market is abolished there is no longer any free sale of labour or competition between workers, and police coercion is therefore the only means of allocating "human resources". If hired labour is eliminated, only compulsory labour remains. In other words, socialism – as conceived by both Trotsky and Bukharin at this time – is a permanent, nation-wide labour camp.”

Leszek Kolakowski (1927–2009) Philosopher, historian of ideas

pg. 28-9
Main Currents Of Marxism (1978), Three Volume edition, Volume III: The Breakdown

Life , Time

“Personal responsibility is a big idea about which little is known. It has received far less study than other key conservative tenets, like economic choice. This lack of attention is striking because personal responsibility is a defining assumption in American thought.”

Mark Riebling (1963) American writer

Personal Responsibility: How the Framers coined a phrase as they created a nation (2010)

Idea , Study , Personality

“Grouping and mutuality of countries and peoples in the Balkans is the only road that leads to economic, national and political liberation.”

Dimitrije Tucović (1881–1914) Serbian politician

Prva balkanska socijaldemokratska konferencija (u Izabrani spisi, knjiga II, str. 23) Prosveta, Beograd, 1950.

People , Country

“There’s such a thing as spiritual capital that has economic function and potential.”

Ted Malloch (1952) American businessman

Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 15.

“Going to the moon is not a matter of physics but of economics.”

John R. Platt (1918–1992) American physicist

John R. Platt (1958) Technocracy digest No 170-182, cited in: Lawrence R. Samuel (2009) Future: A Recent History. University of Texas Press. p. 92

“If Walter Bagehot was right that “one of the greatest pains to human nature is the pain of a new idea,” Ken caused an extraordinary amount of pain. Both in his economic thinking and in his political activities, he was dedicated to resisting, and where possible overturning, what he famously called “conventional wisdom” (one of his many turns of phrase that have since become commonplace locutions). Rejecting the standard economic theory based on small, anonymous households and firms that autonomously engage in perfectly functioning markets, Ken instead saw an economic stage dominated by large, nameable actors: big business, big labor, big government. Sorting out their roles and respective power was central to his analysis, and the continually shifting tensions in the interplay among them—“countervailing power” in another of his deft phrases—was the real story of how an economy behaved.”

Amartya Sen (1933) Indian economist

Stephen A. Marglin, Richard Parker, Amartya Sen, and Benjamin M. Friedman, “John Kenneth Galbraith”, Harvard Gazette (February 7, 2008)
2000s

Wisdom , Pain , Idea , Business

“The division yin and yang pervades all culture, history, economics, nature itself; modern Western versions of sex discrimination are only the most recent layer.”

Shulamith Firestone book The Dialectic of Sex

The Dialectic of Sex (1970)

Sex , History , Nature

“I will assert that U. S. economic growth is in lockstep with science and technology and, by extension, science education.”

Bill Nye (1955) American science educator, comedian, television host, actor, writer, scientist and former mechanical engineer

[NewsBank, J.D. Velasco, Study: California's elementary schools barely teach science, The Whittier Daily News, California, October 25, 2011]

Education , Science

“The economic function of space industrialization is to generate jobs on Earth, not in space.”

Krafft Arnold Ehricke (1917–1984) German aerospace engineer

The Extraterrestrial Imperative (1978)

“The postwar [WWII] GI Bill of Rights - and the enthusiastic response to it on the part of America's veterans - signaled the shift to the knowledge society. Future historians may consider it the most important event of the twentieth century.
We are clearly in the midst of this transformation; indeed, if history is any guide, it will not be completed until 2010 or 2020. But already it has changed the political, economic and moral landscape of the world.”

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

Source: 1990s and later, Post-Capitalist Society (1993), p. 3

World , History , Knowledge , Change

“These individual actions are really trans-actions instead of either individual behavior or the "exchange" of commodities. It is this shift from commodities and individuals to transactions and working rules of collective action that marks the transition from the classical and hedonic schools to the institutional schools of economic thinking. The shift is a change in the ultimate unit of economic investigation. The classic and hedonic economists, with their communistic and anarchistic offshoots, founded their theories on the relation of man to nature, but institutionalism is a relation of man to man. The smallest unit of the classic economists was a commodity produced by labor. The smallest unit of the hedonic economists was the same or similar commodity enjoyed by ultimate consumers. One was the objective side, the other the subjective side, of the same relation between the individual and the forces of nature. The outcome, in either case, was the materialistic metaphor of an automatic equilibrium, analogous to the waves of the ocean, but personified as "seeking their level." But the smallest unit of the institutional economists is a unit of activity -- a transaction, with its participants. Transactions intervene between the labor of the classic economists and the pleasures of the hedonic economists, simply because it is society that controls access to the forces of nature, and transactions are, not the "exchange of commodities," but the alienation and acquisition, between individuals, of the rights of property and liberty created by society, which must therefore be negotiated between the parties concerned before labor can produce, or consumers can consume, or commodities be physically exchanged.”

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

"Institutional Economics," 1931

Pleasure , School , Behavior , Nature

“Reification, the essential tendency of capitalism, can never be wholly realized. If it were, if the system were actually able to change individuals into things moved only by economic “forces,” it would collapse not in the long run, but immediately. The struggle of people against reification is, just as much as the tendency towards reification, the condition for the functioning of capitalism. Capitalism can function only by continually drawing upon the genuinely human activity of those subject to it, while at the same time trying to level and dehumanize them as much as possible.”

Cornelius Castoriadis (1922–1997) Greek-French philosopher

Source: The Imaginary Institution of Society (1975), p. 16.

People , Change , Time , Drawing

“Imagine each family as a kind of little factory--a multiperson unit producing meals, health, skills, children, and self-esteem from market goods and the time, skills, and knowledge of its members. This is only one of the remarkable concepts explored by Gary Becker in his landmark work on the family. Becker applies economic theory to the most sensitive and fateful personal decisions, such as choosing a spouse or having children. He uses the basic economic assumptions of maximizing behavior, stable preferences, arid equilibria in explicit or implicit markets to analyze the allocation of time to child care as well as to careers, to marriage and divorce in polygynous as well as monogamous societies, to the increase and decrease of wealth from one generation to another.”

Gary S. Becker book A Treatise on the Family

Book abstract 2009
A Treatise on the Family, 1981

Fate , Marriage , Children , Health

“Whereas economic man maximizes - selects the best alternative from among all those available to him, his cousin, administrative man, satisfices - looks for a course of action that is satisfactory or "good enough."”

Herbert A. Simon book Administrative Behavior

Source: 1940s-1950s, Administrative Behavior, 1947, p. xxix.

“But there was something else that the Abstract Expressionists taught us: they began to use something besides the conventional means of art; to want other kinds of paint, or kinds of canvas, or ways of making pictures that weren't the usual ways. Some of the next generation, the Pop Art artists [like Roy Lichtenstein and Andy Warhol, picked up this attitude and began to put actual things into art. We [=w:Morris Louis and Noland] were making abstract art, but we wanted to simplify the selection of materials, and to use them in a very economical way. To get to raw canvas, to use the canvas un-stretched – to use it in more basic or fundamental ways, to use it as fabric rather than as a stretched surface.”

Kenneth Noland (1924–2010) American artist

Source: Color, Format and Abstract Art' (1977), pp. 99 – 105

Art , Way , Painting

“When and if, all the Jews, Muslims, LGBTQIA, People of Color, People of less privileged socio-economic status, and so on, with the help of allies, gather to cry out loud: “WE RESIST” there is nothing we cannot accomplish!”

Abby Stein (1991) Trans activist, speaker, and educator

IfNotNow Torah, February 24, 2017 https://medium.com/ifnotnowtorah/a-timely-lesson-lets-rise-up-together-30f4e869088a#.4vrm67rcq/
2017

People , Color , Help , Cry

“Austerity is necessary in the military – not in the progressive achievement of economic, social and cultural rights.”

Alfred de Zayas (1947) American United Nations official

Report of the Independent Expert on the promotion of a democratic and equitable international order exploring the adverse impacts of military expenditures on the realization of a democratic and equitable international order http://www.ohchr.org/EN/Issues/IntOrder/Pages/Reports.aspx.
2015, Report submitted to the UN Human Rights Council

“One of the crucial yardsticks by which we shall have to judge the results of the new abortion law combined with the voluntary sterilisation law will be whether it tends to raise or lower the total quality of our population. We must encourage those who earn less than $200 per month and cannot afford to nurture and educate many children never to have more than two. Intelligent application of these laws can help reduce the distortion that has already set in. Until the less educated themselves are convinced and realise that they should concentrate their limited resources on one or two to give their children the maximum chance to climb up the educational ladder, their children will always be at the bottom of the economic scale. It is unlikely that the results will be discernible before five years. Nor will the effect be felt before fifteen to twenty years. But we will regret the time lost if we do not now take the first tentative steps towards correcting a trend which can leave our society with a large number of the physically, intellectually and culturally anaemic.”

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

Abortion Bill (As reported from Select Committee), 29 Dec 1969. Singapore Parliament Reports http://sprs.parl.gov.sg/search/topic.jsp?currentTopicID=00054060-ZZ&currentPubID=00069213-ZZ&topicKey=00069213-ZZ.00054060-ZZ_1%2Bid015_19691229_S0003_T00031-bill%2B
1960s

Children , Education , Law , Intelligence

“The President-elect has outlined a clear vision to transform our country’s infrastructure, accelerate economic growth and productivity, and create good paying jobs across the country. I am honored to be nominated by the President-elect to serve my beloved country as Transportation Secretary.”

Elaine Chao (1953) 18th and current United States Secretary of Transporation and 24th United States Secretary of Labor

President-Elect Donald J. Trump to Nominate Elaine Chao as Secretary of the Department of Transportation https://greatagain.gov/president-elect-trump-to-nominate-elaine-chao-as-transportation-secretary-4735342c5a0e#.y53wy7u2j (November 29, 2016)

Country

“Culture changes with economic development.”

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

Source: Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008), Ch. 9: 'Lazy Japanese and thieving Germans; Are some cultures incapable of economic development?', Lazy Japanese and thieving Germans, p. 196

Change

“Science has been the absolute bedrock of technological and economic progress in the United States.”

Lewis M. Branscomb (1926) physicist and science policy advisor

Branscomb (2012) in: " Scientist Lewis M. Branscomb Gives $1 Million Gift to Found New Center for Science and Democracy at UCS http://www.ucsusa.org/news/press_release/scientist-lewis-branscomb-center-science-democracy-ucs-1385.html" at ucsusa.org/news, April 30, 2012

Science

“Pop art is neither an American invention nor an import, yet the terms and names were coined in the US, where they were popularised much faster than in Germany. This kind of art has evolved organically and independently over here, yet at the same time it becomes an analogy to American pop art due to certain psychological, cultural and economical preconditions that are the same in Germany as they are in the US.... For the first time we are showing paintings in Germany that relate to those terms, representing pop art, junk culture, imperial or capitalistic realism, new figuration, naturalism, German pop and other comparable terms.”

Gerhard Richter (1932) German visual artist, born 1932

Quote from Richter's letter to 'Neue Deutsche Wochenschau', 29 April 1963; as cited on collected quotes on the website of Gerhard Richter: 'on Art' https://www.gerhard-richter.com/en/quotes/art-1
1960's

Art , Nature , Time , Painting

“But then, our way is the natural way ordained by god herself, whereas I have no idea whose set of social accidents and economic anomalies have contoured the ways of your odd and awkward land.”

Samuel R. Delany book Tales of Nevèrÿon

Section 2 (p. 177)
Tales of Nevèrÿon (1979)

God , Way , Idea , Nature

“One of the most intriguing discoveries of experimental economics is that (1) as we have seen, people invariably behave non-cooperatively in small and large group ‘impersonal’ market exchange institutions; (2) many (up to half in single play; over 90% in repeat play) cooperate in ‘personal’ exchange (two-person extensive form games); (3) yet in both economic environments all interactions are between anonymous players.”

Vernon L. Smith (1927) American economist

Source: "Constructivist and ecological rationality in economics," 2002, p. 528.

People , Game , Personality

“The national polities of the modern world maintain their existence by deliberately fostered craving and fear…. The “free world” has become economically dependent on a fantastic system of stimulation of greed which cannot be fulfilled, sexual desire which cannot be satiated and hatred which has no outlet…. They create populations of “preta” — hungry ghosts, with giant appetites and throats no bigger than needles. The soil, the forests and all animal life are being consumed by these cancerous collectivities; the air and water of the planet is being fouled by them.”

Gary Snyder (1930) American poet

"Buddhism and the Coming Revolution" (1961, 1969)

Life , World , Fear , Water

“I definitely want to focus on economic development, because that is what is needed in the community, as well as education.”

Jose Peralta (1971–2018) American politician

Education , Communication

“I must now explain what I mean by the quantity of action. A certain action is necessary for the carrying of a body from one point to another: this action depends on the velocity which the body has and the space which it describes; but it is neither the velocity nor the space taken separately. The quantity of action varies directly as the velocity and the length of path described; it is proportional to the sum of the spaces, each being multiplied by the velocity with which the body describes it. It is this quantity of action which is here the true expense (dépense) of nature, and which she economizes as much as possible in the motion of light.”

Pierre Louis Maupertuis (1698–1759) French mathematician, philosopher and man of letters

Histoire de l'Academie (1744) p. 423; Les Oeuvres De Mr. De Maupertuis (1752) vol. iv p. 17; as quoted by Philip Edward Bertrand Jourdain, The Principle of Least Action https://books.google.com/books?id=y3UVAQAAIAAJ (1913) p. 5.

Nature , Light , Dependency

“I was watching the news reports from Baltimore and hearing all the condemnations from some about being kept down and the lack of jobs, opportunity, good schools — then why do these blacks keep voting for the same people? And this isn't a phenomenon isolated to Baltimore. Every single major urban center in America is run by Democrats — more specifically, liberal progressives, black or white. The morass that became Detroit. The killing fields of Chicago. The depravity of Washington, D. C. The shame of South Dallas. And yes, even the place that was once my home, Atlanta, even with all the successful black entertainers. Now, I remember the first black mayor of Atlanta, Maynard Jackson. That guy was a leader and even spoke at my high school Baccalaureate. But today, Atlanta Mayor Kasim Reed has done such a bang-up job that the Atlanta Braves are moving to Cobb County! Just do the assessment yourselves, who are the elected officials heading up the urban centers? And where does one find the most dire socio-economic statistics?”

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

2010s, Dirty little secret no one wants to admit about Baltimore (2015)

People , School , Guy , Home

“We are close to a consensus that the Kyoto Protocol does huge economic, political, social, and ecological damage to the Russian Federation. In addition, it certainly violates the rights and freedoms of Russian citizens, and well as the rights and freedoms of citizens in those countries which signed and ratified it.”

Andrey Illarionov (1961) Russian politician

"Q&A: Putin's Critical Adviser," 2005

Freedom , Country

“Tracking the individual learning curves of the major technologies that comprise the infrastructure of information technology provides a more detailed account of the present and future state-of-the art of the technologies underlying convergence. The base technologies of digital electronics, general-purpose computer architectures, software and interaction are mature and provide solid foundations for computer science. The upper technologies of knowledge representation and acquisition, autonomy and sociality, support product innovation and provide the beginnings of foundations for knowledge science. Well's dream of a world brain making available all of human knowledge is well on its way to realization and it is in the representation, acquisition, and access and effective application of that knowledge that the commercial potential and socio-economic impact of convergence lies.”

Brian R. Gaines (1938) British computer scientist

Last paragraph
Convergence to the Information Highway (1996)

World , Dreams , Art , Way

“So, it is true that one’s homeland is entirely human, emotional and that it is the root of action, of authority, of responsibility from which one can build Europe. What elements? Well, [nation] States, because only States are valid, are legitimate, in this respect, in addition they are capable of… As I have already said and I repeat, that at the present time, there cannot be any other Europe than that of the States, apart of course from myths, fictions, parades. From this solidarity depends all hope of uniting Europe in the political field and in the field of defense, as in the economic field. From this solidarity depends, therefore, the destiny of Europe as a whole, from the Atlantic to the Urals.”

Charles de Gaulle (1890–1970) eighteenth President of the French Republic

Alors, il est vrai que la Patrie est un élément humain, sentimental et que c’est sur des éléments d’action, d’autorité, de responsabilité qu’on peut construire l’Europe. Quels éléments? Eh bien, les États, car il n’y a que les États qui, à cet égard, soient valables, soient légitimes et en outre soient capables de réaliser… J’ai déjà dit et je répète, qu’à l’heure qu’il est, il ne peut pas y avoir d’autre Europe possible que celle des États, en dehors naturellement des mythes, des fictions, des parades. De cette solidarité dépend tout espoir d’unir l’Europe dans le domaine politique et dans le domaine de la défense, comme dans le domaine économique. De cette solidarité dépend, par conséquent, le destin de l’Europe tout entière, depuis l’Atlantique jusqu’à l’Oural.
Press conference, Elysée Palace, Paris, 15 May 1962
Fifth Republic and other post-WW2

Hope , Time , Dependency

“I have already remarked that the 'theory of scarcity has been a dominating influence in many of our economic policies. In the case of taxation, however, there is involved the 'theory of plenty' and there must now be involved the 'theory of plenty more.' Every dollar of the billions that are being indiscriminately spent without accountability is a mortgage on the income, the savings, as well as the security of the people. There must be brought home to the consciousness of all that the more the government takes, the less each one has no one can possibly escape.”

Alfred P. Sloan (1875–1966) American businessman

New York Times interview, 1935

People , Home

“When Physicists speak of "beauty" in their theories, they really mean that their theory possesses at least two essential features: 1. A unifying symmetry 2. The ability to explain vast amounts of experimental data with the most economical mathematical expressions.”

Michio Kaku book Hyperspace

Source: Hyperspace (1995), Ch.5 Quantum Heresy

Beauty , Mathematics

“Cooling by evaporation of water or by fans and warming by heaters and fireplaces are artificial aids… From a practical, economic, or aesthetic point of view it makes much more sense to develop, where possible, constructional features for warming or cooling the owner-built home.”

Ken Kern American writer

The Owner Built Home: A How-to-do-it Book (1972)

Home , Sense , Water

“The explanation of this book is that the 1929 depression was so wide, so deep, and so long because the international economic system was rendered unstable by British inability and U. S. unwillingness to assume responsibility for stabilizing it by discharging five functions:(1) maintaining a relatively open market for distress goods;
(2) providing countercyclical, or at least stable, long term lending;
(3) policing a relatively stable system of exchange rates;
(4) ensuring the coordination of macroeconomic policies;
(5) acting as a lender of last resort by discounting or otherwise providing liquidity in financial crisis.”

Charles P. Kindleberger (1910–2003) American economic historian

The World in Depression, 1929-1939 (2nd ed., 1986), Ch. 14 : An Explanation of the 1929 Depression

Books

“One of the most powerful engines of development and prosperity is trade and investment, which create new opportunities for entrepreneurs, and help people rise out of poverty, and reinforce fundamental values like transparency and rule of law. For all these reasons, many in these chambers have conducted free trade agreements at bilateral and regional levels. The most effective step of all would be an agreement that tears down trade barriers at the global level. The recent impasse in the Doha round is disappointing, but that does not have to be the final word. I urge every nation to seize this opportunity to lift up economies around the world and reach a successful Doha agreement as soon as possible. Beyond Doha, our nations must renew our commitment to open economies, and stand firm against economic isolationism. These objectives are being tested by turbulence in the global financial markets. Our economies are more closely connected than ever before, and I know that many of you here are watching how the United States government will address the problems in our financial system.”

George W. Bush (1946) 43rd President of the United States

2000s, 2008, Address to the United Nations General Assembly (September 2008)

People , World , Law , Disappointment

“The real struggle today, just as in the second quarter of the nineteenth century, is between a view of the world termed liberalism or radicalism, for which the primary object of government and of foreign policy is peace, freedom of trade and intercourse, and economic wealth and that other view, militarist or rather diplomatic, which thinks in terms of power, prestige, national or personal glory, the imposition of a culture and hereditary or racial prejudice. To the good English radical, the latter is so unreal, so crazy in its combination of futility and evil, that he is often in danger of forgetting or disbelieving its actual existence.”

John Maynard Keynes (1883–1946) British economist

published in Manchester Guardian (1922); in Collected Writings, Volume 17, p. 370

World , Peace , Thinking , Freedom

“There are two elements of Hayek’s background that justify our considering him an Austrian economist: first, that he was raised and went to university in Vienna in the first three decades of the twentieth century, and second, that when he finally decided on economics as his field of study, he was trained within the Austrian tradition in economics.”

Bruce Caldwell (economist) (1952) economic historian

"Hayek and the Austrian tradition", in Edward Feser(ed.), The Cambridge Companion to Hayek (2006)

Study , Universe , Training

“The War of the Roses in England and the Civil War in America were both intestinal conflicts arising out of similar ideas. In the first the clash was between feudalism and the new economic order; in the second, between an agricultural society and a new industrial one. Both led to similar ends; the first to the founding of the English nation, and the second to the founding of the American. Both were strangely interlinked; for it was men of the old military and not of the new economic mind—men, such as Sir Humphrey Gilbert and Sir Walter Raleigh — who founded the English colonies in America.”

J. F. C. Fuller (1878–1966) British Army general

Grant and Lee: A Study in Personality and Generalship, ch. 1 (1957).

Men , War , Idea

“The economic crisis was a reflection of narcissism and very primitive defense mechanisms (such as a complete denial of economic reality) built into the financial system. The best and brightest MBA students have been going into investment banking; many of them used their brains essentially to play casino games, and not to add much value to society.
Now, we’ve seen the result. Look at the least-admired professions in most countries over the years: telemarketers and used-car salesmen. Today, you have bankers and CEOs achieving the same low rating. Companies like Citibank — which was the brainchild of one of the most visibly narcissistic executives in the world, Sanford Weill — have essentially collapsed. They have grown too complex for the people who work there to understand. I strongly question what the different parts of Citibank have in common. No matter what kinds of regulatory reforms are initiated, more companies will collapse this way, because narcissism breeds this kind of unmanageable grandiosity.”

Manfred F.R. Kets de Vries (1942) Dutch academic

Manfred Kets de Vries in: " The Thought Leader Interview: Manfred F.R. Kets de Vries http://www.strategy-business.com/article/10209?gko=cbe31," in: Strategy + business. May 10, 2010. Originally published by Booz & Company.

People , World , Cars , Way

“When we planned our country's economic development, we had the strategic objective of our Revolution in mind. It was not planned for economic development [to be] solely an end in itself. There are some who have forgotten that the sole basis of our revolutionary struggle was the ideology and politics which we follow…”

Mengistu Haile Mariam (1937) Former dictator of Ethiopia

As quoted in John M. Cohen (1987) Integrated Rural Development: The Ethiopian Experience and the Debate, p. 213

Country

“There is no way to sort-of compartmentalise human liberty into "okay, I have social liberty and I have economic freedom." No, they're the same thing. You have— If you don't have economic freedom, you don't have personal liberty, and vice versa, if you don't have personal liberty, you don't have economic freedom, either.”

Glenn Jacobs (1967) American professional wrestler and actor

06:17–06:34.
"WWE Wrestler Kane Talks Libertarianism, and His Heroes" http://www.youtube.com/watch?v=cpqUIwu8nuc (2013)

Way , Freedom , Personality

“I was filled with joy when studying quantum physics at the university as a means to understand the universe. But at the same time, I was preoccupied with the oppressive conditions in my country and the tyranny suffered by our universities, intellectuals, and the media. Like many others in our universities, I felt compelled to join the struggle for freedom. What we experience is a decades-old tyranny, that cannot tolerate freedom of speech and thought. In the name of religion, it restricts and punishes science, intellect, and even love. It labels as a threat to national security and toxic to society whatever is not compatible with its political and economic interests. It considers punishing unwelcome ideas as a positive thing. It does not tolerate differences of opinion; it responds to logic not by logic, discussion or dialog, but by suppression. By tyranny I mean a ruling power that tries to make only one voice—the voice of a ruling minority in Iran—dominant, with no regard for pluralism in the society. By tyranny I mean a judiciary that disregards even the Islamic Republic’s own constitution, and sentences intellectuals, writers, journalists, and political and civil activists to long prison terms, without due process and trial in a court of law. … By tyranny I mean power-holders who believe they stand above the law and who disregard justice and the urgent demands of the human conscience.”

Narges Mohammadi (1972) Iranian human rights activist

Letter Accepting 2018 Andrei Sakharov Prizefrom (2018)

Love , Religion , Justice , Law

“Economic theory in general ignores processes which take time to occur, and instead assumes that everything occurs in equilibrium.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 8, Let's Do The Time Warp Again, p. 166

Time

“I view the work I've done related to statistics and economics as roughly speaking, how to do something without having to do everything. So economic models -- how any model by definition isn't right. When someone just says, 'Oh, your model is wrong.' That's not much of an insight. What you want to know is, is wrong in important ways or wrong in ways that are less relevant? And you want to know what does the data really say about the model?”

Lars Peter Hansen (1952) American economist

Source: David Brancaccio (2013) " Nobel Prize in Economics winner Lars Peter Hansen on imperfect models http://www.marketplace.org/topics/economy/nobel-prize-economics-winner-lars-peter-hansen-imperfect-models" at marketplace.org.

Way

“We are told in the White Paper that there is danger against which we have to guard ourselves. We do not think you can do it by national defence. We think you can only do it by moving forward to a new world – a world of law, the abolition of national armaments with a world force and a world economic system. I shall be told that that is quite impossible.”

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

Speech http://hansard.millbanksystems.com/commons/1935/mar/11/defence in the House of Commons (11 March 1935). Attlee's concluding observation was met by Conservative cries of "Hear, hear", with one MP shouting "Tell that to Hitler" according to The Times of 12 March 1935.
1930s

World , Law , Thinking

“The secret to economic growth lay in the fact that that each generation attacked Nature not only with its own energies and resources, but with the heritage of equipment accumulated by its forebears.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter X, The Modern World, p. 278

Secret , Nature

“The average man of the present age … does not want to be a sentimentalist in his endeavors; he wants some measure for purposeful activity; he wants to feel that through the world some increasing purpose runs. … But since his metaphysic calls only for magnitude and number, since it is becoming without a goal, it is not a source of distinctions in value. It is a system of quantitative comparison. Its effect therefore has been to collapse the traditional hierarchy and to produce economic man, whose destiny is mere activity.”

Richard M. Weaver (1910–1963) American scholar

Source: Ideas have Consequences (1948), p. 51.

Age , World , Feeling

“Black men, Indian men, and gay men have all have something in common: They do not provide an economic security blanket for women.”

Warren Farrell book The Myth of Male Power

Source: The Myth of Male Power (1993), Part II: The Glass Cellars of the disposable sex, p. 206.

Women , Men

“My decision to leave applied mathematics for economics was in part tied to the widely-held popular belief in the 1960s that macroeconomics had made fundamental inroads into controlling business cycles and stopping dysfunctional unemployment and inflation.”

Robert C. Merton (1944) American economist

Robert C. Merton, " Robert C. Merton - Biographical http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1997/merton-bio.html," at Nobelprize.org, 1997

Mathematics , Business , Decision , Parting

“The recent flourishing of New Classical economics, and especially its Equilibrium Business Cycle Theory (EBCT), has given a fresh hearing to the Old—but still developing—Austrian Business Cycle Theory (ABCT). While the New and the Old differ radically in both substance and methods, they exhibit a certain formal congruency that has captured the attention of both schools. The formal similarities between EBCT and ABCT invites a point-by-point comparison, but the comparison itself dramatizes differences between the two views in a way that adds to the integrity and plausibility of the Austrian theory.”

Roger Garrison (1944) American economist

Page 91.
"New Classical and Old Austrian Economics", 1991

School , Way , Business

“It was on account of past depression, and in spite of present more encouraging conditions, that I have assembled an Agricultural Conference made up of those who are representative of this great industry in both its operating and economic sides. Everyone knows that the great need of the farmers is markets. The country is not suffering on the side of production. Almost the entire difficulty is on the side of distribution. This reaches back, of course, to unit costs and diversification, and many allied subjects. It is exceedingly intricate, for our domestic and foreign trade, transportation and banking, and in fact our entire economic system, are closely related to it. In time for action at this session, I hope to report to the Congress such legislative remedies as the conference may recommend. An appropriation should be made to defray their necessary expenses.”

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)

Hope , Suffering , Time , Past

“The truth is that economic competition is the very opposite of competition in the animal kingdom. It is not a competition in the grabbing off of scarce nature-given supplies, as it is in the animal kingdom. Rather, it is a competition in the positive creation of new and additional wealth.”

George Reisman (1937) American economist

Capitalism: A Treatise on Economics (1996)

Truth , Nature , Animals , Wealth

“Proving that profit is economically and morally justifiable, rather then the result of exploitation, has been a central preoccupation of neoclassical economists.”

Jim Stanford (1961) Canadian economist

Part 1, Chapter 4, The Politics of Economics, p. 57
Economics For Everyone (2008)

“We will be remembered only if we give to our younger generation a prosperous and safe India, resulting out of economic prosperity coupled with civilizational heritage.”

A. P. J. Abdul Kalam (1931–2015) 11th President of India, scientist and science administrator

India. Parliament. House of the People (2003) Lok Sabha Debates. p. 45.

“Your Excellency, Mr President: I greet you, in the name of the many thousands of people in Britain who stood against the tide and opposed the war and aggression against Iraq and continue to oppose the war by economic means, which is aimed to strangle the life out of the great people of Iraq. I greet you, too, in the name of the Palestinian people, amongst whom I've just spent two weeks in the occupied Palestinian territories. I can honestly tell you that there was not a single person to whom I told I was coming to Iraq and hoping to meet with yourself who did not wish me to convey their heartfelt, fraternal greetings and support. And this was true, especially at the base in the refugee camps of Jabaliyah and Beach Camp in Gaza, in the Balatah refugee camp in Nablus and on the streets of the towns and villages in the occupied lands.I thought the president would appreciate knowing that even today, three years after the war, I still met families who were calling their newborn sons Saddam; and that two weeks ago, when I was trapped inside the Orient House, which is the Palestinian headquarters in al-Quds [Jerusalem], with 5,000 armed mustwatinin [settlers] outside demonstrating, pledging to tear down the Palestinian flag from the flagpole, the hundreds of shabab [youths] inside the compound were chanting that they wish to be with a DSh K [machine gun] in Baghdad to avenge the eyes of Abu Jihad. And the Youth Club in Silwan, which is the one of the most resistant of all the villages around Jerusalem, asked me to ask the president's permission if they could enrol him as an honourary member of their club and to present him with this flag from holy Jerusalem.I wish to say, sir, that I believe that we are turning the tide in Europe, that the scale of the humanitarian disaster which has been imposed upon the Iraqi people is now becoming more and more widely known and accepted. Fifty-five British members of parliament opposed the war, but 125 are demanding the lifting of the embargo; and this does not include the invisible section of the Conservative Party who must also be moving in that direction, and Sir Edward Heath is being a very persuasive advocate inside the Conservative Party.It is my belief that we must convey the very clear picture that 1994 has to be the year of the ending of the embargo against Iraq. Otherwise, famine and all the awful consequences, including acts of despair by Iraqis, will be the result; and this is the message we must convey to civilized opinion in Europe.Sir, I salute your courage, your strength, your indefatigability, and I want you to know that we are with you, hatta al-nasr, hatta al-nasr, hatta al-Quds”

George Galloway (1954) British politician, broadcaster, and writer

until victory, until victory, until Jerusalem
"'I greet you in the name of thousands of Britons'", The Times, January 20, 1994, citing BBC monitoring service at 9 PM on January 19 as its source.
Speech to Saddam Hussein, January 19, 1994.
Source: See also David Morley Gorgeous George: The Life and Adventures of George Galloway, London: Politicos, 2007, p. 210-11. Galloway disputes the reporting of this quote and has repeatedly stated that the conclusion was a salute to "the Iraqi people" rather than Saddam Hussein personally.

Life , War , People , Youth

“Inevitably, people tell me that poor folks are lazy or unintelligent, that they are somehow deserving of their poverty. However, if you begin to look at the sociological literature on poverty, a more complex picture emerges. Poverty and unemployment are part and parcel of our economic order. Without them, capitalism would cease to function effectively, and in order to continue to function, the system itself must produce poverty and an army of underemployed or unemployed people.”

Bob Torres American podcaster

Source: Making a Killing: The Political Economy of Animal Rights (2007), p. 7

People , Literature , Parting

“By the year 2000 we should be able to say that we have learned to live securely, in peace and mutual prosperity among our Asian and Pacific neighbours. We will not be cut off from our British and European cultures and traditions or from those economies. On the contrary, the more engaged we are economically and politically with the region around us, the more value and relevance we bring to those old relationships. Far from putting our identity at risk, our relationships with the region will energise it.”

Paul Keating (1944) Australian politician, 24th Prime Minister of Australia

Election campaign launch, February 14, 1996.

Peace , Learning

“The rulers of western Africa prior to the European empires were not running some kind of scout camp. They were engaged in the slave trade. They showed zero sign of developing the country's economic resources. Did Senegal ultimately benefit from French rule? Yes, it's clear. And the counterfactual idea that somehow the indigenous rulers would have been more successful in economic development doesn't have any credibility at all.”

Niall Ferguson (1964) British historian

"Niall Ferguson: 'Westerners don't understand how vulnerable freedom is'" https://www.theguardian.com/books/2011/feb/20/niall-ferguson-interview-civilization, The Guardian, February 20, 2011.

Idea , Success , Country , Scouting

“As there are many to whom the beauty and harmony of economic laws are hidden, and to whom the inspiring thought of a social order in which there should be work for all, leisure for all, and abundance for all — in which all might be at least as true, as generous and as manful as they wish to be — is shut out by the deference paid to economic authorities who have as it were given bonds not to find that for which they profess to seek, so there are many to-day to whom any belief in the spiritual element, in the existence of God and in a future life, is darkened or destroyed, not so much by difficulties they themselves find, but by what they take to be the teachings of science.”

Henry George (1839–1897) American economist

Conclusion : The Moral of this Examination
A Perplexed Philosopher (1892)

Life , God , Law , Beauty

“We are going through a major economic transformation that is supported by the people, a transformation that will free us from total dependence on oil and restore a culture of work and production.”

Jamal Khashoggi (1958–2018) Saudi Arabian journalist

"Saudi Arabia wasn’t always this repressive. Now it’s unbearable." in The Washington Post (18 September 2017)

People , Support , Dependency

“We are going through a crucial historical crisis in which each year poses more acutely the global problem of rationally mastering the new productive forces and creating a new civilization. Yet the international working-class movement, on which depends the prerequisite overthrow of the economic infrastructure of exploitation, has registered only a few partial local successes. Capitalism has invented new forms of struggle (state intervention in the economy, expansion of the consumer sector, fascist governments) while camouflaging class oppositions through various reformist tactics and exploiting the degenerations of working-class leaderships. In this way it has succeeded in maintaining the old social relations in the great majority of the highly countries, but must develop conflicts posing the question of power everywhere.”

Guy Debord (1931–1994) French Marxist theorist, writer, filmmaker and founding member of the Situationist International (SI)

About the Situationist International movement
Report on the Construction of Situations (1957)

Way , Question , Problem , Success

“Nationalism is a state of mind permeating the large majority of the people and claiming to permeate all its members; it recognises the nation-State as the ideal form of political organization and the nationality as the source of all creative cultural energy and economic well-being. The supreme loyalty of man is therefore due to his nationality, as his own life is supposedly rooted in and made possible by its welfare.”

Hans Kohn (1891–1971) American historian

Hans Kohn, The Idea of Nationalism, Macmillan, 1961 (p.16). Also quoted in Andrew Vincent, Modern Political Ideologies, Wiley, 2009 (p.318).

Life , People , Loyalty

“Art and work and art and life are very connected and my whole life has been absurd. There isn't a thing in my life that has happened that hasn't been extreme - personal health, family, economic situations…absurdity is the key word…”

Eva Hesse (1936–1970) German-born American sculptor

Art since 1940, strategies of being, Jonathan Fineberg, copyright Prentice Hall, Inc. 1995. ISBN 0 13 045469 9

Life , Health , Family , Art

“To me the greatest value of the Commonwealth of Nations to which we belong is not necessarily an area in which to make money, but it is space in the world for the spreading and the increase of our own race, because I believe our own race to be the best in the world, and I believe that the progress of the world, morally and spiritually as well as economically, is bound up in the spread of our people with their ideas and with their ideals.”

Stanley Baldwin (1867–1947) Former Prime Minister of the United Kingdom

Speech http://hansard.millbanksystems.com/commons/1924/jun/18/imperial-preference in the House of Commons (18 June 1924).
1924

Money , People , World , Idea

“The most egregious and demeaning aspect of the Fair Tax, however, is that it puts every American man, woman and child on welfare. Here again proponents turn common sense, the meaning of words, and basic economic principles upside down. They call making all citizens wards of the state a good thing. Every household graciously receives a monthly check from the beneficent federal government. This dole is supposed to make sure all Americans can consume “their necessities of life free of tax,” according to FairTax. org. This is not an “entitlement,” they explain, but merely a “rebate (in advance)” of what they would pay in taxes. And it is “progressive,” say the Fair Tax folks, because everyone gets the same, whether they make poverty-level wage or a million dollars a year.”

R. Lee Wrights (1958–2017) American gubernatorial candidate

2012, " The Fair Tax Isn't Fair, It's a Farce http://www.libertyforall.net/?p=7101"

Life , Sense

“The alternative to getting help from the IMF would be economic policies so savage I think they would produce riots in the streets, an immediate fall in living standards and unemployment of three million.”

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

On ITN's News at Ten (29 September 1976).
1970s

Thinking , Help

“To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith’s invisible hand is the keynote of classical economics, Keynes’ animal spirits are the keynote to a different view of the economy — a view that explains the underlying instabilities of capitalism.”

Robert J. Shiller book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

George Akerlof and Robert Shiller. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, 2009, Preface

Understanding , Animals

“The ANC has never at any period of its history advocated a revolutionary change in the economic structure of the country, nor has it, to the best of my recollection, ever condemned capitalist society.”

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

1960s, I am Prepared to Die (1964)

History , Change , Country

“Democracy is unstable as a political system as long as it remains a political system and nothing more, instead of being, as it should be, not only a form of government but a type of society, and a manner of life which is in harmony with that type. To make it a type of society requires an advance along two lines. It involves, in the first place, the resolute elimination of all forms of special privilege which favour some groups and depress other, whether their source be differences of environment, of education, or of pecuniary income. It involves, in the second place, the conversion of economic power, now often an irresponsible tyrant, into a servant of society, working within clearly defined limits and accountable for its actions to a public authority.”

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

Equality (1931)

Life , Education , Democracy

“Most [people] see education only as the means by which a person is transported from one economic plane to a higher one.”

Richard M. Weaver (1910–1963) American scholar

“Education and the individual,” p. 42.
Life Without Prejudice (1965)

People , Education , Personality

“Doubts about the existence of free will and individuals are nothing new, of course. More than 2,000 years ago thinkers in India, China and Greece argued that ‘the individual self is an illusion’. Yet such doubts don’t really change history much unless they have a practical impact on economics, politics and day-to-day life. Humans are masters of cognitive dissonance, and we allow ourselves to believe one thing in the laboratory and an altogether different thing in the courthouse or in parliament. Just as Christianity didn’t disappear the day Darwin published On the Origin of Species, so liberalism won’t vanish just because scientists have reached the conclusion that there are no free individuals.”

Yuval Noah Harari book Homo Deus: A Brief History of Tomorrow

Homo Deus: A Brief History of Tomorrow

Life , History , Change

“When you take up lab-to-land transfer, you should know the socio-economic circumstances of the farmer. You should not do experiments with the farmer, because he is already poor. You must be very sure that whatever you are recommending is both economically and ecologically sound. If farm economics and farm ecology go wrong, nothing else can go right in agriculture.”

M. S. Swaminathan (1925) Indian scientist

Quoted from Challenges in lab-to-land transfer in agriculture pdf, In Conversation: M. S. Swaminathan, 25 October 2011, Current Science http://www.currentscience.ac.in/Volumes/101/08/0996.pdf,

“To say that we must attend meticulously to the environmental case does not mean that we must go to the other extreme and wholly neglect the economic case. Here we must beware of some of our friends. For parts of the conservationist lobby would do precisely this. Their approach is hostile to growth in principle and indifferent to the needs of ordinary people. It has a manifest class bias, and reflects a set of middle and upper class value judgements. Its champions are often kindly and dedicated people. But they are affluent and fundamentally, though of course not consciously, they want to kick the ladder down behind them. They are highly selective in their concern, being militant mainly about threats to rural peace and wildlife and well loved beauty spots: they are little concerned with the far more desperate problem of the urban environment in which 80 per cent of our fellow citizens live…As I wrote many years ago, those enjoying an above average standard of living should be chary of admonishing those less fortunate on the perils of material riches. Since we have many less fortunate citizens, we cannot accept a view of the environment which is essentially elitist, protectionist and anti-growth. We must make our own value judgement based on socialist objectives: and that judgement must…be that growth is vital, and that its benefits far outweigh its costs.”

Anthony Crosland (1918–1977) British politician

'Class hypocrisy of the conservationists', The Times (8 January 1971), p. 10
An extract from the Fabian pamphlet A Social Democratic Britain.

Love , Hostility , People , Peace

“An attempt to improve intergroup relations has to face a wide variety of tasks. It deals with problems of attitude and stereotypes in regard to other groups and to one's own group, with problems of development of attitudes and conduct during childhood and adolescence, with problems of housing, and the change of the legal structure of the community; it deals with problems of status and caste, with problems of economic discrimination, with political leadership and with leadership in many aspects of community life. It deals with the small social body of a family, a club or a friendship group, with the larger social body of a school or a school system, with neighborhoods and with social bodies of the size of a community, of the state, a nation and with international problems.”

Kurt Lewin (1890–1947) German-American psychologist

Source: 1940s, Action research and minority problems, 1946, p. 36.

Life , Friendship , School , Family

“The probability of policy change is nearly the same (around 0.3) whether a tiny minority or a large majority of average citizens favor a proposed policy change. … A proposed policy change with low support among economically-elite Americans (one out of five in favor) is adopted only about 18 percent of the time, while a proposed change with high support (four out of five in favor) is adopted about 45 percent of the time.”

Benjamin Page (1939) Professor of Decision Making

Martin Gilens and Benjamin I. Page, "Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens," Perspectives on Politics, vol. 12, no. 3 (September 2014), p. 572

Support , Change , Time

“Undoubtedly one of the most important provisions in the preparation for national defense is a proper and sound selective service act. Such a law ought to give authority for a very broad mobilization of all the resources of the country, both persons and materials. I can see some difficulties in the application of the principle, for it is the payment of a higher price that stimulates an increased production, but whenever it can be done without economic dislocation such limits ought to be established in time of war as would prevent so far as possible all kinds of profiteering. There is little defense which can be made of a system which puts some men in the ranks on very small pay and leaves others undisturbed to reap very large profits. Even the income tax, which recaptured for the benefit of the National Treasury alone about 75 per cent of such profits, while local governments took part of the remainder, is not a complete answer. The laying of taxes is, of course, in itself a conscription of whatever is necessary of the wealth of the country for national defense, but taxation does not meet the full requirements of the situation. In the advent of war, power should be lodged somewhere for the stabilization of prices as far as that might be possible in justice to the country and its defenders.”

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

1920s, Toleration and Liberalism (1925)

Men , War , Justice , Law

“Christine O'Donnell: I think especially in such an unstable economic environment, what people criticized him for in 2008 — his consistency, the fact that he was so strong, and — I think people will find that appealing going into the 2012.
Carol Costello: Well, some people say Mitt Romney isn't the most consistent candidate, because he's changed his minds about big, important issues over the years.
Christine O'Donnell: You know, that's one of the things that I like about him — because he's been consistent since he changed his mind.”

Christine O'Donnell (1969) American Tea Party politician and former Republican Party candidate

CNN, 2011-12-14, quoted in * 2011-12-14
Christine O’Donnell: I like Mitt Romney's flip
MJ
Lee
Politico
http://www.politico.com/news/stories/1211/70418.html
2011-12-15
about Mitt Romney
TV appearances

People , Thinking , Strong , Change

“The success of any nation is impossible without the political participation, the economic empowerment, the education, and health, of women.”

George W. Bush (1946) 43rd President of the United States

2010s, 2014, U.S.-Africa Leaders Summit Spousal Program (August 2014)

Women , Health , Education , Success

“Optimizing responses of economic agents are simultaneously feasible only if the proper prices are already known to them. But these prices must somehow themselves be the result of the same responses.”

Tjalling Koopmans (1910–1985) Dutch American economist

Tjalling C. Koopmans, "Is the Theory of Competitive Equilibrium With It?," The American Economic Review, Vol. 64, No. 2, May 1974; p. 327

Optimism

“In life, events tend to follow patterns. People who commit crimes tend to be criminals, for example. Can anyone tell me any economists who have been convicted of violent sex crimes? Can anyone tell me of any heads of nonprofit international economic entities who have ever been charged and convicted of violent sexual crimes? Is it likely that just by chance this hotel maid found the only one in this category?”

Ben Stein (1944) actor, writer, commentator, lawyer, teacher, humorist

Life , People , Sex , Chance

“I am proud to represent the Labour party, which has pledged to end the equal pay gap. My constituency has more women living in it than men—52 per cent.—and equal pay has a direct effect on economic stability and business prosperity, and a direct correlation with child poverty. If we are serious about tackling those issues, the gap must be closed, and soon. I am confident that I will be working hard with my Government to ensure that that will be achieved.”

Dawn Butler (1969) British politician

Maiden speech on 24 May 2005

Women , Men , Confidence , Business

“Low inflation and government prudence may be harmful for economic development.”

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

Prologue, p. 18
Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008)

“The term "planning" is a new word for coherent and positive policy. The conception of strong Government policy in economic matters is, I believe, the very centre of the Conservative tradition. We have never been a party of laissez-faire.”

Rab Butler (1902–1982) British politician

About the Industrial Charter (Conservative Political Centre, 1947), p. 6.

Strong

“Thus, by 1925, both Leninism and Fascism, variants of Marxism, had created political and economic systems that shared singular properties… Both sought order and disciple of entire populations in the service of an exclusivistic party and an ideology that found its origins in classical Marxism… Both created a kind of ‘state capitalism,’ informed by a unitary party, and responsible to a ‘charismatics’ leader.”

A. James Gregor (1929–2019) American political scientist

Source: Marxism, Fascism & Totalitarianism: Chapters in the Intellectual History of Radicalism, (2008), p. 293

“This new model of development would be based clearly on the goal of sustainable human well-being. It would use measures of progress that clearly acknowledge this goal. It would acknowledge the importance of ecological sustainability, social fairness, and real economic efficiency. Ecological sustainability implies recognizing that natural and social capital are not infinitely substitutable for built and human capital, and that real biophysical limits exist to the expansion of the market economy.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 45

Nature

“The actual effect of Rawls’s theory is to undercut theoretically any straightforward appeal to egalitarianism. Egalitarianism has the advantage that gross failure to comply with its basic principles is not difficult to monitor, There are, to be sure, well-known and unsettled issues about comparability of resources and about whether resources are really the proper objects for egalitarians to be concerned with, but there can be little doubt that if person A in a fully monetarized society has ten thousand times the monetary resources of person B, then under normal circumstances the two are not for most politically relevant purposes “equal.” Rawls’s theory effectively shifts discussion away from the utilitarian discussion of the consequences of a certain distribution of resources, and also away from an evaluation of distributions from the point of view of strict equality; instead, he focuses attention on a complex counterfactual judgment. The question is not “Does A have grossly more than B?”—a judgment to which within limits it might not be impossible to get a straightforward answer—but rather the virtually unanswerable “Would B have even less if A had less?” One cannot even begin to think about assessing any such claim without making an enormous number of assumptions about scarcity of various resources, the form the particular economy in question had, the preferences, and in particular the incentive structure, of the people who lived in it and unless one had a rather robust and detailed economic theory of a kind that few people will believe any economist today has. In a situation of uncertainty like this, the actual political onus probandi in fact tacitly shifts to the have-nots; the “haves” lack an obvious systematic motivation to argue for redistribution of the excess wealth they own, or indeed to find arguments to that conclusion plausible. They don't in the same way need to prove anything; they, ex hypothesi, “have” the resources in question: “Beati possidentes.””

Raymond Geuss (1946) British philosopher

“Liberalism and its Discontents,” pp. 22-23.
Outside Ethics (2005)

People , Way , Motivation , Failure

“[You know you are in a part of the economy dealing with grants instead of exchange when] A gives B something and B does not give A anything in the way of an economic good.”

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

McCloskey (2013) commented earlier: "Boulding invented what he called, infelicitiously, "grants economics" (he might better have used the anthropologist's term gifts, or even the theologian's term grace... It's an idea about the economy, but draws the attention of economists to exactly what they do not attend to when thinking of exchange alone."
Source: 1970s, The Economy of Love and Fear, 1973, p. i as cited in: Deirdre Nansen McCloskey (2013) What Boulding Said Went Wrong with Economics, A Quarter Century On http://www.deirdremccloskey.com/editorials/boulding.php

Way , Parting

“Japan is at the heart of India’s Look East Policy. It is also a key partner in our economic development and in our quest for a peaceful, stable and prosperous Asia and the world. Anchored in our shared values and interests, the partnership between a strong and economically resurgent Japan and a transforming and rapidly growing India can be an effective force of good for the region.”

Manmohan Singh (1932) 13th Prime Minister of India

On Japan, as quoted in "Media Statements of Prime Minister Dr. Manmohan Singh and Prime Minister of Japan Shinzo Abe at the press event held after the annual India-Japan summit level meeting" http://mea.gov.in/in-focus-article.htm?22782/Media+Statements+of+Prime+Minister+Dr+Manmohan+Singh+and+Prime+Minister+of+Japan+Shinzo+Abe+at+the+press+event+held+after+the+annual+IndiaJapan+summit+level+meeting, Ministry of External Affairs (25 January 2014)
2011-present

World , Peace , Strong , Heart

“The New Deal is a phase of the transition process from capitalism to managerial society. The New Deal is not Stalinism and not Nazism. But no candid observer, friend or enemy of the New Deal, can deny that in terms of economic, social, political, ideological changes from traditional capitalism, the New Deal moves in the same direction as Stalinism and Nazism.”

James Burnham (1905–1987) American philosopher

Source: The Managerial Revolution, 1941, p. 203, as cited in: Albert Lepawsky (1949), Administration, p. 13

Change

“We believe that, in order to understand contemporary economic decision making, we need to supplement the study of market factors with an examination of the internal operation of the firm – to study the effects of organizational structure and conventional practice on the developments of goals, the formation of expectations, and the execution of choices.”

Richard Cyert (1921–1998) American economist

Source: A behavioral theory of the firm, 1959, p. 1

Understanding , Decision , Study

“Production functions involving only land, labor and capital… never work and never explain economic development.”

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

Kenneth Boulding (1990). "Taxonomy as a Source of Error." in Methodus Vol 2. p. 17-21, as cited in: Deirdre McCloskey (2013) " What Boulding Said Went Wrong with Economics, A Quarter Century On http://www.deirdremccloskey.com/editorials/boulding.php"
1990s and attributed

Quotes about economics page 17

Quotes about economics
page 17