Quotes about economics (3228 quotes, page 24)

“While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.”

Kenneth Arrow (1921–2017) American economist

Arrow and Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 ( online http://www.nobelprize.org/nobel_prizes/economics/laureates/1972/presentation-speech.html)
1970s-1980s

Way

“Applied psychology can, therefore, speak the language of an exact science ill its own field, independent of economic opinions and debatable partisan interests.”

Hugo Munsterberg (1863–1916) German-American psychologist, philosopher and agitator

Source: Psychology and Industrial Efficiency (1913), p. 18-19

Science

“It is in the social sphere, in the realm of politics and economics, that the Will to Order becomes really dangerous.”

Aldous Huxley book Brave New World Revisited

Source: Brave New World Revisited (1958), Chapter 3 (p. 22)

“When I say “capitalism,” I mean a full, pure, uncontrolled, unregulated laissez-faire capitalism—with a separation of state and economics, in the same way and for the same reasons as the separation of state and church.”

Ayn Rand book The Virtue of Selfishness

The Virtue of Selfishness (1964)

Way

“John Maynard Keynes may have had more influence on policy makers, Milton Friedman on citizens, Kenneth Arrow on economic theory, but Samuelson had more influence on the way economics is done today, and the purposes to which it is put, than any other economist of the twentieth century.”

David Warsh (1944) American journalist

David Warsh, "The Enormous Black Box" http://www.economicprincipals.com/issues/2009.12.13/841.html (2009)

Way

“The advent of the new political economy marked a decisive moment in the demise of the republican strand of American politics and the rise of contemporary liberalism. According to this liberalism, government should be neutral as to conceptions of the good life, in order to respect persons as free and independent selves, capable of choosing their own ends. Keynesian fiscal policy both reflected this liberalism and deepened its hold on American public life. Although those who practiced Keynesian economics did not defend it in precisely these terms, the new political economy displayed two features of the liberalism that defines the procedural republic.”

Michael J. Sandel (1953) American political philosopher

1. America's Search for a Public Philosophy
Public Philosophy (2005)

Life , Decision , Personality

“We must move toward a soundly based and widely distributed economic well-being. This is the 'theory of plenty' as distinguished from the 'theory of scarcity' which has dominated our recent economic thinking and politics. Our yardstick, according to my thinking, I consists of the most effective balance between the following: First, the reduction in the real costs and selling! prices of goods and services; second, a more economic balance of national income through policies affecting wages, hours, prices and profits.”

Alfred P. Sloan (1875–1966) American businessman

Cited in: Charles Cullen Chapman (1936), The development of American business and banking thought, 1913-1936. p. 265
New York Times interview, 1935

Thinking

“All economic decisions, whether private or business, as well as those involving economic policy, have the characteristic that quantitative and non-quantitative information must be combined into one act of decision. It would be desirable to understand how these two classes of information can best be combined.”

Oskar Morgenstern (1902–1977) austrian economist

Attributed to Morgenstern in: John H. McArthur, ‎Bruce R. Scott (1969), Industrial planning in France. p. 21.

Understanding , Business , Decision

“We got rich by violating one of the central tenets of economics: thou shall not sell off your capital and call it income. And yet over the past 40 years we have clear-cut the forests, fished rivers and oceans to the brink of extinction and siphoned oil from the earth as if it possessed an infinite supply. We've sold off our planet's natural capital and called it income. And now the earth, like the economy, is stripped.”

Kalle Lasn (1942) Estonian-Canadian film maker, author, magazine editor and activist

Hey President Obama http://www.adbusters.org/magazine/82/obama_economics.html/. Adbusters (March 24, 2009).

Nature , Fish , Past

“There is a limit to how much the country can take; you don’t want us to collapse. You don’t want our economic plans, our economic reform to be disrupted . . . You don’t want Jordan to be destabilised.”

Abdullah Ensour (1939) prime minister of Jordan

Abdullah Ensour, the Prime Minister of Jordan on Syrian refugees entering Jordan, quoted on Ft, "Jordan seeks international aid in deal over Syrian refugees" http://www.ft.com/cms/s/0/37d35b58-c8c3-11e5-a8ef-ea66e967dd44.html#axzz41ZFvNw7K, February 1, 2016.

Country

“As to sociology and anthropology, it is manifest that the importance of information and communication as mechanisms of organization proceeds beyond the individual into the community. On the other hand, it is completely impossible to understand social communities such as those of ants without a thorough investigation of their means of communication, and we were fortunate enough to have the aid of Dr. Schneirla in this matter. For the similar problems of human organization, we sought help from the anthropologists Drs. Bateson and Margaret Mead; while Dr. Morgenstern of the Institute for Advanced Study was our adviser in the significant field of social organization belong to economic theory. His very important joint book on games with Dr. von Neumann, by the way, represents a most interesting study of social organization from the point of view of methods closely related to, although distinct from, the subject matter of cybernetics. Dr. Lewin and others represented the newer work on the theory of opinion sampling and the practice of opinion making, and Dr. F. C. S. Northrup was interested in assaying the philosophical significance of our work.”

Norbert Wiener book Cybernetics: Or Control and Communication in the Animal and the Machine

Introduction. p. 18-19
Cybernetics: Or Control and Communication in the Animal and the Machine (1948)

Books , Way , Game , Communication

“After 200 years, the constitutional protection of the right of the individual to life, liberty, and the pursuit of happiness is virtually gone. Today’s current terminology describing rights reflects this sad change. It is commonplace for politicians and those desiring special privileges to refer to: black rights, Hispanic rights, handicap rights, employee rights, student rights, minority rights, women’s rights, gay rights, children’s rights, student rights, Asian-American rights, Jewish rights, AIDS victims’ rights, poverty rights, homeless rights, etc. Unless all the terms are dropped & we recognize that only an individual has rights, the solution to the mess in which we find ourselves will not be found. The longer we lack of definition of rights, the worse the economic and social problems will be.”

Ron Paul (1935) American politician and physician

Freedom Under Siege https://web.archive.org/web/20111229190300/http://www.buzzfeed.com/ccbaxter/22-facts-that-dont-jibe-with-ron-paul-being-a-rac-41xp (1987).
1980s

Life , Women , Children , Sadness

“The performance of business leaders during the next decade will play a major role in determining not only business but political and social trends for a long time to come. Here are some of the principal reasons:
- Business leaders control the economic well-being of and stockholder.
- The course of business shapes public opinion.
- Business leaders shape public opinion.
So, in addition to his or her prime responsibility of managing his or her enterprise at a profit, the business leader of today is faced with new and larger responsibilities. And, at the same time, the job of managing his or her enterprise at a profit is increasing in complexity. Consequently, the imposition of additional responsibilities makes the nation’s task of developing an adequate number of properly equipped executive leaders a staggering one indeed.”

Marvin Bower (1903–2003) American business theorist

Marvin Bower (1949) The development of executive leadership. Harvard University. Graduate School of Business Administration. p. v

Business , Time

“We have lived for 200 years in a growth economy. In this time we have come to believe that all our major economic ills – from unemployment and poverty to overpopulation and even environmental degradation – can be solved by more growth. And if the global economy existed in a void perhaps that would be true. But it does not.”

Herman E. Daly (1938) American economist

A steady-state economy, 2008

Time

“The central question for positive financial economics is valuation – what is the value today of a set of future prospective cash flows? The central question for normative financial economics is the appropriate use of financial instruments in a world in which values are set wholly or partially in accord with the principles of positive financial economics.”

William F. Sharpe (1934) American economist

William Sharpe’s February 1992 lecture at Trinity University: in: William Breit, ‎Barry T. Hirsch (2009). Lives of the Laureates: Twenty-three Nobel Economists. p. 172

World , Question , Future

“Every right of suffrage, like any political right in general, is not to be measured by some sort of abstract scheme of “justice,” or in terms of any other bourgeois-democratic phrases, but by the social and economic relationships for which it is designed. The right of suffrage worked out by the Soviet government is calculated for the transition period from the bourgeois-capitalist to the socialist form of society, that is, it is calculated for the period of the proletarian dictatorship. But, according to the interpretation of this dictatorship which Lenin and Trotsky represent, the right to vote is granted only to those who live by their own labor and is denied to everyone else.”

Rosa Luxemburg (1871–1919) Polish Marxist theorist, socialist philosopher, and revolutionary

Source: The Russian Revolution (1918), Chapter Five, "The Question of Suffrage"

Justice

“Any prosperity policy is a delusion and a path to ruin. There is no economic lesson which the people of the United States need to take to heart more than that. In the second place the Spanish mistakes arose, in part, from confusing the public treasury with the national wealth.”

William Graham Sumner (1840–1910) American academic

"The Conquest of the United States by Spain”, speech at Yale 1899 http://oll.libertyfund.org/titles/sumner-boll-11-w-g-sumner-the-conquest-of-the-united-states-by-spain-1898.

People , Heart , Parting , Wealth

“The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.”

Ben Bernanke (1953) American economist

"A Crash Course for Central Bankers," Foreign Policy (September/October 2000)

Dependency

“Plausible as the idea of the United States of Europe as a peace arrangement may seem to some at first glance, it has on closer examination not the least thing in common with the method of thought and the standpoint of social democracy... At the present stage of development of the world market and of world economy, the conception of Europe as an isolated economic unit is a sterile concoction of the brain. Europe no more forms a special unit within world economy than does Asia or America.”

Rosa Luxemburg (1871–1919) Polish Marxist theorist, socialist philosopher, and revolutionary

Peace Utopias (1911)

World , Peace , Democracy , Idea

“When it comes to labour market reform, here's the difference between us and John Howard: John Howard regards labour as just like any other economic commodity. We actually see labour as made up of human beings. These are human beings with an intrinsic dignity. When they go to the workplace, they're not just like a lump of wood or a piece of coal, these are human beings, and they should be treated properly as people with intrinsic rights.”

Kevin Rudd (1957) Australian politician, 26th Prime Minister of Australia

Rudd's new vision for the nation, 5 December 2006, 13 February 2008, ABC Local Radio http://www.abc.net.au/am/content/2006/s1804299.htm,
2006

People

“The student of social psychology … is concerned not so much with the panaceas that may be proposed for the solution of the economic problems, but is interested rather in the possibility that under any economic system a maximum number of people should be able to grow from infantile tribal ways to self-directing maturity.”

Everett Dean Martin (1880–1941)

Source: The Conflict of the Individual and the Mass in the Modern World (1932), p. 5

People , Way , Problem

“We seek the freedom to compete without the undue burden of high taxes and bureaucratic regulations, which make us less competitive. We seek opportunities to build better communities, better businesses, and better lives for ourselves, our children, and our children's children. And most of all, we cherish both the freedom and opportunity to decide our future. And today, we celebrate that freedom and opportunity. What I envision for Maryland is not just an economic and fiscal recovery, but a rebirth of our spirit, and a renewed commitment to our common purpose. … One hundred years from now, I want Marylanders to say, "This was when Maryland's renaissance began."”

Larry Hogan (1956) American politician

… Let us appeal to the better angels of our nature so that we can achieve the great and shining promise of Maryland.
" Inaugural Address http://governor.maryland.gov/2015/01/21/inaugural-address-governor-larry-hogan/" (21 January 2015)

Children , Angels , Communication , Business

“The Predatory State is an economic system where entire sectors have been built up to feast upon public systems built originally for public purposes and largely serving the middle class. The corporate republic simply administers the spoils system. On a day-to-day basis, the business of its leadership is to deliver favors to their clients. These range from coal companies to sweatshop operators to military contractors.”

James K. Galbraith (1952) economist

Source: The Predatory State, 2008, p. 146-7

Business

“The supreme principle [in Industrial Organization] has been the belief that business efficiency and the welfare of the employees are but different sides of the same problem. Character is an economic asset; and business efficiency depends not merely on the physical condition of employees, but on their general attitude and feeling towards the employer.”

Edward Cadbury (1873–1948) British businessman

Introduction, p. vii; Partly cited in: Felix Behling et al., The Changing Worlds and Workplaces of Capitalism. 2015, p. 194
Experiments in industrial organization (1912)

Feeling , Business , Problem , Dependency

“Ostalgie [≈ “East German Nostalgia”] is not my kind of thing. To some, the GDR appears in a backward-looking bleary-eyed view as a palladium of social security. In truth, the GDR collapsed not least because, being economically inefficient, it could not finance its social promises.”

Günter Schabowski (1929–2015) German politician

Ostalgie ist nicht mein Ding. Manchem erscheint die DDR in rückblickender Verklärung als ein Hort sozialer Sicherheit. Tatsächlich ist die DDR nicht zuletzt daran zugrunde gegangen, dass sie infolge wirtschaftlicher Ineffizienz ihre sozialen Verheißungen nicht finanzieren konnte.
from: Mitteldeutsche Zeitung, 6 November 2004.

Truth , Nostalgia , Appearance

“The solution to the Venezuelan “crisis” lies in good faith negotiations between the Government and the opposition, an end to the economic war, and the lifting of sanctions.”

Alfred de Zayas (1947) American United Nations official

2018, Report submitted to the UN Human Rights Council

War , Faith

“In the present decade, the U. S. economy has undergone its first major depression since the 1930’s, to the accompaniment of inflation rates in excess of 10 percent per annum. These events have been transmitted […] to other advanced countries and in many cases have been amplified. These events did not arise from a reactionary reversion to outmoded, 'classical' principles of tight money and balanced budgets. On the contrary, they were accompanied by massive government budget deficits and high rates of monetary expansion, policies which, although bearing an admitted risk of inflation, promised according to modern Keynesian doctrine rapid real growth and low rates of unemployment. That these predictions were wildly incorrect and that the doctrine on which they were fundamentally flawed are now simple matters of fact, involving no novelties of economic theory. The task now […] is to sort through the wreckage, determining which features of that remarkable intellectual event called the Keynesian Revolution can be salvaged and put to use and which others must be discarded.”

Robert Lucas Jr. (1937) American economist

As contained in The Rational Expectations Revolution: Readings From the Front Line https://en.wikiquote.org/wiki/Special:BookSources/0262631555, Preston J. Miller, MIT Press (reprint 1994), pp. 5-6
"After Keynesian macroeconomics" 1978

Money , Country

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

Willa Cather (1873–1947) American writer and novelist

"Four Letters: Escapism" first published in Commonweal (17 April 1936)
Willa Cather on Writing (1949)

Religion , Art , Spring

“I believe that we must look outwards, not inwards, to test our true economic potential - measuring ourselves against our international competitors.”

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

Scotland in the World Forum (February 4, 2008)

“There are so many ways of being wrong and so few ways of being right that it is much more economical to study successes.”

Richard Hamming (1915–1998) American mathematician and information theorist

Methods of Mathematics Applied to Calculus, Probability, and Statistics (1985)

Way , Study , Success

“The immigrant who comes to us from a life of oppression must be made to realize that he assumes an obligation; otherwise, he is not wanted. Either he must live with us in the light of the highest citizenship, or else society will impose upon him the very restrictions he has sought to escape by coming here. It is the wolf in sheep's clothing who has cast a slur on immigration. There are many who land here who really never get to America. They become Americanized in everything but in heart. To teach the foreigner English is a necessary step; but it is not an end in itself; it is merely one of the implements of Americanization. This may hold diners peoples together for a while, just as economic opportunity and financial reward may cover their isolation. But unless, in their living—rather than in then livelihood—they daily exercise the principles on which the Republic rests, we have among us a shell of citizenship liable to explode at the least upsetting of economic balance, rather than the vital spirit which is at the basis of American life.”

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

1920s, Whose Country Is This? (1921)

Life , People , Exercises , Light

“The aim is to replace economic oligarchies by the State, which has a will-to-power of its own and is quite as little concerned with the public good; and a will-to-power, moreover, which is not economic but military and therefore much more dangerous to any good folk who have a taste for staying alive. And on the bourgeois side what on earth is the sense of objecting to State control in economic affairs if one accepts private monopolies which have all the economic and technical disadvantages of State monopolies and possibly some others as well?”

Simone Weil (1909–1943) French philosopher, Christian mystic, and social activist

Source: Simone Weil : An Anthology (1986), The Power of Words (1937), p. 230

Sense

“Economics takes a while to learn, even if much of it is in a way quite simple. It is simple to be wrong as well as to be right, and it is none too easy to distinguish between them.”

James Mirrlees (1936–2018) Scottish economist

James Mirrlees in: Anders Barany, ‎Nobelstiftelsen (1996). Les Prix Nobel. p. 353

Way , Learning

“All that we have mentioned has made it easy for us to provoke and bait this administration. All that we have to do is to send two mujahidin to the furthest point east to raise a piece of cloth on which is written al-Qaida, in order to make the generals race there to cause America to suffer human, economic, and political losses without their achieving for it anything of note other than some benefits for their private companies. All Praise is due to Allah. So we are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah.”

Osama bin Laden (1957–2011) founder of al-Qaeda

2000s, 2004, 2004 Video Broadcast on Al-Jazeera October 29

Suffering , Loss , Clothes

“While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.”

John Hicks (1904–1989) British economist

Kenneth Arrow and John Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 ( online http://www.nobelprize.org/nobel_prizes/economics/laureates/1972/presentation-speech.html)

Way

“I would like to emphasize that security can be endangered not only from outside but also from within. If you do not maintain the rate of progress of the economic development of the nation. I would suggest that you would have the most serious crisis, something that would disintegrate India as we know it.”

Vikram Sarabhai (1919–1971) (1919-1971), Indian physicist

At a time when there was crisis of considerable economic and political turmoil and when he was offered the chair of the Atomic Energy Commission.
The Making of the Indian Atomic Bomb: Science, Secrecy and the Post-colonial State

“In my years past I have argued that economic sabotage was an appropriate tactic for our time. Like all strategists I have also been forced to recognize that times have changed and it is now my belief that the movements to protect earth and animals have achieved enough with this strategy to now consider an approach that does not compromise objectives, but increases the likelihood of real social change. Let our opposition who believe in violence carry the burden for its justification, but let those who believe in peace and love practice a way of life that our society sorely needs now more than ever.”

Rod Coronado (1966) Native American eco-anarchist and animal rights activist

^ Message from Rod Coronado in Prison

Love , Life , Peace , Way

“As proposals for estimating the social scarcity prices of natural resources remain contentious, economic accountants ignore them and governments remain wary of doing anything about them.”

Partha Dasgupta (1942) British economist

Partha Dasgupta (2007). Economics: A Very Short Introduction. p. 161

Nature

“In the sixteenth century, Europe was like a bucking bronco. The attempt of some groups to establish a world-economy based on a particular division of labor, to create national states in the core areas as politico-economic guarantors of this system, and to get the workers to pay not only the profits but the costs of maintaining the system was not easy. It was to Europe's credit that it was done, since without the thrust of the sixteenth century the modern world would not have been born and, for all its cruelties, it is better that it was born than that it had not been.
It is also to Europe's credit that it was not easy, and particularly that it was not easy because the people who paid the short-run costs screamed lustily at the unfairness of it all. The peasants and workers in Poland and England and Brazil and Mexico were all rambunctious in their various ways. As R. H. Tawney says of the agrarian disturbances of sixteenth-century England: 'Such movements are a proof of blood and sinew and of a high and gallant spirit… Happy the nation whose people has not forgotten how to rebel.'
The mark of the modern world is the imagination of its profiteers and the counter-assertiveness of the oppressed. Exploitation and the refusal to accept exploitation as either inevitable or just constitute the continuing antinomy of the modern era, joined together in a dialectic which has far from reached its climax in the twentieth century.”

Immanuel Wallerstein (1930–2019) economic historian

Wallerstein (1974) The Modern World-System, vol. I, p. 233.

People , World , Way , Imagination

“There is nothing wrong with crushing white supremacy. It is wrong to think you’re superior to others on the basis of the colour of your skin … and what perpetuates that is the economic exclusion of our people. … If we can’t find the necessary skill‚ let’s go and fetch the old man. ‘Old man‚ you are coming to mentor this young one to produce the best product’ to build a better SA.”

Julius Malema (1981) South African political activist

At Midrand on 3 June 2016, My hatred of white supremacy isn’t a hatred of whites‚ says Malema http://www.bdlive.co.za/national/2016/06/10/my-hatred-of-white-supremacy-isnt-a-hatred-of-whites-says-malema, in BusinessDay (10 June 2016)

People , Thinking

“In theory, everybody buys the best and cheapest commodities offered to him on the market. In practice, if every one went around pricing, and chemically testing before purchasing, the dozens of soaps or fabrics or brands of bread which are for sale, economic life would become hopelessly jammed.”

Edward Bernays book Propaganda

Source: Propaganda (1928), p. 39

Life

“The Hawthorne researchers became more and more interested in the informal employee groups which tend to form within the formal organisation of the Company, and which are not likely to be represented in the organisation chart. They became interested in the beliefs and creeds which have the effect of making each individual feel an integral part of the group and which make the group appear as a single unit, in the social codes and norms of behaviour by means of which employees automatically work together in a group without any conscious choice as to whether they will or will not co-operate. They studied the important social functions these groups perform for their members, the histories of these informal work groups, how they spontaneously appear, how they tend to perpetuate themselves, multiply, and disappear, how they are in constant jeopardy from technical change, and hence how they tend to resist innovation.
In particular, they became interested in those groups whose norms and codes of behaviour are at variance with the technical and economic objectives of the Company as a whole. They examined the social conditions under which it is more likely for the employee group to separate itself out in opposition to the remainder of the groups which make up the total organisation. In such phenomena they felt that they had at last arrived at the heart of the problem of effective collaboration, and obtained a new enlightenment of the present industrial scene.”

Fritz Roethlisberger (1898–1974) American business theorist

Cited in: Lyndall Fownes Urwick, ‎Edward Franz Leopold Brech (1961), The Making of Scientific Management: The Hawthorne investigations https://archive.org/stream/makingofscientif032926mbp#page/n191/mode/2up. p. 166-167
Management and the worker, 1939

Feeling , History , Problem , Study

“One can justify solar-hydrogen simply on grounds of economic resource viability without any green agenda.”

Derek Abbott (1960) Physicist, engineer

On energy supply and solar power

“Economists of the modern school will no doubt protest that I have said nothing of the use of budget deficits or surpluses for the control of the economy in general. I doubt if such techniques would ever be appropriate in Hong Kong's exposed economic position; and I think they are certainly not appropriate at present, when in strict orthodoxy they would suggest the need to plan for a very substantial surplus "to take the heat out of the economy". Although we have in fact run substantial surpluses in recent years we have not done so with deflationary effect because we have not removed them from the economy but have left them inside the Colony's banking system to continue to work for the economy. $500 million or 55% of reserves are so held at present.”

John James Cowperthwaite (1915–2006) British colonial administrator

February 26, 1964, page 47.
Official Report of Proceedings of the Hong Kong Legislative Council

School , Thinking

“Here is a principle to use in all aspects of economics and policy. When you find a good or service that is in huge demand but the supply is so limited to the point that the price goes up and up, look for the regulation that is causing it. This applies regardless of the sector, whether transportation, gas, education, food, beer, or daycare. There is something in the way that is preventing the market from working as it should. If you look carefully enough, you will find the hand of the state making the mess in question.”

Jeffrey Tucker (1963) American writer

Education , Food , Way , Beer

“…the information revolution. Almost everybody is sure …that it is proceeding with unprecedented speed; and …that its effects will be more radical than anything that has gone before. Wrong, and wrong again. Both in its speed and its impact, the information revolution uncannily resembles its two predecessors …The first industrial revolution, triggered by James Watt's improved steam engine in the mid-1770s…did not produce many social and economic changes until the invention of the railroad in 1829 …Similarly, the invention of the computer in the mid-1940s, …it was not until 40 years later, with the spread of the Internet in the 1990s, that the information revolution began to bring about big economic and social changes. …the same emergence of the “super-rich” of their day, characterized both the first and the second industrial revolutions. …These parallels are close and striking enough to make it almost certain that, as in the earlier industrial revolutions, the main effects of the information revolution on the next society still lie ahead.”

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

"The way ahead" Economist.com http://www.economist.com/ (November 2001)
1990s and later

Lie , Change , Speed

“Gutenberg’s press flooded the market. In the early 1500s John Tetzel, the head pardoner for German territories, would sweep into a town with a collection of already printed indulgences, hawking them with a phrase usually translated as “When a coin a coffer rings / A soul for heaven springs.” The nakedly commercial aspects of indulgences, among other things, enraged Martin Luther, who in 1517 launched an attack on the Church in the form of his famous Ninety-five Theses. He first nailed the theses to a church door in Wittenberg, but copies were soon printed up and disseminated widely. Luther’s critique, along with the spread of Bibles translated into local languages, drove the Protestant Reformation, plunging the Church (and Europe) into crisis. The tool that looked like it would strengthen the social structure of the age instead upended it. From the vantage point of 1450, the new technology seemed to do nothing more than offer the existing society a faster and cheaper way to do what it was already doing. By 1550 it had become apparent that the volume of indulgences had debauched their value, creating “indulgence inflation”—further evidence that abundance can be harder for a society to deal with than scarcity. Similarly, the spread of Bibles wasn’t a case of more of the same, but rather of more is different—the number of Bibles produced increased the range of Bibles produced, with cheap Bibles translated into local languages undermining the interpretative monopoly of the clergy, since churchgoers could now hear what the Bible said in their own language, and literate citizens could read it for themselves, with no priest anywhere near. By the middle of the century, Luther’s Protestant Reformation had taken hold, and the Church’s role as the pan-European economic, cultural, intellectual, and religious force was ending.”

Clay Shirky (1964) American technology writer

Cognitive Surplus : Creativity and Generosity in a Connected Age (2010)

Age , Way , Soul , Spring

“Where there is politics or economics, there is no morality.”

Karl Wilhelm Friedrich Schlegel (1772–1829) German poet, critic and scholar

Wo Politik ist oder Oekonomie, da ist keine Moral.
“Selected Ideas (1799-1800)”, Dialogue on Poetry and Literary Aphorisms, Ernst Behler and Roman Struc, trans. (1968) #101

“Inflation and Employment in capitalist countries, in my own view, the change is the other way around: the constraints on the pressure of demand tend to be excessive, with the result that unemployment is much greater than can be justified by the needs of resource-allocation, and the rate of economic growth is appreciably less than it could be.
The main reason for this is that the distribution of power and, ultimately, the distribution of incomes, changes in favor of labor the faster the economy grows and the nearer it is to full employment, and over a longer period it changes in favor of capital the greater the volume of unemployment. This is the real reason why the continuance of Keynesian policies after the war led to a recrudescence of long-discredited ideas that go by the name of “monetarism.” The main attraction of monetarism was not its intellectual simplicity— inflation is a matter of the money supply, period— but that it elevated the fear of inflation to the unique position which could not be justified by the experience of numerous countries who habitually suffer from it.”

Nicholas Kaldor (1908–1986) British/Hungarian economist

Nicholas Kaldor, Economics without Equilibrium (1985), p.37-38

Money , War , Fear , Way

“It is one of the dangerous self-deceptions of our society to pretend that mechanisms of control do not really exist, and to maintain, without qualification, that we are an economically "free" people.”

Robert L. Heilbroner (1919–2005) American historian and economist

Source: The Future As History (1960), Chapter III, Part 9, The Embrarras De Richesses, p. 150

People

“When I was first aware that I had been laid low by the disease, I felt a need, among other things, to register a strong protest against the word “depression.” Depression, most people know, used to be termed “melancholia,” a word which appears in English as early as the year 1303 and crops up more than once in Chaucer, who in his usage seemed to be aware of its pathological nuances. “Melancholia” would still appear to be a far more apt and evocative word for the blacker forms of the disorder, but it was usurped by a noun with a bland tonality and lacking any magisterial presence, used indifferently to describe an economic decline or a rut in the ground, a true wimp of a word for such a major illness. It may be that the scientist generally held responsible for its currency in modern times, a Johns Hopkins Medical School faculty member justly venerated — the Swiss-born psychiatrist Adolf Meyer — had a tin ear for the finer rhythms of English and therefore was unaware of the semantic damage he had inflicted by offering “depression” as a descriptive noun for such a dreadful and raging disease. Nonetheless, for over seventy-five years the word has slithered innocuously through the language like a slug, leaving little trace of its intrinsic malevolence and preventing, by its very insipidity, a general awareness of the horrible intensity of the disease when out of control.
As one who has suffered from the malady in extremis yet returned to tell the tale, I would lobby for a truly arresting designation. “Brainstorm,” for instance, has unfortunately been preempted to describe, somewhat jocularly, intellectual inspiration. But something along these lines is needed. Told that someone’s mood disorder has evolved into a storm — a veritable howling tempest in the brain, which is indeed what a clinical depression resembles like nothing else — even the uninformed layman might display sympathy rather than the standard reaction that “depression” evokes, something akin to “So what?” or “You’ll pull out of it” or “We all have bad days.””

William Styron book Darkness Visible

The phrase “nervous breakdown” seems to be on its way out, certainly deservedly so, owing to its insinuation of a vague spinelessness, but we still seem destined to be saddled with “depression” until a better, sturdier name is created.
Source: Darkness Visible (1990), IV

People , Disease , School , Way

“Reagan finally won the nomination by promoting "Reaganomics", an economic program based on the theory that the government could lower taxes while increasing spending and at the same time actually reduce the federal budget by sacrificing a live chicken by the light of a full moon. Bush charged that this amounted to "voo-doo economics," which got him into hot water until he explained that what he meant to say was "doo-doo economics." Satisfied, Reagan made Bush his vice-presidential nominee. The turning point in the election campaign came during the October 8 debate between Reagan and Carter, when Reagan's handlers came up with a shrewd strategy: No matter what Carter said, Reagan would respond by shaking his head in a sorrowful manner and saying: "There you go again." This was brilliant, because (a) it required the candidate to remember only four words, and (b) he delivered them so believably that everything Carter said seemed like a lie. If Carter had stated that the Earth was round, Reagan would have shaken his head, saying, "There you go again," and millions of voters would have said: "Yeah! What does Carter think we are? Stupid?”

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

Dave Barry, Dave Barry Slept Here: A Sort of History of the United States (1989), p. 167

Lie , Stupidity , Thinking , Light

“We should know that only replacing the economics of competition and greed with the economics of equitable cooperation will guarantee a globalization that takes advantage of potential efficiency gains in ways that also promote environmental protection, international equity, economic democracy, and variety.”

Robin Hahnel (1946) American economist

Source: Panic Rules!: Everything You Need to Know about the Global Economy, 1999, p. 105-6

Way , Democracy

“The economic life of the human race had for some time been based on coal, but latterly oil had been found a far more convenient source of power; and as the oil store of the planet was much smaller than its coal store, and the expenditure of oil had of course been wholly uncontrolled and wasteful, a shortage was already being felt. Thus the national ownership of the remaining oil fields had become a main factor in politics and a fertile source of wars.”

Olaf Stapledon book Last and First Men

Source: Last and First Men (1930), Chapter I: Balkan Europe; Section 4, “The Russo-German War” (pp. 29-30)

Life , War , Time

“The Soviet Union, true to the Leninist principles of respect for the rights and national independence of all peoples great or small, has always been and is guided in its relations with other countries by the principles of mutual respect for territorial integrity and sovereignty, non-aggression, non-intervention in each other's internal affairs, equality and mutual benefits, peaceful coexistence and economic cooperation.”

Kliment Voroshilov (1881–1969) Soviet military commander

Quoted in "The Nineteen Days: A Broadcaster's Account of the Hungarian Revolution" - by George R. Urban - 1957

People , Peace , Country

“Hungary, severed from half of the population and most of the natural resources that it had once claimed, had now to practice a sort of economic acupuncture, striving to know the magic nodes in the global energy flow where a pinprick could alter the workings of a major organ. Mathematics was one of the few disciplines where it was possible to exert that degree of leverage, and so the Hungarians had become phenomenally good at teaching it to their children.”

Neal Stephenson book Reamde

Day 4
Reamde (2011), Part I: Nine Dragons

Children , Mathematics , Nature

“Whoever claims that economic competition represents "survival of the fittest" in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics.”

George Reisman (1937) American economist

Capitalism: A Treatise on Economics (1996)

Law , Knowledge , Sense

““The Industrial Age was characterised by the aggregation of economics and governance. This was the era of massification and standardisation -- big industrial corporations, big government departments and big interest groups. The Information Age is turning these principles on their head. It is an era of disaggregation and demassification, hence the stunning growth of small businesses and niche markets.””

Mark Latham (1961) Australian politician

Unsourced

Age , Business

“A party with a narrow vision, a party that is afraid of the future, a party whose leaders are inclined to shoot from the hip, a party that has never been willing to put its investment in human beings who are below them in economic and social status.”

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

Remarks on the Republican party, at a fundraiser in Hollywood, Florida, as quoted in "Carter Attacks Reagan Tax Cut, Seeks Debates," The Washington Post, (18 July 1980), Pg. A1; this has often become misquoted as "Republicans are men of narrow vision, who are afraid of the future." http://message.snopes.com/showthread.php?t=9752
Presidency (1977–1981), 1978

Future

“Liberalism means an intelligent effort to keep the political and economic development of our nation abreast of the responsibilities that come from an atomic age. It means an extension of the use of our resources for the common good, the solving of the problem of maintaining democratic principles and free competitive enterprise in a day of Big Business, Big Unions, and Big Government.”

Estes Kefauver (1903–1963) American politician

New Republic (June 22, 1946)

Age , Intelligence , Business , Problem

“Senator Menendez seems to think that tax increases create jobs and investment. I believe that private businesses create jobs, and that investment will flow to states with good economic climates and good governance, especially in a globalized economy.”

Tom Kean, Jr. (1968) Member of the New Jersey General Assembly and State Senate

On Taxes (May 12, 2006); "Congress Agrees on Tax Relief Extension", Tom's Blog" (May 12, 2006) http://tomkean.com/today/index.cfm?e=user.about.blog&messageID=137.

Business , Thinking

“The economic issues are most vital for us and it is of the highest importance that we should fight our biggest enemies – Poverty, unemployment. Whether it is agriculture or industrial development, or for that matter, development in other fields, the basic fact remains – that it would serve the largest number of our people.”

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

About Development

People , Fight

“Most people in the world are poor. If we knew the economy of being poor, we would know much of the economics that really matter. Most of the world's poor people earn their living in agriculture. If we knew the economics of agriculture, we would know much of the economic of being poor.”

Theodore Schultz (1902–1998) American economist

"The Economics of Being Poor," (1979)

People , World

“The rules of the game must be changed so that loans are not granted on purely economic considerations and that the loan “conditionalities” henceforth aim at advancing the wellbeing of the populations concerned.”

Alfred de Zayas (1947) American United Nations official

Report of the Independent Expert on the adverse impact of World Bank policies on human rights and the realisation of a democratic and equitable international order
2017, Report submitted to the UN Human Rights Council

Game , Change

“It is important that America not just stand tall against terrorists, but America must also stand for economic opportunity and democratic freedoms. America must stand for human rights. America must stand for the rights of women. America must stand for environmental protection and energy conservation.
The Administration in which I served looked at the challenges we faced in the world and said we wished to tackle these "With others, if possible; alone, if we must." This Administration sometimes seems inclined to stand that on its head, so that the message is: "With others, if we must; by ourselves, if possible."”

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

Quotes, Our Larger Tasks (2002)

Women , World , Freedom

“I yield to no one in my detestation of Bolshevism, and of the revolutionary violence which precedes it. … But my hatred of Bolshevism and Bolsheviks is not founded on their silly system of economics, or their absurd doctrine of an impossible equality. It arises from the bloody and devastating terrorism which they practice in every land into which they have broken, and by which alone their criminal regime can be maintained. … Governments who have seized upon power by violence and by usurpation have often resorted to terrorism in their desperate efforts to keep what they have stolen, but the august and venerable structure of the British Empire … does not need such aid. Such ideas are absolutely foreign to the British way of doing things.”

Winston S. Churchill (1874–1965) Prime Minister of the United Kingdom

Speech in the House of Commons, July 8, 1920 "Amritsar" http://lachlan.bluehaze.com.au/churchill/am-text.htm
Early career years (1898–1929)

Way , Idea , Effort

“He walked around the Las Vegas casino incredulous at the spectacle before him: seven thousand people, all of whom seem delighted with the world as they found it. A society with deep, troubling economic problems had rigged itself to disguise those problems, and the chief beneficiaries of the deceit were its financial middlemen. How could this be?”

Michael Lewis book The Big Short

Source: The Big Short (2010), Chapter Six, Spider-Man At The Venetian, p. 154

People , World , Problem

“The economy is doing fine—if you gauge it in traditional ways. The growth of GDP is 6.2%, which is good. […] But do we compare Russia to developed countries or to a country like China that has the GDP growth of 9%—or oil producers like Azerbaijan with 12%, or Kazakhstan with 19%. This way, we see that Russia's achievement is more than modest. Under oil windfall profits, Russia's GDP should have grown by 15% to 16% in 2005. Once you dismiss the windfall profits, you see a poor quality of the economic policy that has proven negative to the tune of losing some 9% to 10% of the GDP growth.”

Andrey Illarionov (1961) Russian politician

About the real picture in the Russian economy around 2005.
"Q&A: Putin's Critical Adviser," 2005

Way , Gauge , Country

“The Bush plan is economic treason against the American worker. That "civil rights leaders" are silent about the dispossession of the black working class, that unions are not marching to denounce this sellout of blue-collar and white-collar America, only tells us that the amorality of the transnational corporation has infected both. Solidarity be damned, it is all about money now.”

Patrick Buchanan (1938) American politician and commentator

2000s, State of Emergency (2006)

Money

“One is led to conclude that economics as a scientific discipline is still somewhat hanging in the air.”

Tjalling Koopmans (1910–1985) Dutch American economist

Source: Three Essays (1957), p. 141

“Keynes is dead; dynamic programming; Keynes is still dead. That’s the way Stanford graduate economics students recently summed up what they had learned in their core graduate macroeconomics course.”

David Colander (1947) American economist

David Colander, "The Keynesian Method, Complexity, and the Training of Economists" (2009)
2000s

Way , Learning , Dead

“We will not achieve the understanding we need, however, unless we are willing to think clearly about our problems and to follow those thoughts wherever they lead. Some people say that our economic problems are structural, with no quick cure available; but I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.”

Paul Krugman (1953) American economist

Source: The Return of Depression Economics and The Crisis of 2008 (2009), Chapter 10. The Return of Depression Economics

Men , People , World , Understanding

“Powell described British membership of the European Economic Community (EEC) as "if there be a conflict between the call of country and that of party, the call of country must come first" and went on to say: Curiously, it so happens that the question 'Who governs Britain?' which at the moment is being frivolously posed, might be taken, in real earnest, as the title of what I have to say. This is the first and last election at which the British people will be given the opportunity to decide whether their country is to remain a democratic nation, governed by the will of its own electorate expressed in its own Parliament, or whether it will become one province in a new European superstate under institutions which know nothing of the political rights and liberties that we have so long taken for granted.”

Enoch Powell (1912–1998) British politician

Speech to an audience of around 1,500 people on 23 February 1974 about British membership of the EEC. (Collings, Rex, ed. (1991), Reflections of a Statesman: The Writings and Speeches of Enoch Powell, P. 454).
1970s

People , Communication , Question , Country

“I was a colleague of Armen's, at the Rand Corporation "think tank," during the 1950s, and hold no economist in higher regard. When I sat down at my keyboard just now it was to find out what happened to Armen's works. One Google response was someone saying that Armen should get a Nobel Prize. I concur. My own Nobel Prize in Economics was awarded in 1990 along with the prize for Wm. Sharpe. I see in Wikipedia that Armen "influenced" Bill, and that Armen is still alive and is 96 years old.”

Harry Markowitz (1927) American economist

On Armen Alchian http://www.amazon.com/review/R3CH9E5B3QGZ0C

Thinking

“I cannot myself believe that anyone in this Chamber, and very few in the community as a whole, would wish to reverse all our previous policies and choose stabilization rather than growth; and it would certainly go contrary to the other views expressed by honourable Members about the need to promote the further growth of trade and industry. Not only would we be fore-going the creation of additional wealth and what this can bring, and has brought, in social advance, but we would also, I believe, permanently damage that climate of economic activity which has taken us so far and so fast. This would be particularly unwise, I suggest, in the face of those relatively darker clouds referred to by Your Excellency.”

John James Cowperthwaite (1915–2006) British colonial administrator

October 9, 1970, page 114.
Official Report of Proceedings of the Hong Kong Legislative Council

Communication , Wealth

“Repealing drug laws would remove the risks involved with producing and distributing drugs, bringing 'street prices' crashing down (it's estimated that a 'spoon' of heroin would cost about a quarter in the free market), thereby eradicating any incentive that criminals might have to compete with legitimate businesses, and greatly reducing — if not eliminating altogether — any economic reason to 'push' drugs on children.”

L. Neil Smith (1946) American writer

"Some Random Thoughts About the War On Drugs".

Children , Law , Business

“There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.”

Joan Robinson (1903–1983) English economist

Source: Contributions to Modern Economics (1978), Chapter 1, The Second Crisis of Economic Theory, p. 3

History

“States care about relative wealth, because economic might is the foundation of military might.”

John Mearsheimer book The Tragedy of Great Power Politics

Source: The Tragedy of Great Power Politics (2001), Chapter 5, Strategies for Survival, p. 143

Wealth

“I am old enough to remember well the depression years of the middle 1930s, when economists were quite unable to agree on what public policy should be, and when President Hoover, in need of advice, turned by preference to sociologists to study and illuminate recent social trends. The circumstances of the 1980s seem similar; perhaps contemporary confusions and dismay will mark the dethronement of economics from its privileged place among the social sciences — but perhaps not.”

William H. McNeill (1917–2016) Canadian historian

Discrepancies among the Social Sciences (1981)

Study , Science

“There is not a person on earth who chose his genome, or the country of his birth, or the political and economic conditions that prevailed at moments crucial to his progress. And yet, living in America, one gets the distinct sense that if certain conservatives were asked why they weren't born with club feet or orphaned before the age of five, they would not hesitate to take credit for these accomplishments.”

Sam Harris (1967) American author, philosopher and neuroscientist

Source: 2010s, Free Will (2012), p. 61-62

Age , Birth , Sense , Personality

“Americans know economic security can vanish in an instant without health security. I ask Congress to join me this year to enact a patients' bill of rights, to give uninsured workers credits to help buy health coverage, to approve an historic increase in the spending for veterans' health, and to give seniors a sound and modern Medicare system that includes coverage for prescription drugs.”

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

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

Health , Help

“The unremitting division of labour resulted in admirable levels of productivity. The company’s success appeared to bear out the principles of efficiency laid down at the turn of the twentieth century by the Italian economist Vilfredo Pareto, who theorized that a society would grow wealthy to the extent that its members forfeited general knowledge in favour of fostering individual ability in narrowly constricted fields. In an ideal Paretan economy, jobs would be ever more finely subdivided to allow for the accumulation of complex skills, which would then be traded among workers. … But however great the economic advantages of segmenting the elements of an afternoon’s work into a range of forty-year-long careers, there was reason to wonder about the unintended side effects of doing so. In particular, one felt tempted to ask … how meaningful the lives might feel as a result.”

Alain de Botton (1969) Swiss writer

The Pleasures and Sorrows of Work (2009)

Feeling , Knowledge , Appearance , Success

“The reasons why the adoption of a system of central planning necessarily produces a totalitarian system are fairly simple. Whoever controls the means must decide which ends they are to serve. As under modern conditions control of economic activity means control of the material means for practically all our ends, it means control over nearly all our activities. The nature of the detailed scale of values which must guide the planning makes it impossible that it should be determined by anything like democratic means. The director of the planned system would have to impose his scale of values, his hierarchy of ends, which, if it is to be sufficient to determine the plan, must include a definite order of rank in which the status of each person is laid down. If the plan is to succeed or the planner to appear successful, the people must be made to believe that the objectives chosen are the right ones. Every criticism of the plan or the ideology underlying it must be treated as sabotage. There can be no freedom of thought, no freedom of the Press, where it is necessary that everything should be governed by a single system of thought. In theory Socialism may wish to enhance freedom, but in practice every kind of collectivism consistently carried thought must produce the characteristic features which Fascism, Nazism, and Communism have in common. Totalitarianism is nothing but consistent collectivism, the ruthless execution of the principle that 'the whole comes before the individual' and the direction of all members of society by a single will supposed to represent the 'whole.”

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

" Planning, Science and Freedom http://www.nature.com/nature/journal/v148/n3759/abs/148580a0.html", Nature 148 (15 November 1941), also available as " Planning, Science, and Freedom https://mises.org/library/planning-science-and-freedom," Mises Daily (Auburn, AL: The Ludwig von Mises Institute, 27 September 2010)
1940s–1950s

People , Communication , Nature , Freedom

“[In] economics… you can disguise charlatanism under the weight of equations and nobody can catch you since there is no such thing as a controlled experiment. Now the spirit of such methods, called scientism by its detractors, continued into the discipline of finance as a few technicians thought their mathematical knowledge could lead them to understand markets. The practice of financial engineering came along with massive doses of pseudoscience.”

Nassim Nicholas Taleb book Fooled by Randomness

page 115
Fooled by Randomness (2001)

Mathematics , Understanding , Knowledge

“It’s true that my initial training was in mathematics. However, almost by accident, I happened to take a course from Kenneth Arrow on “Information Economics,” which was so inspiring that I decided to change direction. It seemed to me that economics combined the best of both worlds: the rigor of mathematics with the immediate relevance of a social science. As for how much math I would recommend, I’d say that basic analysis, including measure theory, is certainly very useful. Also, linear algebra and stochastic processes always helps. But beyond that, I don’t think a huge mathematical investment is necessary to do economic theory unless you are planning to work in an extremely technical area.”

Eric Maskin (1950) American Nobel laureate in economics

" Interview with Eric S. Maskin: Questions by TSE students http://www.tseconomist.com/all-publications/interview-with-nobel-prize-winner-eric-maskin" at tseconomist.com, 04/07/2013; In answer to the question of why he decided to become an economist.

World , Mathematics , Thinking , Science

“A lack of government oversight hasn't hindered the internet. Quite the opposite. A hands-off approach is largely responsible for its fantastic growth and success. The tremendous innovation and economic boon produced by the free internet should be proof enough that the dead hand of government isn't needed.”

Heather Brooke (1970) American journalist

The Guardian http://www.guardian.co.uk/technology/2012/apr/20/we-should-all-be-hactivists "We should all be hacktivists now", Column in the Guardian, 20 April 2012.
Attributed, In the Media

Success , Dead

“A Long Tail is just culture unfiltered by economic scarcity.”

Chris Anderson book The Long Tail

Source: The Long Tail: Why the Future of Business Is Selling Less of More (2006), Ch. 4, p. 53

“We are nations forged from many traditions and faiths, proving year after year that diversity is our strength. From vastly different origins and experiences, we have come to the same conclusions: that freedom and democracy are the strongest bases for both peace and prosperity, and that they are universal aspirations, constrained neither by culture nor levels of economic development.”

Atal Bihari Vajpayee (1924–2018) 10th Prime Minister of India

New York September 7, 2000 Asia Society Annual Dinner
Quotes from ataljee.org

Peace , Faith , Democracy , Freedom

“I want to thank Bernie Sanders. Bernie, your campaign inspired millions of Americans, particularly the young people who threw their hearts and souls into our primary. You've put economic and social justice issues front and center, where they belong. And to all of your supporters here and around the country: I want you to know, I've heard you. Your cause is our cause. Our country needs your ideas, energy, and passion. That's the only way we can turn our progressive platform into real change for America. We wrote it together – now let's go out there and make it happen together.”

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

Presidential campaign (April 12, 2015 – 2016), (July 28, 2016)

People , Justice , Way , Soul

“Capitalism in the twentieth century was dominated by finance, with the exception of that half of the century that was taken up by its world wars, the Great Depression and its Keynesian aftermath. Even before, in the nineteenth century, finance seduced industrial capitalism by offering a vision of capitalist reproduction expanded by the resources generated by financial inflation, ostensibly held in check by controls on the issue of paper money. The extensive and negative reaction of English political economy to Adam Smith’s views on usury was symptomatic of the expansion of financial markets and their growing confidence in their ability to contribute to commerce and industry. From Veblen through Keynes to Minsky, a series of critics of finance argued that economies do not operate in the benign way in which it appears in equilibrium economics. These critics can be divided into those like Veblen, Hawtrey, Kalecki, Steindl and Minsky, who took a general view of finance; those like Smith, Fisher and Breit, who saw the financial system as essentially a banking system; and those like Keynes, Kindleberger and Galbraith, who have identified the pathology of modern capitalism in its capital markets.”

Jan Toporowski (1950)

Theories of Financial Disturbance (2005), Ch. 15. Conclusion: the disturbance of economists by finance

Money , War , World , Way

“If each member of society can be induced or impelled to do his allotted task by associating it with some motive that appears to him adequate, then he need never know how he is contributing to the real end, and need not even be aware of the end at all. It is this problem of organization that we shall call the Economic Problem. It is in fact the real subject matter of political economy.”

Ralph George Hawtrey (1879–1975) British economist

Source: The Economic Problem (1925), Chapter I, "The Problem Profounded", p. 3.

Motivation , Problem , Appearance

“It remains for me to wish my colleagues all good fortune in the difficult, but hopeful, situation which you have to face. I trust that you will be enabled to further the progress already made in rebuilding the domestic stability and economic strength of the United Kingdom and in weaving still more closely the threads which bind together the countries of the Commonwealth or, as I still prefer to call it, the Empire.”

Winston S. Churchill (1874–1965) Prime Minister of the United Kingdom

Speech to his last Cabinet (5 April 1955), quoted in Henry Pelling, Churchill’s Peacetime Ministry, 1951–55 (London: Macmillan, 1997), p. 175
Post-war years (1945–1955)

Hope , Country

“…the levels of culture, the aspects of society: military, political, economic, social, emotional, religious, and intellectual. Those are your basic human needs. …they are arranged in evolutionary sequence.”

Carroll Quigley (1910–1977) American historian

Oscar Iden Lecture Series, Lecture 3: "The State of Individuals" (1976)