Quotes about economics
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“Our adversaries have not abandoned their ambitions, our dangers have not diminished, our vigilance cannot be relaxed. But now we have the military, the scientific, and the economic strength to do whatever must be done for the preservation and promotion of freedom. That strength will never be used in pursuit of aggressive ambitions — it will always be used in pursuit of peace. It will never be used to promote provocations — it will always be used to promote the peaceful settlement of disputes.”

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

1963, Remarks Prepared for Delivery at the Trade Mart in Dallas

Peace, Freedom

“Economic man and sensual man are not suppressible.”

Barbara W. Tuchman book A Distant Mirror

Source: A Distant Mirror (1978), p. xix

“Foreign relations. At no period in the past 12 years have our foreign relations been in such a satisfactory condition as they are at the present time. Our actions in the recent months have greatly strengthened the American policy of permanent peace with independence. The attitude which our Government took and maintained toward an adjustment of European reparations, by pointing out that it wits not a political but a business problem, has demonstrated its wisdom by its actual results. We desire to see Europe restored that it may resume its productivity in the increase of industry and its support in the advance of civilization. We look with great gratification at the hopeful prospect of recuperation in Europe through the Dawes plan. Such assistance as can be given through the action of the public authorities and of our private citizens, through friendly counsel and cooperation, and through economic and financial support, not for any warlike effort but for reproductive enterprise, not to provide means for unsound government financing but to establish sound business administration ' should be unhesitatingly provided.”

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)

Wisdom, Peace, Hope, Business

“Vibrant human diversity is now commonplace in major cities throughout the world. Some celebrate such a mix of human diversity. Others deplore it, preferring that so-called races be separated both geographically and reproductively. Even today, some people retain the once-popular belief that the 'white' race is superior in intellect, health, and other attributes. Although far more people reject the notion of white supremacy today than in the past, its legacy remains, as evidenced by economic stratification, ongoing segregation, and classification by racial categories. Even among those who reject the supposed superiority of a particular ethnicity over any other, the perception of distinct, genetically determined human races often persists.”

Daniel J. Fairbanks (1956) American artist

Source: Everyone is African: How Science Explodes the Myth of Race (2015), pp. 9–10.

People, Health, World, Past

“The memory of war weighs undiminished upon the people's minds. That is because deeper than material wounds, moral wounds are smarting, inflicted by the so-called peace treaties. … Material loss can be made up through renewed labor, but the moral wrong which has been inflicted upon the conquered peoples, in the peace dictates, leaves a burning scar on the people's conscience. … The Versailles Dictate cannot be an eternal document, because not only its economic, but also its spiritual and moral premises are wrong.”

Hjalmar Schacht (1877–1970) German politician

On the Treaty of Versailles, as quoted in Nazi Conspiracy and Aggression (1946) by the United States Department of State, Vol. 2, p. 754.

War, People, Peace, Memory

“in any economic system there are numerous different forms of labor that exist side by side, but there is always one figure of labor that exerts hegemony over the others. This hegemonic figure serves as a vortex that gradually transforms other figures to adopt its central qualities.”

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

107
Multitude: War and Democracy in the Age of Empire

“The widespread inability to understand technological artifacts as fabricated entities, as social and cultural phenomena, derives from the fact that in retrospect only those technologies that prove functional for a culture and can be integrated into everyday life are 'left over.' However, the perception of what is functional, successful and useful is itself the product of social and cultural--and last but not least--political and economic processes. Selection processes and abandoned products and product forms are usually not discussed.”

Johannes Grenzfurthner (1975) Austrian artist, writer, curator, and theatre and film director

Interview with Furtherfield http://www.furtherfield.org/displayreview.php?review_id=408

Life, Understanding, Success

“By an odd amalgam of liberal economic theory and Beccaria on punishment, nineteenth-century thinkers would replicate this exceptional relationship between markets and punishment: natural orderliness in the economic sphere, but government intervention in the penal realm. This is most evident in Jeremy Bentham’s work. The contrast between Bentham’s presumption of quietism in economic matters and his arch-interventionism in the penal domain effectively reproduced and reiterated the Physiocratic duality of economy and police. On the public economy side, Bentham tended toward Adam Smith’s liberalism. His Manual of Political Economy, written in the mid-1790s, rehearsed a presumption of governmental quietism based on his stringent belief in the superiority of individuals’ information and self-interest. But on the punishment side, Bentham embraced Beccaria’s philosophy whole cloth—especially Beccaria’s notion that policing is a sphere of human activity that must be shot through with government intervention. In fact, the criminal code, for Bentham, was precisely a “grand catalogue of prices” by means of which the government set the value of deviance. The penal code was a menu of fixed prices—the polar opposite of laissez-faire.”

Bernard Harcourt (1963) American academic

Source: The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), p. 36

Nature, Clothes

“As economic libertarians, these people believe that markets should be free, formed by the rational actions of rational agents - who need only to be provided with perfect information about goods and services in order to build a stable economy. As technological utopians, they believe that everything will be for the best in the best of all possible worlds, if technology is modelled on the American dream and the American way. And as opinion formers, they claim no formal power base, operating instead by linking exhaustively to one another.”

Bill Thompson (1960) English technology writer, born 1960

" Blog eats blog: The rise of the blogeoisie. http://www.spiked-online.com/articles/00000006DDA4.htm" by Bill Thompson, May 15, 2003.

People, World, Dreams, Way

“Where do ideas about economics come from? They come, of course from economists—where by an "economist" I mean someone who thinks and writes regularly about economic issues. But not all economists are alike, and in fact the genus includes two radically distinct species: The professors and the policy entrepreneurs.”

Paul Krugman book Peddling Prosperity

Introduction: Looking for Magicians
Peddling Prosperity (1994)

Idea, Thinking

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

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

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

“A just, peaceful, equitable and democratic world order must not be undermined by the activities of investors, speculators and transnational enterprises avid for immediate profit at the expense of social and economic progress.”

Alfred de Zayas (1947) American United Nations official

Mainstream human rights into trade agreements and WTO practice – UN expert urges in new report http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=20473&LangID=E#sthash.bn9VjkJJ.dpuf. 2016, Mainstream human rights into trade agreements and WTO practice – UN expert urges in new report

World, Peace

“Today, Keynesian theorizing does not inspire whispers and giggles from the audience. There are many economists under the age of forty who do not take offense when their work is called ‘Keynesian’, and I count myself as one of them. If Keynesian economics was dead in 1980, then today it has been reincarnated.”

N. Gregory Mankiw (1958) American economist

N. Gregory Mankiw, "The reincarnation of Keynesian economics", European Economic Review (1992).
1990s

Age, Dead

“Where we observe the predominance of one technology or one economic outcome over its competitors we should thus be cautious of any exercise that seeks the means by which the winner's innate 'superiority' came to be translated into adoption.”

W. Brian Arthur (1946) American economist

Source: Competing Technologies, Increasing Returns and Lock-in by Historical Events, (1989), p. 127, as cited in: John Gowdy (1994) Coevolutionary Economics: The Economy, Society and the Environment. p. 148

Exercises

“On their own, new technologies do not take sides in the struggle for freedom and progress, but the United States does. We stand for a single internet where all of humanity has equal access to knowledge and ideas. […] The internet can help bridge divides between people of different faiths. As the President said in Cairo, freedom of religion is central to the ability of people to live together. And as we look for ways to expand dialogue, the internet holds out such tremendous promise. […] We are also supporting the development of new tools that enable citizens to exercise their rights of free expression by circumventing politically motivated censorship. We are providing funds to groups around the world to make sure that those tools get to the people who need them in local languages, and with the training they need to access the internet safely. The United States has been assisting in these efforts for some time, with a focus on implementing these programs as efficiently and effectively as possible. Both the American people and nations that censor the internet should understand that our government is committed to helping promote internet freedom. We want to put these tools in the hands of people who will use them to advance democracy and human rights, to fight climate change and epidemics, to build global support for President Obama's goal of a world without nuclear weapons, to encourage sustainable economic development that lifts the people at the bottom up.”

Hillary Clinton (1947) American politician, senator, Secretary of State, First Lady

"Remarks on Internet Freedom", The Newseum, Washington, DC, January 21, 2010 http://web.archive.org/web/20100123145341/http://www.state.gov/secretary/rm/2010/01/135519.htm Secretary of State (2009–2013)

People, World, Faith, Religion

“No country has a perfect report card. While some countries have strong points in specific areas, they may have serious lacunae in other areas. For instance, some countries have made enormous progress on civil and political rights, but lag in the implementation of economic, social and cultural rights.”

Alfred de Zayas (1947) American United Nations official

Alfred-Maurice de Zayas 2013 Report of the Independent Expert on the promotion of a democratic and equitable international order
2013

Strong, Perfection, Country

“In many parts of the economy, stabilizing forces appear not to operate. Instead, positive feedback magniﬁes the effects of small economic shifts; the economic models that describe such effects differ vastly from the conventional ones. Diminishing returns imply a single equilibrium point for the economy, but positive feedback – increasing returns – makes for many possible equilibrium points. There is no guarantee that the particular economic outcome selected from among the many alternatives will be the “best” one.”

W. Brian Arthur (1946) American economist

Source: Increasing Returns and Path Dependence in the Economy, (1994), p. 1: Chapter 1. Positive feedback in economics

Appearance, Parting

“It's actually a tribute to the quality of economics teaching that they have persuaded so many generations of students to believe in so much that seems so counter to what the world is like. Many of the things that I'm going to describe make so much more common sense than these notions that seem counter to what ones eyes see every day.”

Joseph E. Stiglitz (1943) American economist and professor, born 1943.

"Nobel Prize Lecture" http://nobelprize.org/mediaplayer/index.php?id=507 Information and the Change in the Paradigm in Economics, at Aula Magna, Stockholm University, (2001-12-08).

World, Sense

“One thing we’ve learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies the business cycle, is a weak field. With only a few exceptions, macroeconomists, including the most illustrious, did not anticipate the current depression.”

Richard A. Posner (1939) United States federal judge

The Crisis of Capitalist Democracy (2010) Ch. 10 The Crisis of Macroeconomics.

Business, Study, Learning, Past

“Now, we are poor people, individually, we are poor when you compare us with white society in America. We are poor. Never stop and forget that collectively, that means all of us together, collectively we are richer than all the nations in the world, with the exception of nine. Did you ever think about that? After you leave the United States, Soviet Russia, Great Britain, West Germany, France, and I could name the others, the Negro collectively is richer than most nations of the world. We have an annual income of more than thirty billion dollars a year, which is more than all of the exports of the United States, and more than the national budget of Canada. Did you know that? That's power right there, if we know how to pool it.
We don't have to argue with anybody. We don't have to curse and go around acting bad with our words. We don't need any bricks and bottles, we don't need any Molotov cocktails, we just need to go around to these stores, and to these massive industries in our country, and say, "God sent us by here, to say to you that you're not treating his children right. And we've come by here to ask you to make the first item on your agenda — fair treatment, where God's children are concerned. Now, if you are not prepared to do that, we do have an agenda that we must follow. And our agenda calls for withdrawing economic support from you."”

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

1960s, I've Been to the Mountaintop (1968)

God, Children, People, World

“I have two thoughts [on the question of interviewer Joseph S. Trovato: 'Were the projects a good thing for American art?']. That practically all of the best painters of my generation developed on the projects such as Pollock, de Kooning, Brooks, Hague (sculptor), B. Greene, and Baziotes. I could go on and on. My second thought is that the reason it was good is that it had a broad base due to the economic situation we were in - the depression - and all kinds of art and styles, plus all degrees of talent were employed. Everybody was given an opportunity to prove himself. The many painters I mentioned above who have come such a long way is proof of this.”

Phillip Guston (1913–1980) American artist

n.p.
1961 - 1980, Oral history interview with Philip Guston, 1965 January 29

Art, Way, Question

“The very existence of the Nation was threatened. Threatened on all sides, from the interior and exterior.
From the interior, by the sterile conflicts of politicians who sacrificed the country and their compatriots to their own interests.
Nothing counted for them but power…and what the exercise of power could bring them. Fill their own pockets, exploit the Congo and the Congolese, this was their trademark.
Given such examples, both national and provincial administrations were mired in inertia, inefficiency, and worse yet, corruption.
At all levels, many of those in our country who held a morsel of public power allowed themselves to be corrupted, served individuals and companies who paid bribes and neglected the others…
…certain politicians, to maintain themselves in power or to regain it, did not hesitate to seek help from foreign powers…
…the social, economic and financial situation of the country is catastrophic.”

Mobutu Sésé Seko (1930–1997) President of Zaïre

Mobutu explaining the reasons behind his November 1965 coup. Young and Turner, p. 42

Exercises, Help, Country

“We must give the system sufficient factors of stability to enable it to work; but we must not assume that these forces are so powerful as to prevent the system from being liable to fluctuations. There must be a tendency to rigidity of certain prices, particularly wage-rates; but there must also be a tendency to rigidity of certain price-expectations as well, in order to provide an explanation for the rigidity of these prices… Indeed we should do better to assume a good deal of variation in different people’s elasticities of expectations… Of course the way in which a population is divided with respect to this sort of sensitivity will vary very much in different circumstances… We have to be prepared to deal with a range of possible cases, varying from that of a settled community, which has been accustomed to steady conditions in the past (and which, for that reason, is not easily disturbed in the present), to that of a community which has been exposed to violent disturbances of prices (and which may have to be regarded, in consequence, as being economically neurotic.”

John Hicks (1904–1989) British economist

Source: Value and capital, (1939), p. 271–2; as cited in: Roberto Scazzieri, ‎Amartya Sen, ‎Stefano Zamagni (2008) Markets, Money and Capital: Hicksian Economics for the Twenty First Century, p. 161

People, Way, Communication, Past

“Our country is in serious trouble. We don't have victories anymore. We used to have victories, but we don't have them. When was the last time anybody saw us beating, let's say, China in a trade deal? They kill us. I beat China all the time. All the time. When did we beat Japan at anything? They send their cars over by the millions, and what do we do? When was the last time you saw a Chevrolet in Tokyo? It doesn't exist, folks. They beat us all the time. When do we beat Mexico at the border? They're laughing at us, at our stupidity. And now they are beating us economically. They are not our friend, believe me. But they're killing us economically. The U. S. has become a dumping ground for everybody else's problems.”

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

2010s, 2015, Presidential Bid Announcement (June 16, 2015)

Stupidity, Cars, Problem, Time

“So I read about various aspects of vegetarianism—the scientific aspect, the humane aspect, the ethical aspect, and the economic aspect. The more I studied, the more convinced I became that it was a logical procedure, that it would help humanity, that it would lessen the suffering of the animals, and that it would help this country.”

Gordon Latto (doctor) (1911–1998)

Interview in The Vegetarians by Rynn Berry (Autumn Press, 1979), p. 123.

Study, Suffering, Reading, Help

“Both… the separation of labor from control and of the owner from control… have made possible the continuing development of the size of the individual enterprise, have reduced the area within which economic processes is organized through the interplay of prices and have increased the area within which production is organized… and the coordination of production on a planned basis.”

Gardiner C. Means (1896–1988) American economist

Gardiner C. Means (1933; 6) as cited in: Samuels and Medema (1990; 69)

“No doubt the media should provide some entertainment also to the people, but if 90% of its coverage is devoted to entertainment, and only 10% to all the socio-economic issues put together, then the sense of priorities of the media has gone haywire.”

Markandey Katju (1946) Indian judge

On Indian media, as quoted in "Justice Markandey Katju clarifies" http://www.thehindu.com/news/national/article2629257.ece?homepage=true, The Hindu (15 November 2011)

People, Sense

“Always remember, as bad as it may be for you, it is worse for the lost. They may have it better for a while if they go along with the beast and take his mark, but that “better” will come to an end. Those who obeyed Hitler had it good, too—for a few years. The lost face some of the same problems of economic collapse, wars, earthquakes, PLUS, they will be here for the next 1,040 days of God's wrath being poured out after the rapture and THEN eternity in the Lake of Fire!”

Kent Hovind (1953) American young Earth creationist

Source: What On Earth Is About To Happen… For Heaven’s Sake? (2013), p. 235

God, War, Problem

“We have been hurt more morally that physically because of what had happened against us in both deeds and words by you. Despite all this you will always remain our son whatever happened. We still pray that you continue to be president of the U. S. A. We Endeavour and hope that you will gain victory in the new election campaigne. You are a man who has enough courage to annul a wrong and mistaken action. I am sure that you are able to shoulder the responsibility for that. Enough evidence is available, Bearing in mind that you are the president of the strongest power in the world nowadays, and since Nato is waging an unjust war against a small people of a developing country. This country had already been subjected to embargo and sanctions, furthermore it also suffered a direct military armed aggression during Reagan’s time. This country is Libya. Hence, to serving world peace … Friendship between our peoples … and for the sake of economic, and security cooperation against terror, you are in a position to keep Nato off the Libyan affair for good.”

Muammar Gaddafi book The Green Book

The Green Book (1975), Letter to Barack Obama

Friendship, War, People, World

“Perhaps the profoundest cause of disagreement with the Narodniks is the difference in our fundamental views on social and economic processes. When studying the latter, the Narodnik usually draws conclusions that point to some moral; he does not regard the diverse groups of persons taking part in production as creators of various forms of life; he does not set out to present the sum-total of social and economic relationships as the result of the mutual relations between these groups, which have different interests and different historical roles.”

Vladimir Lenin book The Development of Capitalism in Russia

The Development of Capitalism in Russia (1899)

Life, Study, Parting, Drawing

“The study of economic lift-off is well developed; touch-down has not been considered. There is an asymmetry here which would invite comment if applied to aviation.”

David Fleming (1940–2010) British activist

Lean Logic, (2016), p. 473, entry on Touch-Down http://www.flemingpolicycentre.org.uk/lean-logic-surviving-the-future/

Study

“The stress on 'human resources' as an organizational asset goes back at least to Drucker (1954). This was elaborated in the theory of 'human capital' by Schultz (1963) who was concerned to describe the benefits of education as a 'production good' enhancing the economic resources of society, and by others like Becker (1964) who argued for the benefits to economic growth of a well-trained workforce. While labour market segmentation theory developed in reaction (stressing institutional processes in labour market formation), human asset accounting in the 1970s applied the capital theory to quantifying investments in people by the organization (Flamholtz, 1974). This was embraced by some (for example, Likert, 1967) as a way of encouraging humane employment policies, less geared to the short-term”

Andrew Pettigrew (1944) University professor

although others saw in it the rule of accountants
Chris Hendry and Andrew Pettigrew. "Human resource management: an agenda for the 1990s." International journal of human resource management 1.1 (1990): 17-43.

People, Education, Way, Training

“They, economics and evolution, are both examples of a larger process, which has been at work in this part of the universe for a very long time. This is the process of the development of structures of increasing complexity and improbability. The evolutionary process always operates through mutation and selection and has involved some distinction between the genotype which mutates and the phenotype which is selected. The process by which the genotype constructs the phenotype may be described as "organization". Economic development manifesto itself largely in the production of commodities, that is, goods and services. It originates, however, in ideas, plans, and attitudes in the human mind. These are the genotypes in economic development. This whole process indeed can be described as a process in the growth of knowledge. What the economist calls "capital" is nothing more than human knowledge imposed on the material world. Knowledge and the growth of knowledge, therefore, is the essential key to economic development. Investment, financial systems and economic organizations and institutions are in a sense only the machinery by which a knowledge process is created and expressed.”

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

Kenneth Boulding (1977) Economic Development as an Evolutionary System, Fifth World Congress of the International Economic Association, Tokyo, Aug.-Sept. 1977.
1970s

World, Idea, Knowledge, Sense

“Economic liberalisation is a world phenomenon. Socialist countries, capitalist countries, all of them, have to take to liberalisation. The liberalisation took place first in Britain, then in the United States under President Reagan, these were not liberalising from a socialist system. I think it is because of the stage of economy which the world has reached at present and the stage of technology. At every historical and technological and economic age there are policies which would be suitable for that period and countries. We have to adopt policies, dictated by the circumstances and the necessities of the time.”

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

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

Age, World, Thinking, Time

“We're also going to have to change our trade, immigration and economic policies to make our economy strong again. And to put Americans first again. This will ensure that our own workers, right here in America, get the jobs and higher pay that will grow our tax revenues, increase our economic might as a nation.”

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

2010s, 2016, April, Foreign Policy Speech (27 April 2016)

Strong, Change

“Macro rational expectations, as I have labeled the hypothesis, seems to say that expectations in an economist's model must be perfectly consistent with his model that embodies these expectations. In other words, the agents of his model must all share his views of the relevant economic mechanisms, as well as his data. Why? Because if he holds them they must believe they are God's truth and, if so, rational people can have no other views (and of course we should never ask how they would come by these views and data, that not even other specialists may have heard of yet, let alone accepted). I submit that this view is pretty absurd--I would almost say offensive! I certainly believe that I know more about economics and the economy than (almost) everybody else, and i can even prove it: If everybody shared my vies, then the economy could not be in today's troubles”

Franco Modigliani (1918–2003) Italian-American economist

though it might conceivably be in some different ones!
Conversations with Economists (1983)

God, People, Truth

“The purpose of this book is to show how economic analysis can be used in formulating business policies. It is therefore a departure from the main stream of economic writings on the theory of the firm, much of which is too simple in its assumptions and too complicated in its logical development to be managerially useful. The big gap between the problems of logic that intrigue economic theorists and the problems of policy that plague practical management needs to be bridged in order to give executives access to the practical contributions that economic thinking can make to top-management policies.”

Joel Dean (1906–1979) American economics wrtier

Preface
Managerial Economics, 1951

Books, Departure, Business, Problem

“By putting the means of production into the hands of the masses but withholding from those same masses any ownership over the product of their work, Web 2.0 provides an incredibly efficient mechanism to harvest the economic value of the free labor provided by the very, very many and concentrate it into the hands of the very, very few.”

Nicholas Carr (1959) American writer

" Web 2.0lier than thou http://www.roughtype.com/archives/2006/10/web_20ier_than.php," Rough Type, October 23, 2006.

“War is a culture, bellicosity is addictive, defeat for a community that imagines itself to be history's eternal victim can be as intoxicating as victory. How long will it take for the Serbs to realize that the Milosevic years have been an unmitigated disaster for Serbia, the net result of Milosevic's policies being the economic and cultural ruin of the entire region, including Serbia, for several generations? Alas, one thing we can be sure of, that will not happen soon.”

Susan Sontag (1933–2004) American writer and filmmaker, professor, and activist

"Why Are We in Kosovo?", The New York Times (2 May 1999)

War, Imagination, History, Communication

“Business cycles are a type of fluctuation found in the aggregate activity of nations that organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revivals which merge into the expansion phase of the next cycle; this sequence of changes is recurrent but not periodic; in duration business cycles vary from more than one year to ten or twelve years; they are not divisible into shorter cycles of similar character with amplitudes approximating their own.”

Arthur F. Burns (1904–1987) American economist and diplomat

Arthur F. Burns and George W. Mitchell (1946). Measuring business cycles. New York: National Bureau of Economic Research. p. 3; Cited in: Robert J. Gordon, ed. The American Business Cycle: Continuity and Change, 1986. p. 2

Business, Change, Time

“The study of race differences in intelligence is an acid test case for psychology. Can behavioral scientists research this subject with the same freedom, objectivity, thoroughness, and scientific integrity with which they go about investigating other psychological phenomena? In short, can psychology be scientific when it confronts an issue that is steeped in social ideologies? In my attempts at self- analysis this question seems to me to be one of the most basic motivating elements in my involvement with research on the nature of the observed psychological differences among racial groups. In a recent article (Jensen, 1985b) I stated:I make no apology for my choice of research topics. I think that my own nominal fields of expertise (educational and differential psychology) would be remiss if they shunned efforts to describe and understand more accurately one of the most perplexing and critical of current problems. Of all the myriad subjects being investigated in the behavioral and social sciences, it seems to me that one of the most easily justified is the black- white statistical disparity in cognitive abilities, with its far reaching educational, economic, and social consequences. Should we not apply the tools of our science to such socially important issues as best we can? The success of such efforts will demonstrate that psychology can actually behave as a science in dealing with socially sensitive issues, rather than merely rationalize popular prejudice and social ideology.”

Arthur Jensen (1923–2012) professor of educational psychology

p. 258
Source: Differential Psychology: Towards Consensus (1987), pp. 438-9

Education, Behavior, Intelligence, Motivation

“Mainstream economics scholarship produces theory without facts ("pure theory") and facts without theory”

Michel Chossudovsky (1946) Canadian economist

"applied economics"
Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 2, Global Falsehoods, p. 27

“A skilled people, an economy with a competitive edge. These are the ways to transform economic performance.”

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

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

People, Way

“Yes, we have to get economics back into proportion, as one aspect of politics, important but never really the main thing. This may be unfashionable, indeed anti-fashionable, because it is the current intellectual fashions which have wrought so much havoc in this country.”

Keith Joseph (1918–1994) British barrister and politician

Speech in Birmingham (19 October 1974) http://www.margaretthatcher.org/document/101830 1970s

Fashion, Country

“The soft seduction of consumer global capitalism reduce the nations of the West to a rootless mass of Americanised consumers, without identity, without pride and without a future. Children identify with the grotesque and vulgar instead of noble heroes and beautiful princesses in castles. Teenagers ape the antics of degenerate pop-stars whose example leads hundreds of thousands into the living death of drug addiction, not to mention the tragedy of the image conscious girls (mainly) who feel compelled to starve themselves to get "the look" and of course the spiralling number of abortions. Adults perform meaningless jobs, in conditions of mind-destroying boredom, to earn enough money to buy the latest needlessly created want to be pushed on television as the thing without which their neighbours will regard them as worthless failures. Old folk die unnoticed and lie rotting for weeks, even months, in barred and bolted flats in inhuman tower blocks, unofficial prisons which become tombs for those who no longer have any economic value. Do not be fooled by the glossy packaging of the consumer society. Where state socialism was a creed of terror and stagnation, capitalism is one of apathy and death.”

Nick Griffin (1959) British politician

Nick Griffin, The Deadly Twins.

Death, Money, Children, Lie

“Grossly oversimplifying, the following models of mind can be discerned in the welter of contemporary psychological theorizing. The first model of the mind is mind as an energy system. This is represented by early psychoanalytical theory, particularly by its dynamic and economic versions. It has also represented by ecologists (Tinbergen, 1951) and by drive reduction theorists. In this model, the stress is on the concept of motivation, conceived as drive. Common to the theories that regard mind as an energy system are the ideas of homeostasis and closed system. The metaphor of energy is often used by motivation theorists who view drives, instincts, and needs as types of forces.”

Thaddus E. Weckowicz (1919–2000) Canadian psychologist

Source: Models of Mental Illness (1984), p. 102

Motivation, Idea

“Peter Drucker wasn’t exaggerating when he noted that the fate of advanced economies depends on making knowledge workers more productive. There is no business or economic issue that is more important to our long-term competitiveness and standard of living.”

Thomas H. Davenport (1954) American academic

Source: Thinking for a Living, 2005, p.208

Fate, Business, Knowledge, Dependency

“By exploiting material wealth confiscated and plundered in a racial war, Hitler’s National Socialism achieved an unprecedented level of economic equality and created vast new opportunities for upward mobility for the German people.”

Götz Aly (1947) German journalist, historian and social scientist

Source: Hitler’s Beneficiaries: Plunder, Racial War, and the Nazi Welfare State (2007), pp. 7-8

War, People, Wealth

“There is no economic solution to the ills of the world until the arts of originality […] open the partialities and biases of tradition in ways that address the very core of our pre-possessions.”

Wilson Harris (1921–2018) Guyanese writer

The Unfinished Genesis of the Imagination (1999)

World, Art, Way

“Money … is the nerve center of the economic system. If, therefore, the state is able to gain unquestioned control over the unit of all accounts, the state will then be in a position to dominate the entire economic system, and the whole society.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

Money

“Organizational theories have three origins: Max Weber’s original work on bureaucracies which came to define the theory for sociologists, a line of theory based in business schools that had as its focus, the improvement of management control over the work process, and the industrial organization literature in economics. Unlike many fields in sociology, organizational theory has been a multidisciplinary affair since World War II, and it is difficult to understand its central debates without considering its linkages to business schools and economics departments.”

Neil Fligstein (1951) American sociologist

Source: Organizations: Theoretical Debates and the Scope of Organizational Theory, 2001, p. 1

War, World, School, Literature

“In the past few years there has grown up a large group of young economists who have accepted the theoretical doctrines of the Keynesian Revolution and who have come into national prominence through their support of an economic policy of full employment.”

Lawrence Klein (1920–2013) American economist

The Keynesian Revolution. Vol. 19. New York: Macmillan, 1947/66. p. 156.

Support, Past

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

Gérard Debreu (1921–2004) French economist and mathematician

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

Time

“One troublesome aspect is the place of rational expectations macroeconomics in the often political debate over Keynesian economics. At least implicitly, many people feel that what's bad for the rational expectations viewpoint is good for the Keynesian one, and vice versa. But it is hard to see how the problems in using the rational expectations approach to explain monetary nonneutrality can alleviate the theoretical and empirical shortcomings of the Keynesian model.”

Robert Barro (1944) American classical macroeconomist

Robert J. Barro, "Rational Expectations and Macroeconomics in 1984" (1984).

People, Feeling, Problem

“It is generally mentioned here, that Jews should be excluded from economic life as soon as possible. It seems that the Slovak government performs real and rapid measures to achieve this goal. Honorable Assembly! We are delighted to welcome it.”

János Esterházy (1901–1957) Czechoslovak member of Czechoslovak national parliament, russian nation politician and hungary nation polit…

About anti-Semitic measures to exclude Jews from economic and social life. Parliamentary speech on October 8, 1940.
Persecution of Jews

Life

“Here, then, is a revised version of Marshall's rules: (1) Figure out what you think about an issue, working back and forth among verbal intuition, evidence, and as much math as you need. (2) Stay with it till you are done. (3) Publish the intuition, the math, and the evidence - all three - in an economics journal. (4) But also try to find a way of expressing the idea without the formal apparatus. (5) If you can, publish that where it can do the world some good.”

Paul Krugman (1953) American economist

"Two Cheers for Formalism", The Economic Journal, Vol. 108, No. 451 (Nov., 1998)

World, Way, Idea, Thinking

“What are the fundamental motives that explain the present rivalry of armaments in Europe, notably the Anglo-German? Each nation pleads the need for defence; but this implies that someone is likely to attack, and has therefore a presumed interest in so doing. What are the motives which each State thus fears its neighbors may obey?
They are based on the universal assumption that a nation, in order to find outlets for expanding population and increasing industry, or simply to ensure the best conditions possible for its people, is necessarily pushed to territorial expansion and the exercise of political force against others…. It is assumed that a nation's relative prosperity is broadly determined by its political power; that nations being competing units, advantage in the last resort goes to the possessor of preponderant military force, the weaker goes to the wall, as in the other forms of the struggle for life.
The author challenges this whole doctrine. He attempts to show that it belongs to a stage of development out of which we have passed that the commerce and industry of a people no longer depend upon the expansion of its political frontiers; that a nation's political and economic frontiers do not now necessarily coincide; that military power is socially and economically futile, and can have no relation to the prosperity of the people exercising it; that it is impossible for one nation to seize by force the wealth or trade of another — to enrich itself by subjugating, or imposing its will by force on another; that in short, war, even when victorious, can no longer achieve those aims for which people strive….”

Norman Angell book The Great Illusion

The Great Illusion (1910)

Life, War, People, Fear

“More and more clearly every day, out of biology, anthropology, sociology, history, economic analysis, psychological insight, plain human decency and common sense, the necessary mandate of survival that we shall love all our neighbors as we do ourselves, is being confirmed and reaffirmed.”

Ordway Tead (1891–1973) American academic

Attributed to Ordway Tead in: Forbes (1950) The Forbes scrapbook of Thoughts on the business of life. p. 66.

Love, History, Sense

“Economic problems have no sharp edges. They shade off imperceptibly into politics, sociology, and ethics. Indeed, it is hardly an exaggeration to say that the ultimate answer to every economic problem lies in some other field.”

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

Source: 1940s, The Economics of Peace, 1945, p. 252, quoted in Leonard Silk (1976) The Economists. New York: Basic Books. p. 208

Problem

“While [European] national cultures were concocted to distinguish one economic unit of capital from another, civilizational thinking was invented to unify these cultures against their colonial consequences. Islamic, Indian, or African civilizations were invented contrapuntally by Orientalism…in order to match, balance and thus authenticate ‘Western Civilization’.”

Hamid Dabashi (1951) American academic

For the Last Time Civilization. http://iss.sagepub.com/cgi/content/abstract/16/3/361

Thinking

“Classical organization theory suffers from "ethnocentrism": It ignores the significance of the political, social, and economic milieu in shaping organizations and influencing managerial practice.”

Douglas McGregor (1906–1964) American professor

Source: The Human Side of Enterprise (1960), p. 16 (p. 23 in 2006 edition)

Suffering

“It is this worth, that is, this ability to get other wealth in exchange, which constitutes true Economic Wealth.”

Hilaire Belloc (1870–1953) writer

Source: Economics for Helen (1924), Ch. 1 : What is Wealth?

Wealth

“Economic nationalism means protective and discriminative tariffs, and a conservation of national, imperial or allied resources within a circle of favored beneficiaries.”

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

p, 125
The Morals of Economic Irrationalism (1920)

“Until the last great war, a general expectation of material improvement was an idea peculiar to Western man. Now war and its aftermath have made economic and social progress a political imperative in every quarter of the globe. If we ignore this, there will be no peace. There has been a widening of horizons to which in the West we have been perhaps too insensitive. Yet it is as important as the extension of our vision into outer space.
Today continuing poverty and distress are a deeper and more important cause of international tensions, of the conditions that can produce war, than previously.”

Lester B. Pearson (1897–1972) 14th Prime Minister of Canada

The Four Faces of Peace (1957)

War, Peace, Idea

“Putin's Russia is our adversary and moral opposite. It is committed to the destruction of the post-war, rule-based, world order built on American leadership and the primacy of our political and economic values…There is no placating Putin. There is no transforming him from a gangster to a responsible statesman. Previous administrations have tried and failed not because they didn’t try hard enough, but because Putin wants no part of it… Oppose Russian aggression against the world we have built from the ruined cities and destroyed empires of World War II. Don’t surrender the gains for our security and the progress for humanity that our Cold War victory achieved. Support the Russian people and their rights to liberty and justice, not the corrupt leaders who betray them… [A]ll who risk their lives to free Russia from tyranny and corruption are our allies. They are our moral equals. And the president of the United States, the nation that has been the greatest force for good in human history, should be the first among us to recognize that.”

John McCain (1936–2018) politician from the United States

"Russia dissidents are our moral equals" http://www.usatoday.com/story/opinion/2017/02/13/trump-gets-it-wrong-on-putin-russia-moral-equals-john-mccain-column/97822770/ (13 February 2017), USA Today 2010s, 2017

War, People, World, Justice

“Wonder, Carlyle declared, is the beginning of philosophy. It is not wonder, but rather the social enthusiasm which revolts from the sordidness of mean streets and the joylessness of withered lives, that is the beginning of economic science. Here, if in no other field, Comte's great phrase holds good: "It is for the heart to suggest our problems; it is for the intellect to solve them…. The only position for which the intellect is primarily adapted is to be the servant of the social sympathies."”

Arthur Cecil Pigou (1877–1959) British economist

Source: The Economics of Welfare (1920), Ch. 1 : Welfare and Economic Welfare, § 1

Problem, Science, Heart

“In Daniel 7, Daniel had a vision where “the four winds of the heavens strove upon the great sea. And four beasts came up from the sea, diverse one from another” (vv. 2-3). In the vision, Daniel saw a lion with eagle’s wings, a bear with three ribs in its mouth, a leopard with four wings, and a terrible beast with iron teeth and ten horns (v. 7). Bible scholars have speculated on the meaning of this passage for centuries. Some think the four beasts in this chapter represent a rehash of the first four empires from Babylon to the Roman Empire; while others think it is all yet in the future. I’m no scholar but here is my opinion: I (and many Bible scholars) think the four beasts are four world powers that will “strive” for world power (domination?) at the end of time before the one with ten horns finally becomes dominant. I think the four beasts are interpreted as follows: The lion sometimes standing like a man with eagle’s wings (v. 4) represents England (whose symbol as always been the lion) and America (whose symbol is the eagle) united, as one of four major end-time powers. The eagle’s wings “were plucked” and “it was lifted up from the earth, and made to stand upon the feet as a man, and a man’s heart was given to it” (v. 4). My best guess is that America will soon cease to be a world power (wings plucked) but there will still be enough of a godly influence that the English/American alliance will have some “heart” or compassion and maybe even be able to finally “take a stand” for God in the wicked world. I think the bear (v. 5) is Russia (whose symbol is the bear) and the three ribs in its mouth represent three countries it has dominated or “eaten,” such as Latvia, Lithuania, and Estonia, or perhaps Ukraine, Belarus, and Georgia. The leopard with four wings (v. 6) could be some sort of oriental alliance between China, Japan, Korea, and a Southeast Asia alliance (Vietnam, Laos, Cambodia, Indonesia, Malaysia, India, etc.). Verse 6 says, “dominion was given to it.” Many certainly feel that China is soon to be the major economic (and military) power in the world. If they could get a military or economic alliance with some of the other oriental nations mentioned, they would indeed be a force to be reckoned with! No animal is named for the fourth beast. It is only described as being dreadful, terrible, strong exceedingly, having great iron teeth, different from all other beasts and having ten horns. As I said earlier there are three options from what I can see for this beast. It is either (A) the European Common Market or a future similar alliance; or (B) 10 world regions and (C) some sort of alliance of Muslim nations around the Middle East or the world. I tend to go with option (C)”

Kent Hovind (1953) American young Earth creationist

Source: What On Earth Is About To Happen… For Heaven’s Sake? (2013), p. 94-95

God, World, Feeling, Thinking

“Imagine how different our world would be if those discoveries had been explained and used for the benefit of everyone, if the humane perspective of Eratosthenes had been widely adopted and applied. But this was not to be. Alexandria was the greatest city the Western world had ever seen. People from all nations came here to live to trade to learn, on a given day these harbours were thronged with merchants and scholars and tourists, it's probably here that the word Cosmopolitan realised its true meaning of a citizen not just of a nation but of the Cosmos, to be a citizen of the Cosmos. Here were clearly the seeds of our modern world, but why didn't they take root and flourish why instead did the Western world slumber through a 1000 years of darkness until Columbus and Copernicus and their contemporaries rediscovered the work done here? I cannot give you a simple answer but I do know this, there is no record in the entire history of the library that any of the illustrious scholars and scientists who worked here ever seriously challenged a single political or economic or religious assumption of the society in which they lived. The permanence of the stars was questioned, the justice of slavery was not.”

Carl Sagan (1934–1996) American astrophysicist, cosmologist, author and science educator

28 min 30 sec
Cosmos: A Personal Voyage (1990 Update), Who Speaks for Earth? [Episode 13]

People, World, Justice, Imagination

“Through massive immigration and official dhimmitude from European leaders, Muslims are accomplishing today what they have tried but failed to do for over a millennium: conquer Europe. If current demographic trends continue, France, Holland, and other Western European nations could have Muslim majorities by mid-century. … Europe is now reaping what it has long sown. Bat Ye'or, the pioneering historian of dhimmitude, chronicles how this has come to pass. Europe, she explains, began thirty years ago to travel down a path of appeasement, accommodation, and cultural abdication in pursuit of shortsighted political and economics benefits. She observe that today, "Europe has evolved from a Judeo-Christian civilization, with important poste-Enlightenment/secular elements, to a 'civilization of dhimmitued,", i. e, Eurabia: a secular-Muslim transitional society withits traditional Judeo-Christian more rapidly disappearing."”

Robert Spencer (1962) American author and blogger

Stealth jihad: how radical Islam is subverting America without guns or bombs, 2008, ISBN 9781596985568, pp. 270-273 http://books.google.com/books?id=3eLfhvNQBkgC&pg=PA270 … France and Germany have pursued a different strategy, attempting to establish the European Union as a global counterweight of the United States—a strategy that involves close cooperation with the Arab League.

Travel

“The serious lesson of the antics in Argentina, then, is that the big issues of monetary economics--fixed vs. flexible exchange rates, whether countries should have independent currencies at all--are still wide open. It's an eternal controversy, and not even the pope can resolve it.”

Paul Krugman (1953) American economist

"Don't Laugh at Me, Argentina", Slate (July 20, 1999)

Country

“[Some of the] rules and articles of faith [of the western myth]:
Questions that cannot be answered should not be asked.
Knowledge and power are the twin pillars of human identity.
Knowledge consists of organized facts.
Sensation, intuition, and feeling are primitive, immature forms of thought.
Wealth is created by fabricating natural, raw materials into finished products; the production of goods is the basis of value.
Economics has replaced religion as the ultimate concern.
The chief motivation (eros) of human beings is to accumulate and consume.
Advertising and propaganda are the chief erotic sciences of the modern age.”

Sam Keen (1931) author, professor, and philosopher

Source: The Passionate Life (1983), pp. 23-24

Age, Faith, Religion, Feeling

“The mismatch problem occurs as the workers required by companies for their vacancies are difficult to fill up due to shortage of talents in the labor pool. An Asian Development Bank study said labor mismatch is one of the culprits behind the country’s slow economic growth and that the mismatch may be caused by too many highly educated people chasing too few jobs in the country.”

Francis Escudero (1969) Filipino politician

The Philippine Star http://www.philstar.com/education-and-home/784501/govt-needs-redirect-skills-devt-program-address-unemployment-escudero-says 2012

People, Education, Problem, Study

“The trade union movement represents the organized economic power of the workers… It is in reality the most potent and the most direct social insurance the workers can establish.”

Samuel Gompers (1850–1924) American Labor Leader[AFL]

Samuel Gompers, " Not Even Compulsory Benevolence Will Do http://books.google.com/books?id=3LVLAAAAYAAJ&dq=in%20reality%20the%20most%20potent%20and%20the%20most%20direct%20social%20insurance&pg=PA47#v=onepage&q=in%20reality%20the%20most%20potent%20and%20the%20most%20direct%20social%20insurance&f=false." The American Federationist. January 1917, p. 47.

Reality

“There is no economic policy. That's really important to say. The general modus operandi of the Bushies is that they don't make policies to deal with problems. They use problems to justify things they wanted to do anyway. So there is no policy to deal with the lack of jobs. There really isn't even a policy to deal with terrorism. It's all about how can we spin what's happening out there to do what we want to do.”

Paul Krugman (1953) American economist

When asked to define the economic policy of the Bush administration in a BuzzFlash interview http://www.buzzflash.com/interviews/03/09/11_krugman.html, 11 September 2003

Problem

“It is important, therefore, to understand at the outset the simplicity of this book - what it can accomplish and what it cannot. What it does try to do is to isolate certain psychological factors and to demonstrate rigorously by quantitative scientific methods that these factors are generally important in economic development.”

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

Source: The Archiving Society, 1961, p. ix

Books, Understanding

“The Europe you know is changing. You have probably seen the landmarks. … But in all of these cities, sometimes a few blocks away from your tourist destination, there is another world. … It is the world of the parallel society created by Muslim mass-migration. All throughout Europe a new reality is rising: entire Muslim neighbourhoods where very few indigenous people reside or are even seen. And if they are, they might regret it. This goes for the police as well. It's the world of head scarves, where women walk around in figureless tents, with baby strollers and a group of children. Their husbands, or slaveholders if you prefer, walk three steps ahead. With mosques on many street corner. The shops have signs you and I cannot read. You will be hard-pressed to find any economic activity. These are Muslim ghettos controlled by religious fanatics. These are Muslim neighbourhoods, and they are mushrooming in every city across Europe. These are the building-blocks for territorial control of increasingly larger portions of Europe, street by street, neighbourhood by neighbourhood, city by city.”

Geert Wilders (1963) Dutch politician

2000s, Speech at the Four Seasons, New York (25 September 2008)

Women, Children, People, World

“Americanization, finally, is not any one of these things alone. There may be a home stake, and in the absence of identity of economic interest, it may fail. All other elements may be present, but if the court fails, the immigrant turns away. Americanization is the bringing to bear in the life of every stranger who enters the country, the sum total of American ideals in his home, in the shop, in the neighborhood, and in the legislatures and courts. The native-born American is the keeper of these ideals. His is the spirit that will maintain the free and strong institutions of America. His reception of the immigrant and the contacts he makes with him in large measure determine the immigrant's understanding of America and his reaction towards it. It is here that we enter the field of the science of racial relations. No effective program can be made until we set our own house in order, until we attain the right attitude individually, and until we equip ourselves with the necessary information to give us the right approach to the many races who are among us but not of us, whose faces, regardless of the high wages, the luxuries, and the freedom of America, are set towards the east.”

Frances Kellor (1873–1952) American sociologist

What is Americanization? (1919)

Life, Home, Understanding, Freedom

“It is possible to see Keynesian and Schumpeterian ideas as complementary. Keynes is about short-run economic fluctuations brought about by erratic variations in the willingness of investors and governments to spend; Schumpeter is about the long-run trajectory driven by the erratic march of technological progress. This complementarity only became clear later, after both men had died, when economic growth became an explicit objective of public policy and topic of systematic analysis. Schumpeter was left frustrated by the younger generation’s affinity for his rival. In any case, the “preliminary volume” never materialized.
The world turns. Today, some sixty years after their deaths, Schumpeter’s star probably outshines Keynes’s. The business cycle has receded in importance, partly because the large industrial economies have sprouted a more stable structure, and partly because the lessons that Keynes taught have been learned by central banks and finance ministries. Instead, long-term economic growth has moved to the top of the political and intellectual agenda, and that was Schumpeter’s topic. As Robert Lucas memorably put it, once you have begun to think about economic growth, it is hard to think about anything else. It is a pity that troubled old Schumpeter did not live to see the triumph of his obsession.”

Robert Solow (1924) American economist

"Heavy Thinker" (2007)

Death, Men, World, Star

“It is therefore not an exaggeration to say that if the city of New York were replaced by a ball of fire, some significant percentage of the American population would see a silver lining in the subsequent mushroom cloud, as it would suggest to them that the best thing that is ever going to happen was about to happen: the return of Christ. It should be blindingly obvious that beliefs of this sort will do little to help us create a durable future for ourselves- socially, economically, environmentally, or geopolitically.”

Sam Harris (1967) American author, philosopher and neuroscientist

Source: 2000s, Letter to a Christian Nation (2006), p. xii

Future, Help, Christ

“Our moral and economic system is based on individual responsibility. It’s based on the idea that people have to live with the consequences of their decisions. This makes them more careful deciders. This means that society tends toward justice — people get what they deserve as much as possible.”

David Brooks (1961) American journalist, commentator and editor

David Brooks. "Money for Idiots," http://archive.li/EzXTi The New York Times, 19 February 2009. 2000s

People, Justice, Idea, Decision

“We ask our neighbors in Saudi Arabia to stop hindering the rule of law and healthy economic development through the purchase of politicians and tribal leaders.”

Tawakkol Karman (1979) Yemeni journalist, politician, human rights activist, and Nobel Peace Prize recipient

2010s, Yemen’s Unfinished Revolution, 2011

Law

“Keynes was no revolutionary, but his ideas revolutionized 20th-century economics.”

Samuel Bowles (1939) American economist

Source: Understanding Capitalism: Competition, Command, and Change, 2005, p.82

Idea

“This country has been so rich in human and material resources that it is only recently that the importance of waste elimination has come to be realized. The material element received the first consideration, and in the comparatively few years during which the subject has received attention, an enormous amount has been done to conserve natural resources, to economize in the use.”

Frank Bunker Gilbreth, Sr. (1868–1924) American industrial engineer

Source: "Motion Study as an Increase of National Wealth," 1915, p. 96

Nature, Country

“One insidious practice which sugar-coats the dose of Federal intrusion is the division of expense for public improvements or services between State and National treasuries. The ardent States-rights advocate sees in this practice a vicious weakening of the State system. The extreme federalist is apt to look upon it in cynical fashion as bribing the States into subordination. The average American, believing in our dual-sovereignty system, must feel that the policy of national doles to the States is bad and may become disastrous. We may go on yet for a time with the easy assumption that 'if the States will not, the Nation must'. But that way lies trouble. When the National Treasury contributes half, there is temptation to extravagance by the State. We have seen some examples in connection with the Federal contributions to road building. Yet there are constant demands for more Federal contributions. Whenever by that plan we take something from one group of States and give it to another group, there is grave danger that we do an economic injustice on one side and a political injury on the other. We impose unfairly on the strength of the strong, and we encourage the weak to indulge their weakness.”

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

1920s, The Reign of Law (1925)

Way, Feeling, Fashion, Strong

“We believe in peace and peaceful development, not only for ourselves but for people all over the world. Our main preoccupation is with economic and social development at home and peace and friendship abroad.”

Lal Bahadur Shastri (1904–1966) The second Prime Minister of the Republic of India and a leader of the Indian National Congress party

Peace

Friendship, People, World, Peace

“I believe deeply that it's very important to the United States, to the economic health of the United States, that we maintain a strong dollar.”

Timothy Geithner (1961) American central banker and politician

Meeting with Japanese reporters at the U.S. embassy, November 11, 2009 http://www.businessinsider.com/geithner-we-care-about-a-strong-dollar-really-2009-11

Health, Strong

“The objective of social change might concern the nutritional standard of consumption, the economic standard of living, the type of group relation, the output of a factory, the productivity of an educational team. It is important that a social standard to be changed does not have the nature of a “thing” but of a “process.””

Kurt Lewin (1890–1947) German-American psychologist

Source: 1940s, Quasi-Stationary Social Equilibria and the Problem of Permanent Change, 1947, p. 39.

Education, Nature, Change

“In the years to come, I also hope that both sides (Taiwan and Mainland China) can work to facilitate policy communications, reinforce their economic cooperation, push ahead with cross-strait negotiations, accomplish more achievements beneficial to the public, expand their scope of amicable interactions, cement the ‘family bond’ between the people on both sides and jointly build a better home for Chinese.”

Zhang Zhijun (1953) Chinese politician

Zhang Zhijun (2014) cited in " Jiang says no ‘three noes’ set for Wang-Zhang talks http://www.taipeitimes.com/News/front/archives/2014/01/28/2003582310/2" on Taipei Times, 28 January 2014.

People, Family, Hope, Home

“A visionary leader seeks to empower others. They continue to search for truth while maintaining their principle-centered focus. Visionary leaders have a good balance between right-brain and leftbrain thinking. The right brain is more feminine, nurturing, intuitive and creative; the left-brain is more masculine and “physical,” interested more in results. Visionary leaders often produce a host of solutions for social, economic and other types of problems.
If we want visionary leaders, we must, of course, learn to recognize them and support them. Visionary leaders have great qualities, which they develop through their interest in values, intuition and partnership with others. They can bring spiritual culture to our religious and political lives. Mahatma Gandhi once said, “I must first be the change I want to see in my world.””

Bhakti Tirtha Swami (1950–2005) American Hindu writer

A visionary leader knows he must lead by example, and that his leadership will have a powerful impact on both present and future generations.
Ten Characteristics of a Servant-Leader
Books, Leadership for an Age of Higher Consciousness, Volume II: Ancient Wisdom for Modern Times (Hari-Nama Press, 2001)

Truth, World, Search, Support

“The innovator, however, must in the first place be discontented, he must doubt the value of what he is doing or question the accepted ways of doing it. And secondly, he must be prepared to take fresh paths, to venture into fields where he is by no means expert. This is true, at least, of major forms of innovation; they make it possible for other men to be expert, but are not themselves forms of expertise. Freud was not an expert psycho-analyst; before Freud wrote there was no such thing; he created the standards by which psycho-analysts are judged expert. Neither was Marx an expert in interpreting history in economic terms nor Darwin an expert in evolutionary biology. If a man is trained, purely and simply, to be expert and contented in a particular task he will not innovate; Freud would have remained an anatomist, Marx a philosopher, Darwin a field-naturalist.”

John Passmore (1914–2004) Australian philosopher

Source: The Perfectibility of Man (1971), p. 282.

Men, Way, History, Question

“Lincoln's purpose in promoting Whig capitalism was not self-interest per se, but capitalism's necessary connection to equality, self-transformation, and social mobility, which were Lincoln's real goals. The essence of a free society, Lincoln said in 1859 (and here he was pirating J. S. Mill's Principles of Political Economy), was the openness it afforded to each of its citizens to make of themselves whatever they could, without the handicap of artificial inequalities based on status, nationality, or race. One could not do this in an economic environment governed by status, racial stratification, or centralized planning. Lincoln loved the Declaration's affirmation of all men's natural equality; but that equality would be meaningless without the unfettered opportunity to use it for something. If a national bank, tariffs, and "international improvements" promoted these opportunities, then they really were serving the interests of the natural rights to life, liberty, and the pursuit of happiness.”

Allen C. Guelzo (1953) American historian

2010s, Letter (2010)

Love, Life, Men, Happiness

“We have the assets, skills, knowledge and ideas to match and overtake our closest neighbours. By that I don't just mean the rest of the UK, but also the small, independent countries, Iceland, Norway, Ireland and Denmark, that form an arc of prosperity around our shores. … There is every reason to feel confident about our economic future. Every part of Scotland has the potential to take us towards our goal.”

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

Sabhal Mòr Ostaig Lecture (December 19, 2007)

Feeling, Confidence, Idea, Knowledge

“Perfect competition must hold in product and factor markets, and also (and importantly) in capital markets. The assumption has two essential features: economic agents must be price takers; and they must have equal power.”

Nicholas Barr (1943) British economist

Source: Economics Of The Welfare State (Fourth Edition), Chapter 4, State Intervention, p. 73

Perfection

“It is an arithmetic, moreover, which cannot be denied even though we nearly all try to deny it. The arithmetic is simply this: Any positive rate of growth whatever eventually carries a human population to an unacceptable magnitude, no matter how small the rate of growth may be unless the rate of population growth can be reduced to zero before the population reaches an unacceptable magnitude. There is a famous theorem in economics, one which I call the dismal theorem, which states that if the only thing which can check the growth of population is starvation and misery, then the population will grow until it is sufficiently miserable and starving to check its growth. There is a second, even worse theorem which I call the utterly dismal theorem. It says that if the only thing which can check the growth of population is starvation and misery, then the ultimate result of any technological improvement is to enable a larger number of people to live in misery than before and hence to increase the total sum of human misery.”

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

Source: 1960s, The meaning of the twentieth century: the great transition, 1964, p. 126

People

“Because the activists usually cash out their holdings shortly after their demands are accepted or rejected, the question remains whether most of them are committed to companies’ future success. The risk is significant that their initiatives can weaken a company’s competitive position, to the detriment of long-term shareholders, and the high-leverage financing structures they often propose may put companies in jeopardy in the event of an economic downturn.”

Jay W. Lorsch (1932) American organizational theorist

Bill George and Jay W. Lorsch, " How to Outsmart Activist Investors https://hbr.org/2014/05/how-to-outsmart-activist-investors," in: Harvard Business Review, May 2014.

Question, Success, Future

“The West never came close to proletarian revolution. The Left likes to believe that it did. They like to argue that 'Franklin Roosevelt saved capitalism from itself'. This is another way of saying that John Maynard Keynes saved capitalism from itself. Both arguments are incorrect. Roosevelt and Keynes met only once. Roosevelt correctly assessed Keynes as a mathematician, not an economist. This was true. Keynes got his degree in mathematics, not economics. Roosevelt was the source of what we call Keynesianism, 1933-36, not Keynes, whose General Theory appeared in 1936. But scholars like to believe that academic arguments shape the world. They don't. They conform what has already begun to take root in the thinking and practices of the general public. When men decided that "thou shalt not steal" means "thou shalt not steal, except by majority vote," the Keynesian worldview was born. This view is dominant today. Marxism is dead. So is " means this: it is immoral to steal, with or without majority vote. This has nothing to do with the mode of production.”

Gary North (economist) (1942) American Christian Reconstructionist and economic historian

"Cultural Marxism Is an Oxymoron" http://www.garynorth.com/public/12623.cfm (1 July 2014), Gary North.

Men, World, Way, Mathematics

“The history of the Austrian school remains unfinished, and what happens in the future may influence interpretations of the past as much as what has already occurred. An increasing number of economists, however, believe that a reconceptualization of the role the Austrian school has played in academic economics from the 1870s to the present would be more accurate than the prevailing view.”

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

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

School, History, Past, Future

“Thus, fascism adopted the economic aspect of liberalism but completely denied its philosophical principles and the intellectual and moral heritage of modernity.”

Zeev Sternhell (1935) Israeli historian

Source: The Birth of Fascist Ideology: From Cultural Rebellion to Political Revolution, 1994, p.7

“And any religion that professes to be concerned about the souls of men and is not concerned about the slums that cripple the souls—the economic conditions that stagnate the soul and the city governments that may damn the soul—is a dry, dead, do-nothing religion in need of new blood.”

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

1960s, Why Jesus Called A Man A Fool (1967)

Men, Religion, Soul, Dead

“We shall never have a science of economics unless we learn to discern the operation of law even among the most perplexing complications and apparent interruptions.”

William Stanley Jevons The Theory of Political Economy

Source: The Theory of Political Economy (1871), Chapter IV, Theory of Exchange, p. 110.

Law, Learning, Science

Quotes about economics page 20

Quotes about economics
page 20