Quotes about economics
page 25

“Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources efficiently. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting market failures. As you continue your study of economics, you will see that the tools of welfare economics developed here are readily adapted to that endeavor. Despite the possibility of market failure, the invisible hand of the marketplace is extraordinarily important.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 7. Consumers, Producers, and the Efficiency of Markets; p. 150

Failure, Problem, Effort, Study

“Companies die because their managers focus on the economic activity of producing goods and services, and they forget that their organizations' true nature is that of a community of humans.”

Arie de Geus (1930) Dutch businessman

Source: The Living Company, 1997, p. 3

Communication, Nature, Forgetting

“Economics is a very dangerous science.”

John Maynard Keynes (1883–1946) British economist

Source: Essays In Biography (1933), Robert Malthus: The First of the Cambridge Economists, p. 128

Science

“Preaching the gospel is not easy in a church defined by the denominational interests of status-seeking clergy and laypersons. Doing Christian theology is difficult in a seminary or university determined by the academic interests of privileged professors and students. Speaking the truth can be politically dangerous in a society defined according to the socio-economic interests of the rich. Preaching the gospel, doing Christian theology, and speaking the truth are interrelated, and neither can be correctly understood apart from the liberation struggles of the poor and marginalized.”

James H. Cone (1938–2018) American theologian

Source: Speaking the Truth: Ecumenism, Liberation, and Black Theology (1986), p. v

Truth, Universe

“I will not pursue trickle-down economics, but will implement bottom-up economics aimed at getting the poor out of poverty into prosperity.”

Peter Mutharika (1940) President of Malawi

After being sworn in to office as president http://www.nyasatimes.com/2014/05/31/so-help-me-god-mutharika-sworn-in-as-malawi-president-chilima-vp/ (May 31 2014)

“Corruption is the enemy of development. It must be got rid of. Both the government and the people at large must come together to achieve this national objective. You have always shown an ability to understand events happening around you; expressed your views and I am sure you will not fail in building a strong, progressive, cohesive and corruption-free India. These are totally unacceptable and must be opposed by one and all. The government, social organizations, NGOs and other voluntary bodies all have to work collectively. Therefore, their issues received my constant attention during my Presidency. Women have talent and intelligence but due to social constraints and prejudices, it is still a long distance away from the goal of gender equality. A paradigm shift, where, in addition to, physical inputs for farming, a focused emphasis placed on knowledge inputs, can be a promising way forward. This knowledge-based approach will bring immense returns particularly in rainfed and dryland farming areas. I believe economic growth should translate into the happiness and progress of all. Alongwith it, there should be development of art and culture, literature and education, science and technology. We have to see how to harness the many resources of India for achieving common good and for inclusive growth.”

Pratibha Patil (1934) 12th President of India

Patil's goodbye wish: A 'corruption-free India' https://in.news.yahoo.com/patils-goodbye-wish-corruption-free-india-143318154.html in: IANS India Private Limited By Indo Asian News Service, 24 July 2012. Goodybe Wish

Women, Happiness, People, Education

“Schumpeter’s work, his dynamic view of the entrepreneur and creative destruction has had a great impact on me. He indeed wrote a book, Capitalism, Socialism and Democracy, which intended to give a complex analysis of the two systems. But these two books, and a few others (e. g., some of Mises’s and Hayek’s works) are rather exceptional. A typical American textbook on economic systems is not written with the same ambition about capitalism with which I wrote about socialism. It doesn’t give you a general model of capitalism, including the characterization of the political, ideological, and social spheres.”

János Kornai (1928) Hungarian economist

János Kornai, in "An Interview with János Kornai : Interviewed by Olivier Blanchard", Macroeconomic Dynamics, 1999

Books, Democracy

“As conceived in this book, economics is the science of rational choice in a world─our world─in which resources are limited in relation to human wants. The task of economics, so defined, is to explore the implications of assuming that man is a rational maximizer of his ends in life, his satisfactions─what we shall call his “self-interest.” Rational maximization should not be confused with conscious calculation. Economics is not a thoery about consciousness. Behavior is rational when it conforms to the model of rational choice, whatever the state of mind of the chooser.(…) Nor is perfect rationality assumed; rational-choice thoery allows us to assume that rationality is “bounded” because of human cognitive limitations, although another way to think of those limitations is as costs of absorbing and using information.”

Richard A. Posner (1939) United States federal judge

Source: Economic Analysis of Law (7th ed., 2007), Ch. 1: The Nature of Economic Reasoning

Life, Books, World, Way

“The great famine of 1994-98 was to a large extent the inviolable result of the policies that Kim Il Sung had pursued for decades. The famine was brought about by Kim Il Sung’s fanatical belief in a hyper-centralized, state-managed agriculture, as well as an excessive reliance on (unacknowledged) foreign aid, not to mention militarization run amok. However, if the mine was planted (unintentionally, of course) by Kim Il Sung, it went off under the rule of his son. Hence, most North Koreans blame Kim Jong Il, rather than his father, for the economic disasters of the 1990s.”

Andrei Lankov (1963) Russian academic

Kim Jong Un's Popularity, Explained (September 2015)

“It is no coincidence that the ABM Treaty was signed midway between the delinking of the U. S. dollar from the gold standard in 1971 and the first oil crisis in 1973. These were the years not only of monetary and economic crises but also of both the beginning of the destruction of the welfare state and the shift of the hegemony of economic production from the factory to more social and immaterial sectors. One might think of these various transformations as different faces of one common phenomenon, one grand social transformation.”

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

39
Multitude: War and Democracy in the Age of Empire

Thinking

“Economic life should be definancialised. We should learn not to use markets as storehouses of value: they do not harbour the certainties that normal citizens require. Citizens should experience anxiety about their own businesses (which they control), not their investments”

Nassim Nicholas Taleb (1960) Lebanese-American essayist, scholar, statistician, former trader and risk analyst

which they do not control Ten principles for a Black Swan-proof world http://www.ft.com/cms/s/0/5d5aa24e-23a4-11de-996a-00144feabdc0.html?nclick_check=1, Financial Times, 2009-04-07. Ten principles for a Black Swan-proof world (2009)

Life, Business, Learning

“The ‘false precision’ of which Maynard Keynes accused his economist critics is with us still. Worse: we have smuggled in a misleadingly ‘ethical’ vocabulary to bolster our economic arguments, furnishing us with a self-satisfied gloss upon crassly utilitarian calculations. When imposing welfare cuts on the poor, for example, legislators in the UK and US alike have taken a singular pride in the ‘hard choices’ they have had to make.”

Tony Judt (1948–2010) British historian

Ill Fares the Land (2010), Ch. 1 : The Way We Live Now

Falseness

“Some historians looking back on our era will probably marvel at the fragile economic arguments used to justify the present migration policy. Even more they will wonder at the self-deception of those who defend the policy largely in the name of ethics and morality.”

Geoffrey Blainey (1930) Australian historian

"Immigration: Australia's Rag Doll,", The Weekend Australian (June 2-3, 1990)

“Often the other side of the coin of intolerance is insecurity. Insecure people tend to be intolerant, and their intolerance unleashes forces that threaten the security of others. And where there is no security there can be no lasting peace. In its "Human Development Report" for last year the UNDP noted that human security "is not a concern with weapons -- it is a concern with human life and dignity." The struggle for democracy and human rights in Burma is a struggle for life and dignity. It is a struggle that encompasses our political, social and economic aspirations. The people of my country want the two freedoms that spell security: freedom from want and freedom from fear. It is want that has driven so many of our young girls across our borders to a life of sexual slavery where they are subject to constant humiliation and ill-treatment. It is fear of persecution for their political beliefs that has made so many of our people feel that even in their own homes they cannot live in dignity and security.”

Aung San Suu Kyi (1945) State Counsellor of Myanmar and Leader of the National League for Democracy

Opening Keynote Address at NGO Forum on Women, Beijing China (1995)

Life, People, Fear, Peace

“Unless the fundamental categories of economics such as ‘property’ were to be redefined in a radically personal way the liberal rationalist curse which had established economics as a scientific discipline cut off from human interests would proliferate. Economic models … have failed to incorporate any meaningful index of individual benefit other than the original utilitarian one, … the index of increasing income or an increasing flow of commodities.”

John Carroll (1944) Australian professor and author

Source: Break-Out from the Crystal Palace (1974), p. 145

Way, Personality

“The drum major instinct can lead to exclusivism in one's thinking and can lead one to feel that because he has some training, he's a little better than that person who doesn't have it. Or because he has some economic security, that he's a little better than that person who doesn't have it. And that's the uncontrolled, perverted use of the drum major instinct.”

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

1960s, The Drum Major Instinct (1968)

Feeling, Thinking, Personality, Training

“In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but is by no means so specific about the system into which these relationships fit. It would be possible to close the system in very many ways, and the precise way selected would influence the regression estimates in a model involving simultaneous equations.”

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

Source: Studies in the National Income and Expenditure of the United Kingdom, 1954, p. 295; as cited in: John Chipman (2013) Advanced Econometric Theory, p. 275

Way

“It is estimated that the value of the crops for this harvest year may reach $13,000,000,000, which is an increase of over $3,000,000,000 in three years. It compares with $7,100,000,000 in 1913, arid if we make deduction from the figures of 1924 for the comparatively decreased value of the dollar, the yield this year still exceeds 1913 in purchasing power by over $1,000,000,000, and in this interval there has been no increase in the number of farmers. Mostly by his own effort the farmer has decreased the cost of production. A marked increase in the price of his products and some decrease in the price of his supplies has brought him about to a parity with the rest of the Nation. The crop area of this season is estimated at 370,000,000 acres, which is a decline of 3,000,000 acres from last year, and 6,000,000 acres from 1919. This has been a normal and natural application of economic laws, which has placed agriculture on a foundation which is undeniably sound and beginning to be satisfactory.”

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)

Law, Nature, Effort, Season

“Exit and voice, that is, market and non market forces, that is, economic and political mechanisms, have been introduced as two principal actors of strictly equal rank and importance.”

Albert O. Hirschman (1915–2012) German-American economist; member of the French Resistance

Exit, Voice, and Loyalty (1970), Ch. 1. Introduction and Doctrinal Background.

“The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.”

Ron Paul (1935) American politician and physician

CONFERENCE REPORT ON S. 900, GRAMM-LEACH-BLILEY ACT, November 8, 1999 http://www.house.gov/paul/congrec/congrec99/cr110899-glb.htm 1990s

Money, Home, Problem

“In general dictators have not done better at [economic] policies than democrats—far from it. Most dictators have ravaged their countries for personal gain. Scholars have asked whether democracy helps or hurts the economic growth of poor countries and despite many surveys, have come to no conclusive answer.”

Adam Przeworski (1940) Polish-American academic

Source: Fareed Zakaria (2007) The Future of Freedom. p. 251

Democracy, Help, Hurt, Personality

“My whole concept of economics is based on the idea that we have to explain how prices operate as signals, telling people what they ought to do in particular circumstances. The approach to this problem has been blocked by a cost or labor theory of value, which assumes that prices are determined by the technical conditions of production only. The important question is to explain how the interaction of a great number of people, each possessing only limited knowledge, will bring about an order that could only be achieved by deliberate direction taken by somebody who has the combined knowledge of all these individuals. However, central planning cannot take direct account of particular circumstances of time and place. Additionally, every individual has important bits of information which cannot possibly be conveyed to a central authority in statistical form. In a system in which the knowledge of relevant data is dispersed among millions of agents, prices can act to coordinate the separate actions of different individuals.
Given this context, it is intellectually not satisfactory to attempt to establish causal relations between aggregates or averages in the manner in which the discipline of macroeconomics has attempted to do. Individuals do not make decisions on the basis of partial knowledge of magnitudes such as the total amount of production, or the total quantity of money. Aggregative theorizing leads nowhere.”

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

1960s–1970s, A Conversation with Professor Friedrich A. Hayek (1979)

Money, People, Idea, Question

“I would emphasize again that social and economic solutions, as such, will not avail to satisfy the aspirations of the people unless they conform with the traditions of our race, deeply grooved in their sentiments through a century and a half of struggle for ideals of life that are rooted in religion and fed from purely spiritual springs.”

Herbert Hoover (1874–1964) 31st President of the United States of America

Herbert Hoover, 1874-1964 (1971)

Life, People, Religion, Spring

““Fair trade” is a moral delusion that could be leading to an economic catastrophe.”

James Bovard (1956) American journalist

From The Fair Trade Fraud (St. Martin's Press, 1991) http://www.jimbovard.com/Epigrams%20page%20Fair%20Trade%20Fraud.htm

“In spite of such limitations, the New Institutional Economics research programme, given its willingness to acknowledge the central role played by information in the economic process, constitutes a marked advance over what is on offer from the neoclassical orthodoxy. There, information retains the status of the luminiferous ether of classical physics before Einstein: a ubiquitous medium that admitted of a mechanical account of action at a distance and kept the world conveniently Newtonian.
Institutional economics, however, needs a more explicit and dynamic theory of information flows if it is to make more than a dent in the neoclassical defences. Having established that there exists credible institutional alternatives to markets, it needs to show how information production and exchange underpins them all, shaping their internal evolution as well as how they collaborate and compete. In effect, what is needed is a theory of social learning that extends beyond the individual or the organization to encompass more complex institutional settings. Such as theory, I believe, is foreshadowed in Douglas North’s historical studies of institutions. It now needs further development.”

Max Boisot (1943–2011) British academic and educator

Source: Information Space, 1995, p. 290; As cited in: Ortiz et al. (2006)

World, Study, Learning

“For my part I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways extremely objectionable.”

John Maynard Keynes book Essays in Persuasion

Source: Essays in Persuasion (1931), The End of Laissez-faire (1926), Ch. 5

Way, Thinking, Parting

“"Code sharing" is an economic surplus phenomenon. It works only when none of the people involved in it are in any form of need.”

Erik Naggum (1965–2009) Norwegian computer programmer

Re: realistic but short and simple LISP examples? http://groups.google.com/group/comp.lang.lisp/msg/29f678c98842ea2d (Usenet article). Usenet articles, Miscellaneous

People

“The great events of history are often due to secular changes in the growth of population and other fundamental economic causes, which, escaping by their gradual character the notice of contemporary observers, are attributed to the follies of statesmen or the fanaticism of atheists.”

John Maynard Keynes book The Economic Consequences of the Peace

Source: The Economic Consequences of the Peace (1919), Chapter II, Section I, pp. 14-15

History, Change

“An emerging market is a country where politics matters at least as much as economics to the market.”

Ian Bremmer (1969) American political scientist

"Managing Risk in an Unstable World," http://custom.hbsp.com/b01/en/implicit/product.jhtml?login=BREM060105&password=BREM060105&pid=1126 Harvard Business Review (June 2005).

Country

“A careful examination of the facts will decide the problem of government more and more in favor of liberty, just as it does all other economic problems. We are convinced, so far as we are concerned, that one day societies will be established to agitate for the freedom of government, as they have already been established on behalf of the freedom of commerce.And we do not hesitate to add that after this reform has been achieved, and all artificial obstacles to the free action of the natural laws that govern the economic world have disappeared, the situation of the various members of society will become the best possible.”

Gustave de Molinari (1819–1912) Belgian political economist and classical liberal theorist

Source: The Production of Security (1849), p. 60-61

World, Law, Nature, Problem

“So we have finished with the broken window. An elementary fallacy. Anybody, one would think, would be able to avoid it after a few moments’ thought. Yet the broken-window fallacy, under a hundred disguises, is the most persistent in the history of economics. It is more rampant now than at any time in the past. It is solemnly reaffirmed every day by great captains of industry, by chambers of commerce, by labor union leaders, by editorial writers and newspaper columnists and radio commentators, by learned statisticians using the most refined techniques, by professors of economics in our best universities. In their various ways they all dilate upon the advantages of destruction.”

Henry Hazlitt book Economics in One Lesson

Economics in One Lesson (1946), The Blessings of Destruction (ch. 3)

Way, History, Thinking, Learning

“The time has come for a wholly new approach to economic policy in Britain. The overriding need is for a long-term stabilisation programme to defeat inflation, recreate business confidence and provide a favourable climate for economic growth. At the head of such a programme must lie a firm commitment to a steady and gradual reduction in the rate of growth of the money supply, until it is consistent with our best guess at a potentially sustainable rate of economic growth. Only in this way can inflation be wrung out of the system. But this alone is not enough…An equally important part of a long term stabilisation plan has to be a reduction in the present Budget deficit…Indeed, something akin…to the old balanced Budget discipline needs to be restored: the secret of practical economic success, as overseas experience confirms, is the acceptance of known rules. Rules rule: OK?”

Nigel Lawson (1932) British Conservative politician and journalist

The Times (14 September 1978), p. 16.

Money, Lie, Secret, Way

“A critical, independent and investigative press is the lifeblood of any democracy. The press must be free from state interference. It must have the economic strength to stand up to the blandishments of government officials. It must have sufficient independence from vested interests to be bold and inquiring without fear or favour. It must enjoy the protection of the constitution, so that it can protect our rights as citizens.”

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

Nelson Mandela on freedom of expression, At the international press institute congress (14 February 1994). Source: From Nelson Mandela By Himself: The Authorised Book of Quotations © 2010 by Nelson R. Mandela and The Nelson Mandela Foundation http://www.nelsonmandela.org/content/mini-site/selected-quotes 1990s

Fear, Democracy

“It is not only the gulf between religions and cultures that plaques us today. There is the widening gulf between the rich and the poor, the world of plenty and the world of famine. We may think we can make a good patch work or mechanical arrangement to ameliorate such a division. But this I feel is an illusion. There is no economic solution to the ills of the world until the arts of originality - arts that are driven by mysterious strangeness - open the partialities and bias of tradition in ways that address the very core of our pre-possessions.”

Wilson Harris (1921–2018) Guyanese writer

pg. 251.
The Unfinished Genesis of the Imagination (1999)

World, Religion, Art, Way

“Endangered liberal values would stand a better chance in a society committed to defending the weak and vulnerable, as did the early liberals, and to insuring people against the economic insecurities that inevitably accompany a technologically dynamic and cosmopolitan economy.”

Samuel Bowles (1939) American economist

"The end of liberalism", Boston Globe (June 20, 2017)

People, Chance

“The trading characteristics of a security become more important than its underlying economics. The virtual economics began to drive the physical economy rather than the other way around.”

Aaron C. Brown (1956) American financial analyst

Source: The Poker Face of Wall Street (2006), Chapter 3, Finance Basics, p. 59

Way

“By such action we have not only discharged an obligation to humanity, but have likewise profited in our trade relations and established a community of interests which can not but be an added security for the maintenance of peace. In so far as we can confirm other people in the possession of profitable industry, without injuring ourselves, we shall have removed from them that economic pressure productive of those dissensions, discords, and hostilities which are a fruitful source of war.”

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

1920s, Ways to Peace (1926)

Hostility, War, People, Peace

“I love him dearly. On issues of economics and … family values, there's nobody that I know that's stronger.”

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

On campaign economic adviser Phil Gramm; 18 January 2008; http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/011908dnpolgramm.2d19db0.html 2000s, 2008

Love, Family

“Cruelty to animals is an enormous injustice; so is expecting those on the lowest rung of the economic ladder to do the dangerous, soul-numbing work of slaughtering sentient beings on our behalf.”

Victoria Moran (1950) American writer

Introduction
Main Street Vegan (2012)

Soul, Animals

“I say legalize marijuana because we have a chance to leave this world a better place for our children. Marijuana legalization is job creation, tax dollars, something to rejuvenate our pathetic economy. This is a multibillion-dollar industry. This is about jobs; this is about economics; this is about freedom. This is about taking our country back.”

Jesse Ventura (1951) American politician and former professional wrestler

Jesse Ventura's Marijuana Manifesto (2016), Introduction

Children, World, Freedom, Chance

“During and after World War II, a large number of academic economists were exposed directly to business life, and had more or less extensive opportunities to observe how decisions were actually made in business organizations. Moreover, those who became active in the development of the new management science were faced with the necessity of developing decision-making procedures that could actually be applied in practical situations. Surely these trends would be conducive to moving the basic assumptions of economic rationality in the direction of greater realism.”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

1960s-1970s, "Rational decision making in business organizations", Nobel Memorial Lecture 1978

Life, War, World, Business

“The 2008 financial meltdown is the result of under-regulated markets built on an ideology of free market capitalism and unlimited economic growth. The fundamental problem is that the underlying assumptions of this ideology are not consistent with what we now know about the real state of the world. The financial world is, in essence, a set of markers for goods, services, and risks in the real world and when those markers are allowed to deviate too far from reality, “adjustments” must ultimately follow and crisis and panic can ensue. To solve this and future financial crisis requires that we reconnect the markers with reality. What are our real assets and how valuable are they? To do this requires both a new vision of what the economy is and what it is for, proper and comprehensive accounting of real assets, and new institutions that use the market in its proper role of servant rather than master.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 40

World, Problem, Reality, Future

“Following von Neumann and Morgenstern [7, p. 30], we distinguish between games with complete information, to be sometimes briefly called C-games in this paper, and games with incomplete information, to be called I-games. The latter differ from the former in the fact that some or all of the players lack full information about the "rules" of the game, or equivalently about its normal form (or about its extensive form). For example, they may lack full information about other players' or even their own payoff functions, about the physical facilities and strategies available to other players or even to themselves, about the amount of information the other players have about various aspects of the game situation, etc.
In our own view it has been a major analytical deficiency of existing game theory that it has been almost completely restricted to C-games, in spite of the fact that in many real-life economic, political, military, and other social situations the participants often lack full information about some important aspects of the "game" they are playing.”

John Harsanyi (1920–2000) hungarian economist

Source: "Games with Incomplete Information Played by “Bayesian” Players," 1967, p. 163: Lead paragraph's

Life, Game

“Von Hayek was wrong. In strong and vibrant democracies, a generous social-welfare state is not a road to serfdom but rather to fairness, economic equality and international competitiveness.”

Jeffrey D. Sachs (1954) American economist

"Welfare States, Beyond Ideology", Scientific American 295, 42 (2006)

Democracy, Strong

“In economics the tendency of theory to lag behind observation seems to be endemic, and, as theorists, few of us consider this to be a "terrible state." But as noted by Lakatos (1978, p. 6), "where theory lags behind the facts, we are dealing with miserable degenerating research programmes."”

Vernon L. Smith (1927) American economist

Source: "Theory, experiment and economics," 1989, p. 168.

“From an evolutionary perspective, the human races are all very similar variations of the same gene pool. The question that looms over all the social sciences, unanswered and largely unaddressed, is how to explain the paradox that people as individuals are so similar yet human societies differ so conspicuously in their cultural and economic attainments.”

Nicholas Wade (1942) British writer

A Troublesome Inheritance: Genes, Race and Human History (2014)

People, Question, Science

“All these problems constantly come in the work of political and social development. But they stand for a vast progression toward better conditions, a better society, a better economic system. In approaching them, we need to have in mind the Federalist's analysis of our constitutional system: — The powers delegated to the Federal Government are few and defined; those to remain in the hands of the State government are numerous and indefinite.”

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

1920s, The Reign of Law (1925)

Problem

“The meaning of socialism is that life is dominated not by the contrast of rich and poor but by rank as determined by achievement and ability. That is our kind of freedom: freedom from the economic capriciousness of the individual.”

Oswald Spengler (1880–1936) German historian and philosopher

Prussianism and Socialism (1919)

Life, Freedom

“Any labor which competes with slave labor must accept the economic conditions of slave labor.”

Norbert Wiener book The Human Use of Human Beings

Source: The Human Use of Human Beings (1950), p. 162

“Islam, more than any other religion human beings have devised, has all the makings of a thoroughgoing cult of death….. As a matter of doctrine, the Muslim conception of tolerance is one in which non-Muslims have been politically and economically subdued, converted, or put to sword….. Yes, the Bible contains its own sadistic lunacy—but the above [Qur'an] quotations [taken from The End of Faith, pp. 117-123] can be fairly said to convey the central message of the Qur’an—and of Islam at nearly every moment in its history. The Qur’an does not contain anything like a Sermon on the Mount. Nor is it a vast and self-contradictory book like the Old Testament, in which whole sections (like Leviticus and Deuteronomy) can be easily ignored and forgotten. The result is a unified message of triumphalism, otherworldliness, and religious hatred that has become a problem for the entire world. And the world still waits for moderate Muslims to speak honestly about it.”

Sam Harris (1967) American author, philosopher and neuroscientist

http://www.samharris.org/site/full_text/honesty-the-muslim-worlds-scarcest-resource 2012-03-01 Honesty: The Muslim World’s Scarcest Resource? - SamHarris.com, accessed March 1, 2012 2010s

Death, Books, World, Faith

“In fact, technology in, and of, itself does not cause particular kinds of change. It is, essentially, an enabling or facilitating agent. It makes possible new structures, new organizational and geographical arrangements of economic activities, new products and new processes, while not making particular, outcomes inevitable.”

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 4, Technology: The Engine of change, p. 85

Change

“One of the hackneyed liberal complaints goes something like this: 'Bush is the first president in history to cut taxes during a war.' Nonsense. Bush didn’t cut taxes; he cut tax rates across the board - on income, dividends and capital gains. And that’s precisely why tax revenues have soared. When a department store wants to make more money, it doesn’t raise its prices, it cuts them and announces a big sale. If you want more work and investment, you hold a sale on economic activity by cutting tax rates, thereby reducing the cost of productive activity and increasing the prospect of after-tax returns on work and investment.”

Mike Rosen (1944) American political pundit

July 22, 2005 Rocky Mountain News column

Money, War, History

“Economic and political developments have forced upon us a great problem of analysis in the field of politico-economic organization. The center of this problem lies in the midground between the science of politics and the science of economics and its scope is coterminous with the scope of both. It demands the best minds of both science to forge a new pattern of thinking which will weld the elements of politics and economics into an integrated whole having validity in the present day.”

Gardiner C. Means (1896–1988) American economist

Source: "The Distribution of Control and Responsibility in a Modern Economy", 1935, p. 59; lead paragraph

Problem, Thinking, Science

“I mean, it became particularly acute because Keynes, against his intentions, had stimulated the development of macroeconomics. And I was convinced that not only his particular conclusions, but the whole foundation of macroeconomics was wrong.
So I wanted to demonstrate that we had to return to microeconomics, that this whole prejudice supported by the natural scientists that could deduce anything from measurable magnitudes, the effects of aggregates and averages, came to fascinate me much more. I felt in a way, that the thing which I am now prepared to do, I don’t know as there’s anybody else who can do this particular task. And I rather hoped that what I had done in capital theory would be continued by others. This was a new opening which was much more fascinating. The other would have meant working for a result which I already knew, but had to prove it. Which was very dull.
The other thing was an open problem: How does economics really look like when you recognize it as the prototype of a new kind of science of complex phenomena which could not employ the simple model of mechanics or physics, but had to deal with what then I described as mere pattern predictions, certain limited prediction. That was so much more fascinating as an intellectual problem.”

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

In a 1985 interview with Gary North and Mark Skousen, in Hayek on Hayek (1994)
1980s and later

Hope, Way, Support, Nature

“Much as we live in an economic and social order that is structured to exploit people, we live in one that is structured to exploit animals. We’re encouraged to understand both are natural and inevitable, but neither are. Both exploitations have long and contentious histories as part of the development of our modern economic order.”

Bob Torres American podcaster

Source: Making a Killing: The Political Economy of Animal Rights (2007), p. 10

People, History, Understanding, Nature

“Divorce laws have given women economic support after divorce; no laws have given men emotional support after divorce. Men are required to continue their obligations to their exes in the form of alimony or child support; women are not required to continue their obligation to their exes in the form of homemaking or nurturing.”

Warren Farrell (1943) author, spokesperson, expert witness, political candidate

Women Can't Hear What Men Don't Say (2000)

Women, Men, Law, Support

“Europeans are unable to understand why a young Libyan came to Europe in the first place, and why apparently under no circumstances does he wish to return home. Specifically, Europeans — for a variety of 20th-century historical and cultural reasons — often are either ignorant of who they are or terrified about expressing their identities in any concrete and positive fashion. The result is that Europe cannot impose on a would-be newcomer any notion that consensual government is superior to the anarchy and theocracy of the Middle East, that having individual rights trumps being subjects of a dictator, that personal freedom is a better choice than statist tyranny, that protection of private property is a key to economic growth whereas law by fiat is not, and that independent judiciaries do not run like Sharia courts. It most certainly cannot ask of immigrants upon arrival that they either follow the laws of a society that originally made Europe attractive to them, or return home to live under a system that they apparently rejected. I omit for obvious reasons that few present-day Europeans believe that Christianity is much different from Islam, and apparently thus assume that terrorists might just as well be Christians.”

Victor Davis Hanson (1953) American military historian, essayist, university professor

2010s, Europe at the Edge of the Abyss (2016)

Law, Home, Fashion, Understanding

“In the world of music, it is a rarity to find a person who is both a gifted composer and a top conductor. So it is in economics as well. Paul is that rarity. When Paul is writing, the sun is always out. His writing—ever eloquent, ever stirring—is done with the kind of verve that one seldom finds today.”

Michael Szenberg (1934) American economist

10.Paul Samuelson is a Great Maestro.
Ten Ways to Know Paul A. Samuelson (2006)

World, Music, Sun, Personality

“There is no evidence that risk takers in the economic domain have an unusual appetite for gambles on high stakes; they are merely less aware of risks than more timid people are.”

Daniel Kahneman book Thinking, Fast and Slow

Source: Thinking, Fast and Slow (2011), Chapter 24, "The engine of capitalism", page 263 (ISBN 9780141033570).

People

“In contrast to the natural sciences, where Isaac Newton and Albert Einstein made their major contributions, most economics masterpieces were written when the authors were middle aged. Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman come to mind. However, Paul started much earlier, in his 20s; and, even now, his new articles influence the fields of economics and finance.”

Michael Szenberg (1934) American economist

4.Paul Samuelson is Unique.
Ten Ways to Know Paul A. Samuelson (2006)

Age, Nature, Science

“But when reason and the study of history began revealing the irrationality, the limitations, and the merely transitory nature of the capitalist order, bourgeois ideology as a whole and with it bourgeois economics began abandoning both reason and history.”

Paul A. Baran (1909–1964) American Marxist economist

Source: The Political Economy Of Growth (1957), Chapter One, A General View, p. 4

History, Nature, Study

“Like any internationalist, I embrace Scotland's interdependence and the advantages that such interdependence confers. But in international relations - perhaps even more than the economic sphere - there are major advantages to pursuing an independent policy that promotes Scotland's global interests. Indeed it precisely because we live in an interdependent world - one where markets are integrating and information flow is unstoppable - a world where the reality of climate change acts as a daily reminder of our reliance on each other - that independence matters. Interdependence is a welcome fact of modern global politics. What matters in the Scottish national interest - above all else - are the terms on which Scotland engages. The equality of esteem, of authority between nations matters more now than it has ever done.”

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

Scotland in the World Forum (February 4, 2008)

World, Reality, Change

“Inextricably intertwined in the question was slavery, and it only became the more so in the years that followed. Socially and culturally the North and South were not much different. They prayed to the same deity, spoke the same language, shared the same ancestry, sang the same songs. National triumphs and catastrophes were shared by both. For all the myths they would create to the contrary, the only significant and defining difference between them was slavery, where it existed and where it did not, for by 1804 it had virtually ceased to exist north of Maryland. Slavery demarked not just their labor and economic situations, but power itself in the new republic.”

William C. Davis (1946) American historian

Source: Look Away!: A History of the Confederate States of America (2002), p. 9

Question

“The whole economic system of Capitalism is an offshoot of a devouring and overwhelming lust, of a kind that can hold sway only in a society that has deliberately renounced the Christian asceticism and turned away from Heaven to give itself over exclusively to earthly gratifications. … It is the result of a secularization of economic life, and by it the hierarchical subordination of the material to the spiritual is inverted. The autonomy of economics has ended in their dominating the whole life of human societies: the worship of Mammon has become the determining force of the age. And the worst of it is that this undisguised “mammonism” is regarded as a very good thing, an attainment to the knowledge of truth and a release from illusions. Economic materialism formulates this to perfection when it brands the whole spiritual life of man as a deception and a dream.”

Nikolai Berdyaev (1874–1948) Russian philosopher

Source: The End of Our Time (1919), p. 92

Life, Truth, Age, Dreams

“I want to be real clear about one thing: America will suffer a debilitating insolvency if we continue on this path…. We have been warned, but there are too many Congressmen and Senators who either lack the economic understanding or the political backbone to do what it takes to put the nation back on a sound financial footing…. Washington’s reckless spending habits have us on a path to destroy what took two centuries of sacrifice to build.”

Mo Brooks (1954) American politician

Mo Brooks Interview http://www.alreporter.com/2017/06/28/mo-brooks-interview/ (June 28, 2017)

Understanding, Suffering

“Thus we seem to be on the verge of an expansion of welfare economics into something like a social science of ethics and politics: what was intended to be a mere porch to ethics is either the whole house or nothing at all. In so laying down its life welfare economics may be able to contribute some of its insights and analytical methods to a much broader evaluative analysis of the whole social process.”

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

Source: 1940s, Economic Analysis, 1941, p. 34. (rev. ed. 1948) cited in: J.P. Roos (1973) Welfare Theory and Social Policy: A Study in Policy Science - Nummer 4. p. 102

Life, Science, Housing

“Many women are discovering that the motherhood instinct implies a responsibility to be certain children have dads -- everyday, not far away; and some are aware that economic independence requires not holding on to her child as if it were her job.”

Warren Farrell (1943) author, spokesperson, expert witness, political candidate

Source: Father and Child Reunion (2001), p. 239.

Women, Children

“…the principle of nationality and the principle of reverence for antiquity—the principle of what I may call local patriotism—is not only an ennobling thing in itself, but has a great economic value. … The attachment to your country, the attachment among British subjects to Britain, but also the attachment among Welsh-born people to Wales, has in it, in some degrees, the nature both of an appeal to energy and an incentive to its development, and likewise, no few elements of a moral standard; for the Welshman, go where he may, will be unwilling to disgrace the name. It is a matter of familiar observation that even in the extremest east of Europe, wherever free institutions have supplanted a state of despotic government, the invariable effect has been to administer an enormous stimulus to the industrious activity of the country.”

William Ewart Gladstone (1809–1898) British Liberal politician and prime minister of the United Kingdom

Speech to the Eisteddfod in Wrexham (8 September 1888), quoted in A. W. Hutton and H. J. Cohen (eds.), The Speeches of The Right Hon. W. E. Gladstone on Home Rule, Criminal Law, Welsh and Irish Nationality, National Debt and the Queen's Reign. 1888–1891 (London: Methuen, 1902), p. 58.
1880s

People, Nature, Country

“The sum total of such policies is a state that is what can only be described as—grammatical propriety notwithstanding—“uniquely unique.” Allow me to give you some examples: North Korea is the world’s sole communist hereditary dynasty, the world’s only literate-industrialized-urbanized peacetime economy to have suffered a famine, the world’s most cultish totalitarian system, and the world’s most secretive, isolated country—albeit one with the world’s largest military in terms of manpower and defense spending proportional to its population and national income. The result is a most abnormal state, one that is able to exercise disproportionate influence in regional politics despite its relatively small territorial and population size and its exceedingly meager economic, political, and soft power, principally through a strategy of external provocations and internal repression.”

Sung-Yoon Lee Korea and East Asia scholar, professor

A similar, shorter, quote also appears here:

Secret, World, Exercises, Suffering

“One can only wonder when the advocates of progressive economics will realize that, despite their best efforts, you cannot regulate your way to economic prosperity.”

Andrew Puzder (1950) American businessman

The Harsh Reality Of Regulating Overtime Pay http://www.forbes.com/sites/realspin/2016/05/18/the-harsh-reality-of-regulating-overtime-pay/#22d4f5c12321 (May 18, 2016)

Way, Effort

“The corporatist-economic model of society appears to be governing us. Economists, often in the pay of transnationals, are deciding, for us, what democracy is, and will be.”

B. W. Powe (1955) Canadian writer

Letter To Those In power, p. 83
Towards a Canada of Light (2006)

Democracy, Appearance

“We had affirmative action programs to help women help themselves economically. Is it now time for affirmative action programs to do for men’s feelings what the government did for women’s economics?”

Warren Farrell (1943) author, spokesperson, expert witness, political candidate

Women Can't Hear What Men Don't Say (2000)

Women, Men, Feeling, Time

“The study of economics does not seem to require any specialized gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy and pure science? Yet good, or even competent, economists are the rarest of birds. An easy subject, at which very few excel! The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher – in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician. Much, but not all, of this many-sidedness Marshall possessed. But chiefly his mixed training and divided nature furnished him with the most essential and fundamental of the economist's necessary gifts – he was conspicuously historian and mathematician, a dealer in the particular and the general, the temporal and the eternal, at the same time.”

John Maynard Keynes (1883–1946) British economist

Source: Essays In Biography (1933), Alfred Marshall, p. 170; as cited in: Donald Moggridge (2002), Maynard Keynes: An Economist's Biography, p. 424

Lie, Mood, Understanding, Nature

“The rule of our policy is that nothing should be done by the state which can be better or as well done by voluntary effort; and I am not aware that, either in its moral or even its literary aspects, the work of the state for education has as yet proved its superiority to the work of the religious bodies or of philanthropic individuals. Even the economical considerations of materially augmented cost do not appear to be wholly trivial.”

William Ewart Gladstone (1809–1898) British Liberal politician and prime minister of the United Kingdom

Liberal Manifesto (September 1885) http://oll.libertyfund.org/EBooks/Smith_0306.pdf 1880s

Education, Effort, Appearance

“Without the heroic, man has no meaning; without the economic, he has no sense. Economic man is most likely to be economic woman — a good wife, pulling the coat tails of her heroic husband, checking his extravagances of speech and action with words of caution and good sense. But without the heroic coat tails to pull, life for both of them would be dull and savorless indeed.”

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

Source: 1950s, The Skills of the Economist, 1958, p. 183

Life, Sense

“We should not delude ourselves into thinking that an incomes policy is other than a serious infringement of freedom…Nor have the Liberals explained how it is to be worked, and even if they had, it is certainly not a permanent answer to our economic troubles…At present, the Liberal-Social Democratic Alliance occasionally looks too much like a half-way house on the old road to state socialism. It will spend more than the Tories but rather less than Labour…Such compromises may win votes, but they will not improve the country.”

Jo Grimond (1913–1993) British soldier, politician and academic

In the Journal of Economic Affairs (October, 1981).

Way, Thinking, Freedom, Housing

“The bastard Keynesian doctrine, evolved in the United States, invaded the economic faculties of the world, floating on the wings of the almighty dollar.”

Joan Robinson (1903–1983) English economist

Source: Contributions to Modern Economics (1978), Chapter 23, What Has Become of Employment Policy?, p. 256

World

“A number of factors coalesced to make larger and larger firms more economical. The development of new production processes, such as assembly line, means that jobs could be specialized and more work could be accomplished. New technologies and sources of power became readily available. Demographic factors began to favor concentration of production in urban areas. These and other social and political forces require larger amounts of capital, well beyond the scope of most individual owner-manager-employee.”

R. Edward Freeman (1951) American academic

Source: Strategic Management: A Stakeholder Approach, 2007, p. 5

“Increasingly, politics is not about "who gets what, when, how" but about values, each of them considered to be absolute. Politics is about "the right to life"…It is about the environment. It is about gaining equality for groups alleged to be oppressed…None of these issues is economic. All are fundamentally moral.”

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

About how government can function
1990s and later, "The Age of Social Transformation." 1994

Life

“The economic success of the Reagan Administration was largely dependent upon the pyramiding of massive debt and the siphoning of capital from the rest of the world.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter Nine, transformation Of The Global Economy, p. 362

World, Success, Dependency

“We have spoken on many occasions of the need to achieve high economic growth as an absolute priority for our country. The annual address for 2003 set for the first time the goal of doubling gross domestic product within a decade.”

Vladimir Putin (1952) President of Russia, former Prime Minister

2006- 2010 Source: Annual Address to the Federal Assembly http://kremlin.ru/eng/speeches/2006/05/10/1823_type70029type82912_105566.shtml, (May 2006)

Time, Country

“To ignore social costs because they require an evaluation by society… and to leave social losses out of account because they are 'external' and 'non-economic' in character, would be equivalent to attributing no or ‘zero’ value to all social damages which is no less arbitrary and subjective a judgement than any positive or negative evaluation of social costs.”

Karl William Kapp (1910–1976) American economist

Source: Social Costs of Business Enterprise, 1963, p. 12. Cited in: M. Rangone & S. Solari (2012) "Southern European capitalism and the social costs of business enterprise". in: Studi e Note di Economia, Anno XVII, n. 1-2012, pp. 3-28

Loss

“[S]cientists are not robotic inducing machines that infer structures of explanation only from regularities observed in natural phenomena (assuming, as I doubt, that such a style of reasoning could ever achieve success in principle). Scientists are human beings, immersed in culture, and struggling with all the curious tools of inference that mind permits […]. Culture can potentiate as well as constrain—as Darwin's translation of Adam Smith's laissez-faire economic models into biology as the theory of natural selection. In any case, objective minds do not exist outside culture, so we must make the best of our ineluctable embedding.”

Stephen Jay Gould book Time's Arrow, Time's Cycle

Source: Time's Arrow, Time's Cycle (1987), pp. 6–7

Nature, Success

“What’s odd about Friedman’s absolutism on the virtues of markets and the vices of government is that in his work as an economist’s economist he was actually a model of restraint. As I pointed out earlier, he made great contributions to economic theory by emphasizing the role of individual rationality—but unlike some of his colleagues, he knew where to stop. Why didn’t he exhibit the same restraint in his role as a public intellectual?
The answer, I suspect, is that he got caught up in an essentially political role. Milton Friedman the great economist could and did acknowledge ambiguity. But Milton Friedman the great champion of free markets was expected to preach the true faith, not give voice to doubts. And he ended up playing the role his followers expected. As a result, over time the refreshing iconoclasm of his early career hardened into a rigid defense of what had become the new orthodoxy.
In the long run, great men are remembered for their strengths, not their weaknesses, and Milton Friedman was a very great man indeed—a man of intellectual courage who was one of the most important economic thinkers of all time, and possibly the most brilliant communicator of economic ideas to the general public that ever lived. But there’s a good case for arguing that Friedmanism, in the end, went too far, both as a doctrine and in its practical applications. When Friedman was beginning his career as a public intellectual, the times were ripe for a counterreformation against Keynesianism and all that went with it. But what the world needs now, I’d argue, is a counter-counterreformation.”

Paul Krugman (1953) American economist

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

Men, World, Faith, Communication

“The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it. In stating this opinion, we define risk, using dictionary terms, as "the possibility of loss or injury."”

Warren Buffett (1930) American business magnate, investor, and philanthropist

1993 Chairman's Letter http://www.berkshirehathaway.com/letters/1993.html Letters to Shareholders (1957 - 2012)

Feeling, Business, Thinking, Loss

“Keynes didn’t make an all-out assault on Economic Man, but he often resorted to plausible psychological theorizing rather than careful analysis of what a rational decision-maker would do. Business decisions were driven by “animal spirits,” consumer decisions by a psychological tendency to spend some but not all of any increase in income, wage settlements by a sense of fairness, and so on.
But was it really a good idea to diminish the role of Economic Man that much? No, said Friedman, who argued in his 1953 essay “The Methodology of Positive Economics” that economic theories should be judged not by their psychological realism but by their ability to predict behavior. And Friedman’s two greatest triumphs as an economic theorist came from applying the hypothesis of rational behavior to questions other economists had thought beyond its reach.”

Paul Krugman (1953) American economist

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

Behavior, Idea, Question, Business

“Ultimately…the hierarchy of prestige in an international system rests on economic and military power.”

Robert Gilpin (1930–2018) Political scientist

War and Change in World Politics (1981)

“In complexity economics one is not searching out the truth; one is simply searching for a statistical fit that can be temporarily useful in our understanding of the economy.”

David Colander (1947) American economist

David Colander, Complexity and the History of Economic Thought, Routledge, London and New York, 2000, p. 6.
2000s

Truth, Search, Understanding

“The assumption that, beneath economics, reality is psychosexual is often rejected as ahistorical by those who accept a dialectical materialist view of history because it seems to land us back where Marx began: groping through a fog of utopian hypotheses, philosophical systems that might be right, that might be wrong (there is no way to tell); systems that explain concrete historical developments by a priori categories of thought; historical materialism, however, attempted to explain 'knowing' by 'being' and not vice versa.”

Shulamith Firestone book The Dialectic of Sex

The Dialectic of Sex (1970)

Way, History, Reality

“Freedom is the by-product of economic surplus.”

Aneurin Bevan (1897–1960) Welsh politician

In Place of Fear (William Heinemann Ltd, 1952), p. 39
1950s

Freedom

“An expensive arms race, under cover of the military metaphysic, and in a paranoid atmosphere of fright, is an economically attractive business. To many utopian capitalists, it has become the Business Way of American Life.”

C. Wright Mills (1916–1962) American sociologist

The Causes of World War Three (1960)

Life, Way, Business

“When we approach the study of business cycle with the intention of carrying through an analysis that is truly dynamic and determinate in the above sense, we are naturally led to distinguish between two types of analyses: the micro-dynamic and the macro-dynamic types. The micro-dynamic analysis is an analysis by which we try to explain in some detail the behaviour of a certain section of the huge economic mechanism, taking for granted that certain general parameters are given. Obviously it may well be that we obtain more or less cyclical fluctuations in such sub-systems, even though the general parameters are given. The essence of this type of analysis is to show the details of the evolution of a given specific market, the behaviour of a given type of consumers, and so on.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 2

Business, Nature, Sense, Study

“Some years ago when I visited the British Army Museum in London, I was impressed by the way in which the history of the British Army was presented. Basically the display briefly and succinctly gave for each war involving the British Army the immediate and more remote causes of the war, British casualties, and the outcome, politically, territorially, economically, and the like. As I went through the display covering centuries of English history in a few minutes, I was struck by what perhaps should have been obvious from the outset. The history of the British Army also chronicles the history of Great Britain. And so it is in our own case- the history of the U. S. Army is inseparable from the history of the United States. We who have been or are privileged now to serve in the American Army should keep that fact in mind.”

Bruce Palmer Jr. (1913–2000) United States Army Chief of Staff

Source: The 25-Year War: America's Military Role in Vietnam (1984), p. 209

War, Way, History

“To produce a maximum of chaos in the culture of the enemy is our first most important step. Our fruits are grown in chaos, distrust, economic depression and scientific turmoil. At least a weary populace can seek peace only in our offered Communist State, at last only Communism can resolve the problems of the masses.”

Lavrentiy Beria (1899–1953) Georgian Soviet NKVD police chief under fellow Georgian and Soviet leader Stalin

Brain-Washing: A Synthesis of the Russian Textbook on Psychopolitics

Peace, Communication, Problem

“Divorce is very expensive, both economically and psychologically as well, but it probably isn't any more so than living with someone who isn't really on your side.”

Merle Shain (1935–1989) Canadian writer

Some Men are More Perfect Than Others (1973)

“The obsession with equilibrium has imposed enormous costs on economics.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 8, Let's Do The Time Warp Again, p. 177

“Economics is that way of understanding behavior that starts from the assumption that people have objectives and tend to choose the correct way to achieve them.”

David D. Friedman (1945) American economist, physicist, legal scholar, and libertarian theorist

Price Theory: An Intermediate Text, 1986

People, Way, Behavior, Understanding

“So for example, I'm the only candidate which has a policy about how to bring economic opportunity using clean renewable energy as the key into coal country. Because we're going to put a lot of coal miners and coal companies out of business, right? And we're going to make it clear that we don't want to forget those people. Those people labored in those mines for generations, losing their health, often losing their lives to turn on our lights and power our factories. Now we've got to move away from coal and all the other fossil fuels, but I don't want to move away from the people who did the best they could to produce the energy that we relied on.”

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

CNN Democratic Presidential Town Hall http://www.politifact.com/truth-o-meter/article/2016/may/10/context-hillary-clintons-comments-about-coal-jobs/ in Columbus, Ohio (13 March 2016) Presidential campaign (April 12, 2015 – 2016)

People, Health, Business, Light

“The Republican Party stands for individual liberty and free markets; its the party of growth, its the part of economic opportunity, those are things that benefit everyone. That's how we need to grow this party, by ensuring that those are the ideas that we are spreading.”

Glenn Jacobs (1967) American professional wrestler and actor

4:14&#8211;4:38 Glenn Jacobs's victory speech after winning race for Knox County Mayor https://www.youtube.com/watch?v=RC68lyf3-vw (2018)

Idea, Parting

“The sound education of the workers and their thorough organization, both economic and political, on the bassis of the class struggle, must precede their emancipation. Without such education and organization they can mke no substantial progress, and they will be robbed of the fruits of any temporary victory they may achieve, as they have been through all the centuries of the past.”

Eugene V. Debs (1855–1926) American labor and political leader

Sound Socialist Tactics (1912)

Education, Past, Victory

Quotes about economics page 25

Quotes about economics
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