Quotes about economics (3228 quotes, page 26)

“In the last few decades, it has become increasingly clear that humanity is facing a crisis of unprecedented proportions. Modern science has developed effective measures that could solve most of the urgent problems in today's world--combat the majority of diseases, eliminate hunger and poverty, reduce the amount of industrial waste, and replace destructive fossil fuels by renewable sources of clean energy. The problems that stand in the way are not of economical or technological nature. The deepest sources of the global crisis lie inside the human personality and reflect the level of consciousness evolution of our species.”

Stanislav Grof (1931) Czech pychiatrist

The Cosmic Game - Explorations of the Frontiers of Human Consciousness (1997), ISBN 0-7914-3876-7, p. 219.

Hunger , Lie , World , Disease

“War is no longer made by simply analysed economic forces if it ever was. War is made or planned now by individual men, demagogues and dictators who play on the patriotism of their people to mislead them into a belief in the great fallacy of war when all their vaunted reforms have failed to satisfy the people they misrule.”

Ernest Hemingway (1899–1961) American author and journalist

Notes on the Next War (1935)

Men , War , People

“By virtue of the way it has organized its technological base, contemporary industrial society tends to be totalitarian. For "totalitarian" is not only a terroristic political coordination of society, but also a non-terroristic economic-technical coordination which operates through the manipulation of needs by vested interests.”

Herbert Marcuse book One-Dimensional Man

Source: One-Dimensional Man (1964), p. 5

Way

“It is part of the Jews to be sneaky and sly. The genius of our people has ever been joyous strength, robust forcefulness, directness, manly courage, and flaming heroism. When the Jews, with their economic terrorism, jails, bullies and hangmen, scare the White man into laying down his cudgel and goad him into trying to out-sneak Jewish tyranny, the Jews have completely emasculated the once-strong White man, and doomed him to dishonor and defeat. The White man can NEVER win by sneaking!”

George Lincoln Rockwell (1918–1967) American politician, founder of the American Nazi Party

In Hoc Signo Vinces
1960, In Hoc Signo Vinces

People , Courage , Strong , Parting

“There are many who have lost faith in this early American ideal and believe in a form of socialistic, totalitarian rule, a sort of big brother deity to run our lives for us. They no longer believe that free men can successfully manage their own affairs. Their thesis is that a handful of men, centered in government, largely bureaucratic not elected, can utilize the proceeds of our toil and labor to greater advantage than those who create it. Nowhere in the history of the human race is there justification for this reckless faith in political power. It is the oldest, most reactionary of all forms of social organization. It was tried out in ancient Babylon, ancient Greece and ancient Rome; in Mussolini's Italy, in Hitler's Germany, and in all communist countries. Wherever and whenever it has been attempted, it has failed utterly to provide economic security, and has generally ended in national disaster. It embraces an essential idiocy, that individuals who, as private citizens, are not to manage the disposition of their own earnings, become in public office supermen who can manage the affairs of the world.”

Douglas MacArthur (1880–1964) U.S. Army general of the army, field marshal of the Army of the Philippines

Source: Reminiscences (1964), p. 418

Men , World , Faith , History

“When the dialectical method is applied to the study of economic problems, economic phenomena are not viewed separately from each other, by bits and pieces, but in their inner connection as an integrated totality, structured around, and by, a basic predominant mode of production. This totality is analysed in all its aspects and manifestations, as determined by certain given laws of motion, which relate also to its origins and its inevitable disappearance. These laws of motion of the given mode of production are discovered to be nothing but the unfolding of the inner contradictions of that structure, which define its very nature. The given economic structure is seen to be characterized at one and the same time by the unity of these contradictions and by their struggle, both of which determine the constant changes which it undergoes.”

Ernest Mandel (1923–1995) Belgian economist and Marxist philosopher

Introduction to Capital. Introduction to volume 1 (1976)

Law , Nature , Problem , Study

“The material called iron or steel I hold in high respect. What it can do in arriving at a form economically, no other material can do... What associations it possesses are those of this century: power, structure, movement, progress, suspension, destruction, brutality.”

David Smith (1906–1965) American visual artist (1906-1965)

quote, early 1950's
Source: 1950s, from 'Abstract Expressionism' (1990), p. 41

Quotes

“[On the attendees at the launch of Apollo 11] Those people were not a stampeding herd, nor a manipulated mob; they did not wreck the Florida communities, they did not devastate the countryside, they did not throw themselves, like whining thugs, at the mercy of their victims - they did not create any victims. They came as responsible individuals able to project the reality of two or three days ahead, and to provide for their own needs. There were people of every age, creed, color, educational level and economic status. They lived and slept in tents, or in their cars, some for several days, in great discomfort and unbearable heat; they did it gamely, cheerfully, gaily; they projected a general feeling of confident goodwill, the bond of a common enthusiasm; they created a public spectacle of responsible privacy - and they departed as they had come, without benefit of press agents.”

Ayn Rand (1905–1982) Russian-American novelist and philosopher

Apollo and Dionysus (1969)

People , Age , Education , Cars

“Two of the most widely adopted models of human resource management are the hard and soft versions. These are based on opposing views of human nature and managerial control strategies. The hard model is based on notions of tight strategic control, and an economic model of man according to Theory X, while the soft model is based on control through commitment and Theory Y. We argue that because these assumptions are so divergent, they cannot both properly be incorporated within a single model of human resource management.”

Lynda Gratton (1953) Business theorist

Catherine Truss, Lynda Gratton, Veronica Hope-Hailey, Patrick McGovern and Philip Stiles (1997). "Soft and hard models of human resource management: a reappraisal." Journal of Management Studies, 34(1), 53-73.

Nature

“Over the years, many nations have made well-intentioned efforts to promote these goals. Yet the success of these efforts must be measured by more than intentions, they must be measured by results. My Nation has placed an insistence on results at the heart of our foreign assistance programs. We launched a new initiative called the Millennium Challenge Account, which directs our help to countries that demonstrate their ability to produce results by governing justly, and fighting corruption, and pursuing market-based economic policies, as well as investing in their people. Every country and institution that provides foreign assistance, including the United Nations, will be more effective by showing faith in the people of the developing world and insisting on performance in return for aid.”

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

2000s, 2008, Address to the United Nations General Assembly (September 2008)

People , World , Faith , Effort

“Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in The General Theory of Employment, Interest and Money, set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn't mean that he wasn't a great man!”

Milton Friedman (1912–2006) American economist, statistician, and writer

As quoted in Opinion Journal (22 July 2006) http://www.opinionjournal.com/editorial/feature.html?id=110008690

Money , People , Beauty

“Racism does not limit itself to biology or economics or psychology or metaphysics; it attacks along many fronts and in many forms, deploying whatever is at hand, and even what is not, inventing when the need arises.”

Albert Memmi (1920) French writer

Racism (1982)

“Let's begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes — indeed, deletes — the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

"Free Market Fraud" http://www.thirdworldtraveler.com/Economics/FreeMarketFraudGalbraith.html, The Progressive (January 1999)

Money , Fashion , Thinking , Change

“It serves to remind us that, in trying to explain the globalization of economic activity, we are dealing with the workings of a dynamic capitalist market system, and not just individual agents within it.”

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 7, Transnational Corporations, p. 202

“Other people have marveled at the growth and strength of America. They have wondered how a few weak and discordant colonies were able to win their independence from one of the greatest powers of the world. They have been amazed at our genius for self-government. They have been unable to comprehend how the shock of a great Civil War did not destroy our Union. They do not understand the economic progress of our people. It is true that we have had the advantage of great natural resources, but those have not been exclusively ours. Others have been equally fortunate in that direction. The progress of America has been due to the spirit of the people. It is in no small degree due to that spirit that we have been able to produce such great leaders. If coming generations are to maintain a like spirit, it will be because they continue to support the principles which these men represented. It is for that purpose that we erect memorials. We can not hold our admiration for the historic figures which we shall see here without growing stronger in our determination to perpetuate the institutions which their lives revealed and established.”

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

1920s, Address at the Black Hills (1927)

Men , War , People , World

“Actual economic systems are constantly subjected to change and disturbances, which would result in irregularity.”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. 18

Change

“The question of the size of the postwar population of the Soviet Union is not the least of the enigmas which have been baffling students of Russian affairs. Hardly any estimate or evaluation of an economic, sociological or military character for the U. S. S. R. can be made meaningful without an accurate knowledge of the demographic base.”

Eugene M. Kulischer (1881–1956) American sociologist

Kulischer (1949) "The Russian Population Enigma". in: Foreign affairs. Vol 27. April 1949. p. 497

Question , Knowledge

“The antagonist to the Republican Party has been the Democrats, the party of collective subjugation and individual enslavement. Then physical, now economic. The first black members of the U. S. House and Senate were Republicans. The first civil rights legislation came from Republicans. Democrats gave us the KKK, Jim Crow, lynchings, poll taxes, literacy tests, and failed policies like the 'Great Society'. Republican President Eisenhower ordered troops to enforce school desegregation. Republican Senator Everett Dirksen enabled the 1964 civil rights legislation to pass, in opposition to Democrat Senators Robert Byrd, a KKK Grand Wizard, and Al Gore, Sr.”

Allen West (politician) (1961) American politician; retired United States Army officer

2010s, Voting Democratic for the next 200 years (2014)

School , Housing

“The economic betterment of a nation which is at a low level of intelligence and culture, or in which the population is small in relation to the extent and productivity of its territory, is best accomplished through free trade with highly cultivated, rich, and industrious nations. In the case of such a country every restriction of trade, intended to plant manufacturing industry within its borders, is premature and injurious, not only to the welfare of mankind in general, but to the progress of the nation itself. Only when the intellectual, political, and economic education of the nation has so far advanced as a result of free trade that its further progress would be checked and hindered by the import of foreign manufactures and the lack of a sufficient market for its own goods, can protective measures be justified.”

Friedrich List (1789–1846) German economist with dual American citizenship

Introduction, in Hirst (1909), p. 312
The National System of Political Economy (1841)

Education , Intelligence , Country

“I think almost everyone, including me, thought the election of our first black president would lead to new efforts to improve the dismal economic condition of African-Americans. In fact, Obama has seldom touched on the issue of race, and when he has he has emphasized the conservative themes of responsibility and self-help. Even when Republicans have suppressed minority voting, in a grotesque campaign to fight nonexistent voter fraud, Obama has said and done nothing.”

Bruce Bartlett (1951) American historian

2010s, Obama is a Republican (2014)

Fraud , Thinking , Effort , Help

“I prefer to call the most obnoxious feminists what they really are: feminazis. Tom Hazlett, a good friend who is an esteemed and highly regarded professor of economics at the University of California at Davis, coined the term to describe any female who is intolerant of any point of view that challenges militant feminism. I often use it to describe women who are obsessed with perpetuating a modern-day holocaust: abortion. There are 1.5 million abortions a year, and some feminists almost seem to celebrate that figure. There are not many of them, but they deserve to be called feminazis.A feminazi is a woman to whom the most important thing in life is seeing to it that as many abortions as possible are performed. Their unspoken reasoning is quite simple. Abortion is the single greatest avenue for militant women to exercise their quest for power and advance their belief that men aren't necessary. They don't need men in order to be happy. They certainly don't want males to be able to exercise any control over them. Abortion is the ultimate symbol of women's emancipation from the power and influence of men. With men being precluded from the ultimate decision-making process regarding the future of life in the womb, they are reduced to their proper, inferior role. Nothing matters but me, says the feminazi. My concerns prevail over all else. The fetus doesn't matter, it's an unviable tissue mass.”

Rush Limbaugh (1951) U.S. radio talk show host, Commentator, author, and television personality

[The Way Things Ought to Be, Pocket Books, October 1992, 193, 978-0671751456, 92028659, 26397008, 1724938M]

Life , Women , Men , Exercises

“For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents such as my encounter with Castro to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as 'internationalists' and of conspiring with others around the world to build a more integrated global political and economic structure — one world, if you will. If that is the charge, I stand guilty, and I am proud of it.
The anti-Rockefeller focus of these otherwise incompatible political positions owes much to Populism. "Populists" believe in conspiracies and one of the most enduring is that a secret group of international bankers and capitalists, and their minions, control the world's economy. Because of my name and prominence as head of the Chase for many years, I have earned the distinction of "conspirator in chief" from some of these people.
Populists and isolationists ignore the tangible benefits that have resulted in our active international role during the past half-century. Not only was the very real threat posed by Soviet Communism overcome, but there have been fundamental improvements in societies around the world, particularly in the United States, as a result of global trade, improved communications, and the heightened interaction of people from different cultures. Populists rarely mention these positive consequences, nor can they cogently explain how they would have sustained American economic growth and expansion of our political power without them.”

David Rockefeller (1915–2017) American banker and philanthropist

Source: Memoirs (2003), Ch. 27 : Proud Internationalist, p. 406

People , Secret , World , Family

“The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

A History of Economics (1991), ch. 21

Time

“Economic responsibility goes with military strength and an undue share in the costs of peacekeeping. Free riders are perhaps more noticeable in this area than in the economy, where a number of rules in trade, capital movements, payments and the like have been evolved and accepted as legitimate. Free ridership means that disproportionate costs must be borne by responsible nations, which must on occasion take care of the international or system interest at some expense in falling short of immediate goals. This is a departure from the hard nosed school of international relations in political science, represented especially perhaps by Hans Morgenthau and Henry Kissinger, who believe that national interest and the balance of power constitute a stable system. Leadership, moreover, had overtones of the white man's burden, father knows best, the patronizing attitude of the lady of the manor with her Christmas baskets. The requirement, moreover, is for active, and not merely passive responsibility of the German—Japanese variety. With free riders, and the virtually certain emergency of thrusting newcomers, passivity is a recipe for disarray. The danger for world stability is the weakness of the dollar, the loss of dedication of the United States to the international system's interest, and the absence of candidates to fill the resultant vacua.”

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

"Economic Responsibility", The Second Fred Hirsch Memorial Lecture, Warwick University, 6 March 1980, republished in Comparative Political Economy: A Retrospective (2003)

World , School , Departure , Science

“I don’t know who decided on a structure of 36 states, but I say, if we decide to review it, why shouldn’t we? Those states, you and I must understand, were mainly punitive creations rather than a need for economic advancement of Nigeria or Nigerians. Let us stop burying our heads in the sand. We have had national emergencies and managed to get out of it. Let us look at each other eyeball to eyeball and decide the type of country that we want to live in. I believe that is essential.”

Chukwuemeka Odumegwu Ojukwu (1933–2011) Nigerian politician and military leader

9 July, 2001, as quoted by Rudolph Okonkwo, My Last Interview With Dim Chukwuemeka Ojukwu - Rudolf Okonkwo http://saharareporters.com/column/my-last-interview-dim-chukwuemeka-ojukwu-rudolf-okonkwo, Sahara Reporters (26 November, 2011)

Understanding , Country

“Intervening variables are essential to psychological analysis because without them our description of economic behavior would remain incomplete, our understanding of behavior limited, and our predictions of future behavior incorrect.”

George Katona (1901–1981) American psychologist

George Katona (1951). Psychological Analysis of Economic Behavior. McGraw-Hill, New York. p. 31

Behavior , Understanding , Future

“Systems science and technology constitute one aspect of systems thinking, but the humanities and arts make up the other. The fact that design plays such a large part in the systemic treatment of problems makes it apparent that art has a major role in it as well. Ethics and aesthetics are integral aspects of evaluating systems… the systems approach involves the pursuit of truth (science) and its effective use (technology), plenty (economics), the good (ethics and morality), and beauty and fun (aesthetics). To compare systems methodology with that of any of the so-called ‘hard’ disciplines—for example, physics—is to misunderstand the nature of systems. The worry is not that the systems approach is not scientific in the sense which physics or chemistry or biology is, but that some try to make it scientific in that sense. To the extent they succeed, they destroy it.”

Russell L. Ackoff (1919–2009) Scientist

Ackoff (1999). "Disciplines, the two cultures and the scianities". Systems Research and Behavioral Science. 16 (6), p. 537. Cited in: Sherryl Stalinski (2005) A Systems View of Social Systems, Culture and Communities. Saybrook Graduate School. p. 5.
1990s

Truth , Beauty , Art , Nature

“Writers after Coase have referred to the authority structure of the firm as a "visible hand" that works in combination with Smith's invisible hand. The everyday fact that employers exercise power over their employees — not news to most employees — had been a central theme in Marx's economics, but it was (and generally continues to be) overlooked by most neoclassical economists. Early in his studies Coase noted the similarity between the hierarchical organization of capitalist firms, with their reliance on command relations, and the then-existing system of centralized economic planning in the Communist countries, where production was carried out in accordance with orders from higher authorities and where market competition played little role.”

Samuel Bowles (1939) American economist

Source: Understanding Capitalism: Competition, Command, and Change, 2005, p. 85

Exercises , Study , Country

“Hayek never really departed from the essential economic theory that he developed during the 1920s, although he expanded and deepened his analysis.”

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

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

“Indeed, I find it illuminating to consider to what extent our "classical conditions" for economic growth are satisfied in the current, monopolistic phase of capitalism.”

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

Source: The Political Economy Of Growth (1957), Chapter Three, Standstill And Movement Under Monopoly Capitalism, I, p. 51

“People are also more keenly and painfully aware that a large part of the Church is in one way or another linked to those who wield economic and political power in today's world…. Under these circumstances, can it honestly be said that the Church does not interfere in "the temporal sphere"? Is the Church fulfilling a purely religious role when by its silence or friendly relationships it lends legitimacy to a dictatorial and oppressive government?”

Gustavo Gutiérrez (1928) Peruvian theologian

Source: A Theology of Liberation (1971), p. 65

People , World , Way , Silence

“To consider social behavior as an exchange of goods may clarify the relations among four bodies of theory: behavioral psychology, economics, propositions about the dynamics of influence, and propositions about the structure of small groups.”

George C. Homans (1910–1989) American sociologist

Source: "Social Behavior as Exchange," 1958, p. 597; Article abstract

Behavior

“Marxist fixation on an atheistic status quo … offers the human soul nothing but a more or less eudaimonistically furnished "heaven on earth" without the music we ought to hear from this effortlessly functioning economic and social mechanism.”

Ernst Bloch (1885–1977) German philosopher

... wenn der Marxismus atheistisch fix mit Status quo bleibt, um der Menschenseele nichts als einen mehr oder minder eudämonistisch eingerichteten »Himmel« auf Erden zu setzen - ohne die Musik, die aus diesem mühelos funktionierenden Mechanismus der Ökonomie und des Soziallebens zu ertönen hätte.
Source: Man on His Own: Essays in the Philosophy of Religion (1959), p. 38

Music , Soul

“The time component of economic production became vital in Hayek’s work in economic theory. Essentially, his economic work could be said to rest on the idea that the price system is a method for coordinating economic activity through time.”

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

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

Idea , Time

“I consider all large organizations troublesome, including governmental and nonprofit organizations. They concentrate power in the hands of their top management; the larger the organization, the greater the power being concentrated. There are degrees of concentration of course, and some large organizations are so disorganized that they lose much of their potential power. But size is generally correlated with these kinds of power: By deciding where to locate they determine economic opportunities for some communities and deny it to others. Their hiring decisions affect the life chances of people, and can, unless checked, favor religious, ethnic, racial, and political affiliations. As consumers of resources, they can favor certain producers over others, and not necessarily on the grounds of “efficiency.””

Charles Perrow (1925–2019) American sociologist

They can mobilize political resources to insure favored treatment better than small organizations.
Charles Perrow, in: " Organizational Efficiency vs. Power: An Email Interview with Professor Charles Perrow http://blogs.gonomad.com/blog/2005/10/organizational-efficiency-vs-power-charles-perrow.html." blogs.gonomad.com, Oct. 2005.
1980s and later

Life , People , Communication , Decision

“On Bush "Free Trade" policies, the Republican Party has signed off on economic treason.”

Patrick Buchanan (1938) American politician and commentator

2000s, Where the Right Went Wrong (2004)

“The ideologies of the super-tribes exercised absolute power over all individual minds under their sway.
In civilized regions the super-tribes and the overgrown natural tribes created an astounding mental tyranny. In relation to his natural tribe, at least if it was small and genuinely civilized, the individual might still behave with intelligence and imagination. Along with his actual tribal kinsmen he might support a degree of true community unknown on Earth. He might in fact be a critical, self-respecting and other-respecting person. But in all matters connected with the super-tribes, whether national or economic, he behaved in a very different manner. All ideas coming to him with the sanction of nation or class would be accepted uncritically and with fervor by himself and all his fellows. As soon as he encountered one of the symbols or slogans of his super-tribe he ceased to be a human personality and became a sort of de-cerebrate animal, capable only of stereotyped reactions. In extreme cases his mind was absolutely closed to influences opposed to the suggestion of the super-tribe. Criticism was either met with blind rage or actually not heard at all. Persons who in the intimate community of their small native tribe were capable of great mutual insight and sympathy might suddenly, in response to tribal symbols, be transformed into vessels of crazy intolerance and hate directed against national or class enemies. In this mood they would go to any extreme of self-sacrifice for the supposed glory of the super-tribe. Also they would show great ingenuity in contriving means to exercise their lustful vindictiveness upon enemies who in favorable circumstances could be quite as kindly and intelligent as themselves.”

Olaf Stapledon book Star Maker

Source: Star Maker (1937), Chapter V: Worlds Innumerable; 2. Strange Mankinds (p. 62)

Hate , Exercises , Imagination , Intelligence

“Economic growth in Australia did not require the incorporation of a backward, unproductive rural sector. When farming later developed on the pastoral runs, it was commercial farming. Australia, as its greatest historian Keith Hancock said, was born modern. The United States, by contrast, imitated to an extent the history of Europe. In areas which had been self-sufficient there was more regional variety in speech and habit. There were pockets of settlement which for a long time remained outside the commercial world, even when access to it became possible. Backwoodsmen, hillbillies and country music were the results.”

John Hirst (1942–2016) Australian historian

Australian History in 7 Questions (2014)

World , Music , History , Time

“The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.”

Armen Alchian (1914–2013) American economist

Source: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

Problem

“By destroying the peasant economy and driving the peasant from the country to the town, the famine creates a proletariat… Furthermore the famine can and should be a progressive factor not only economically. It will force the peasant to reflect on the bases of the capitalist system, demolish faith in the tsar and tsarism, and consequently in due course make the victory of the revolution easier… Psychologically all this talk about feeding the starving and so on essentially reflects the usual sugary sentimentality of our intelligentsia.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

From V. Vodovozov's memoirs about Lenin's position regarding the famine of 1891-1892, which is often cited
Was falsely attributed to Lenin by Michael Ellman, The Role of Leadership Perceptions and of Intent in the Soviet Famine of 1931-1934, Europe-Asia Studies, September 2005, page 823
Misattributed

Faith , Victory , Country

“Both Socrates and Christ taught economic man to be at least slightly ashamed of himself when he failed to sacrifice the lower capacity to the higher. Freud is America’s great teacher, despite his ardent wish to avoid that fate. For it was precisely the official and parental shams of high ideals that Freud questioned. In their stead, Freud taught lessons which Americans, prepared by their own national experience, learn easily: survive, resign yourself to living within your moral means, suffer no gratuitous failures in a futile search for ethical heights that no longer exist—if they ever did.”

Philip Rieff (1922–2006) American sociologist

The Triumph of the Therapeutic (1966)

Fate , Search , Failure , Question

“With the assistance of mathematics, I can see a property of the ninety-nine dimensional surfaces hidden from the naked eye. If an increase in the price of fertilizer alone always increases the amount the firm buys of caviar, from that fact alone I can predict the answer to the following experiment which I have never seen performed and upon which I have no observations: an increase in the price of caviar alone will increase the amount the firm buys of fertilizer. In thermodynamics such reciprocity or integrability conditions are known as Maxwell Conditions; in economics they are known as Hotelling conditions in honor of Harold Hotelling’s 1932 work.”

Paul A. Samuelson (1915–2009) American economist

Source: 1950s–1970s, Maximum Principles in Analytical Economics, 1970, p. 67

Mathematics

“Less than a century ago the laborer had no rights, little or no respect, and led a life which was socially submerged and barren…. American industry organized misery into sweatshops and proclaimed the right of capital to act without restraints and without conscience. The inspiring answer to this intolerable and dehumanizing existence was economic organization through trade unions. The worker became determined not to wait for charitable impulses to grow in his employer. He constructed the means by which fairer sharing of the fruits of his toil had to be given to him or the wheels of industry, which he alone turned, would halt and wealth for no one would be available…”

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

1960s, Address to AFL–CIO (1961)

Life , Waiting , Wealth

“Reconstruction is merely a special case of economic progress. If we are to understand its problems thoroughly, we must examine what is meant by economic progress and try to discover how it comes about… Economic progress is not altogether easy to define and is even more difficult to measure. Nevertheless, the phrase clearly corresponds to a meaningful idea. We have only to contrast a savage society with our own. In a savage society, the same customs, the same techniques, the same ways of doing everything, from ploughing to praying, are maintained generation after generation, son following exactly in the footsteps of his father and daughter in the footsteps of her mother, without deviating an inch from the well-trodden way. In modern civilized society, on the other hand, there is constant change and flux; we are constantly improving on the methods of our ancestors, and indeed one of the surest ways to discredit anything is to call it "old-fashioned!"”

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

Source: 1940s, The Economics of Peace, 1945, p. 73

Way , Idea , Fashion , Understanding

“The Ethics of Competition is a book of Frank H. Knight's writings on a common theme: the problem of social control and its various implications. Knight believed in free economic institutions but was also aware that the competitive economic system could be improved. One of the central figures of neoclassical economics in the twentieth century, Knight pursued a lifelong campaign against irrationalities of nationalism, religious fanaticism, and group conflict, while conceding that these were fundamental orientations of human action that might yet frustrate his own work as an economist. While Knight vigorously defended human freedom and the liberal order, he also was sufficiently moved by the shortcomings of liberalism as to condemn it as rife with abuse.”

Frank Knight (1885–1972) American economist

Abstract
The Ethics of Competition, 1935

Books , Problem , Freedom

“When Acheson was first joined State as Assistant Secretary for Economic Affairs, he writes the following in a section entitled "My Search for a Function"…"My official duties were summed up in the Department of State Bulletin by misleading platitudes…Both (Secretary) Hull and the President…knew me and, surely, had not asked me into the Department to perform the largely nonexistent duties defined in the Bulletin."”

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

Present at the Creation: My Years in the State Department (1969), State Department Management, Leadership Perspectives

Search

“The study of money, above all other fields in economics, is the one in which complexity is used to disguise truth or to evade truth, not to reveal it.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

Source: Money: Whence It Came, Where It Went (1975), Chapter I, Money, p. 5

Money , Truth , Study

“I do not pretend that I know the whole solution of the world's problems, but I am burdened with a Puritanical sense of obligation to set the world to rights. I feel responsible for many enterprises that are not really my business at all, but many times I have kept silence on issues that interested me deeply through the fear that others would be blamed for my opinions. I have never been willing to believe that human nature cannot be changed; but even if it cannot, I am sure it can be curbed and led into channels of usefulness. I believe that life, not wealth, is the aim of existence — life including all its attributes of love, happiness, and joyful labour. I believe war is the inevitable fruit of our economic system, but even if I am wrong I believe that truth can lose nothing by agitation but may gain all.”

Helen Keller (1880–1968) American author and political activist

Midstream (1929)

Love , Life , War , Truth

“Through exploitation of its influence over global financial affairs, the United States has been able to cover the costs of its hegemonic position, preserve a false domestic prosperity, and mask the consequences of its relative political and economic decline.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter Eight, International Finance, p. 308

Falseness

“This proposed monopoly of political and economic power [in the form of the Dictatorship of the proletariat] was designed to do many things for the good of humanity, but experience has proven them to be false dreams. For example, the Dictatorship of the Proletariat was designed to spread the enjoyment of wealth among the people by abolishing private property and putting all means of production in the hands of the government. Why did they want to do this? They said it was to prevent all property and wealth from falling into the hands of private capitalists. But what happened when the Communists attempted to do this in Russia? It destroyed what little division of wealth there was and sent the economy hurtling back in the direction of feudalism - an economic system under which a few privileged persons dispense the necessities of life by arbitrary determination while at the same time dictating the way in which all important phases of life shall be lived by the citizens.”

W. Cleon Skousen book The Naked Communist

The Naked Communist (1958)

Life , People , Dreams , Way

“It's not just about the current economic environment. History shows that slashing budgets always leads to recession.”

Ha-Joon Chang (1963) Economist

"Austerity has never worked" http://www.guardian.co.uk/commentisfree/2012/jun/04/austerity-policy-eurozone-crisis, The Guardian, 4 June 2012.

History

“Lost in the barrage of images and self-serving analysis are the economic and social causes of the conflict.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 17, Dismantling Former Yugoslavia, p. 257

“If Donald Trump's plans were ever implemented, the country would sink into a prolonged recession. … As Donald Trump has offered very few specific economic plans, what little he has said is enough to know that he would be very bad for American workers and for American families.”

Mitt Romney (1947) American businessman and politician

2016, Remarks on Donald Trump and the 2016 race

Family , Country

“Economic man deals with the "real world" in all its complexity. Administrative man recognizes that the world he perceives is a drastic simplified model… He makes his choices using a simple picture of the situation that takes into account just a few of the factors that he regards as most relevant and crucial.”

Herbert A. Simon book Administrative Behavior

Source: 1940s-1950s, Administrative Behavior, 1947, p. xxix; As cited in: Jesper Simonsen (1994) Administrative Behavior: How Organizations can be Understood in Terms of Decision Processes http://jespersimonsen.dk/Downloads/Simon-introduction.pdf. Roskilde Universitet.

World

“Western observers focus more on the regime's economic failures than the North Koreans themselves do. Remember that it was only in recent modern times that Western societies began expecting the state to secure constant economic growth and rising prosperity. Well into the 20th century people expected little more from the state than that it protect them from foreign powers, and expand the influence or territory of the nation. Prussia was remarkably like North Korea in many ways, yet we remember it as a very successful state. If we judge North Korea by its own standards — instead of by the communist standards we hope its people judge it by — we must admit it has performed very well.”

Brian Reynolds Myers (1963) American professor of international studies

2010s, Interview with Joshua Stanton (August 2017)

People , Hope , Way , Failure

“Mr. Trump didn’t create this economic swan dive to the street. Our politicians did.”

Ted Nugent (1948) American rock musician

Give Trump the Medal of Freedom (August 7, 2015)

“Analysis of the mathematical form and underlying principles of games was made by von Neumann " as early as 1928. In this early work von Neumann was not so much interested in executive-type problems as he was in the logical foundations of quantum mechanics. It was not until 1944, when von Neumann and Morgenstern published their now well known Theory of Games and Economic Behavior, that the mathematical treatment of games "took fire."”

C. West Churchman (1913–2004) American philosopher and systems scientist

Source: 1940s - 1950s, Introduction to Operations Research (1957), p. 519: Partly cited in: E. Roy Weintraub (1992) Toward a history of game theory. p. 235

Behavior , Game , Mathematics , Problem

“We do not yet have a politics that is equal to the economics around us.”

Bob Rae (1948) Canadian politician

Source: The Three Questions - Prosperity and the Public Good (1998), Chapter Two, The First Question: Self Interest and Prosperity, p. 40

“As was rightly pointed out by Karl Polanyi in the 1940s, the 19th century laissez-faire regime can be thought of as one in which society is forced to conform to the needs of the market mechanism. "Instead of the economy being embedded in social relations, social relations are embedded in the economic system" in this laissez-faire regime. However, it was precisely because of this that the system gradually disintegrated from the early 20th century into economic and social chaos. "Since society was made to conform to the needs of the market mechanism, imperfections in the functioning of that mechanism created cumulative strains on the body social."”

Eisuke Sakakibara (1941) Japanese economist and critic

The End of Market Fundamentalism (1999)

“I'm going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated.”

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

As quoted in Wall Street Journal http://www.opinionjournal.com/editorial/feature.html?id=110007600 (26 November 2005), by Stephen Moore
2000s, 2005

Education

“We no longer have political movements. While thousands of us may come together for a rally or march, we are bound together on such occasions by a single shared interest. Any effort to convert such interests into collective goals is usually undermined by the fragmented individualism of our concerns. Laudable goals—fighting climate change, opposing war, advocating public healthcare or penalizing bankers—are united by nothing more than the expression of emotion. In our political as in our economic lives, we have become consumers: choosing from a broad gamut of competing objectives, we find it hard to imagine ways or reasons to combine these into a coherent whole. We must do better than this.”

Tony Judt (1948–2010) British historian

Ill Fares the Land (2010), Ch. 3 : The Unbearable Lightness of Politics

War , Way , Imagination , Effort

“Hard systems viewpoints are basically those held by designers and engineers who are trying to create systems to meet an understood need in an effective and economic manner. Those in the soft camp caricature the approach as head-down, concerned with optimization, obsessed with quantitative metrics and highly pragmatic. So much so, in fact, that the term system thinking has been purloined by the soft camp as though they alone thought! The soft camp use the term engineer’s philosophy, not too endearingly, to describe the hard approach, in which the requirement is stated by a customer and the engineer satisfies the requirement without question.”

Derek Hitchins (1935) British systems engineer

Source: Putting systems to work (1992), p. 6; as cited in: Stuart Anderson (2006) "Heterogeneous Modelling of Evolution for Socio-technical Systems"

Optimism , Question , Thinking

“Economic history has contributed significantly to the formulation of economic theory. Among the economists who have found history an important source for their ideas are Smith, Malthus, Marx, Marshall, Keynes, Hicks, Arrow, Friedman, Solow, and Becker. Failure to take account of history, as Simon Kuznets (1941) stressed, has often led to a misunderstanding of current economic problems by investigators who have not realized that their generalizations rested upon transient circumstances. Nowhere is the need to recognize the role of long-run dynamics more relevant than in such pressing current issues as medical care, pension policies, and development policies.”

Robert Fogel (1926–2013) American economist, historian

Robert Fogel (1993) " Economic Growth, Population Theory, And Physiology: The Bearing Of Long-Term Processes On The Making Of Economic Policy http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1993/fogel-lecture.pdf." Nobel lecture.

History , Idea , Failure , Problem

“[T]here could be no guarantee in a free market that the interests of race or state as Hitler defined them would take priority over the interests of businessmen or consumers. After 1933 the role of the state in regulating and directing economic life increased sharply, first in order to encourage economic revival, then to divert economic resources to the growth of German military power… [which] led, in an unplanned, incremental way, to the establishment of a kind of command economy.”

Richard Overy (1947) British historian

Source: War and Economy in the Third Reich (1994), pp. 1–2

Life , Way

“Paycheck discrimination is not the only obstacle preventing women from having the same economic opportunities as men. As our country continues to focus on our economic recovery, leveling the financial playing field for women must be a priority. According to recent predictions, within a generation, more families will be supported by women than men. If these primary breadwinners earn lower incomes, it won't just affect their families, but also consumer spending and our larger financial growth.”

Sandra Fluke (1981) American women's rights activist and lawyer

CNN, (April 17, 2012).
Articles

Women , Men , Family , Support

“It's a psychological onslaught, an economic one, a diplomatic one, a military onslaught – a total onslaught.”

P. W. Botha (1916–2006) South African prime minister

Speaking to the House of Assembly on 17 April 1978, as cited by Andrew Donaldson, Sunday Times, November 5, 2006

“[Canada's ruling circles seek] to ally themselves more closely with American imperialism without giving up the economic advantages of membership in the British Empire.”

Tim Buck (1891–1973) Canadian politician

Tim Buck A Conscience for Canada

“I recommend that you provide the resources to carry forward, with full vigor, the great health and education programs that you enacted into law last year. I recommend that we prosecute with vigor and determination our war on poverty. I recommend that you give a new and daring direction to our foreign aid program, designed to make a maximum attack on hunger and disease and ignorance in those countries that are determined to help themselves, and to help those nations that are trying to control population growth. I recommend that you make it possible to expand trade between the United States and Eastern Europe and the Soviet Union. I recommend to you a program to rebuild completely, on a scale never before attempted, entire central and slum areas of several of our cities in America. I recommend that you attack the wasteful and degrading poisoning of our rivers, and, as the cornerstone of this effort, clean completely entire large river basins. I recommend that you meet the growing menace of crime in the streets by building up law enforcement and by revitalizing the entire federal system from prevention to probation. I recommend that you take additional steps to insure equal justice to all of our people by effectively enforcing nondiscrimination in federal and state jury selection, by making it a serious federal crime to obstruct public and private efforts to secure civil rights, and by outlawing discrimination in the sale and rental of housing. I recommend that you help me modernize and streamline the federal government by creating a new Cabinet-level Department of Transportation and reorganizing several existing agencies. In turn, I will restructure our civil service in the top grades so that men and women can easily be assigned to jobs where they are most needed, and ability will be both required as well as rewarded. I will ask you to make it possible for members of the House of Representatives to work more effectively in the service of the nation through a constitutional amendment extending the term of a Congressman to four years, concurrent with that of the President. Because of Vietnam we cannot do all that we should, or all that we would like to do. We will ruthlessly attack waste and inefficiency. We will make sure that every dollar is spent with the thrift and with the commonsense which recognizes how hard the taxpayer worked in order to earn it. We will continue to meet the needs of our people by continuing to develop the Great Society. Last year alone the wealth that we produced increased $47 billion, and it will soar again this year to a total over $720 billion. Because our economic policies have produced rising revenues, if you approve every program that I recommend tonight, our total budget deficit will be one of the lowest in many years. It will be only $1.8 billion next year. Total spending in the administrative budget will be $112.8 billion. Revenues next year will be $111 billion. On a cash basis—which is the way that you and I keep our family budget—the federal budget next year will actually show a surplus. That is to say, if we include all the money that your government will take in and all the money that your government will spend, your government next year will collect one-half billion dollars more than it will spend in the year 1967. I have not come here tonight to ask for pleasant luxuries or for idle pleasures. I have come here to recommend that you, the representatives of the richest nation on earth, you, the elected servants of a people who live in abundance unmatched on this globe, you bring the most urgent decencies of life to all of your fellow Americans.”

Lyndon B. Johnson (1908–1973) American politician, 36th president of the United States (in office from 1963 to 1969)

1960s, State of the Union Address (1966)

Life , Women , Men , Money

“The problem is one in the general physiology of society. The continuance of life and health for any individual depends on maintenance of a moving organic equilibrium within certain definite limits of tolerance. The daily work of the world is done by individuals living their specialized economic and social lives within a moving equilibrium… But specialized progress brought uneven social and economic developments and serious maladjustment. General equilibrium is lost. The limits of tolerance, the margins of safety, are exceeded.”

Wallace Brett Donham (1877–1954) American academic

Source: "The Failure of Business Leadership and the Responsibility of the Universities", 1933, p. 423; as cited in: Wallace Donham http://www.eoht.info/page/Wallace+Donham at Hmolpedia, 2015

Life , Health , World , Problem

“Conservative clergymen now used their ministerial authority to argue, quite explicitly, that New Dealers were the ones violating the Ten Commandments. … They insisted that the welfare state was not a means to implement Christ's teaching about caring for the poor and the needy, but rather a perversion of Christian doctrine. In a forceful rejection of the public service themes of the Social Gospel, they argued that the central tenet of Christianity remained the salvation of the individual. If any political and economic system fit with the religious teachings of Christ, it would have to be rooted in a similarly individualistic ethos. Nothing better exemplified such values, they insisted, than the capitalist system of free enterprise.”

Kevin M. Kruse (1972) American historian

Source: One Nation Under God: How Corporate America Invented Christian America (2015), p. 7

Christ

“One seeking to understand the recurrent ebb and flow of economic activity characteristic of the present day finds these numerous explanations both suggestive and perplexing. All are plausible, but which is valid? None necessarily excludes all the others, but which is the most important? Each may account for certain phenomena; does any one account for all the phenomena? Or can these rival explanations be combined in such a fashion as to make a consistent theory which is wholly adequate?
There is slight hope of getting answers to these questions by a logical process of proving and criticizing the theories. For whatever merits of ingenuity and consistency they may possess, these theories have slight value except as they give keener insight into the phenomena of business cycles. It is by study of the facts which they purport to interpret that the theories must be tested. But the perspective of the investigation would be distorted if we set out to test each theory in turn by collecting evidence to confirm or to refute it. For the point of interest is not the validity of any writer's views, but clear comprehension of the facts. To observe, analyze, and systematize the phenomena of prosperity, crisis, and depression is the chief task. And there is better prospect of rendering service if we attack this task directly, than if we take the round about way of considering the phenomena with reference to the theories.
This plan of attacking the facts directly by no means precludes free use of the results achieved by others. On the contrary, their conclusions suggest certain facts to be looked for, certain analyses to be made, certain arrangements to be tried. Indeed, the whole investigation would be crude and superficial if we did not seek help from all quarters. But the help wanted is help in making a fresh examination into the facts.”

Wesley Clair Mitchell (1874–1948) American statistician

Source: Business Cycles, 1913, p. 19-20; as cited in: Mary S. Morgan. The History of Econometric Ideas. p. 46

Hope , Way , Fashion , Understanding

“Prison reform. Pending before the Congress is a bill which has already passed one House providing for a reformatory to which could be committed first offenders and young men for the purpose of segregating them from contact with banned criminals and providing them with special training in order to reestablish in them the power to pursue a law-abiding existence in the social and economic life of the Nation. This is a matter of so much importance as to warrant the early attention of the present session. Further provision should also be made, for a like reason, for a separate reformatory for women.”

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)

Life , Women , Men , Law

“Finally, a nation should not regard the progress of industries from a purely economic point of view. Manufactures become a very important part of the nation‘s political and cultural heritage.”

Friedrich List (1789–1846) German economist with dual American citizenship

Source: The Natural System of Political Economy (1837), p. 39

Parting

“You could say that GDP (National Income) and prosperity and wealth grows fastest when income tax rates are highest. And wealth slows, the economy slows, when taxes are cut. That's counter intuitive but if you look at any chart comparing tax rates and economic growth rates that's what you find. The 19th century knew it, the 18th century knew it but today you have a kind of counter revolution of junk economics that is basically anti-labor economics.”

Michael Hudson (economist) (1939) American economist

"Higher Taxes on Top 1% Equals Higher Productivity", Video Interview (13:28), The Real News Network (TRNN) http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=6000 (January 1, 2011)

Wealth

“We have entered an age of insecurity—economic insecurity, physical insecurity, political insecurity. The fact that we are largely unaware of this is small comfort: few in 1914 predicted the utter collapse of their world and the economic and political catastrophes that followed. Insecurity breeds fear. And fear—fear of change, fear of decline, fear of strangers and an unfamiliar world—is corroding the trust and interdependence on which civil societies rest.”

Tony Judt (1948–2010) British historian

Ill Fares the Land (2010), Introduction

Age , World , Fear , Change

“I have just returned from a visit to Germany. … I have now seen the famous German leader and also something of the great change he has effected. Whatever one may think of his methods — and they are certainly not those of a Parliamentary country — there can be no doubt that he has achieved a marvellous transformation in the spirit of the people, in their attitude towards each other, and in their social and economic outlook.
One man has accomplished this miracle. He is a born leader of men. A magnetic dynamic personality with a single-minded purpose, a resolute will, and a dauntless heart. He is the national Leader. He is also securing them against that constant dread of starvation which is one of the most poignant memories of the last years of the war and the first years of the Peace. The establishment of a German hegemony in Europe which was the aim and dream of the old prewar militarism, is not even on the horizon of Nazism.”

David Lloyd George (1863–1945) Former Prime Minister of the United Kingdom

As quoted in The Daily Express (17 November 1936)
Later life

Men , War , People , Peace

“The same basic ingredients are found repeatably: fueled by initially well founded economic fundamentals, investors develop a self-fulfilling enthusiasm by an imitative process or crowd behavior that leads to an unsustainable accelerating overvaluation.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 7, Autopsy Of Major Crashes, p. 272.

Behavior

“To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith’s invisible hand is the keynote of classical economics, Keynes’ animal spirits are the keynote to a different view of the economy — a view that explains the underlying instabilities of capitalism.”

George Akerlof book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

George Akerlof and Robert Shiller. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, 2009, Preface

Understanding , Animals

“It is often sadly remarked that the bad economists present their errors to the public better than the good economists present their truths. It is often complained that demagogues can be more plausible in putting forward economic nonsense from the platform than the honest men who try to show what is wrong with it. But the basic reason for this ought not to be mysterious. The reason is that the demagogues and bad economists are presenting half-truths. They are speaking only of the immediate effect of a proposed policy or its effect upon a single group. As far as they go they may often be right. In these cases the answer consists in showing that the proposed policy would also have longer and less desirable effects, or that it could benefit one group only at the expense of all other groups. The answer consists in supplementing and correcting the half-truth with the other half. But to consider all the chief effects of a proposed course on everybody often requires a long, complicated, and dull chain of reasoning. Most of the audience finds this chain of reasoning difficult to follow and soon becomes bored and inattentive. The bad economists rationalize this intellectual debility and laziness by assuring the audience that it need not even attempt to follow the reasoning or judge it on its merits because it is only “classicism” or “laissez-faire,” or “capitalist apologetics” or whatever other term of abuse may happen to strike them as effective.”

Henry Hazlitt book Economics in One Lesson

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

Men , Truth , Error

“It is no longer the moral, religious, spiritual condition of the people that is our concern, but their physical, practical, economical condition, as regulated by public laws.”

Thomas Carlyle (1795–1881) Scottish philosopher, satirical writer, essayist, historian and teacher

1820s, Signs of the Times (1829)

People , Law

“…it is already clear that the policies that we have been pursuing have brought about a profound cultural change in this country. That, indeed, is what it is all about. For that cultural change is the only route to the economic success that we all wish to see, and which is no longer promise but reality. No longer do people accept that economic policy should be about regulating everyone's lives and imposing penal tax rates, in the illusion that that will benefit those on lower incomes. Instead, it is now widely recognised except on the Opposition Benches that one cannot make the poor rich by making the rich poor and that there are enormous benefits in getting the state off people's backs, in transferring decision-making from the state to the people. And it is now abundantly clear that giving greater freedom and greater incentives has removed the shackles that have held back Britain for so many years and has liberated a great surge in enterprise.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech http://hansard.millbanksystems.com/commons/1988/mar/21/budget-resolutions-and-economic-situation in the House of Commons (21 March 1988)

People , Reality , Decision , Freedom

“Prestige, competitive reputation, social philosophy, social standing, philanthropic interests, combativeness, love of intrigue, dislike of friction, technical interest, Napoleonic dreams, love of accomplishing useful things, desire for regard of employees, love of publicity, fear of publicity – a long catalogue of non-economic motives actually condition the management of business, and nothing but the balance sheet keeps these non-economic motives from running wild. Yet without all these incentives, I think most business would be a lifeless failure.”

Chester Barnard (1886–1961) American businessman

Source: Organization and Management: Selected Papers (1948), p. 15

Love , Fear , Dreams , Motivation

“An invariable accompaniment of growth in developed countries is the shift away from agriculture, a process usually referred to as industrialization and urbanization. The income distribution of the total population, in the simplest model, may therefore be viewed as a combination of the income distributions of the rural and of the urban populations. What little we know of the structures of these two component income distributions reveals that: (a) the average per capita income of the rural population is usually lower than that of the urban;' (b) inequality in the percentage shares within the distribution for the rural population is somewhat narrower than in that for the urban population… Operating with this simple model, what conclusions do we reach? First, all other conditions being equal, the increasing weight of urban population means an increasing share for the more unequal of the two component distributions. Second, the relative difference in per capita income between the rural and urban populations does not necessarily drift downward in the process of economic growth: indeed, there is some evidence to suggest that it is stable at best, and tends to widen because per capita productivity in urban pursuits increases more rapidly than in agriculture. If this is so, inequality in the total income distribution should increase”

Simon Kuznets (1901–1985) economist

Source: "Economic growth and income inequality," 1955, p. 7 as cited in: Anthony Barnes Atkinson, François Bourguignon, Handbook of Income Distribution, Vol. 1. Elsevier, 2000 p. 799

Country

“Land-use ethics are still governed wholly by economic self-interest, just as social ethics were a century ago.”

Aldo Leopold book A Sand County Almanac

Source: A Sand County Almanac, 1949, "The Land Ethic", p. 209.

“Capitalism imposes its laws of motion on the environment, irrespective of the biogeochemical cycles of the planet and the earth’s metabolism, so that it creates rifts or ruptures in the biogeochemical cycles of the Earth system, disrupting ecosystem relations in ways that transcend the mere scale-effects of economic growth. It is this problem of the metabolic rift that is our deepest challenge. Sustainability is more and more compromised at ever higher levels—a continually accelerating threat to civilization and life itself.”

John Bellamy Foster (1953) Sociology professor and Marxist writer

Interview with Left Voice (2017)

Life , Law , Way , Problem

“The contented and economically comfortable have a very discriminating view of government. Nobody is ever indignant about bailing out failed banks and failed savings and loans associations… But when taxes must be paid for the lower middle class and poor, the government assumes an aspect of wickedness.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

The Guardian [UK] (23 May 1992)

“The war was fought throughout and ultimately won, not only by the usual military weapons in the narrower sense, but by the whole economic, industrial, and financial systems of the belligerent Powers. Food, shipping, metals and raw materials, credit, transport, industries and factories of all kinds played just as important a part as guns, rifles, aeroplanes, tanks, explosives and gas, warships and submarines.”

Jan Smuts (1870–1950) military leader, politician and statesman from South Africa

The League of Nations - A Practical Suggestion, C: The League and World-Peace, Hodder and Stoughton, 1918

War , Food , Sense , Parting

“I then follow up with four major aspects of economic research in the last 60 years, the period of my scholarly activity. One, econometric methodology and practice, is of such fundamental importance that it cannotgo unnoticed, although I played no role in it. With the other three, general equilibrium, dynamic processes, and uncertainty and information, I was more intimately involved.”

Kenneth Arrow (1921–2017) American economist

Kenneth Arrow, "Some Developments in Economic Theory Since 1940: An Eyewitness Account" Annu. Rev. Econ. 2009
New millennium

“The dynamic character of China's nonstatist economic transformation, including its social openness to the rest of the world, is not mutually compatible in the long run with a relatively closed and bureaucratically rigid Communist dictatorship.”

Zbigniew Brzeziński book The Grand Chessboard

Source: The Grand Chessboard (1997), Chapter 6, The Far Eastern Anchor, p. 161.

World

“[20th Century has been called] the century of extremes, […] in which human vices reached unfathomable depths. [She notes that it has been] a century of great progress [and in some places of] unprecedented economic growth. [At the same time, however, poor urban areas face a bleak future of] overcrowding and a disease pattern linked to poverty and an unhealthy environment.”

Gro Harlem Brundtland (1939) Norwegian politician

Awake! magazine 1999, 12/8, article: The Most Profound Changes.

Disease , Time , Future

“This article makes three points. First, it argues that concerns about competitiveness are, as an empirical matter, almost completely unfounded. Second, it tries to explain why defining the economic problem as one of international competition is nonetheless so attractive to so many people. Finally, it argues that the obsession with competitiveness is not only wrong but dangerous, skewing domestic policies and threatening the international economic system.”

Paul Krugman (1953) American economist

Pop Internationalism (1996), Competitiveness: A Dangerous Obsession (1994)

People , Problem

“Economics is in high degree a pedagogical discipline, and an economist must be in close touch with popular psychology in order to know what ought to be said at any particular moment.”

Gustav Cassel (1866–1945) Swedish economist

Quoted in Bertil Ohlin (1972, 107); as cited in: Carlson, Benny, and Lars Jonung. "Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the role of the economist in public debate." Econ Journal Watch 3.3 (2006): p. 525

“In the last decade's intensive study of all sorts of social and economic time series, it has become clear, it seems to me, that the usual time series technique is not quite adequate for the purpose which the social investigator is pursuing… We want to find out on more or less empirical grounds what is actually present in the series at hand, that is to say, what sort of components the series contains.”

Ragnar Frisch (1895–1973) Norwegian economist

Ragnar Frisch, " A method of decomposing an empirical series into its cyclical and progressive components http://www.sv.uio.no/econ/om/tall-og-fakta/nobelprisvinnere/ragnar-frisch/published-scientific-work/rf-published-scientific-works/rf1931e.pdf." Journal of the American Statistical Association 26.173A (1931): 73-78.
1930s

Study , Time

“Today, we have been asked to present to you our "socio-economic-peace program" for the next six years.”

Francis Escudero (1969) Filipino politician

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

Peace

“He (George W. Bush) is going in the wrong way. And I dare say, that is what the strategy of his administration is, is just to wipe out government's purpose for any social and economic justice at all.”

Dennis Kucinich (1946) Ohio politician

Democratic National Candidates Debate, Goffstown, New Hampshire (22 January 2004) http://www.washingtonpost.com/ac2/wp-dyn/A39875-2004Jan22?language=printer.

Justice , Way