Quotes about economics
page 2

“Markets are institutions that exist to facilitate exchange, that is, they exist in order to reduce the cost of carrying out exchange transactions. In an economic theory which assumes that transaction costs are nonexistent. markets have no function to perform, and it seems perfectly reasonable to develop the theory of exchange by an elaborate analysis of individuals exchanging nuts for apples on the edge of the forest or some similar fanciful example. This analysis certainly shows why there is a gain from trade, but it fails to deal with the factors which determine how much trade there is or what goods are traded.”

Ronald H. Coase (1910–2013) British economist and author

1960s-1980s, "The Firm, the Market, and the Law" (1988)

“I am presently at work on a dissertation dealing with the theory of international trade and foreign exchange rates. In dealing with this, studies of the intervention of recent years in the area of trade and exchange rates of different countries is of the greatest importance. I therefore hope to be able to begin a six month study tour to Switzerland, France and England at the end of May this year. After having collected the necessary material I intend — if the economic side can be arranged — during a stay of 6–12 months in England (probably Cambridge) or possibly the United States (in that case probably Harvard University) — to work out the above mentioned dissertation as a specimen for the doctoral degree in philosophy and pursue studies in general. I have not yet any detailed study plan. That should appropriately be set up after the arrival.”

Bertil Ohlin (1899–1979) Swedish economist and politician

Ohlin’s application to the Royal Academy of Sciences, January 30, 1922; Translation by Rolf G. H. Henriksson in "Eureka unter den Linden" in: Bertil Ohlin: A Centennial Celebration, 1899-1999, p. 129.
1920s

Hope, Study, Universe, Country

“Remember, every business firm, like even a mom and pop grocery store, is a market imperfection. A firm is defined in economic theory as a market imperfection introduced to deal with transaction costs. And the sort of theory is that the imperfections, the firms, are kinda like little islands in a free market sea. But the problem with that is that the sea doesn't remotely resemble a free market, and the islands are bigger than the sea; so that raises some questions about the picture. But these market imperfections, like a firm, or a transnational corporation, or a strategic alliance among them, this is a form of administering interchanges. And there's a real question about whether we want to accept that. Why, for example, should the international socioeconomic system, or for that matter our own society, be in the hands of unaccountable private tyrannies? That's a decision, it's not a law of nature.”

Noam Chomsky (1928) american linguist, philosopher and activist

Talk titled "U.S. Foreign Policy in a Globalized World" at Johns Hopkins University, Maryland, March 13, 2000 https://web.archive.org/web/20021220030406/http://www.gseis.ucla.edu/faculty/kellner/ed270/multimedia.html. Quotes 2000s, 2000

Law, Moms, Question, Business

“A child free from the guilt of ownership and the burden of economic competition will grow up with the will to do what needs doing and the capacity for joy in doing it. It is useless work that darkens the heart. The delight of the nursing mother, of the scholar, of the successful hunter, of the good cook, of the skillful maker, of anyone doing needed work and doing it well—this durable joy is perhaps the deepest source of human affection, and of sociality as a whole.”

Ursula K. Le Guin Hainish Cycle

Source: Hainish Cycle, (1974), Chapter 8 (p. 247)

Success, Heart, Joy, Cooking

“I think it's much severe than what you have experienced in the past year or two for the general economic situation.”

Robin Li (1968) billionaire businessman and entrepreneur

Thinking, Past

“Vegetarianism is a way of life that we should all move toward for economic survival, physical well-being and spiritual integrity.”

Thomas Berry (1914–2009) American priest

Reported in Food for the Spirit https://books.google.it/books?id=EL8nAAAAYAAJ by Steven Rosen (New York: Bala Books, 1987), in the “Critics praise” section.

Life, Way

“With the publication of J. M. Keynes’s General Theory in 1936 and the mathematical formalizations of his theory by J. R. Hicks (1937) and others, the language of macro-economic theory became systems of simultaneous equations. These are general equilibrium systems of interdependence in the sense that the relationships describe an entire national economy, not just a particular industry or sector. The systems are usually not completely closed; they depend on exogenous parameters including instruments controlled by policy-makers. Seeking definite relationships of economic outcomes to policies and other exogenous variables, qualitative and quantitative, these models sacrifice detail and generality, limiting the number of variables and equations by aggregations over agents, commodities, assets, and time.”

James Tobin (1918–2002) American economist

Source: "Money and Finance in the Macro-Economic Process" (1982), p. 12

Mathematics, Sense, Time, Dependency

“For my part, while I am as convinced a Socialist as the most ardent Marxian, I do not regard Socialism as a gospel of proletarian revenge, nor even, primarily, as a means of securing economic justice. I regard it primarily as an adjustment to machine production demanded by considerations of common sense, and calculated to increase the happiness, not only of proletarians, but of all except a tiny minority of the human race.”

Bertrand Russell (1872–1970) logician, one of the first analytic philosophers and political activist

Source: 1930s, In Praise of Idleness and Other Essays (1935), Ch. 7: The Case for Socialism

Happiness, Justice, Revenge, Sense

“When Government has a monopoly of all production and all distribution, as many Governments have, it can not permit any economic activity that competes with it. This means that it can not permit any new use of productive energy, for the new always competes with the old and destroys it. Men who build railroads destroy stage coach lines.”

Rose Wilder Lane (1886–1968) American journalist

Source: Discovery of Freedom: Man's Struggle Against Authority (1943), p. 32

Men

“What policymakers (and econometricians) should recognize, then, is that societies face a meaningful set of choices about alternative economic policy regimes.”

Thomas J. Sargent (1943) American economist

"Rational expectations and the dynamics of hyperinflation." 1973

“It has been shown that, in contrast to everything which classical national economy has hitherto taught, not the producer but the consumer is the ruling factor in economic life.”

Hjalmar Schacht (1877–1970) German politician

As quoted Nazi Conspiracy and Aggression (1946) by the United States Department of State, Vol. 2, p. 746.

Life

“In democratic countries, the most important private organizations are economic. Unlike secret societies, they are able to exercize their terrorism without illegality, since they do not threaten to kill their enemies, but only to starve them.”

Bertrand Russell (1872–1970) logician, one of the first analytic philosophers and political activist

Source: 1930s, Power: A New Social Analysis (1938), Ch. 12: Powers and forms of governments

Secret, Country

“Is that to say we are against Free Trade? No, we are for Free Trade, because by Free Trade all economical laws, with their most astounding contradictions, will act upon a larger scale, upon the territory of the whole earth; and because from the uniting of all these contradictions in a single group, where they will stand face to face, will result the struggle which will itself eventuate in the emancipation of the proletariat.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Writing in the Chartist newspaper (1847), in Marx Engels Collected Works Vol 6, pg 290.

Law

“[The approach of the BMS (founded by Thengadi)] to labour relations and economic policy is roughly that of the Christian-Democratic trade-unionists in Europe…”

Dattopant Thengadi (1920–2004) Indian politician

About the Bharatiya Mazdoor Sangh (BMS). Elst, Koenraad (2001). Decolonizing the Hindu mind: Ideological development of Hindu revivalism. New Delhi: Rupa. p. 154

“Can we, however, expect that the Soviet Union will come out of the coming great war without defeat? To this frankly posed question, we will answer as frankly: If the war should remain only a war, the defeat of the Soviet Union would be inevitable. In a technical, economic, and military sense, imperialism in incomparably more strong. If it is not paralyzed by revolution in the West, imperialism will sweep away the regime which issued from the October revolution.”

Leon Trotsky book The Revolution Betrayed

Source: The Revolution Betrayed (1936), Ch. 8

War, Question, Sense, Strong

“Essentially, economic analysis consists of: (1) an understanding of the categories of action and an understanding of the meaning of a change in values, costs, technological knowledge, etc.; (2) a description of a situation in which these categories assume concrete meaning, where definite people are identified as actors with definite objects specified as their means of action, with definite goals identified as values and definite things specified as costs; and (3) a deduction of the consequences that result from the performance of some specified action in this situation, or of the consequences that result for an actor if this situation is changed in a specified way. And this deduction must yield a priori-valid conclusions, provided there is no flaw in the very process of deduction and the situation and the change introduced into it being given, and a priori—valid conclusions about reality if the situation and situation—change, as described, can themselves be identified as real, because then their validity would ultimately go back to the indisputable validity of the categories of action.”

Hans-Hermann Hoppe book A Theory of Socialism and Capitalism

A Theory of Socialism and Capitalism: Economics, Politics, and Ethics (Kluwer: 1989): 118-19.
A Theory of Socialism and Capitalism (1989)

People, Way, Understanding, Knowledge

“Whether or not birth control is eugenic, hygienic, and economic, it is the most revolutionary practice in the history of sexual morals.”

Walter Lippmann (1889–1974) American journalist

A Preface To Morals, (1982, originally published 1929 by Macmillan), Transaction Publishers ISBN 0878559078 ISBN 9780878559077p. 291. http://books.google.com/books?id=-E4WFG-G30sC&pg=PA291&dq=%22Whether+or+not+birth+control+is+eugenic,+hygienic,+and+economic%22&hl=en&sa=X&ei=_NflU6n5Fqz28QHs9IGQBQ&ved=0CDoQ6AEwAg#v=onepage&q=%22Whether%20or%20not%20birth%20control%20is%20eugenic%2C%20hygienic%2C%20and%20economic%22&f=false

History, Birth

“Although no conclusive proof exists that GM cereals may be harmful to human beings, and in some regions their use has brought about economic growth which has helped to resolve problems, there remain a number of significant difficulties which should not be underestimated. In many places, following the introduction of these crops, productive land is concentrated in the hands of a few owners due to “the progressive disappearance of small producers, who, as a consequence of the loss of the exploited lands, are obliged to withdraw from direct production”. The most vulnerable of these become temporary labourers, and many rural workers end up moving to poverty-stricken urban areas. The expansion of these crops has the effect of destroying the complex network of ecosystems, diminishing the diversity of production and affecting regional economies, now and in the future. In various countries, we see an expansion of oligopolies for the production of cereals and other products needed for their cultivation. This dependency would be aggravated were the production of infertile seeds to be considered; the effect would be to force farmers to purchase them from larger producers.”

Pope Francis (1936) 266th Pope of the Catholic Church

§ 134
2010s, 2015, Laudato si' : Care for Our Common Home

Problem, Loss, Future, Help

“if you hope at this juncture to cut the Gordian knots of socialism and communism by appealing to the center of Western capitalism, you will, far from remedying any of the ills of your society, commit a mistake which those to come will have to erase. For if Marxism has come to a deadlock in its social and economic policies, capitalism has also bogged down.”

Ruhollah Khomeini (1902–1989) Religious leader, politician

Letter to Russian Premier Gorbachev, January 1989. http://politicalquotes.org/node/68478
Foreign policy

Hope, Communication

“We are a small nation. Our military strength in proportion to the mighty armaments of modern nations can never be considerable. Our strength as a nation will depend upon our economic freedom, and upon our moral and intellectual force. In these we can become a shining light in the world.”

Michael Collins (Irish leader) (1890–1922) Irish revolutionary leader

A Path to Freedom (2010), p. 64

World, Freedom, Light, Dependency

“It is also our hope that the interpretation of the socio-economic optimum as a set of institutions may help to get under way a discussion of a more scientific character than was usual so far about the relative merits of various existing socio-economic orders, especially those of Eastern and Western Europe, including such interesting cases as Sweden, Switzerland and Yugoslavia. A considerable amount of better information about various types of external effects will be one of the necessary ingredients if we want to give concrete content to such merit rating of various systems.”

Jan Tinbergen (1903–1994) Dutch economist

"The Use of Models: Experience," 1969

Hope, Way, Help

“And in fact, at every moment of economic change throughout our history, this country has taken bold action to adapt to new circumstances and to make sure everyone gets a fair shot. We set up worker protections, Social Security, Medicare, Medicaid to protect ourselves from the harshest adversity. We gave our citizens schools and colleges, infrastructure and the Internet -- tools they needed to go as far as their effort and their dreams will take them. That’s what middle-class economics is -- the idea that this country does best when everyone gets their fair shot, everyone does their fair share, everyone plays by the same set of rules. We don’t just want everyone to share in America’s success, we want everyone to contribute to our success.”

Barack Obama (1961) 44th President of the United States of America

2015, State of the Union Address (January 2015)

School, Dreams, History, Idea

“It is our generation’s task, then, to reignite the true engine of America’s economic growth — a rising, thriving middle class. It is our unfinished task to restore the basic bargain that built this country — the idea that if you work hard and meet your responsibilities, you can get ahead, no matter where you come from, no matter what you look like, or who you love. It is our unfinished task to make sure that this government works on behalf of the many, and not just the few; that it encourages free enterprise, rewards individual initiative, and opens the doors of opportunity to every child across this great nation.”

Barack Obama (1961) 44th President of the United States of America

2013, Fifth State of the Union Address (February 2013)

Love, Idea, Country

“It is not merely that we want to see the game played fairly. We also want to see the rules changed, so that there shall be both less opportunity and less temptation to cheat, and less chance for some few people to gain a proﬁt to which either they are not entitled at all, or else which is so enormous as to be greatly in excess of what they deserve, even though their services have been great. We wish to do away with the proﬁt that comes from the illegitimate exercise of cunning and craft. We also wish to secure a measurable equality of opportunity, a measurable equality of reward for services of similar value. To do all this, two, mutually supplementary movements are necessary. On the one hand, there must be - I think there now is - a genuine and permanent moral awakening, without which no wisdom of legislation or administration really means anything; and, on the other hand, we must try to secure the social and economic legislation without which any improvement due to purely moral agitation is necessarily evanescent.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1910s, The Progressives, Past and Present (1910)

Wisdom, People, Exercises, Game

“Mexico will emerge as a major global economic power. Ranked fourteenth or fifteenth early in the century, it will be firmly within the top ten by 2080. With a population of 100 million, it will be a power to be reckoned with anywhere in the world—except on the southern border of the United States.”

George Friedman (1949) American businessman and political scientist

Source: The Next 100 Years: A Forecast for the 21st Century (2009), p. 239

World

“Religion and art spring from the same root and are close kin. Economics and art are strangers.”

Nathaniel Hawthorne (1804–1864) American novelist and short story writer (1804 – 1879)

Willa Cather, "Four Letters: Escapism" first published in Commonweal (17 April 1936)
Misattributed

Religion, Art, Spring

“The characteristic mark of this age of dictators, wars and revolutions is its anti-capitalistic bias. Most governments and political parties are eager to restrict the sphere of private initiative and free enterprise. It is an almost unchallenged dogma that capitalism is done for and that the coming of all-round regimentation of economic activities is both inescapable and highly desirable.”

Ludwig von Mises book Socialism

Socialism (1922), Epilogue (1947)

War, Age

“What is studied is a system which lives in the minds of economists but not on earth. I have called the result “blackboard economics.” The firm and the market appear by name but they lack any substance. The firm in mainstream economic theory has often been described as a “black box.””

Ronald H. Coase (1910–2013) British economist and author

And so it is.
1990s and later, "The Institutional Structure of Production" (1992)

Study, Appearance, Box

“The political revolution is not about one election or one candidate. It is about transforming America and continuing the fight for economic, social, racial and environmental justice. We have to continue to work together to advance the progressive future we all support.”

Bernie Sanders (1941) American politician, senator for Vermont

In a email message to his delegates — Sanders's full message: Movement damaged by 'booing, walking out' https://www.washingtonpost.com/news/post-politics-live/liveblog/democratic-national-convention-updates/?tid=ss_tw#8cab91a2-7c6f-4a9f-97ff-d42dffa875e4, The Washington Post (25 July 2016) 2010s, 2016

Justice, Support, Future, Fight

“Islam is not a ‘religion’ in the sense this term is commonly understood. It is a system encompassing all fields of living. Islam means politics, economics, legislation, science, humanism, health, psychology and sociology. It is a system which makes no discrimination on the basis of race, color, language or other external categories. Its appeal is to all mankind. It wants to reach the heart of every human being.”

Abul A'la Maududi (1903–1979) Indian theologian, politician and philosopher

1978, Towards Understanding Islam, Chapter 7, Lahore, Pakistan.
1970s

Health, Religion, Color, Sense

“The National Government belongs to the whole American people; and where the whole American people are interested that interest can be effectively guarded only by the National Government. We ought to use the National Government as an agency, a tool, wherever it is necessary, in order that we may organize our entire political, economical, and social life in accordance with a far-reaching democratic purpose. We should make the National governmental machinery an adequate and constructive instrument for constructive work in the realization of a National democratic ideal.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1910s, The Progressives, Past and Present (1910)

Life, People

“It is my hope that in such a way we may again, as Marx claimed, find scientific arguments in the competition between various systems, but up-to-date scientific arguments rather than obsolete ones. This more fundamental research in economics deserves relatively more attention and resources than the more superficial versions of economic research directed at forecasting or analysing very short-term fluctuations in market prices, on which quite some money is being spent to-day.”

Jan Tinbergen (1903–1994) Dutch economist

"The Use of Models: Experience," 1969

Money, Hope, Way

“We know today that nothing will restore the pre-machine condition of reasonably universal employment save an artificial allocation of working hours involving the use of more men than formerly to perform a given task.... The primary function of society, in spite of all the sophistries spurred of selfishness, is to give men better conditions than they could get without it; and the basic need today is jobs for all—not for "property" for a few of the luck and the acquisitive.... In view of the urgent need for change, there is something almost obscene in the chatter of the selfish about various psychological evils allegedly inherent in a New Deal promising decent economic security and humane leisure for all instead of for a few.... What is worth answering is the kindred outcry about "regimentation", "collective slavery", "violation of Anglo-Saxon freedom", "destruction of the right of the individual to make his own way" and so on; with liberal references to Stalin, Hitler, Mustapha Kemal, and other extremist dictators who have sought to control men's personal, intellectual, and artistic lives, and traditional habits and folkways, as well as their economic fortunes. Naturally the Anglo-Saxon balks at any programme calculated to limit his freedom as a man and a thinker or to disturb his inherited perspectives and daily customs—and need we say that no plan ever proposed in an Anglo-Saxon country would conceivably seek to limit such freedom or disturb such perspectives and customs? Here we have a deliberate smoke-screen—conscious and malicious confusion of terms. A decent planned society would indeed vary to some extent the existing regulations (for there are such) governing commercial and economic life. Yet who save a self-confessed Philistine or Marxist (the plutocrat can cite "Das Kapital" for his purpose!) would claim that the details and conditions of our merely economic activities form more than a trivial fraction of our whole lives and personalities? That which is essential and distinctive about a man is not the routine of material struggle he follows in his office; but the civilised way he lives, outside his office, the life whose maintenance is the object of his struggle. So long as his office work gains him a decently abundant and undisputedly free life, it matters little what that work is—what the ownership of the enterprise, and what and how distributed its profits, if profits there be. We have seen that no system proposes to deny skill and diligence an adequate remuneration. What more may skill and diligence legitimately ask? Nor is any lessening in the pride of achievement contemplated. Man will thrill just as much at the overcoming of vast obstacles, and the construction of great works, whether his deeds be performed for service or for profit. As it is, the greatest human achievements have never been for profit. Would Keats or Newton or Lucretius or Einstein or Santayana flourish less under a rationally planned society? Any intimation that a man's life is wholly his industrial life, and that a planned economic order means a suppression of his personality, is really both a piece of crass ignorance and an insult to human nature. Incidentally, it is curious that no one has yet pointed to the drastically regulated economic life of the early Mass. Bay colony as something "American!"”

H.P. Lovecraft (1890–1937) American author

Unpublished (and probably unsent) letter to the Providence Journal (13 April 1934), quoted in Collected Essays, Volume 5: Philosophy, edited by J. T. Joshi, pp. 115-116
Non-Fiction, Letters

Life, Men, Way, Nature

“I have never believed that the securing of material resources ought to form the central interest of human life—but have instead maintained that personality is an independent flowering of the intellect and emotions wholly apart from the struggle for existence. Formerly I accepted the archaic dictum that only a few can be relieved of the engulfing waste of the material struggle in its bitterest form—a dictum which is, of course, true in an agricultural age having scanty resources. Therefore I adopted an aristocratic attitude; regretfully arguing that life, in any degree of fulness, is only for the fortunate few whose ancestors' prowess has given them economic security and leisure. But I did not take the bourgeois position of praising struggle for its own sake. While recognising certain worthy qualities brought out by it, I was too much impressed by its stultifying attributes to regard it as other than a necessary evil. In my opinion, only the leisured aristocrat really had a chance at adequate life—nor did I despise him because he was not forced to struggle. Instead, I was sorry that so few could share his good fortune. Too much human energy was wasted in the mere scramble for food and shelter. The condition was tolerable only because inevitable in yesterday's world of scanty resources. Millions of men must go to waste in order that a few might really live. Still—if those few were not upheld, no high culture would ever be built up. I never had any use for the American pioneer's worship of work and self-reliance for their own sakes. These things are necessary in their place, but not ends in themselves—and any attempt to make them ends in themselves is essentially uncivilised. Thus I have no fundamental meeting-ground with the rugged Yankee individualist. I represent rather the mood of the agrarian feudalism which preceded the pioneering and capitalistic phases. My ideal of life is nothing material or quantitative, but simply the security and leisure necessary for the maximum flowering of the human spirit.... Well—so much for the past. Now we live in an age of easy abundance which makes possible the fulfilment of all moderate human wants through a relatively slight amount of labour. What shall be the result? Shall we still make resources prohibitively hard to get when there is really a plethora of them? Shall we allow antique notions of allocation—"property," etc.—to interfere with the rational distribution of this abundant stock of resources among all those who require them? Shall we value hardship and anxiety and uncertainty so fatuously as to impose these evils artificially on people who do not need to bear them, through the perpetuation of a set of now irrelevant and inapplicable rules of allocation? What reasonable objection is there to an intelligent centralised control of resources whose primary object shall be the elimination of want in every quarter—a thing possible without removing comfortable living from any one now enjoying it? To call the allocation of resources something "uncontrollable" by man—and in an age when virtually all natural forces are harnessed and utilised—is simply infantile. It is simply that those who now have the lion's share don't want any fresh or rational allocation. It is needless to say that no sober thinker envisages a workless equalitarian paradise. Much work remains, and human capacities differ. High-grade service must still receive greater rewards than low-grade service. But amidst the present abundance of goods and minimisation of possible work, there must be a fair and all-inclusive allocation of the chances to perform work and secure rewards. When society can't give a man work, it must keep him comfortable without it; but it must give him work if it can, and must compel him to perform it when it is needed. This does not involve interference with personal life and habits (contrary to what some reactionaries say), nor is the absence of insecurity anything to deplore.... But of course the real need of change comes not from the mere fact of abundant resources, but from the growth of conditions making it impossible for millions to have any chance of getting any resources under the present outworn set of artificial rules. This development is no myth. Machines had displaced 900,000 men in the U. S. before the crash of '29, and no conceivable regime of "prosperity" (where by a few people will have abundant and flexible resources and successfully exchange them among one another) will ever make it possible to avoid the permanent presence of millions of unemployed, so long as old-fashioned laissez-faire capitalism is adhered to.... And so I have readjusted my ideas. … I have gone almost reluctantly—step by step, as pressed by facts too insistent to deny—and am still quite as remote from Belknap's naive Marxism as I am from the equally naive Republican orthodoxy I have left behind. I am as set as ever against any cultural upheaval—and believe that nothing of the kind is necessary in order to achieve a new and feasible economic equilibrium. The best of culture has always been non-economic.”

H.P. Lovecraft (1890–1937) American author

Hitherto it has grown out of the secure, non-struggling life of the aristocrat. In future it may be expected to grow out of the secure and not-so-struggling life of whatever citizens are personally able to develop it. There need be no attempt to drag culture down to the level of crude minds. That, indeed, would be something to fight tooth and nail! With economic opportunities artificially regulated, we may well let other interests follow a natural course. Inherent differences in people and in tastes will create different social-cultural classes as in the past—although the relation of these classes to the holding of material resources will be less fixed than in the capitalistic age now closing. All this, of course, is directly contrary to Belknap's rampant Stalinism—but I'm telling you I'm no bolshevik! I am for the preservation of all values worth preserving—and for the maintenance of complete cultural continuity with the Western-European mainstream. Don't fancy that the dethronement of certain purely economic concepts means an abrupt break in that stream. Rather does it mean a return to art impulses typically aristocratic (that is, disinterested, leisurely, non-ulterior) rather than bourgeois.
Letter to Clark Ashton Smith (28 October 1934), in Selected Letters V, 1934-1937 edited by August Derleth and Donald Wandrei, pp. 60-64
Non-Fiction, Letters

Life, Men, People, Age

“I have that confidence in the common sense, I will say the common spirit of our countrymen, that I believe they will not long endure this huckstering tyranny of the Treasury Bench—these political pedlars that bought their party in the cheapest market, and sold us in the dearest. I know, Sir, that there are many who believe that the time is gone by when one can appeal to those high and honest impulses that were once the mainstay and the main element of the English character. I know, Sir, that we appeal to a people debauched by public gambling—stimulated and encouraged by an inefficient and shortsighted Minister. I know that the public mind is polluted with economic fancies; a depraved desire that the rich may become richer without the interference of industry and toil. I know, Sir, that all confidence in public men is lost. But, Sir, I have faith in the primitive and enduring elements of the English character. It may be vain now, in the midnight of their intoxication, to tell them that there will be an awakening of bitterness; it may be idle now, in the spring-tide of their economic frenzy, to warn them that there may be an ebb of trouble. But the dark and inevitable hour will arrive. Then, when their spirit is softened by misfortune, they will recur to those principles that made England great, and which, in our belief, can alone keep England great. Then, too, perchance they may remember, not with unkindness, those who, betrayed and deserted, were neither ashamed nor afraid to struggle for the "good old cause"—the cause with which are associated principles the most popular, sentiments the most entirely national—the cause of labour—the cause of the people—the cause of England.”

Benjamin Disraeli (1804–1881) British Conservative politician, writer, aristocrat and Prime Minister

Speech http://hansard.millbanksystems.com/commons/1846/may/15/corn-importation-bill-adjourned-debate in the House of Commons (15 May 1846). 1840s

Men, People, Faith, Confidence

“Our scientists will keep collaborating with yours in fields like nanotechnology and clean energy and health care that make our lives better and fuel economic growth on both sides of the Atlantic –- because progress is essential to peace. And because knowledge and understanding is essential to peace, we will keep investing in programs that enrich both of us ….”

Barack Obama (1961) 44th President of the United States of America

Remarks by President Obama and Mrs. Obama in Town Hall with Youth of Northern Ireland, Belfast Waterfront, Belfast, Northern Ireland (17 June 2013)
2013

Health, Peace, Understanding, Knowledge

“In America I was liberated from a certain naïve belief in culture and attained the capacity to see culture from the outside. To clarify the point: in spite of all social criticism and all consciousness of the primacy of economic factors, the fundamental importance of the mind—“Geist”—was quasi a dogma self-evident to me from the very beginning. The fact that this was not a foregone conclusion, I learned in America, where no reverential silence in the presence of everything intellectual prevailed.”

Theodor W. Adorno (1903–1969) German sociologist, philosopher and musicologist known for his critical theory of society

as quoted in The Origin of Negative Dialectics (Free Press: 1977), p. 187

Silence, Learning

“I have had close relations with Dattopantji for the last 50 years. If one has to explain the personality of Dattopantji in one sentence, we can say that he was a dedicated Rashtrasevak. He lived his whole life as a karmayogi. The work he took up he aimed it out with full responsibility. He established a wide network of friends without compromising on his views and ideology. His thinking was not confined to labourers or economic issues alone it involved the entire life of the nation and the world. His death is a personal loss to me. A strong pillar of our work is no more.”

Dattopant Thengadi (1920–2004) Indian politician

L.K. Advani, The Organiser, 31 October 2004 issue. p. 13, Article Named- Dedicated Rashtrasevak https://web.archive.org/web/20120331123458/http://organiser.org/archives/historic/dynamic/modulesa3a9.html?name=Content&pa=showpage&pid=48&page=13

Life, Death, World, Thinking

“Many of the stories economists tell take the form of models—for whatever else they are, economic models are stories about how the world works.”

Paul Krugman (1953) American economist

Preface
Economics (4th ed., 2015)

World

“When I once called myself a “Sunday painter” dabbling in stochastic finance, that was not meant to belittle finance theory as a branch of serious economic theory. Such a peculiar view was expressed again and again by the late Milton Friedman, a dizzy view that I still find incomprehensible.”

Paul A. Samuelson (1915–2009) American economist

New millennium, An Enjoyable Life Puzzling Over Modern Finance Theory, 2009

“Association, applied to land, shares the economic advantage of large-scale landed property, and first brings to realization the original tendency inherent in land-division, namely, equality. In the same way association also re-establishes, now on a rational basis, no longer mediated by serfdom, overlordship and the silly mysticism of property, the intimate ties of man with the earth, since the earth ceases to be an object of huckstering, and through free labour and free enjoyment becomes once more a true personal property of man.”

Karl Marx book Economic and Philosophic Manuscripts of 1844

Rent of Land, p. 65.
Paris Manuscripts (1844)

Way, Personality

“The entire revolutionary movement necessarily finds both its empirical and its theoretical basis in the movement of private property – more precisely, in that of the economy. This material, immediately perceptible private property is the material perceptible expression of estranged human life. Its movement – production and consumption – is the perceptible revelation of the movement of all production until now, i. e., the realisation or the reality of man. Religion, family, state, law, morality, science, art, etc., are only particular modes of production, and fall under its general law. The positive transcendence of private property as the appropriation of human life, is therefore the positive transcendence of all estrangement – that is to say, the return of man from religion, family, state, etc., to his human, i. e., social, existence. Religious estrangement as such occurs only in the realm of consciousness, of man’s inner life, but economic estrangement is that of real life; its transcendence therefore embraces both aspects. It is evident that the initial stage of the movement amongst the various peoples depends on whether the true recognised life of the people manifests itself more in consciousness or in the external world – is more ideal or real. Communism begins where atheism begins (Owen), but atheism is at the outset still far from being communism; indeed it is still for the most part an abstraction. The philanthropy of atheism is therefore at first only philosophical, abstract philanthropy, and that of communism is at once real and directly bent on action.”

Karl Marx book Economic and Philosophic Manuscripts of 1844

Private Property and Communism
Paris Manuscripts (1844)

Life, People, World, Family

“Truth is the most valuable thing we have. Let us economize it.”

Mark Twain book Following the Equator

Pudd'nhead Wilson's New Calendar, Ch. VII
Following the Equator (1897)

Truth

“Yes, my sin — my greater sin and even my greatest sin is that I nationalized Iran's oil industry and discarded the system of political and economic exploitation by the world's greatest empire. This at the cost to myself, my family; and at the risk of losing my life, my honor and my property. With God's blessing and the will of the people, I fought this savage and dreadful system of international espionage and colonialism.”

Mohammad Mosaddegh (1882–1967) Prime Minister of Iran

Defending himself against a treason charge, on 19 December, 1953

Life, God, People, World

“The bourgeoisie today is a falling class. … By its imperialist methods of appropriation [it] is destroying the economic structure of the world and human culture generally. Nevertheless, the historical persistence of the bourgeoisie is colossal. It holds to power, and does not wish to abandon it. Thereby it threatens to drag after it into the abyss the whole of society. We are forced to tear it off, to chop it away. The Red Terror is a weapon utilized against a class, doomed to destruction, which does not wish to perish. If the White Terror can only retard the historical rise of the proletariat, the Red Terror hastens the destruction of the bourgeoisie.”

Leon Trotsky book Terrorism and Communism

Source: Terrorism and Communism (1920), p. 83

World, Tear

“In some ways, though, the securing of civil rights, voting rights, the eradication of legalized discrimination -- the very significance of these victories may have obscured a second goal of the March. For the men and women who gathered 50 years ago were not there in search of some abstract ideal. They were there seeking jobs as well as justice, not just the absence of oppression but the presence of economic opportunity. For what does it profit a man, Dr. King would ask, to sit at an integrated lunch counter if he can’t afford the meal? This idea -- that one’s liberty is linked to one’s livelihood; that the pursuit of happiness requires the dignity of work, the skills to find work, decent pay, some measure of material security -- this idea was not new. Lincoln himself understood the Declaration of Independence in such terms -- as a promise that in due time, “the weights should be lifted from the shoulders of all men, and that all should have an equal chance.””

Barack Obama (1961) 44th President of the United States of America

2013, "Let Freedom Ring" Ceremony (August 2013)

Women, Men, Happiness, Justice

“How does America find its way in this new, global economy? What will our place in history be? Like so much of the American story, once again, we face a choice. Once again, there are those who believe that there isn’t much we can do about this as a nation. That the best idea is to give everyone one big refund on their government—divvy it up by individual portions, in the form of tax breaks, hand it out, and encourage everyone to use their share to go buy their own health care, their own retirement plan, their own child care, their own education, and so on. In Washington, they call this the Ownership Society. But in our past there has been another term for it—Social Darwinism—every man or woman for him or herself. It’s a tempting idea, because it doesn’t require much thought or ingenuity. It allows us to say that those whose health care or tuition may rise faster than they can afford—tough luck. It allows us to say to the Maytag workers who have lost their job—life isn’t fair. It let’s us say to the child who was born into poverty—pull yourself up by your bootstraps. And it is especially tempting because each of us believes we will always be the winner in life’s lottery, that we’re the one who will be the next Donald Trump, or at least we won’t be the chump who Donald Trump says: “You’re fired!” But there is a problem. It won’t work. It ignores our history. It ignores the fact that it’s been government research and investment that made the railways possible and the internet possible. It’s been the creation of a massive middle class, through decent wages and benefits and public schools that allowed us all to prosper. Our economic dependence depended on individual initiative. It depended on a belief in the free market; but it has also depended on our sense of mutual regard for each other, the idea that everybody has a stake in the country, that we’re all in it together and everybody’s got a shot at opportunity. That’s what’s produced our unrivaled political stability.”

Barack Obama (1961) 44th President of the United States of America

Knox College Commencement Address (4 June 2005)
2005

Life, Health, Education, School

“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”

Henry Hazlitt book Economics in One Lesson

Economics in One Lesson (1946), The Lesson (ch. 1)

Art

“In certain respects, particularly economically, National-Socialism is nothing but bolshevism. These two are hostile brothers of whom the younger has learned everything from the older, the Russian excepting only morality.”

Thomas Mann book The Coming Victory of Democracy

The Coming Victory of Democracy (1938), p. 14, translated by Agnes E. Meyer, Knopf (1938)

Hostility, Learning

“Our immediate task, however, is the critical work of confronting the economic crisis. As I've said, we've passed through an era of profound irresponsibility; now we cannot afford half-measures, and we cannot go back to the kind of risk-taking that leads to bubbles that inevitably bust. So we have a choice. We can shape our future, or let events shape it for us. And if we want to succeed, we can't fall back on the stale debates and old divides that won't move us forward.”

Barack Obama (1961) 44th President of the United States of America

Barack Obama: "The President's News Conference With Prime Minister Gordon Brown of the Untied Kingdom in London, England," April 1, 2009. Online by Gerhard Peters and John T. Woolley, The American Presidency Project. http://www.presidency.ucsb.edu/ws/index.php?pid=85953&st=&st1= 2009

Future

“My first introduction to economics came by way of Professor B. H. Hibbard. I remember being asked in 1910, at the close of my college course, who had influenced me most, and I said Professor Hibbard. Later, of course, we came to disagree violently about the McNary-Haugen Bill and some other things; but I still think that Professor Hibbard is a very good teacher.”

Henry A. Wallace (1888–1965) Vice President of the United States

Henry Agard Wallace (1973), Democracy reborn, p. 96; cited in: Gerard F. Vaaughn, " Benjamin H. Hibbard: Scholar for Policy Making http://ageconsearch.umn.edu/bitstream/132025/2/BenjaminHibbard.pdf," in Choices, First Quarter 1998, p. 38.

Way, Thinking, Teachers

“Economics has always flourished and acquired energy from controversies generated by practical policy questions of the day. That was true in the times of Smith, and Ricardo, and Keynes, and it is true today. These periods of division and revolution and counterrevolution are generally followed by periods of synthesis and consolidation from which the science emerges stronger. i am optimistic that this will happen again, and that the best of the insights of the new clasicals will be absorbed in a mainstream, in which the essential insights of Keynesian economists also survive.”

James Tobin (1918–2002) American economist

James Tobin, in Conversations with Economists (1983) by Arjo Klamer
1970s and later

Question, Science, Time

“We most earnestly hope and believe that the chance of our having any hostile military complication with any foreign power is very small. But that there will come a strain, a jar, here and there, from commercial and agricultural—that is, from industrial—competition is almost inevitable. Here again we have got to remember that our first duty is to our own people, and yet that we can best get justice by doing justice. We must continue the policy that has been so brilliantly successful in the past, and so shape our economic system as to give every advantage to the skill, energy, and intelligence of our farmers, merchants, manufacturers, and wage-workers; and yet we must also remember, in dealing with other nations, that benefits must be given where benefits are sought. It is not possible to dogmatize as to the exact way of attaining this end, for the exact conditions cannot be foretold. In the long run, one of our prime needs is stability and continuity of economic policy; and yet, through treaty or by direct legislation, it may, at least in certain cases, become advantageous to supplement our present policy by a system of reciprocal benefit and obligation.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1900s, The Strenuous Life: Essays and Addresses (1900), National Duties

Hostility, People, Justice, Hope

“Human rights are not only violated by terrorism, repression or assassination, but also by unfair economic structures that creates huge inequalities.”

Pope Francis (1936) 266th Pope of the Catholic Church

Said in criticism of the government of Néstor Kirchner, former President of Argentina, in 2009, as quoted in "Pope Francis: the humble pontiff with practical approach to poverty" by Mark Rice-Oxley, in The Guardian (13 March 2013) http://www.guardian.co.uk/world/2013/mar/13/jorge-mario-bergoglio-pope-poverty 2010s

“We will continue to pursue the strategy of boosting domestic demand and ensure fast and balanced economic and social development in China. This will create more opportunities for China-U. S. economic cooperation and trade. We will continue to advance the reform of the RMB exchange rate regime, take positive steps in such areas as expanding market access, increasing imports, and strengthening the protection of intellectual property rights, and further expand China-U. S. economic cooperation and trade.”

Hu Jintao (1942) former General Secretary of the Communist Party of China

2000s, White House speech (2006)

“When politicians insult Muslims, when a mosque is vandalized, or a kid bullied, that doesn’t make us safer. That’s not telling it like it is. It’s just wrong. It diminishes us in the eyes of the world. It makes it harder to achieve our goals. And it betrays who we are as a country… What I’m asking for is hard. It’s easier to be cynical; to accept that change isn’t possible, and politics is hopeless, and to believe that our voices and actions don’t matter. But if we give up now, then we forsake a better future. Those with money and power will gain greater control over the decisions that could send a young soldier to war, or allow another economic disaster, or roll back the equal rights and voting rights that generations of Americans have fought, even died, to secure. As frustration grows, there will be voices urging us to fall back into tribes, to scapegoat fellow citizens who don’t look like us, or pray like us, or vote like we do, or share the same background. We can’t afford to go down that path. It won’t deliver the economy we want, or the security we want, but most of all, it contradicts everything that makes us the envy of the world.”

Barack Obama (1961) 44th President of the United States of America

2016, State of the Union address (January 2016)

Money, War, World, Decision

“But take a brief glance at real life. In present-day economic life you will find, not only competition and monopoly, but also their synthesis, which is not a formula but a movement. Monopoly produces competition, competition produces monopoly. That equation, however, far from alleviating the difficulties of the present situation, as bourgeois economists suppose, gives rise to a situation even more difficult and involved. Thus, by changing the basis upon which the present economic relations rest, by abolishing the present mode of production, you abolish not only competition, monopoly and their antagonism, but also their unity, their synthesis, the movement whereby a true balance is maintained between competition and monopoly.

Let me now give you an example of Mr Proudhon's dialectics. Freedom and slavery constitute an antagonism. There is no need for me to speak either of the good or of the bad aspects of freedom. As for slavery, there is no need for me to speak of its bad aspects. The only thing requiring explanation is the good side of slavery. I do not mean indirect slavery, the slavery of proletariat; I mean direct slavery, the slavery of the Blacks in Surinam, in Brazil, in the southern regions of North America. Direct slavery is as much the pivot upon which our present-day industrialism turns as are machinery, credit, etc. Without slavery there would be no cotton, without cotton there would be no modern industry. It is slavery which has given value to the colonies, it is the colonies which have created world trade, and world trade is the necessary condition for large-scale machine industry. Consequently, prior to the slave trade, the colonies sent very few products to the Old World, and did not noticeably change the face of the world. Slavery is therefore an economic category of paramount importance. Without slavery, North America, the most progressive nation, would he transformed into a patriarchal country. Only wipe North America off the map and you will get anarchy, the complete decay of trade and modern civilisation. But to do away with slavery would be to wipe America off the map. Being an economic category, slavery has existed in all nations since the beginning of the world. All that modern nations have achieved is to disguise slavery at home and import it openly into the New World. After these reflections on slavery, what will the good Mr Proudhon do? He will seek the synthesis of liberty and slavery, the true golden mean, in other words the balance between slavery and liberty. Mr Proudhon understands perfectly well that men manufacture worsted, linens and silks; and whatever credit is due for understanding such a trifle! What Mr Proudhon does not understand is that, according to their faculties, men also produce the social relations in which they produce worsted and linens. Still less does Mr Proudhon understand that those who produce social relations in conformity with their material productivity also produce the ideas, categories, i. e. the ideal abstract expressions of those same social relations. Indeed, the categories are no more eternal than the relations they express. They are historical and transitory products. To Mr Proudhon, on the contrary, the prime cause consists in abstractions and categories. According to him it is these and not men which make history. The abstraction, the category regarded as such, i. e. as distinct from man and his material activity, is, of course, immortal, immutable, impassive. It is nothing but an entity of pure reason, which is only another way of saying that an abstraction, regarded as such, is abstract. An admirable tautology! Hence, to Mr Proudhon, economic relations, seen in the form of categories, are eternal formulas without origin or progress. To put it another way: Mr Proudhon does not directly assert that to him bourgeois life is an eternal truth; he says so indirectly, by deifying the categories which express bourgeois relations in the form of thought. He regards the products of bourgeois society as spontaneous entities, endowed with a life of their own, eternal, the moment these present themselves to him in the shape of categories, of thought. Thus he fails to rise above the bourgeois horizon. Because he operates with bourgeois thoughts and assumes them to be eternally true, he looks for the synthesis of those thoughts, their balance, and fails to see that their present manner of maintaining a balance is the only possible one.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Letter to Pavel Vasilyevich Annenkov, (28 December 1846), Rue d'Orleans, 42, Faubourg Namur, Marx Engels Collected Works Vol. 38, p. 95; International Publishers (1975). First Published: in full in the French original in M.M. Stasyulevich i yego sovremenniki v ikh perepiske, Vol. III, 1912

Life, Men, Truth, World

“We can continue down our current path, in which the gears of this great democracy grind to a halt and our children accept a life of lower expectations; where politics is a zero-sum game where a few do very well while struggling families of every race fight over a shrinking economic pie -- that’s one path. Or we can have the courage to change.”

Barack Obama (1961) 44th President of the United States of America

2013, "Let Freedom Ring" Ceremony (August 2013)

Life, Children, Family, Democracy

“The East has always been very fortunate in being supported with a very strong foundation of Buddha Dharma. … The downside is that the changes of the modern world, and the East trying to keep up with the economic development—as we call call it—process often has distanced laymen from the Buddhist teachings. Livelihood and survival as well as the increase of material belongings has become so very strong, that oftentimes we find the seriousness with which Dharma is practiced is limited to monastic institutions.”

Khandro Rinpoche (1967) Buddhist lama

"Nagarjuna’s Letter to a Friend" (2008) https://www.youtube.com/watch?v=XQX4FYitEo4&feature=youtu.be&t=206

World, Support, Strong, Change

“Necessity is the mother of invention. I love solving things like that. Because there wasn't enough memory, thinking of an economical way to make the movements look right was like solving a puzzle, and I had a lot of fun.”

Shigeru Miyamoto (1952) Japanese video game designer and producer

Source: http://uk.wii.com/software/interviews/mario_kart/vol1/index.html

Love, Way, Thinking, Memory

“Dante was trying to get to the bottom of what constitutes evil. There's a hierarchy of reprehensible behavior, and Dante thought it was betrayal. And I think that's right, because I believe the fundamental human resource is trust. Trust is an unbelievably powerful economic force.”

Jordan Peterson (1962) Canadian clinical psychologist, cultural critic, and professor of psychology

Source: https://www.youtube.com/watch?v=hdrLQ7DpiWs "Biblical Series II: Genesis 1: Chaos & Order"

Behavior, Thinking, Evil, Betrayal

“Throughout American history, there have been moments that call on us to meet the challenges of an uncertain world, and pay whatever price is required to secure our freedom. They are the soul-trying times our forbearers spoke of, when the ease of complacency and self-interest must give way to the more difficult task of rendering judgment on what is best for the nation and for posterity, and then acting on that judgment — making the hard choices and sacrifices necessary to uphold our most deeply held values and ideals. This was true for those who went to Lexington and Concord. It was true for those who lie buried at Gettysburg. It was true for those who built democracy’s arsenal to vanquish fascism, and who then built a series of alliances and a world order that would ultimately defeat communism. And this has been true for those of us who looked on the rubble and ashes of 9/11, and made a solemn pledge that such an atrocity would never again happen on United States soil; that we would do whatever it took to hunt down those responsible, and use every tool at our disposal – diplomatic, economic, and military — to root out both the agents of terrorism and the conditions that helped breed it.”

Barack Obama (1961) 44th President of the United States of America

"A Way Forward in Iraq", Remarks to the Chicago Council on Global Affairs (20 November 2006)
2006

Lie, World, Way, Democracy

“A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product."”

James Tobin (1918–2002) American economist

Nordhaus, William D., and James Tobin. " Is growth obsolete? http://www.nber.org/chapters/c7620.pdf." Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80. 1970s and later

Life, Happiness, Fashion, Freedom

“p>To the new International that is now in the irreversible process of preparation we can contribute the ideas of worldwide organization and the world state; the English can suggest the idea of worldwide exploitation and trusts; the French can offer nothing….
Thus we find two great economic principles opposed to each other in the modern world. The Viking has become a free-tradesman; the Teutonic knight is now an administrative official. There can be no reconciliation. Each of these principles is proclaimed by a German people, Faustian men par excellence. Neither can accept a restriction of its will, and neither can be satisfied until the whole world has succumbed to its particular idea. This being the case, war will be waged until one side gains final victory. Is world economy to be worldwide exploitation, or worldwide organization? Are the Caesars of the coming empire to be billionaires or universal administrators? Shall the population of the earth, so long as this empire of Faustian civilization holds together, be subjected to cartels and trusts, or to men such as those envisioned in the closing pages of Goethe’s Faust, Part II? Truly, the destiny of the world is at stake….
This brings us to the political aspects of the English-Prussian antithesis. Politics is the highest and most powerful dimension of all historical existence. World history is the history of states; the history of states is the history of wars. Ideas, when they press for decisions, assume the form of political units: countries, peoples, or parties. They must be fought over not with words but with weapons. Economic warfare becomes military warfare between countries or within countries. Religious associations such as Jewry and Islam, Huguenots and Mormons, constitute themselves as countries when it becomes a matter of their continued existence or their success. Everything that proceeds from the innermost soul to become flesh or fleshly creation demands a sacrifice of flesh in return. Ideas that have become blood demand blood. War is the eternal pattern of higher human existence, and countries exist for war’s sake; they are signs of readiness for war. And even if a tired and blood-drained humanity desired to do away with war, like the citizens of the Classical world during its final centuries, like the Indians and Chinese of today, it would merely exchange its role of war-wager for that of the object about and with which others would wage war. Even if a Faustian universal harmony could be attained, masterful types on the order of late Roman, late Chinese, or late Egyptian Caesars would battle each other for this Empire—for the possession of it, if its final form were capitalistic; or for the highest rank in it, if it should become socialistic.”

Oswald Spengler (1880–1936) German historian and philosopher

Prussianism and Socialism (1919)

Men, War, People, World

“Why have stockholders?… What contribution do they make, entitling them to heirship of half the profits of the industrial system, receivable partly in the form of dividends, and partly in the form of increased market values resulting from undistributed corporate gains? Stockholders toil not, neither do they spin, to earn that reward. They are beneficiaries by position only. Justification for their inheritance must be sought outside classic economic reasoning…. [and] can be founded only upon social grounds… that justification turns on the distribution as well as the existence of wealth. Its force exists only in direct ratio to the number of individuals who hold such wealth. Justification for the stockholder's existence thus depends on increasing distribution within the American population. Ideally the stockholder's position will be impregnable only when every American family has its fragment of that position and of the wealth by which the opportunity to develop individuality becomes fully actualized.”

Adolf A. Berle (1895–1971) American diplomat

1967, p. xxiii
The Modern Corporation and Private Property. 1932/1967

Family, Dependency, Wealth

“When, in our civilized Europe, we would find a trace of the native beauty of man, we must go seek it in the nations where economic prejudices have not yet uprooted the hatred of work. … The Greeks in their era of greatness had only contempt for work: their slaves alone were permitted to labor: the free man knew only exercises for the body and mind. … The philosophers of antiquity taught contempt for work, that degradation of the free man, the poets sang of idleness, that gift from the Gods.”

Paul Lafargue (1842–1911) French politician

The Right to Be Lazy (1883), H. Kerr, trans. (1907), pp. 11-12

God, Beauty, Exercises

“Economic growth occurs if output grows faster than population. Given the described assumptions about the way people behave, economic growth will occur if property rights make it worthwhile to undertake socially productive activity. The creating, specifying and enacting of such property rights are costly… As the potential grows for private gains to exceed transaction costs, efforts will be made to establish such property rights. Governments take over the protection and enforcement of property rights because they can do it at a lower cost than private volunteer groups. However, the fiscal needs of government may induce the protection of certain property rights which hinder rather than promote growth; therefore we have no guarantee that productive institutional arrangements will emerge.”

Douglass C. North (1920–2015) American Economist

Source: The rise of the western world, 1973, p. 8

People, Way, Effort

“Just like Lord Jesus Christ. He never advised to, for economic development, for industrial development, or this and that. So many things. He sacrificed everything for God. That is one test, that "Here is a lover of God." He was punished that "You, you stop this preaching," but he did not. So that is love of God. He sacrificed everything. That is love of God. So the ideal is Lord Jesus Christ, and the follower must be, at least to some extent, to that point. That is test. So we say that you follow any religious path. That doesn't matter. We want to see whether you are lover of God. That is our propaganda. And if one is serious about loving God, it doesn't matter in which way he'll develop that dormant love.”

A.C. Bhaktivedanta Swami Prabhupada (1896–1977) Indian guru

Room Conversation - August 14, 1971, London. Vanipedia http://vaniquotes.org/wiki/We_say_that_you_follow_any_religious_path._That_doesn%27t_matter._We_want_to_see_whether_you_are_lover_of_God._That_is_our_propaganda._And_if_one_is_serious_about_loving_God,_it_doesn%27t_matter_in_which_way_he%27ll_develop_that_dormant_love Quotes from other Sources, Quotes from other Sources: Loving God

Love, God, Way, Lovers

“The first economic revolution was not a revolution because it shifted man's major economic activity from hunting and gathering to settled agriculture. It was a revolution because the transition created an incentive change for mankind of fundamental proportions. The incentive change stems from the different property rights under the two systems. When common property rights over resources exist, there is little incentive for the acquisition of superior technology and learning. In contrast, exclusive property rights which reward the owners provide a direct incentive to improve efficiency and productivity, or, in more fundamental terms, to acquire more knowledge and new techniques. It is this change in incentive that explains the rapid progress made by mankind in the last 10,000 years in contrast to his slow development during the long era as a primitive hunter/gatherer.”

Douglass C. North (1920–2015) American Economist

Source: The rise of the western world, 1973, p. 240-1, as cited in: Thrainn Eggertsson (1990), Economic behavior and institutions. p. 255-6

Knowledge, Learning, Change

“In mainstream economic theory, the firm and the market are, for the most part, assumed to exist and are not themselves the subject of investigation. One result has been that the crucial role of the law in determining the activities carried out by the firm and in the market has been largely ignored.”

Ronald H. Coase (1910–2013) British economist and author

1960s-1980s, "The Firm, the Market, and the Law" (1988)

Law, Parting

“I suspect that many of the world's financial lords are somewhat embarrassed to tell Japan repeatedly at G-7 meetings and elsewhere to adopt a Keynesian solution. Within Europe, central banks and governments think Keynesian theories and policies are absolutely wrong. Despite the remarkable success of pragmatic policies in the United States, true believers in the Invisible Hand reject Keynesian diagnoses and prescriptions. Many observers of Japan have found it intellectually comforting to blame the slump on the plight of the banks, flooded with bad loans dated from the land and equity bubbles and their collapse. They hope that a governmentmanaged and -subsidized rectification of bank balance sheets will trigger overall economic recovery. I think this is a false hope. The bank problem is only a small part of the macroeconomic disaster. It has to be resolved, of course, but resolution that is no substitute for the needed fiscal and monetary stimuli.”

James Tobin (1918–2002) American economist

"Reflections on Japanese Political Economy" (1999)

World, Hope, Problem, Thinking

“[Unlike the] utilitarian… I judge pleasure and pain to be of small importance compared to knowledge, the appreciation and contemplation of beauty, and a certain intrinsic excellence of mind which, apart from its practical effects, appears to me to deserve the name of virtue. [For] many years it seemed to me perfectly self-evident that pleasure is the only good and pain the only evil. Now, however, the opposite seems to me self-evident.
What first turned me away from utilitarianism was the persuasion that I myself ought to pursue philosophy, although I had (and have still) no doubt that by doing economics and the theory of politics I could add more to human happiness. It appeared to me that the dignity of which human existence is capable is not attainable by devotion to the mechanism of life, and that unless the contemplation of eternal things is preserved, mankind will become no better than well-fed pigs. But I do not believe that such contemplation on the whole tends to happiness. It gives moments of delight, but these are outweighed by years of effort and depression.”

Bertrand Russell (1872–1970) logician, one of the first analytic philosophers and political activist

Letter to Gilbert Murray, April 3, 1902
1900s

Life, Pain, Happiness, Pleasure

“Whether you are a Christian, or a Muslim, or a Nationalist, we all have the same problem. They don’t hang you because you’re a Baptist; they hang you ‘cause you’re black. They don’t attack me because I’m a Muslim; they attack me ‘cause I’m black. They attack all of us for the same reason -- all of us catch hell from the same enemy. We’re all in the same bag, in the same boat. We suffer political oppression, economic exploitation, and social degradation all of them from the same enemy.”

Malcolm X (1925–1965) American human rights activist

The Ballot or the Bullet (1964), Speech in Detroit, Michigan (12 April 1964)

Hell, Problem, Suffering

“Econometrics is the name for a field of science in which mathematical-economic and mathematical-statistical research are applied in combination. Econometrics, therefore, forms a borderland between two branches of science, with the advantages and disadvantages thereof; advantages, because new combinations are introduced which often open up new perspectives; disadvantages, because the work in this field requires skill in two domains, which either takes up too much time or leads to insufficient training of its students in one of the two respects.”

Jan Tinbergen (1903–1994) Dutch economist

Source: Econometrics, 1951, p. 3; Cited in: Econometrica: journal of the Econometric Society. (1953) p. 36

Mathematics, Science, Time, Training

“Africa’s progress will depend on unleashing economic growth -- not just for the few at the top, but for the many, because an essential element of dignity is being able to live a decent life. That begins with a job. And that requires trade and investment.”

Barack Obama (1961) 44th President of the United States of America

2015, Remarks to the People of Africa (July 2015)

Life, Dependency

“The economic transmission of power without wires is of all-surpassing importance to man. By its means he will gain complete mastery of the air, the sea and the desert. It will enable him to dispense with the necessity of mining, pumping, transporting and burning fuel, and so do away with innumerable causes of sinful waste. By its means, he will obtain at any place and in any desired amount, the energy of remote waterfalls — to drive his machinery, to construct his canals, tunnels and highways, to manufacture the materials of his want, his clothing and food, to heat and light his home — year in, year out, ever and ever, by day and by night. It will make the living glorious sun his obedient, toiling slave. It will bring peace and harmony on earth.”

Nikola Tesla (1856–1943) Serbian American inventor

A Means for Furthering Peace (1905)

Peace, Food, Home, Light

“The modern economist has become even more insistent in his belief that the ultimate forces underlying economic development lie, strictly speaking, outside the economic sphere. As Meir and Baldwin put it, half humorously, “economic development is much too serious to be left to economists.””

David C. McClelland (1917–1998) American psychological theorist

1957, p. 119
Source: The Archiving Society, 1961, p. 11

Lie

“I agree, our trade should be fair and not just free. But the next wave of economic dislocations won't come from overseas. It will come from the relentless pace of automation that makes a lot of good, middle-class jobs obsolete.”

Barack Obama (1961) 44th President of the United States of America

2017, Farewell Address (January 2017)

“If every economic issue is framed as a struggle between a hardworking white middle class and an undeserving minority, then workers of all shades are going to be left fighting for scraps while the wealthy withdraw further into their private enclaves.”

Barack Obama (1961) 44th President of the United States of America

2017, Farewell Address (January 2017)

Fight

“Repression for the attainment of economic ends is a necessary weapon of the socialist dictatorship.** Terrorism and Communism : A Reply to Karl Kautsky (1920; 1975), p. 153* The road to socialism lies through a period of the highest possible intensification of the principle of the state … Just as a lamp, before going out, shoots up in a brilliant flame, so the state, before disappearing, assumes the form of the dictatorship of the proletariat, i. e., the most ruthless form of state, which embraces the life of the citizens authoritatively in every direction.”

Leon Trotsky book Terrorism and Communism

Source: Terrorism and Communism (1920), p. 177

Life, Communication

“People reserve their best thinking for their professional specialties and, next in line, for serious matters confronting the alert citizen —economics, politics, the disposal of nuclear waste, etc. The day’s work done, they want to be entertained.”

Saul Bellow (1915–2005) Canadian-born American writer

Source: Introduction to The Closing of the American Mind (1988), p. 16

People, Thinking

“Freedom of mind and mind itself have been most fully developed in regions where trade developed at the same time. In all ages, without exception, every intense production of art, ideas, and spiritual values has occurred in some locality where a remarkable degree of economic activity was also manifest.”

Paul Valéry (1871–1945) French poet, essayist, and philosopher

Source: Regards sur le monde actuel [Reflections on the World Today] (1931), pp. 167-168

Age, Art, Idea, Freedom

“The modern 20th century weapon of neo-imperialism is "dollarism." The Zionists have mastered the science of dollarism: the ability to come posing as a friend and benefactor, bearing gifts and all other forms of economic aid and offers of technical assistance. Thus, the power and influence of Zionist Israel in many of the newly "independent" African nations has fast-become even more unshakeable than that of the 18th century European colonialists… and this new kind of Zionist colonialism differs only in form and method, but never in motive or objective.”

Malcolm X (1925–1965) American human rights activist

Malcolm X on Zionism (1964)

Motivation, Science

“Economic powers continue to justify the current global system where priority tends to be given to speculation and the pursuit of financial gain, which fail to take the context into account, let alone the effects on human dignity and the natural environment. Here we see how environmental deterioration and human and ethical degradation are closely linked. Many people will deny doing anything wrong because distractions constantly dull our consciousness of just how limited and finite our world really is.”

Pope Francis (1936) 266th Pope of the Catholic Church

§ 56
2010s, 2015, Laudato si' : Care for Our Common Home

People, World, Nature

“Capitalists and their predecessors—slaveowners, moneylenders, merchant-investors—owe their very existence to the State. In early times, concentration of political and spiritual power precedes economic stratification in society.”

Peter Gelderloos (1982) American anarchist

Worshiping Power: An Anarchist View of Early State Formation (2017), p. 7

Time

“The stupidity of the average man will permit the oligarch, whether economic or political, to hide his real purposes from the scrutiny of his fellows and to withdraw his activities from effective control. Since it is impossible to count on enough moral goodwill among those who possess irresponsible power to sacrifice it for the good of the whole, it must be destroyed by coercive methods and these will always run the peril of introducing new forms of injustice in place of those abolished.”

Reinhold Niebuhr (1892–1971) American protestant theologian

Source: (1932), p.21

Stupidity

“Three years ago, I bought a Beetle, not even thinking. [Audience laughs some] That's not the joke, shut up. See? I can't even tell you guys a story. [mocking laugh] I wasn't thinking, I bought the car, because it was affordable, economical, brand-new freakin' Beetle for like $17,000. I was, like, "AHHH!" First new car, you know? I go to show it off at my friend Martin's house. I thought it was nice. I pull up, like, [Imitates car driving, then brakes screeching] "MARTEEEEEEEEEEEEN!" He lives in the 'hood, I don't get out of the car. Across the street, there are these gang members, the kind of gang members that, they don't get into like shooting people and stuff like that, they just sit on the porch and talk a lot of smack. So I'm there in a Beetle and across the street, I hear this. I was like, "MARTEEEEEEN!" Over here, I hear, "Oralé!" [Looks behind] "Hey, what's up guys, hows it going?" "How did you get in there, esé?" [Gives an frustrated look] "HURRY UP, MARTIN!" 2 months later, I go back to pick him up. Now, I've had some time to work on the car. I put some rims on it, some stickers on it, I put a chip in the motor that makes it go faster. I thought I was bad, right? So I pull up, [Imitates car driving, tires screeching, and the motor revving] "MARTEEEEEN!" [Gesturing to the voice behind him] "Orale!" [Gabriel shakes his head] Uh-uh, I'm not turning around. "Hey!" Mmm-mm. "Hey!" I don't see you! "Yoo-hoo!" [Growls and turns around] "EH!"”

Gabriel Iglesias (1976) American actor

WHAT?! "Check it out, eh, it's the Fat and the Furious!"
Hot & Fluffy (2007)

People, Cars, Guy, Thinking

“I had, to be sure, been drawn into economics when the General Theory was an exciting revelation for students hungry for explanation and remedy of the Great Depression. At the same time, I was uncomfortable with several aspects of Keynes’ theory, and I sought to improve what would now be called the microfoundations of his macroeconomic relations.”

James Tobin (1918–2002) American economist

"Price Flexibility and Output Stability: An Old Keynesian View" (1993)

Time

“The economic history of the last half century offers two cases of serious international depressions in countries with an essential orientation towards a market economy: In the first half of the 1930ies and in the middle of the 1970ies. With some simplification one can say that in the former case recovery started after a few years without the aid of much conscious expansionist policy.”

Bertil Ohlin (1899–1979) Swedish economist and politician

Ohlin, Bertil. " 1933 and 1977: Some Expansion Policy Problems in Cases of Unbalanced Domestic and International Economic Relations http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1977/ohlin-lecture.pdf." Nobel Memorial Lecture, December 8, 1977; Published in: The Scandinavian Journal of Economics (1978): 360-374. 1970s

History, Country

“You will do away with the military frontiers, and those economic and commercial barriers which are still worse. Protection introduces violence into the expansion of labor; like militarism, it brings in a fatal absence of balance. You will suppress that which justifies among nations the things which among individuals we call murder, robbery, and unfair competition. You will suppress battles — not nearly so much by the direct measure of supervision and order that you will take as because you will suppress the causes of battle. You will suppress them chiefly because it is you who will do it, by yourself, everywhere, with your invincible strength and the lucid conscience that is free from selfish motives. You will not make war on yourself.”

Henri Barbusse (1873–1935) French novelist

Light (1919), Ch. XXII - Light

War, Motivation, Selfishness

“Tourism is an economic activity that leverages on the beauty that our Creator willed to us. It will also encourage development of the far reaches of our country. And it would complement efforts to protect the environment.”

Francis Escudero (1969) Filipino politician

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

Beauty, Effort, Country

“And that kind of economic growth, where everybody has opportunity -- if you work hard, you can succeed -- that's what gets a nation moving rapidly when it comes to develop. But that kind of growth can only be created if corruption is left behind. For investment to lead to opportunity, reform must promote budgets that are transparent and industry that is privately owned.”

Barack Obama (1961) 44th President of the United States of America

2012, Yangon University Speech (November 2012)

“Modern Feminism has two distinct sides to it: (1) an articulate political and economic side embracing demands for so-called rights; and (2) a sentimental side which insists in an accentuation of the privileges and immunities which have grown up, not articulately or as the result of definite demands, but as the consequence of sentimental pleading in particular cases. In this way, however, a public opinion became established, finding expression in a sex favouritism in the law and even still more in its administration, in favour of women as against men.”

Ernest Belfort Bax (1854–1926) British barrister and journalist

Chapter 1 Historical https://en.wikisource.org/wiki/The_Fraud_of_Feminism/Chapter_1 The Fraud of Feminism (1913)

Women, Men, Law, Sex

“We believe that it is the inalienable right of the Indian people, as of any other people, to have freedom and to enjoy the fruits of their toil and have the necessities of life, so that they may have full opportunities of growth. We believe also that if any government deprives a people of these rights and oppresses them the people have a further right to alter it or abolish it. The British government in India has not only deprived the Indian people of their freedom but has based itself on the exploitation of the masses, and has ruined India economically, politically, culturally and spiritually. We believe therefore, that India must sever the British connection and attain Purna Swaraj or complete independence.”

Jawaharlal Nehru (1889–1964) Indian lawyer, statesman, and writer, first Prime Minister of India

Nehru wrote this resolution of Purna Swaraj (Complete Independence), which was adopted in the Congress session at Lahore on 26 January 1930; this was later celebrated as Independence Day until August 1947, and after 26 January 1950 as Republic Day; as quoted in India http://books.google.com/books?id=nHnOERqf-MQC&pg=PA204 (1999) by Stanley A. Wolpert

Life, People, Freedom

“Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.”

Pope Francis (1936) 266th Pope of the Catholic Church

Section 54
2010s, 2013, Evangelii Gaudium · The Joy of the Gospel

People, World, Justice

“It is paradoxical that an administration that came to office rejecting the whole apparatus of Keynesian economics finds itself presiding over a stream of what threaten to be permanent deficits.”

Thomas J. Sargent (1943) American economist

Thomas J. Sargent "Back to Basics On Budgets", The New York Times (August 10, 1983).

“Corporations are necessary to the effective use of the forces of production and commerce under modern conditions. We cannot effectively prohibit all combinations without doing far-reaching economic harm; and it is mere folly to do as we have done in the past—to try to combine incompatible systems—that is, to try both to prohibit and regulate combinations. Combinations in industry are the result of an imperative economic law which cannot be repealed by political legislation. The effort at prohibiting all combination has substantially failed. The only course left is active corporate regulation – that is, the control of corporations for the common good—the suppression of the evils that they work, and the retention, as far as maybe, of that business efficiency in their use which has placed us in the forefront of industrial peoples.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1910s, The Progressives, Past and Present (1910)

People, Law, Business, Effort