Quotes about economics
page 23

“Value innovation is created in the region where a company's actions favorably affect both its cost structure and its value proposition to buyers. Cost saving are made by eliminating and reducing the factors an industry competes on. Buyer value is lifted by raising and creating elements the industry has never offered. Over time, costs are reduced further as scale economics kick in due to the high sales volumes that superior value generates.”

W. Chan Kim book Blue Ocean Strategy

Source: Blue Ocean Strategy, 2005, p. 15

Time

“Once we have funded our national security and our homeland security, the final great priority of my budget is economic security for the American people. To achieve these great national objectives — to win the war, protect the homeland, and revitalize our economy — our budget will run a deficit that will be small and short-term, so long as Congress restrains spending and acts in a fiscally responsible manner. We have clear priorities and we must act at home with the same purpose and resolve we have shown overseas: We'll prevail in the war, and we will defeat this recession.”

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

2000s, 2002, State of the Union address (January 2002)

War, People, Home

“…an economic ignoramus unfit to oversee a fifty-cent raffle.”

David Lange (1942–2005) New Zealand politician and 32nd Prime Minister of New Zealand

Referring to Muldoon.
Source: New Zealand Wit & Wisdom (1998), p. 155.

“I do not overlook the important contributions to economic theory in the past whether orthodox or heterodox I correlate them with institutional economics. The classical and communistic economists used as their measure of value the man hour of labor. This is evidently since the incoming of scientific management the engineering economics of efficiency. The Austrian and hedonistic economists deriving from Bentham used as the measure of value the diminishing marginal utility of consumption goods. This is evidently the home economics recently introduced in the college curriculum.”

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

Source: "Institutional economics," 1936, p. 242

Home, Past

“Two centuries ago Leibnitz invented a calculating machine which embodied most of the essential features of recent keyboard devices, but it could not then come into use. The economics of the situation were against it: the labor involved in constructing it, before the days of mass production, exceeded the labor to be saved by its use, since all it could accomplish could be duplicated by sufficient use of pencil and paper. Moreover, it would have been subject to frequent breakdown, so that it could not have been depended upon; for at that time and long after, complexity and unreliability were synonymous.”

Vannevar Bush book As We May Think

As We May Think (1945)

Time, Dependency

“The further away a scholarly opinion is from direct observation and the more abstract and ‘theoretical’ it is, the more defenseless it becomes against insidious opportunist errors of judgment. In economics, model thinking in particular creates scope for systematic biases… But of course all social studies must nevertheless aim at generalization. It is thus important to be able to think concretely at the same time, as I learnt from Gustav Cassel.”

Gunnar Myrdal (1898–1987) Swedish economist

Gunnar Myrdal (1982, 265); as cited in: Carlson, Benny, and Lars Jonung. "Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the role of the economist in public debate." Econ Journal Watch 3.3 (2006): p. 534-5

Error, Thinking, Study, Time

“This book will not take as its province all kinds of cultural growth — artistic, philosophical, military — but will try to shed some light on a narrower problem, namely, the reasons for economic growth and decline. The way wealth is distributed is a matter of special interest, partly because it may well be basic to growth in other cultural areas and partly because it has become so uneven in the past century that curiosity has been aroused.”

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

Source: The Archiving Society, 1961, p. 1

Books, Way, Problem, Light

“Against the U. S.-sponsored program to deny subject peoples their own cultural heritage as well as participation in shaping their own social and economic life, Iranian opposition took the form of a revival of the only sphere of life that remained available, Shiite cultural tradition and the ritual space and symbols of the mosques.”

Richard A. Horsley (1939) Biblical scholar

Source: Religion and Empire: People, Power, and the Life of the Spirit (2003), p. 72-73

Life, People

“It is ironic that the accumulation of arms is one of the few expanding industries in a period of economic depression and gloom.”

Javier Pérez de Cuéllar (1920) 5th Secretary-General of the United Nations

UN Secretary-General, as quoted in Watching the World, Awake! magazine (22 October 1982).

“147, on the situation in Greece: "imminent collapse due to mounting guerrilla activity, supplied and directed from outside, economic chaos, and the Greek governmental inability to meet the crisis."”

Dean Acheson book Present at the Creation: My Years in the State Department

Present at the Creation: My Years in the State Department (1969), Truman Doctrine, Cold War

“[There will be movement toward] behavioral economics… [which] involves study of those aspects of men’s images, or cognitive and affective structures that are more relevant to economic decisions.”

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

Kenneth Boulding (1958) "Contemporary Economic Research". In Donald P. Ray (ed.). Trends in Social Science, pp. 9-26. as cited in: James Alm (2011) Testing Behavioral Public Economics Theories in the Laboratory http://econ.tulane.edu/RePEc/pdf/tul1102.pdf. Working paper. Alm proceeds by stating: "Given the essential role of psychological insights in the field, together with the obvious truism that all economics concerns “behavior” in one form or another, a more descriptive name for the field is perhaps “cognitive economics”, as recognized early on by Boulding (1958)." 1950s

Men, Behavior, Decision, Study

“In the American view, there is nothing vile or degraded about serving your customers either as a CEO or as a waiter. The ordinary life of production and supporting a family is more highly valued in the United States than in any other country. America is the only country in the world where we call the waiter 'sir', as if he were a knight. America has achieved greater social equality than any other society. True, there are large inequalities of income and wealth in America. In purely economic terms, Europe is more egalitarian. But Americans are socially more equal than any other people, and this is unaffected by economic disparities. Alexis de Tocqueville noticed this egalitarianism a century and a half ago and it is, if anything, more prevalent today. For all his riches, Bill Gates could not approach the typical American and say, 'Here's a $100 bill. I'll give it to you if you kiss my feet.”

Dinesh D'Souza (1961) Indian-American political commentator, filmmaker, author

Most likely, the person would tell Gates to go to hell! The American view is that the rich guy may have more money, but he isn't in any fundamental sense better than anyone else.
Articles, 10 Things to Celebrate: Why I'm an Anti-Anti-American (June 2003)

Life, Money, People, World

“And what is going on is that the SPD (Social Democratic Party of Germany) has lost the trust of working class German voters, is overwhelmingly a party of the public sector, social science graduates and ethnic minorities and won barely more than a quarter of the vote. It has moved its concerns from those of the internal governance of the political economy to a political and legal orientation that requires the passing of laws, external regulation and redistribution. It has not seriously defended the internal virtues of its economic system, preferring to stress external factors such a stimulus and taxation. Justice and rights rather than democracy and the good have come to define the position. I am strongly suggesting the party has become liberal rather than socialist and that is the fundamental problem.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Blue Labour, The Profundity of Defeat http://www.bluelabour.org/2013/10/30/285/

Justice, Law, Democracy, Problem

“Early in my professional life, I found that many areas of economics attracted me. I started working and publishing in price theory by 1938. In 1946, I published an early work on linear programming (The Cost of Subsistence) which solved the problem only approximately; George Dantzig soon presented the exact solution. In the 1940s, I began empirical work on price theory, starting with a test of the kinked oligopoly demand curve theory of rigid prices.”

George Stigler (1911–1991) American economist

"George J. Stigler - Biographical," 1982

Life, Problem

“The original Lucas version of the new-classical macroeconomics combined the undeniable appeal of rational expectations with two more dubious assumptions inherited from Friedman (1968), that is, continuous market clearing and imperfect information, to form the foundation of the famous “Lucas supply function” (more justly, the Friedman-Lucas supply function). Soon Sargent and Wallace (1975) extracted from Lucas’s model its implication for monetary policy, the famous “policy-ineffectiveness proposition.” The demonstration by Barro (1977) that one could interpret historical U. S. data to be consistent with the proposition and the theory brought new-classical economics to its shortlived period of peak influence.”

Robert J. Gordon (1940) American economist

"Fresh Water, Salt Water, and other Macroeconomic Elixirs", 1989

“I sincerely ask those watching at home tonight who supported President Bush four years ago: did you really get what you expected from the candidate you voted for? Is our country more united today? Or more divided? Has the promise of compassionate conservatism been fulfilled? Or do those words now ring hollow?
For that matter, are the economic policies really conservative at all? For example, did you expect the largest deficits in history, year after year? One right after another? And the loss of more than a million jobs?”

Al Gore (1948) 45th Vice President of the United States

Quotes, DNC Address (2004)

Home, History, Support, Loss

“Consider John Kenneth Galbraith or Lester Thurow, both leading economists in the view of the general public, both with all the formal qualifications, both totally ignored by the academic mainstream. Or consider Robert Mundell, who is still revered for his contributions to international monetary theory, yet whose later incarnation as the father of supply-side economics has similarly been ignored.”

Paul Krugman (1953) American economist

Development, Geography, and Economic Theory (1995), Ch. 1. The Fall and Rise of Development Economics

“In the perspective of previous bear markets, notably those of the 1930s and the 1970s, the prospects look even worse. Economic conditions now are as bad as or worse than what existed then.”

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

Quotes from Crash Proof (2006)

“Like the other immigrant groups, the day will come when we win the economic and political rewards which are in keeping with our numbers in society. The day will come when the politicians do the right thing by our people out of political necessity and not out of charity or idealism.
That day may not come this year. That day may not come during this decade. But it will come, someday!
And when that day comes, we shall see the fulfillment of that passage from the Book of Matthew in the New Testament, "That the last shall be first and the first shall be last."”

Cesar Chavez (1927–1993) American farm worker, labor leader, and civil rights activist

And on that day, our nation shall fulfill its creed — and that fulfillment shall enrich us all.
What the Future Holds (1984)

People, Books

“I think it’s more to do with economics now. Earlier, one used to wait in queues for hours in the heat, trying to buy a ticket, to go and see Shammiji in Junglee or Dilip saheb in Ganga Jamuna. Whereas now, thanks to the video boom, one gets the stars in one’s bedroom at a snap of one’s fingers. There is no mystique left.”

Amitabh Bachchan (1942) Indian actor

Quotable quotes by Amitabh Bachchan.

Star, Thinking, Waiting

“I consider myself a mainstream researcher in the field of business policy, and the ideas I want to describe in this paper concern the foundations of a theory of business strategy that is rooted in economics. But is such a paper, whatever its merits, really appropriate at a conference entitled 'Non-traditional Approaches to Policy Research'? Surprisingly, it is. The use of economic theory to model and explicate business strategy, as it is understood within the field of business policy, is distinctly non-traditional.”

Richard Rumelt (1942) American economist

Source: "Towards a strategic theory of the firm." 1997, p. 131; Lead paragraph

Idea, Business

“Indeed, most bright, intellectually curious college students suffer through Econ 101, are happy to pass, and then wave goodbye to the subject forever. Economics is filed away with calculus and chemistry—rigorous subjects that required a lot of memorization and have little to do with anything that will come later in life. And, of course, a lot of bright students avoid the course in the first place. This is a shame on two levels.
First, many intellectually curious people are missing a subject that is provocative, powerful, and highly relevant to almost every aspect of our lives.…Second, many of our brightest citizens are economically illiterate.”

Charles Wheelan (1966) American politician

Introduction
Naked Economics (rev. and updated ed., 2010)

Life, Happiness, People, Suffering

“The Jewish supremacists in Israel, both rulers and population, have not paid much for the maintenance of Jewish supremacy. They have not only maintained the land they conquered but constantly expanded it. They have not only been able to eke out a living but also prospered economically, socially, and culturally.”

Joseph Massad (1963) Associate Professor of Arab Studies

Ibid.
"The Ends of Zionism: Racism and the Palestinian Struggle"

“In this essay I want to review some work on stigma, especially some popular work, to see what it can yield for sociology. An exercise will be undertaken in marking off the material on stigma from neighbouring facts, in showing how this material can be economically described within a single conceptual scheme, and in clarifying the relation of stigma to the subject matter of deviance. This task will allow me to formulate and use a special set of concepts, those that bear on 'social information', the information the individual directly conveys about himself.”

Erving Goffman book Stigma

Preface
1950s-1960s, Stigma, 1963

Exercises

“The paramount question of the day is not political, is not religious, but is economic. The crying-out demand of today is for a circle of principles that shall forever make it impossible for one man to control another by controlling the means of his existence.”

Voltairine de Cleyre (1866–1912) American anarchist writer and feminist

The Economic Tendency of Freethought (1890)

Question, Cry

“Without peace and the rule of law, civil, cultural, economic, political and social rights cannot be enjoyed, when killing, maiming and mutual poisoning prevail.”

Alfred de Zayas (1947) American United Nations official

Rights expert urges the UN General Assembly to adopt a more decisive role in peace-making (For International Day of Peace, Saturday 21 September 2013) http://dezayasalfred.wordpress.com/2013/09/26/rights-expert-urges-the-un-general-assembly-to-adopt-a-more-decisive-role-in-peace-making-for-international-day-of-peace-saturday-21-september-2013/. 2013, 2013 - International Peace Day

Peace, Law

“I seem to have come to much of the same conclusion as you have reached, though approaching it from the direction of economics and the social sciences rather than from biology - that there is a body of what have been calling "general empirical theory," or "general system theory" in your excellent terminology, which is of wide applicability in many different disciplines. I am sure there are many people all over the world who have come to essentially the same position that we have, but we are widely scattered and do not know each other, so difficult is it to cross the boundaries of the disciplines.”

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

Kenneth Boulding (1953) in letter to Bertalanffy, cited in: Ludwig von Bertalanffy (1968) General System Theory. p. 14
1950s

People, World, Science

“The rural and urban populations does not necessarily drift downward in the process of economic growth: indeed, there is some evidence to suggest that it is stable at best, and tends to widen because per capita productivity in urban pursuits increases more rapidly than in agriculture.”

Simon Kuznets (1901–1985) economist

Source: "Economic growth and income inequality," 1955, p. 8

“The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn’s (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston’s choice of Lief Olson, et cetera. … M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.”

Paul A. Samuelson (1915–2009) American economist

New millennium, An Interview with Paul A. Samuelson, 2003

Way, Dead

“Various sociopolitical movements are oriented to the nostrums of ‘social justice,’ favoring entitlements for all those with economic disparity. They struggle for what is scientifically impossible: equality of outcome. They want everyone to end up with the same amount of wealth—billions of people all possessing the same numerical affluence.”

L. K. Samuels (1951) American writer

Source: In Defense of Chaos: The Chaology of Politics, Economics and Human Action, (2013), p. 72

People, Justice, Wealth

“Much attention has been given in recent years to what might be called the "higher organization" of the state, both in the practical experimentation of modem nations and in the domain of theoretical analysis. In almost every country in the world there has been experimentation with and discussion of the emerging evolution of political-economic forms and forces, now everywhere challenging the peace and security of mankind technology, cartels, unions, business and agricultural associations, armies, professions, churches, schools. The problem of a socialistic or a mixed economy has led to vigorous debate not only upon economic principles but upon the whole political setting of economics.”

Charles Edward Merriam (1874–1953) American political scientist

177-8 ; as cited in Albert Lepawsky (1949), Administration, p. 220-1
Systematic Politics, 1943

World, School, Peace, Business

“Global poverty is an "input" on the supply side; the global economic system feeds on cheap labor.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 5, The Global Cheap-Labor Economy, p. 69 (See also: Rosa Luxemburg, Karl Marx)

“The adverse economic events following the First World War turned me toward economics… I learned during my youth how hard it was for farm families to stay solvent. Farm product prices fell abruptly by more than half. Banks went bankrupt and many farmers suffered foreclosures. Was politics or economics to blame? I opted for economics.”

Theodore Schultz (1902–1998) American economist

" Nobelprize.org: Autobiography http://www.nobelprize.org/nobel_prizes/economics/laureates/1979/schultz-autobio.html," in: Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992

War, Youth, World, Family

“Most liberals agree that some rights and liberties are more basic than others. All liberals include some economic liberties on their list of basic liberties. The purpose of these liberties is (at least in part) to protect citizens’ ability to act as independent decision-makers over a wide range of choices they face in their lives, to facilitate them facing each other as autonomous and equal citizens, and to allow them to develop their moral powers.”

Jason Brennan (1979) philosopher

Neoclassical Liberalism: How I’m Not a Libertarian (2011)

Decision, Parting

“Robbed of a foundation of political philosophy on which (how ever illegitimately) it had based itself, economics is in great danger of becoming a plaything of demagogy.”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Conclusion, p. 414
A History of Economic Thought (1939)

“Americans who have lost their jobs need our help and I support extending unemployment benefits and direct assistance for health care coverage. Yet, American workers want more than unemployment checks — they want a steady paycheck. When America works, America prospers, so my economic security plan can be summed up in one word: jobs.”

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

2000s, 2002, State of the Union address (January 2002)

Health, Support, Help

“We are now approaching a social revolution, in which the old economic foundations of monogamy will disappear just as surely as those of its complement, prostitution. Monogamy arose through the concentration of considerable wealth in one hand — a man's hand — and from the endeavor to bequeath this wealth to the children of this man to the exclusion of all others. This necessitated monogamy on the woman's, but not on the man's part. Hence this monogamy of women in no way hindered open or secret polygamy of men. Now, the impending social revolution will reduce this whole care of inheritance to a minimum by changing at least the overwhelming part of permanent and inheritable wealth—the means of production—into social property. Since monogamy was caused by economic conditions, will it disappear when these causes are abolished?
One might reply, not without reason: not only will it not disappear, but it will rather be perfectly realized. For with the transformation of the means of production into collective property, wagelabor will also disappear, and with it the proletariat and the necessity for a certain, statistically ascertainable number of women to surrender for money. Prostitution disappears and monogamy, instead of going out of existence, at last becomes a reality—for men also.
At all events, the situation will be very much changed for men. But also that of women, and of all women, will be considerably altered. With the transformation of the means of production into collective property the monogamous family ceases to be the economic unit of society. The private household changes to a social industry. The care and education of children become? a public matter. Society cares equally well for all children, legal or illegal. This removes the care about the "consequences" which now forms the essential social factor—moral and economic—hindering a girl to surrender unconditionally to the beloved man. Will not this be sufficient cause for a gradual rise of a more unconventional intercourse of the sexes and a more lenient public opinion regarding virgin honor and female shame? And finally, did we not see that in the modern world monogamy and prostitution, though antitheses, are inseparable and poles of the same social condition? Can prostitution disappear without engulfing at the same time monogamy?”

Friedrich Engels (1820–1895) German social scientist, author, political theorist, and philosopher

The Origin of the Family, Private Property and the State (1804) as translated by Ernest Untermann (1902); Full English text of The Origin of the Family, Private Property and the State http://www.marxists.org/archive/marx/works/1884/origin-family/index.htm - Full original-language German text of The Origin of the Family, Private Property and the State http://www.mlwerke.de/me/me21/me21_025.htm

Women, Men, Money, Children

“If I were five-and-twenty or thirty, instead of, unhappily, twice that number of years, I would take Adam Smith in hand—I would not go beyond him, I would have no politics in it—I would take Adam Smith in hand, and I would have a League for free trade in Land just as we had a League for free trade in Corn. You will find just the same authority in Adam Smith for the one as for the other; and if it were only taken up as it must be taken up to succeed, not as a political, revolutionary, Radical, Chartist notion, but taken up on politico-economic grounds, the agitation would be certain to succeed; and if you apply free trade in land and to labour too—that is, by getting rid of those abominable restrictions in your parish settlements, and the like—then, I say, the men who do that will have done for England probably more than we have been able to do by making free trade in corn.”

Richard Cobden (1804–1865) English manufacturer and Radical and Liberal statesman

Speech at Rochdale (23 November 1864), quoted in John Bright and J. E. Thorold Rogers (eds.), Speeches on Questions of Public Policy by Richard Cobden, M.P. Volume II (London: T. Fisher Unwin, 1908), p. 493.
1860s

Men

“Socialism is not the invention of an individual. It is essentially the outcome of economic and social conditions. The evils that Capitalism brings differ in intensity in different countries, but, the root cause of the trouble once discerned, the remedy is seen to be the same by thoughtful men and women. The cause is the private ownership of the means of life; the remedy is public ownership.”

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

The Labour Party in Perspective (Left Book Club, 1937), p. 15.
1930s

Life, Women, Men, Evil

“The laws of economics are subject to the laws of physics. The physical processes that govern this planet and the continued life upon it place as stringent an upper limit on economic growth as the speed of light does on our knowledge of the universe.”

Ian McDonald book River of Gods

Source: River of Gods (2006), Ch. 9 (p. 93).

Life, Law, Knowledge, Light

“What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money-fixed claims, to pure equity issues, giving holders only the right to a pro-rata share in the uncertain venture? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.”

Merton Miller (1923–2000) American economist

Franco Modigliani and Merton H. Miller. "The cost of capital, corporation finance and the theory of investment." The American economic review (1958): 261-297.

Money, World, Behavior, Question

“The moral sentiments that constrain economic life also promote it.”

Ted Malloch (1952) American businessman

Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 13.

Life

“Thanks to the work of John Maynard Keynes and of Milton Friedman, we now have a better understanding of how governments can (at least in principle) reduce the severity of major economic downturns. Keynesian economics taught us that government spending can raise GDP and reduce unemployment.”

Martin Feldstein (1939–2019) American economist

"Economic Conditions and U.S. National Security in the 1930s and Today" (2009).

Understanding

“Certain exterior impulses hit the economic mechanism and thereby initiate more or less regular oscillations.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 173

“Economics, said Mr Stanley, is 50% psychology … What we need, apparently, is not statesman but hypnotists, not scientists, but witchdoctors, not confidence born of scientific prediction of the future, but confidence created by a political Confidence Trick. There is nothing surprising in this. It is the kind of mystic Mumbo-Jumbo to which capitalism is driven when austere reason pronounces sentence of death upon it. It is the primitive recoil from reality and the burdens of reality which lies at the root of Fascist psychology.”

Aneurin Bevan (1897–1960) Welsh politician

Tribune, 5 November 1937
1930s

Death, Confidence, Reality, Future

“Standard economists don't seem to understand exponential growth. Ecological economics recognizes that the economy, like any other subsystem on the planet, cannot grow forever. And if you think of an organism as an analogy, organisms grow for a period and then they stop growing. They can still continue to improve and develop, but without physically growing, because if organisms did that you’d end up with nine-billion-ton hamsters. There is a great video on this.”

Robert Costanza (1950) American economist

Robert Costanza in: " What is Ecological economics http://insights.som.yale.edu/insights/what-ecological-economics," at Yale Insights, May 2010.

Understanding, Thinking

“I quote somewhere a correspondence with Ken Arrow, after he wrote Arrow and Hahn. I wrote to him and I said that the trouble is that neoclassical economists confuse risk with uncertainty. Uncertainty means non-probabilistic. And he said, 'Quite true, you're quite correct that Keynes is much more fruitful, but the trouble with the General Theory is, those things that were fruitful couldn't be developed into a nice precise analytical statement, and those things that could were retrogressions from Keynes but could be developed into a nice precise analytical statement.' That's why mainstream economics went that route. And my answer is, I would hope that even Nobel Prize winners didn't believe that regression is growth, which it clearly isn't. But that's right. The fear that everybody has, you see, is nihilism: you won't be able to say what's going to happen. Well, evolutionists don't worry about being unable to predict. You ask the evolutionists, who tell you what happened in the past, just what next species is going to appear, and the answer is, anything could. Right? Does that bother people? Explanation is the first thing in science. If you can't explain, you don't have anything. But you needn't necessarily predict. Now, if you know the future's uncertain, what does that mean? It means basically, the way Hicks put it in his later years, that humans have free will. The human system isn't deterministic or stochastic, which is deterministic with a random error. Humans can do thins to change the world.”

Paul Davidson (1930) Post Keynesian economist

quoted in Conversations with Post Keynesians (1995) by J. E. King

People, World, Fear, Hope

“First they junked the concept of “justice.” Examined semantically “justice” has no referent—there is no observable phenomenon in the space-time-matter continuum to which one can point, and say, “This is justice.” Science can deal only with that which can be observed and measured. Justice is not such a matter; therefore it can never have the same meaning to one as to another; any “noises” said about it will only add to confusion.
But damage, physical or economic, can be pointed to and measured. Citizens were forbidden by the Covenant to damage another. Any act not leading to damage, physical or economic, to some particular person, they declared to be lawful.”

Robert A. Heinlein (1907–1988) American science fiction author

“Coventry”, pp. 500-501; originally published in Astounding Science Fiction (July 1940)
Short fiction, The Past Through Tomorrow (1967)

Justice, Law, Science, Time

“Anarchism is the attempt to eradicate domination. This includes not only such obvious forms as the nation-state, with its routine use of violence and the force of law, and the corporation, with its institutionalized irresponsibility, but also such internalized forms as patriarchy, racism, homophobia. Also it is the attempt to expose the ways our philosophy, religion, economics, and other ideological constructions perform their primary function, which is to rationalize or naturalize — make seem natural — the domination that pervades our way of life: the destruction of the natural world or of indigenous peoples, for example, comes not from the result of decisions actively made and actions pursued, but instead, so we convince ourselves, as a manifestation of Darwinian selection, or God's will, or economic exigency. Beyond that, Anarchism is the attempt to look even into those parts of our everyday lives we accept as givens, as part of the universe, to see how they, too, dominate us or facilitate our domination over others… Most fundamentally, I would see Anarchism as a synonym for anti-authoritarianism.”

John Zerzan (1943) American anarchist and primitivist philosopher and author

Running on Emptiness: The Pathology of Civilization (2002)

Life, God, People, World

“For a period of roughly 35 years, Keynesian theory provided a central paradigm for macroeconomists, and considerable progress was made on several empirical fronts. It was widely recognized that some of the ingredients of Keynesian economics (e. g. money illusion and/or nominal wage rigidity) rested on slender to non-existent microtheoretic foundations; and there were always dissenters. But, thought of as a collection of empirical regularities that fit together into a coherent whole, the theory worked tolerably well. In the 1970s, however, the Keynesian paradigm was rejected by a great many academic economists, especially in the United States, in favour of what we now call new classical economics. By about 1980, it was hard to find an American academic macroeconomist under the age of 40 who professed to be a Keynesian. That was an astonishing intellectual turnabout in less than a decade, an intellectual revolution for sure.”

Alan Blinder (1945) economist

"The fall and rise of Keynesian economics", (1988)

Money, Age

“Hard science gives sensational results with a horribly boring process; philosophy gives boring results with a sensational process; literature gives sensational results with a sensational process; and economics gives boring results with a boring process.”

Nassim Nicholas Taleb book The Bed of Procrustes: Philosophical and Practical Aphorisms

Source: The Bed of Procrustes: Philosophical and Practical Aphorisms (2010), p. 45

Literature, Science

“First, the welfare state is not a subject apart, but fits naturally into the framework of economic analysis. Secondly, the theoretical arguments support the existence of the welfare state not only for well known equity reasons but also - and powerfully - in efficiency terms.”

Nicholas Barr (1943) British economist

Source: Economics Of The Welfare State (Fourth Edition), Chapter 1, Introduction, p. 3

Support, Nature

“This, at least, is the accepted explanation, though like most economic explanations it seems, under certain lights, to omit the main point.”

Ursula K. Le Guin Hainish Cycle

Source: Hainish Cycle, The Left Hand of Darkness (1969), Chapter 8 “Another Way into Orgoreyn” (p. 118)

Light

“People tend to fall into three psychological types, all differently motivated. There is the type, motivated by economic factors, money…And there is the type motivated by ‘face,’ or pride. This type is a spender, fighter, boaster, lover, sportsman, gambler; he has a will to power and an itch for glory. And there is the professional type, which claims to follow a code of ethics rather than simply seeking money or glory—priests and ministers, teachers, scientists, medical men, some artists and writers. The idea is that such a man believes that he is devoting his life to some purpose more important than his individual self. You follow me?”

Robert A. Heinlein book Space Cadet

Source: Space Cadet (1948), Chapter 9 “Long Haul”, p. 111

Life, Men, Money, People

“For myself as, no doubt, for most of my contemporaries, the philosophy of meaninglessness was essentially an instrument of liberation. The liberation we desired was simultaneously liberation from a certain political and economic system and liberation from a certain system of morality. We objected to the morality because it interfered with our sexual freedom; we objected to the political and economic system because it was unjust. The supporters of these systems claimed that in some way they embodied the meaning (a Christian meaning, they insisted) of the world. There was an admirably simple method of confuting these people and at the same time justifying ourselves in our political and erotic revolt: we could deny that the world had any meaning whatsoever. Similar tactics had been adopted during the eighteenth century and for the same reasons… The men of the new Enlightenment, which occurred in the middle years of the nineteenth century, once again used meaninglessness as a weapon against the reactionaries. The Victorian passion for respectability was, however, so great that, during the period when they were formulated, neither Positivism nor Darwinism was used as a justification for sexual indulgence.”

Aldous Huxley book Ends and Means

Ends and Means (1937)

Men, People, World, Way

“If all of the elements in a large system are loosely coupled to one another, then any one element can adjust to and modify a local a local unique contingency without affecting the whole system. These local adaptations can be swift, relatively economical, and substantial.”

Karl E. Weick (1936) Organisational psychologist

Source: 1970s, "Educational organizations as loosely coupled systems," 1976, p. 7

“Social, political and economic institutions have become larger, considerably more complex and resourceful, and prima facie more important to collective life. Many of the major actors in modern economic and political systems are formal organizations, and the institutions of law and bureaucracy occupy a dominant role in contemporary life.”

Johan Olsen (1939) Norwegian political scientist

James G. March and Johan Olsen, (1989) Rediscovering Institutions: The Organizational Basis of Politics. New York: Free Press. p. 1-2

Life, Law

“The key to economic prosperity is the organized creation of dissatisfaction.”

Charles Kettering (1876–1958) American inventor, engineer, businessman, and the holder of 140 patents

As quoted in The End of Work (1995) by Jeremy Rifkin, p. 19

“So the story of the baby-sitting co-op is not a mere amusement. If people would only take it seriously—if they could only understand that when great economic issues are at stake, whimsical parables are not a waste of time but the key to enlightenment—it is a story that could save the world.”

Paul Krugman (1953) American economist

"Baby-Sitting the Economy", Slate (Aug. 13, 1998)

People, World, Understanding, Time

“An early insight in my work on the economics of information concerned the problem of appropriability — the difficulty that those who pay for information have in getting returns.”

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

Autobiographical Essay (2001)

Problem

“Black feminism also contains a strong emphasis on the class differences that exist between women, because the vast majority of the Black population in the U. S. has always been a part of the working class, and disproportionately living in poverty, due to the economic consequences of racism.”

Sharon Smith (writer) (1956) American historian

A Marxist Case For Intersectionality (2017)

Women, Strong, Parting

“Family farmers are small farmers who love the land. They're still not getting enough money for their product and are rapidly losing their battle to stay in business. By helping the American family farmer, we will in turn help ourselves out of the economic hole that we find ourselves in today. It doesn't really matter how we got here; the point is, we have to dig our way out.”

Willie Nelson (1933) American country music singer-songwriter.

[On the Clean Road Again: Biodiesel and the Future of the Family Farm, 36, 37, Nelson, Willie, Fulcrum Publishing, 2007, 9781555916244]

Love, Money, Family, Way

“SWA Magazine: Talking about spacecraft, what do you think about the shuttle program?
Asimov: Well, I hope it does get off the ground. And I hope they expand it, because the shuttle program is the gateway to everything else. By means of the shuttle, we will be able to build space stations and power stations, laboratory facilities and habitations, and everything else in space.
SWA Magazine: How about orbital space colonies? Do you see these facilities being built or is the government going to cut back on projects like this?
Asimov: Well, now you've put your finger right on it. In order to have all of these wonderful things in space, we don't have to wait for technology - we've got the technology, and we don't have to wait for the know-how - we've got that too. All we need is the political go-ahead and the economic willingness to spend the money that is necessary. It is a little frustrating to think that if people concentrate on how much it is going to cost they will realize the great amount of profit they will get for their investment. Although they are reluctant to spend a few billions of dollars to get back an infinite quantity of money, the world doesn't mind spending $400 billion every years on arms and armaments, never getting anything back from it except a chance to commit suicide.”

Isaac Asimov (1920–1992) American writer and professor of biochemistry at Boston University, known for his works of science fiction …

An Interview with Isaac Asimov (1979)

Money, People, World, Hope

“Unfortunately, the critics of economics have had a tendency to discuss the whole structure as a tissue of misconceptions. It is a critique that fails. The strength of economics is its considerable, if far from complete, understanding of the flows and comparative advantages that underlie trade, jobs, capital and incomes, and the logic of optimising behaviour, all backed by glittering accomplishment in mathematics. That makes it a powerful analytical instrument, so that just a few misconceptions – such as a failure to understand the informal economy or resource depletion – have leverage: like a baby monkey at the controls of a Ferrari, they can turn it into an instrument with extraordinarily destructive potential. If it were a tissue of errors, it would not be dangerous: it is its 90 percent brilliance which makes it so.”

David Fleming (1940–2010) British activist

Lean Logic, (2016), p. 123, entry on Economics http://www.flemingpolicycentre.org.uk/lean-logic-surviving-the-future/

Error, Mathematics, Failure, Understanding

“It's not a traditional America anymore. And there are 50% of the voting public who want stuff. They want things, and who is going to give them things? President Obama. He knows it, and he ran on it. And whereby 20 years ago, President Obama would have be roundly defeated by an establishment candidate like Mitt Romney. The white establishment is now the minority. And the voters, many of them, feel that this economic system is stacked against them and they want stuff.”

Bill O'Reilly (1949) American political commentator, television host and writer

Election coverage,

Feeling

“Authoritarian Communism is, and should be, forever tainted by those real-world laboratories. But what of the contemporary crusade to liberate world markets? The coups, wars and slaughters to instill and maintain pro-corporate regimes have never been treated as capitalist crimes but have instead been written off as the excess of overzealous dictators, as hot fronts in the Cold War, and now of the War on Terror. If the most committed opponents of the corporatist economic model are systematically eliminated, whether in Argentina in the seventies or in Iraq today, that suppression is explained as part of the dirty fight against Communism or terrorism - almost never as the fight for the advancement of pure capitalism.”

Naomi Klein (1970) Canadian author and activist

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

War, World, Communication, Fight

“In general the claim can be supported that a view of classical political economy as committed to extreme laissez-faire or unmitigated economic individualism misrepresents or at the very least analytically overgeneralizes their circumscribed theoretical and practical aims. In general then, with regard to both political and economic liberty, the classical political economists might be seen to be united in their efforts to theorize and systematize the productive and allocating functions of the mechanism of the market as the most efficient means to engender the growth of wealth. At the same time, classicals such as Smith, Malthus, Ricardo, and Mill recognized that the market, of necessity, operated in a larger context of restriction – not only legal, but equally as important, within political, religious, moral, and conventional restrictions – which could not be readily or in some cases even desirably overcome.”

Shannon C. Stimson (1951) American political theorist

"Classical Political Economy", in Coole, Diana H.; Gibbons, Michael; Ellis, Elisabeth et al., The encyclopedia of political thought (2014); see also Adam Smith

Support, Effort, Time, Wealth

“To deal with the much-discussed but still poorly understood complex of economic affairs known as globalization, we must examine its several forms from a Renewed Darwinian Theory point of view. Some can have positive effects for all parties while others inherently benefit the rich and strong at the expense of the poor and weak. Furthermore, some can be beneficial but also lend themselves to abuse, especially by people without a conscience, and therefore call for some kind of world-level impulse/check/balance control.”

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

Excerpt from: " The Drive to Acquire’s Impact on Globalization http://hbswk.hbs.edu/item/the-drive-to-acquires-impact-on-globalization," at hbswk.hbs.edu, 23 august 2010. Driven to Lead: Good, Bad, and Misguided Leadership, 2010

People, World, Strong

“Anybody can reduce taxes, but it is not so easy to stand in the gap and resist the passage of increasing appropriation bills which would make tax reduction impossible. It will be very easy to measure the strength of the attachment to reduced taxation by the power with which increased appropriations are resisted. If at the close of the present session the Congress has kept within the budget which I propose to present, it will then be possible to have a moderate amount of tax reduction and all the tax reform that the Congress may wish for during the next fiscal year. The country is now feeling the direct stimulus which came from the passage of the last revenue bill, and under the assurance of a reasonable system of taxation there is every prospect of an era of prosperity of unprecedented proportions. But it would be idle to expect any such results unless business can continue free from excess profits taxation and be accorded a system of surtaxes at rates which have for their object not the punishment of success or the discouragement of business, but the production of the greatest amount of revenue from large incomes. I am convinced that the larger incomes of the country would actually yield more revenue to the Government if the basis of taxation were scientifically revised downward. Moreover the effect of the present method of this taxation is to increase the cost of interest. on productive enterprise and to increase the burden of rent. It is altogether likely that such reduction would so encourage and stimulate investment that it would firmly establish our country in the economic leadership of the world.”

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)

World, Feeling, Business, Success

“Whereas traditional Christianity calls for the subordination of all other commitments to the commitment to God, Buddhism teaches us to give up all craving and attachment, just those aspects of the human psyche that ground economism.”

John B. Cobb (1925) American theologian

Eastern View of Economics http://web.archive.org/web/20150906075839/http://www.religion-online.org/showarticle.asp?title=3607

God

“The shattering of modern culture is the result, on the plane of ideological struggle, of the chaotic crisis of these antagonisms. The new desires that are taking shape are presented in distorted form: present-day resources could enable them to be fulfilled, but the anachronistic economic structure is incapable of developing these resources to such ends. Ruling-class ideology has meanwhile lost all coherence because of the depreciation of its successive conceptions of the world (a depreciation which leads the ruling class to historical indecision and uncertainty); because of the coexistence of a range of mutually contradictory reactionary ideologies (such as Christianity and social-democracy); and because of the mixing into contemporary Western culture of a number of only recently appreciated features of several foreign civilizations. The main goal of ruling-class ideology is therefore to maintain this confusion.”

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

Report on the Construction of Situations (1957)

World, Democracy, Success, Indecision

“This investigation aims to analyze the type "bourgeois public sphere". Its particular approach is required, to begin with, by the difficulties specific to an object whose complexity precludes exclusive reliance on the specialized methods of a single discipline. Rather, the category. "public sphere" must be investigated within the broad field formerly reflected in the perspective of the traditional science of "politics."' When particular social-scientific discipline, this object disintegrates. The problems that result from fusing aspects of sociology and economics, of constitutional law and political science, and of social and intellectual history are obvious: given the present state of differentiation and specialization in the social sciences, scarcely anyone will be able to master several, let alone all, of these disciplines.”

Jürgen Habermas book The Structural Transformation of the Public Sphere

Source: The Structural Transformation of the Public Sphere, 1963/1991, p.xvii

Law, History, Problem, Science

“The monetary history of the last four hundred years has been replete with financial crises. The pattern was that investor optimism increased as economies expanded, the rate of growth of credit increased and economic growth accelerated, and an increasing number of individuals began to invest for short-term capital gains rather than for the returns associated with the productivity of the assets they were acquiring. The increase in the supply of credit and more buoyant economic outlook often led to economic booms as investment spending increased in response to the more optimistic outlook and the greater availability of credit, and as household spending increased as personal wealth surged.”

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

Manias, Panics, and Crashes: A History of Financial Crises (1978), Ch. 13 : The Lessons of History and the Most Tumultuous Decades Ever

History, Optimism, Personality, Wealth

“Evolutionary game theory is one of the most active and rapidly growing areas of research in economics. Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others. In games that are repeated many times, low-payoff strategies tend to be weeded out, and an equilibrium may emerge.”

Larry Samuelson (1953) American economist

Larry Samuelson. Evolutionary Games and Equilibrium Selection. 1997. Overview.

People, Error, Game, Knowledge

“Among the most viable of all economic delusions is the belief that machines on net balance create unemployment. Destroyed a thousand times, it has risen a thousand times out of its own ashes as hardy and vigorous as ever. Whenever there is long-continued mass unemployment, machines get the blame anew. This fallacy is still the basis of many labor union practices. The public tolerates these practices because it either believes at bottom that the unions are right, or is too confused to see just why they are wrong. The belief that machines cause unemployment, when held with any logical consistency, leads to preposterous conclusions. Not only must we be causing unemployment with every technological improvement we make today, but primitive man must have started causing it with the first efforts he made to save himself from needless toil and sweat.”

Henry Hazlitt book Economics in One Lesson

Economics in One Lesson (1946), The Curse of Machinery (ch. 7)

Effort, Time

“I am very liberal on social issues, but I don’t believe we can have personal liberty, which is what that means, without having economic liberty. We have economic tyranny when you add in Obamacare, we have about 50 percent of the U. S. GDP in the public sector. That means that you have a tyrannical and overregulating, and politicized economy, not a market economy, not the invisible hand.”

Scott McNealy (1954) American businessman

Source: Why Sun Co-Founder Scott McNealy Supports The Romney-Ryan Ticket http://techpresident.com/news/22727/why-sun-co-founder-scott-mcnealy-supports-romney-ryan-ticket

Personality

“I had before me the product of two mutually exclusive philosophies. Economism would insist that having made the perfect pencil, Thoreau should make more pencils and sell them for money with which to buy more material to make still more pencils to sell for money to buy still more material, and so on, because the making and selling of pencils is the whole content of life. Thoreau did not believe it is the whole content of life. It was clear that economism's philosophy was the only one which my companion was capable of accepting. Detach him from his particular specialised practice of it, and existence would have no further meaning for him; and in this he was representative of the great bulk of society in this present age.”

Albert Jay Nock (1870–1945) American journalist

Source: Memoirs of a Superfluous Man (1943), p. 173

Life, Money, Age, Perfection

“When the Lord's Prayer is prayed with insight it becomes a petition for the abolition of capitalism and the supplanting of the existing economic order with a society which is consistent with the religion of Jesus.”

Kirby Page (1890–1957) American clergyman

Individualism and Socialism (1933)

Religion

“Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege.”

Tommy Douglas (1904–1986) Scottish-born Canadian politician

as quoted in Straight Through the Heart: How the Liberals Abandoned the Just Society (Harper and Collins: 1995), p. 243.

People, Fear, Democracy

“For a city or a people to be truly free they must have the secure right, without economic, political or police pressure, to make their own choice and to live their own lives.”

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

1961, UN speech

People

“Although we cannot place all the blame for the dismal condition of LDCs on Keynesian economics, it bears a heavy responsibility for much of the pain and suffering in the Third World.”

Bruce Bartlett (1951) American historian

Bruce Bartlett, "Keynesian Policy and Development Economics" in Dissent on Keynes (1992).
1990s

Pain, World, Suffering

“There is a need to renew our economic institutions and the principles which guide them. Parts of the financial sector, we now know, were run on a false prospectus. With the rewards to some individuals completely divorced from basic ideas of fairness, or service. And, as it transpires, sadly those rewards were also divorced from any reasonable notion of lasting value. That could not be sustained. And it was not sustained.”

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

Scotland in the World Forum (February 4, 2008), Church of Scotland (May 25, 2009)

Idea, Parting, Falseness

Norman Thomas (1884–1968) American Presbyterian minister and socialist

Three New Deals: Reflections on Roosevelt's America, Mussolini's Italy, and Hitler's Germany, 1933-1939, Wolfgang Schivelbusch, (2006) Metropolitan Books, pp. 28-29.

“Let's discuss the world. To answer the question, "is globalisation possible without God", the simple answer is "yes". Globalisation is after all itself a code word, a mask, for not using the C-word, capitalism. Globalisation is basically the latest phase of expanding capitalism. This not something which is neutral, this is a capitalism that has its rules: it has its economic rules, it has its political rules, it has its cultural rules and it has its military rules. It is a system. At the heart of this system is the United States of America, the world's only existing empire today. The first time in the history of humanity that you have just had a single empire, so dominant, whose military budget is higher than the military budgets of the next 15 countries put together, and whose military-industrial complex itself is the eleventh largest economic entity in the world. This is the reality we live in, and this is the reality which confronts us in different ways.”

Tariq Ali (1943) British Pakistani writer, journalist, and historian

10th Globalisation lecture, VRPO. http://www.vpro.nl/programma/tegenlicht/artikelen/21200518/

God, World, Way, History

“The concept of man as mass robot was both an expression of and a powerful motive force in industrialized mass society. It was the basis for behavioural engineering in commercial, economic, political and other advertising and propaganda; the expanding economy of the 'affluent society' could not subsist without such manipulation. Only by manipulating humans ever more into Skinnerian rats, robots buying automata, homeostatically adjusted conformers and opportunists (or, bluntly speaking, into morons and zombies) can this great society follow its progress toward ever increasing gross national product.”

Ludwig von Bertalanffy (1901–1972) austrian biologist and philosopher

Source: General System Theory (1968), 9. General Systems Theory in Psychology and Psychiatry, p. 206

Motivation

“If craftsmen and blacksmiths were feared for transforming material substance, if traders were feared for transforming such intangible qualities as value, how much more will the banker be feared for the transformations he effects with the most abstract and immaterial of all economic institutions? Thus we reach the climax of the progressive replacement of the perceivable and concrete by abstract concepts shaping rules guiding activity: money and its institutions seem to be beyond the boundary of laudable and understandable physical efforts of creation, in a realm where the comprehension of the concrete ceases and incomprehensible abstractions rule.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

Source: 1980s and later, The Fatal Conceit: The Errors of Socialism (1988), p.102

Money, Fear, Understanding, Effort

“Americanization is a common citizenship. Does it make any difference what kind of citizenship, and over what road a man travels mentally, spiritually, and economically to citizenship? If every man in America were to be made into a citizen tomorrow by any of the prevailing superficial methods, America basically would be unchanged, and most of the new citizens would not be greatly affected. Would the examination of any ten newly naturalized citizens give a common denominator of Americanization? How can it when several thousand judges who apply the tests vary in their own concept so widely that of two men equally qualified one gets the coveted paper and the other fails? And what of women, who become citizens automatically with their husbands, and who in three of the greatest immigration States in the union have equal citizenship powers? Are we really any nearer Americanization with each new citizen admitted by inadequate naturalization law requirements and through superficial judicial examinations?”

Frances Kellor (1873–1952) American sociologist

What is Americanization? (1919)

Women, Men, Law, Travel

“At the same time, however, being a bourgeois class in a colonial and semi-colonial country and so being extremely flabby economically and politically, the Chinese national bourgeoisie also has another quality, namely, a proneness to conciliation with the enemies of the revolution.”

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

On New Democracy (1940)

Time, Country

“What did trust, cooperation, progressive taxation and the interventionist state bequeath to western societies in the decades following 1945? The short answer is, in varying degrees, security, prosperity, social services and greater equality. We have grown accustomed in recent years to the assertion that the price paid for these benefits—in economic inefficiency, insufficient innovation, stifled entrepreneurship, public debt and a loss of private initiative—was too high. Most of these criticisms are demonstrably false.”

Tony Judt (1948–2010) British historian

Ill Fares the Land (2010), Ch. 2 : The World We Have Lost

Loss, Falseness

“To Lincoln, slavery undercut the free labor outlook on the world because it denied advancement and self-improvement. For Lincoln, the great attraction of any economic regime was the degree to which it permitted accumulation and self-promotion. He once described the ideal system as being one where the penniless beginner starts out working for somebody else, accumulates capital on his own by dint of savings, goes into business for himself, and then eventually becomes so successful that he hires others, who in turn continue the cycle. And he spoke of that as being the order of things in a society of equals. For him, the very notion of equality is a matter of equality of openness, aspiration, and opportunity.”

Allen C. Guelzo (1953) American historian

2010s, Interview with Tom Mackaman (2013)

World, Business, Success

“Our nation should always derive its character directly from the people and let this be the strength and the image to be presented to the world — the character of the American people.
To our friends and allies I say that what unites us through our common dedication to democracy is much more important than that which occasionally divides us on economics or politics. To the nations that seek to lift themselves from poverty I say that America shares your aspirations and extends its hand to you. To those nation-states that wish to compete with us I say that we neither fear competition nor see it as an obstacle to wider cooperation. To all people I say that after two hundred years America still remains confident and youthful in its commitment to freedom and equality, and we always will be.”

Jimmy Carter (1924) American politician, 39th president of the United States (in office from 1977 to 1981)

Pre-Presidency, First Presidential Nomination Acceptance Speech (1976)

People, Youth, World, Fear

“Gold is required in large quantities only in a society which produces a very large economic surplus and can afford to transform part of that surplus into gold for prestige purposes (as in India) or into coinage and money to promote capitalism”

Walter Rodney book How Europe Underdeveloped Africa

as in Western Europe
Source: How Europe Underdeveloped Africa (1972), p. 106.

Money, Parting

“We argue that the problem is not to "abandon"Marxism or to "annul" it, but to transcend it dialectically, just as Marx transcended Hegelian philosophy, Ricardian economics, and Blanquist tactics and modes of organization.”

Murray Bookchin (1921–2006) American libertarian socialist author, orator, and philosopher

Listen, Marxist!

Problem

“Globalisation was an unstoppable natural process; free-market economics simply the natural state of things. But when the country that designed globalisation, imposed it and benefited from it most votes against it, you have to consider the possibility that it is going to end, and suddenly. If so, you also have to consider a possibility that – if you are a liberal, humanist democrat – may be even more shocking: that oligarchic nationalism is the default form of failing economies.”

Paul Mason (journalist) (1960) British journalist

The Soviet Union collapsed overnight. Don’t assume western democracy will last forever https://www.theguardian.com/commentisfree/2016/dec/05/soviet-union-collapsed-overnight-western-democracy-liberal-order-ussr-russia, The Guardian (5 December 2016)

Nature, Country

“In economics, as in politics, no national reservoir can stand the strain when everyone is turning on the taps and few are bothering to see that the catchments to the reservoir are working.”

Geoffrey Blainey (1930) Australian historian

Eye on Australia: Speeches and Essays of Geoffrey Blainey (1991)

“Grotesque sentiments such as the lust of business success or economic power of any kind, and indeed every purely self-regarding passion, from that of the social climber to that of the salvation-seeking ascetic, are experienced by the explorer with something of that shame which the child, emerging into adolescence, may feel toward the still-clinging fascination of his outgrown toys, or with such disgust as the youth may feel when he wakes from some unworthy sexual infatuation”

Olaf Stapledon book Last Men in London

Source: Last Men in London (1932), Chapter II: Exploring the Past.

Youth, Feeling, Business, Passion

“[Attlee] reminded the delegates that it was vital to reduce costs by greater efficiency, which meant that both employers and employed had to seek in every way to attain it. He did not believe in lowering wages as a means of reducing costs, but equally it was necessary to realize that increases of wages that were not matched by increases of production would gravely impair their chances of getting rapidly over their difficulties. Increased demands for money payments, when there was no increase of goods to meet them led straight away to inflation. There was a danger that when a justifiable advance in wages for an under-paid section of the workers had been granted it resulted in demands from those who had enjoyed higher wages to maintain the same differential. This was bad economics and bad social morality. He had been disturbed at the evidence that some people were abusing the social services in such matters as sickness benefit. They could not have them sabotaged by misuse.”

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

Speech to the Trades Union Congress at Bridlington (7 September 1949), quoted 'Chronology, 18 August 1949 - 7 September 1949', Chronology of International Events and Documents, Vol. 5, No. 17 (18 August-7 September 1949), p. 583
1940s

Money, People, Way, Chance

“Johnson represents a clear and coherent economic and political philosophy that conservative and libertarian economists can understand and support if they choose.”

Brent Budowsky (1952) American journalist

In shock poll, Libertarian Johnson beats Trump among economists (August 23, 2016)

Understanding, Support

“We have had significant achievements in political, economic and social spheres. A transparent public relations system has been created in our country, and the activity of democratic institutions, human rights and freedoms have been ensured. Legislation that meets international requirements, effective operation of specialized institutional structures, and ensuring transparency in public administration are the successes of our anti-corruption policy.”

Ilham Aliyev (1961) 4th President of Azerbaijan from 2003

President Ilham Aliyev's opening letter to participants of the Third Meeting of the Heads of Anti-Corruption Organizations and Ombudsmen of the Economic Cooperation Organization Member States (6 June 2017) http://www.today.az/print/news/politics/161995.html Anti-corruption policy

Freedom, Success, Country

“It is interesting to note that in nearly all the economics courses it is taught that the income tax is the proper instrument for the regulation of the country’s economy; that private property is not an inalienable right (in fact, there are no inalienable rights); that the economic ills of the country are traceable to the remnants of free enterprise; that the economy of the nation can be sound only when the government manages prices, controls wages, and regulates operations. This was not taught in the colleges before 1913.”

Frank Chodorov (1887–1966) American libertarian thinker

Source: The Income Tax: Root of All Evil (1954), p. 34

Country

Quotes about economics page 23

Quotes about economics
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