Quotes about economics (3228 quotes, page 27)

“In this book I try to show how models of self-organization can be applied to many economic phenomena - how the principle of "order from instability," which explains the growth of hurricanes and embryos, can also explain the formation of cities and business cycles; how the principle of "order from random growth" can explain the strangely simple rules that describe the sizes of earth quakes, meteorites, and metropolitan areas. I believe that the ideas of self-organization theory can add substantially to our understanding of the economy; whatever their ultimate usefulness, these ideas are very exciting, and playing around with them is tremendous fun.”

Paul Krugman (1953) American economist

Preface
The Self-Organizing Economy (1996)

Books , Idea , Understanding , Business

“What many of our businesses are lacking is confidence: confidence to expand; confidence to borrow; confidence to grow; and the confidence to fuel a real economic recovery that benefits everybody, offering decent jobs, paying decent wages and bridging the skills gap.”

Jo Cox (1974–2016) UK politician

Devolution and Growth Across Britain (19 June 2015)

Confidence , Business

“Everyone who wishes to help bring the world out of the economic woes will line up to get a chip implanted! It's safe, simple and already available. It's been tested on animals for years. One little chip under the skin and everyone can be identified and conduct business electronically! No more theft, bad checks, waiting for checks to clear, stolen credit cards, armored cars, stolen ID, waiting lines at stores or airports, etc. Just little archways to walk through that can quickly scan who you are and automatically deduct the “cash” from your account or verify your identity! Simple! Anyone who resists this “obvious solution” will be an enemy of the state. Oh, and one more minor insignificant thing. No more privacy or independence. Big brother will be watching everything.”

Kent Hovind (1953) American young Earth creationist

Source: What On Earth Is About To Happen… For Heaven’s Sake? (2013), p. 140

World , Cars , Business , Waiting

“For Michele Bachmann to use ideology as a reason not to support equal opportunity and protections for all citizens shows she is losing touch with her district … With cuts in local government aid on top of tough economic times, it makes sense to support measures to keep our communities safe.”

Michele Bachmann (1956) American politician

2009-10-09
Reed Campaign Blasts Michele Bachmann for Not Supporting Our Troops and Military Retirees
Brian
Falldin
MN Progressive Project
http://www.mnprogressiveproject.com/diary/4200/reed-campaign-blasts-michele-bachmann-for-not-supporting-our-troops-and-military-retirees
About

Communication , Support , Sense , Time

“My main objective has been to raise the standard of living of the people, to achieve social and economic progress.”

Maumoon Abdul Gayoom (1937) Maldivian politician, 3rd president of the Maldives

BBC World interview (2003)

People

“Empirical research does not, as of yet, seem to have legitimately gotten anyone 100 percent of the way to libertarianism; there remain, at the very least, some public goods and, in principle, the need for economic redistribution. Libertarian philosophy fills the gap between what free-market economists can prove about the undesirable consequences of government intervention and the absolute prohibition of all intervention. Consequentialist and nonconsequentialist arguments for libertarianism may be antithetical in principle, but they are symbiotic in practice.”

Jeffrey Friedman (political scientist) (1959) American political scientist

Source: “What’s wrong with Libertarianism”, p. 444

Way

“By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.”

Paul Ormerod book The Death of Economics

Part I, Chapter 5, Mechanistic Modelling, p. 112
The Death of Economics (1994)

“Talcott Parsons, the "incurable theorist" in his own words,… brought together, in a systematic and generalized form, the main outlines of a conceptual scheme of social action and systems (e. g. 1951). His frame of reference focused on the description of the system of institutionalized roles, motivational process, economic exchange, political power and other Issues that according to his view should be included in a general sociological theory.”

Béla H. Bánáthy (1919–2003) Hungarian linguist and systems scientist

Béla H. Bánáthy (1985) Proceedings, Society for General Systems Research international. Vol 1. p. xxv

Motivation

“We will not turn from the old tactics, nor from the old program. Ever advancing with science and economic development, we are what we were and we will remain what we are. Or – the Social Democracy will cease to exist.”

Wilhelm Liebknecht (1826–1900) German socialist politician

No Compromise – No Political Trading (1899)

Democracy , Science

“Organization theory is the branch of sociology that studies organizations as distinct units in society. The organizations examined range from sole proprietorships, hospitals and community-based non-profit organizations to vast global corporations. The field’s domain includes questions of how organizations are structured, how they are linked to other organizations, and how these structures and linkages change over time. Although it has roots in administrative theories, Weber’s theory of bureaucracy, the theory of the firm in microeconomics, and Coase’s theory of firm boundaries, organization theory as a distinct domain of sociology can be traced to the late 1950s and particularly to the work of the Carnegie School. In addition to sociology, organization theory draws on theory in economics, political science and psychology, and the range of questions addressed reflects this disciplinary diversity. While early work focused on specific questions about organizations per se – for instance, why hierarchy is so common, or how businesses set prices – later work increasingly studied organizations and their environments, and ultimately organizations as building blocks of society. Organization theory can thus be seen as a family of mechanisms for analysing social outcomes.”

Gerald F. Davis (1961) American sociologist

Gerald F. Davis (2013). "Organizational theory," in: Jens Beckert & Milan Zafirovski (eds.) International Encyclopedia of Economic Sociology, p. 484-488

School , Family , Communication , Question

“The marketplace does only one thing — it puts a price on everything.The role of culture, however, must go beyond economics. It is not focused on the price of things, but on their value. And, above all, culture should tell us what is beyond price, including what does not belong in the marketplace. A culture should also provide some cogent view of the good life beyond mass accumulation. In this respect, our culture is failing us.”

Dana Gioia (1950) American writer

Commencement speech http://news-service.stanford.edu/news/2007/june20/gradtrans-062007.html, Stanford University (2007-06-17)
Speeches and lectures

Life

“The world economy is not yet a community--not even an economic community…Yet the existence of the "global shopping center" is a fact that cannot be undone. The vision of an economy for all will not be forgotten again.”

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

The Age of Discontinuity (1969)
1960s - 1980s

World , Communication

“There was a time when people of the rich nations of the world regarded poverty as a "natural condition" for those living in the poor nations of the world. … Today we have largely been stripped of this pseudo-innocence. We know that the poor are so poor because the rich are so rich, that the causes of poverty can be traced to deliberate decisions and deliberate economic and political policies designed to benefit the rich and powerful. We know that poverty and unemployment are not just accidents of history but deliberate, even indispensable, components of capitalism as an economic system.”

Allan Boesak (1946) South African anti-apartheid activist

Source: Comfort and Protest (1987), p. 67

People , World , History , Nature

“This is where I would like to bring up the subject of equity. Economic statistics show that although there has been GDP growth over the past 23 years, the number of families living in poverty has increased - up to about 5 million families or 27.6 million people. This demonstrates that benefits of that growth have accrued to the wealthy. The rich have gotten richer and the poor have gotten poorer. This is clearly unacceptable to all of us.”

Francis Escudero (1969) Filipino politician

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

People , Family , Past

“Economic hit men (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U. S. Agency for International Development (USAID), and other foreign “aid” organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet’s natural resources. Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of globalization. I should know; I was an EHM.”

John Perkins book Confessions of an Economic Hit Man

Confessions of an Economic Hit Man (2004)

Men , Money , World , Family

“Intermediate between mathematics, statistics, and economics, we find a new discipline which, for lack of a better name, may be called econometrics. Econometrics has as its aim to subject abstract laws of theoretical political economy or "pure" economics to experimental and numerical verification, and thus to turn pure economics, as far as possible, into a science in the strict sense of the word.”

Ragnar Frisch (1895–1973) Norwegian economist

Ragnar Frisch (1926) "On a Problem in Pure Economics: Translated by JS Chipman." Preferences, Utility, and Demand: A Minnesota Symposium. 1926."
Original in French:
Intermediaire entre les mathematiques, la statistique et l'economie politique, nous trouvons une discipline nouvelle que ion peut, faute de mieux, designer sous le nom de reconometrie. L'econometrie se pose le but de soumettre les lois abstraites de l'economie politique theorique ou l'economie 'pure' A une verification experimentale et numeriques, et ainsi de constituer, autant que cela est possible, l'economie pure en une science dans le sens restreint de ce mot.
1920

Law , Mathematics , Sense , Science

“It is this which explains nationalism: the principle — so strange and eccentric in the age of agrarian cultural diversity and the 'ethnic' division of labour — that homogeneity of culture is the political bond, that mastery of (and, one should add, acceptability in) a given high culture … is the precondition of political, economic and social citizenship.”

Ernest Gellner (1925–1995) Czech anthropologist, philosopher and sociologist

Nationalism (1997)

Age

“In France at least, the history of science and thought gives pride of place sciences, sciences of the necessary, all close to philosophy: one can observe in their history the almost uninterrupted emergence of truth and pure reason. The other disciplines, however - those, for example, that concern living beings, languages, or economic facts - are considered too tinged with empirical thought, too exposed to the vagaries of chance or imagery to age old traditions and external events, for it to be supposed that their history could be anything other irregular. At most, they are expected to provide evidence of a state of mind, an intellectual fashion, a mixture of archaism and bold conjecture, of intuition and blindness. But what if empirical knowledge, at a given time and in a given culture, did possess a well defined regularity.”

Michel Foucault (1926–1984) French philosopher

Foreword to the English edition
The Order of Things: An Archaeology of the Human Sciences (1970)

Truth , Age , History , Fashion

“Already in the last few decades, economic powers have reached the point of imperiling the stability of the state through new forms of the circulation of capital that go by the generic name of multinational corporations.”

Jean-François Lyotard (1924–1998) French philosopher

Source: The Postmodern Condition: A Report on Knowledge (1977), p. 5

“Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.”

Jim Stanford (1961) Canadian economist

Part 2, Chapter 8, Workers and Bosses, p. 104
Economics For Everyone (2008)

Change

“At any rate that is precisely what happens: the “means” oriented stories come from countries which have managed to overcome the obstacles to economic achievement more successfully than other countries… These results serve to direct our attention as social scientists away from an exclusive concern with the external events in history to the “internal” psychological concerns that in the long run determine what happens in history”

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

Source: The Archiving Society, 1961, p. 104-5

History , Country

“Though some of them would disdain to say that there are net benefits in small acts of destruction, they see almost endless benefits in enormous acts of destruction. They tell us how much better off economically we all are in war than in peace. They see “miracles of production” which it requires a war to achieve. And they see a postwar world made certainly prosperous by an enormous “accumulated” or “backed up” demand. In Europe they joyously count the houses, the whole cities that have been leveled to the ground and that “will have to be replaced.” In America they count the houses that could not be built during the war, the nylon stockings that could not be supplied, the worn-out automobiles and tires, the obsolescent radios and refrigerators. They bring together formidable totals.It is merely our old friend, the broken-window fallacy, in new clothing, and grown fat beyond recognition. This time it is supported by a whole bundle of related fallacies. It confuses need with demand.”

Henry Hazlitt book Economics in One Lesson

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

War , World , Peace , Support

“We are gathered in the cause of liberty; this is a unique moment. The great democracies face new and serious threats – yet seem to be losing confidence in their own calling and competence. Economic, political and national security challenges proliferate, and they are made worse by the tendency to turn inward. The health of the democratic spirit itself is at issue. And the renewal of that spirit is the urgent task at hand.”

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

2010s, 2017, Speech at "Spirit of Liberty: At Home, In the World" event (2017)

Health , Democracy , Confidence

“This paper has attempted to go beyond the usual static analysis of increasing-returns problems by examining the dynamical process that 'selects' an equilibrium from multiple candidates, by the interaction of economic forces and random 'historical events'. It shows how dynamically, increasing returns can cause the economy gradually to lock itself in to an outcome not necessarily superior to alternatives, not easily altered, and not entirely predictable in advance.”

W. Brian Arthur (1946) American economist

p, 128
Competing Technologies, Increasing Returns and Lock-in by Historical Events, (1989)

Problem

“The labor movement was the principal force that transformed misery and despair into hope and progress. Out of its bold struggles, economic and social reform gave birth to unemployment insurance, old-age pensions, government relief for the destitute and, above all, new wage levels that meant not mere survival but a tolerable life. The captains of industry did not lead this transformation; they resisted it until they were overcome. When in the thirties the wave of union organization crested over the nation, it carried to secure shores not only itself but the whole society.”

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

Speech to the state convention of the Illinois American Federation of Labor and Congress of Industrial Organizations (AFL–CIO) (7 October 1965) http://www.aft.org/yourwork/tools4teachers/bhm/mlktalks.cfm, as quoted in Now Is the Time. Dr. Martin Luther King Jr. on Labor in the South: The Case for a Coalition (January 1986)
1960s

Life , Age , Hope , Birth

“We have the most dynamic, productive workforce in the world, bar none. We have the most innovative businesses. The top colleges, universities, community colleges, training programs in the world. And the best science and technology. We have enormous capacity for clean energy production. We are resilient, determined, hard-working. There is nothing America can’t do – if we do it together. And I know this because this is how I was raised. And I don’t think Mr. Trump understands any of it. He hasn’t offered any credible solutions for the very real economic challenges we face.”

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

Presidential campaign (April 12, 2015 – 2016), Speech in Warren, Michigan (August 11, 2016)

World , Communication , Understanding , Business

“Traditionally, economic analysis treats the economic system as one of the givens. The term "design" in the title is meant to stress that the structure of the economic system is to be regarded as an unknown. An unknown in what problem? Typically that of ﬁnding a system that would be, in a sense to be speciﬁed, superior to the existing one. The idea of searching for a better system is at least as ancient as Plato’s Republic, but it is only recently that tools have become available for a systematic, analytical approach to such search procedures. This new approach refuses to accept the institutional status quo of a particular time and place as the only legitimate object of interest and yet recognizes constraints that disqualify naive Utopias.”

Leonid Hurwicz (1917–2008) Russian-American economist and mathematician

Leonid Hurwicz, " The design of mechanisms for resource allocation http://www.econ.ucsb.edu/~tedb/Courses/UCSBpf/readings/hurwiczaer.pdf," The American Economic Review, (1973): 1-30.

Search , Idea , Problem , Sense

“The design of my philosophical life is based on an examination of the following question: is it possible to secure improvement in the human condition by means of the human intellect? The verb 'to secure' is (for me) terribly important, because problem solving often appears to produce improvement, but the so-called 'solution' often makes matters worse in the larger system (e. g., the many food programs of the last quarter century may well have made world-wide starvation even worse than no food programs would have done.) The verb ‘to secure' means that in the larger system over time the improvement persists.
I have to admit that the philosophical question is much more difficult than my very limited intellect can handle. I don't know what 'human condition' and 'human intellect' mean, though I've done my best to tap the wisdom of such diverse fields as depth psychology, economics, sociology, anthropology, public health, management science, education, literature, and history. But to me the essence of philosophy is to pose serious and meaningful questions that are too difficult for any of us to answer in our lifetimes. Wisdom, or the love of wisdom, is just that: thought likes solutions, wisdom abhors them.”

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

Source: 1980s and later, Thought and Wisdom (1982), p. 19; cited in Werner Ulrich (1998) '" C. West Churchman-75 years". in: Systems practice. December 1988, Volume 1, Issue 4, pp 341-350

Love , Life , Wisdom , Health

“Will the tax cut destroy America’s prosperity? Probably not. As Adam Smith observed, there’s a deal of ruin in a nation. We have a huge, resilient economy that can survive and recover from even quite bad government policies.
Yet while the tax cut may not be a matter of economic life or death, it is a very serious issue. For one thing, like it or not, the tax cut has become the central political issue in the United States right now. Conservatives who want to reshape America view passage of a large tax cut as a first step toward realizing their vision. For that reason, those who do not share this vision feel, rightly, that they must oppose the plan.”

Paul Krugman (1953) American economist

Introduction
Fuzzy Math: The Essential Guide to the Bush Tax Plan (2001)

Life , Death , Feeling

“A second principle of Americanization is identity of economic interest. At this time, after all America has united to win the war, one hesitates to turn a page so shameful in American history. And yet, if America reverts to its former industrial brutality and indifference, Americanization will fail. Identity of economic interest, generally speaking, has meant to the American getting the immigrant to work for him at as low a wage as possible, for as long hours as possible, and scrapping him at the end of the game, with as little compunction as he did an old machine. And the immigrant's successful fellow-countryman, elevated to be a private banker, a padrone, or a notary public, has shared the practices of the native American. Always the immigrant has been in positions of the greatest danger, and with less safeguards for his care. He has been called by number and nicknamed and ridiculed. Frequently trades-unions have excluded him from their benefits, compensation laws have discriminated against him, trades have been closed to him, until he has wondered in the bitterness of his spirit what American opportunity was and how he could pursue life, liberty, and happiness at his work. Whenever he has been discontented, the popular remedy has been higher wages or shorter hours, and rarely the expansion of personal relationships. Very little self-determination has been given to him; on the contrary he has been made a cog in a highly organized industrial machine. His spirit has been imprisoned in the hum of machinery. His special gifts have been lost, even as his lack of skill in mechanical work has injured delicate processes and priceless materials. His pride has been humiliated and his initiative stifled because he has been given little of the artisan's pleasure in seeing his finished product.”

Frances Kellor (1873–1952) American sociologist

What is Americanization? (1919)

Life , War , Pleasure , Law

“The fact that each nation came to believe in the virtue of whatever policy happened to be in effect when recovery began supports [the] argument that haphazard economic vacillations play an important role in determining which policy strategies become constructed as economically efficacious. This also tends to undermine the realist/utilitarian view, which suggests that policy improves over time as rational policymakers learn more about universal economic laws from experience, because wildly inconsistent policies won favor in different contexts.”

Frank Dobbin (1956) American sociologist

Frank Dobbin (1993), "The Social Construction of the Great Depression: Industrial Policy during the 1930s in the United States, Britain and France," in: Theory and Society 22, p. 47; As cited in: Kieran Healy, "The new institutionalism and Irish social policy." Social Policy in Ireland: Principals, Practices and Problems. Oaktree Press, Dublin (1998).

Law , Support , Learning , Universe

“[The principal characteristic of this economic epoch is] a sustained increase in per capita or per worker product, most often accompanied by an increase in population and usually sweeping structural changes.”

Simon Kuznets (1901–1985) economist

Source: Modern economic growth,(1966), p. 1, as cited in: Amitava Krishna Dutt, ‎Jaime Ros (2008) International Handbook of Development Economics. p. 48; Definition of "modern economic growth"

Change

“…freedom is never granted. It is earned by each generation… in the face of tyranny, cruelty, oppression, extremism, sometimes there is only one choice. When the world looks to America, America looks to you, and you never let her down… I have never lost faith in America's essential goodness and greatness… I have 35 years of experience, fighting for real change… the American people and our American military cannot want freedom and stability for the Iraqis more than they want it for themselves… we should have stayed focused on wiping out the Taliban and finding, killing, capturing bin Laden and his chief lieutenants… I also made a full commitment to martial American power, resources and values in the global fight against these terrorists. That begins with ensuring that America does have the world's strongest and smartest military force. We've begun to change tactics in Iraq, and in some areas, particularly in Al Anbar province, it's working… We can't be fighting the last war. We have to be preparing to fight the new war… We've got to be prepared to maintain the best fighting force in the world. I propose increasing the size of our Army by 80,000 soldiers, balancing the legacy systems with newer programs to help us keep our technological edge… I'm fighting for a Cold War medal for everyone who served our country during the Cold War, because you were on the front lines of battling communism. Well, now we're on the front lines of battling terrorism, extremism, and we have to win. Our commitment to freedom, to tolerance, to economic opportunity has inspired people around the world… American values are not just about America, but they speak to the human dignity, the God-given spark that resides in each and every person across the world… We are a good and great nation.”

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

Remarks to the Veterans of Foreign Wars, Kansas City, Missouri, August 20, 2007 http://www.huffingtonpost.com/2007/08/21/clinton-iraq-tactics-wo_n_61272.html
Presidential campaign (January 20, 2007 – 2008)

God , War , People , World

“It is imaginable that someday we will discover how to create materials from nothing, how to achieve perpetual motion, how to reverse time’s arrow, and so on. But to take such science-fiction miracles as a basis for economic policy would be absurd.”

Herman E. Daly (1938) American economist

Source: Steady-State Economics, 1977, p. 24

Imagination , Science , Time

“Some of the surveillance was ostensibly devoted to terrorism suspects. But great quantities of the programs manifestly had nothing to do with national security. The documents left no doubt that the NSA was equally involved in economic espionage, diplomatic spying, and suspicionless surveillance aimed at entire populations. Taken in its entirety, the Snowden archive led to an ultimately simple conclusion: the US government had built a system that has as its goal the complete elimination of electronic privacy worldwide. Far from hyperbole, that is the literal, explicitly stated aim of the surveillance state: to collect, store, monitor, and analyze all electronic communication by all people around the globe.”

Glenn Greenwald book No Place to Hide

Penguin Books 2015 edition, page 94.
No Place to Hide (2014)

People , Communication

“Capitalism as a social order and as a creed is the expression of the belief in economic progress as leading toward the freedom and equality of the individual in a free and open society. Marxism expects this society to result from the abolition of private profit. Capitalism expects the free and equal society to result from the enthronement of private profit as supreme ruler of social behavior…”

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

Source: 1930s- 1950s, The End of Economic Man (1939), p. 37

Behavior , Freedom

“Among minor alterations, I may mention the substitution for the name political economy of the single convenient term economics. I cannot help thinking that it would be well to discard, as quickly as possible, the old troublesome double-worded name of our science.”

William Stanley Jevons The Theory of Political Economy

Preface To The Second Edition, p. 8.
The Theory of Political Economy (1871)

Thinking , Science , Help

“Let us begin by observing that the word "system" is almost never used by itself; it is generally accompanied by an adjective or other modifier: physical system; biological system; social system; economic system; axiom system; religious system; and even "general" system. This usage suggests that, when confronted by a system of any kind, certain of its properties are to be subsumed under the adjective, and other properties are subsumed under the "system," while still others may depend essentially on both. The adjective describes what is special or particular; i. e., it refers to the specific "thinghood" of the system; the "system" describes those properties which are independent of this specific "thinghood."
This observation immediately suggests a close parallel between the concept of a system and the development of the mathematical concept of a set. Given any specific aggregate of things; e. g., five oranges, three sticks, five fingers, there are some properties of the aggregate which depend on the specific nature of the things of which the aggregate is composed. There are others which are totally independent of this and depend only on the "set-ness" of the aggregate. The most prominent of these is what we can call the cardinality of the aggregate…
It should now be clear that system hood is related to thinghood in much the same way as set-ness is related to thinghood. Likewise, what we generally call system properties are related to systemhood in the same way as cardinality is related to set-ness. But systemhood is different from both set-ness and from thinghood; it is an independent category.”

Robert Rosen (1934–1998) American theoretical biologist

Source: "Some comments on systems and system theory," (1986), p. 1-2 as quoted in George Klir (2001) Facets of Systems Science, p. 4

Way , Mathematics , Nature , Dependency

“Modern economic growth and the diffusion of knowledge have made it possible to avoid the Marxist apocalypse but have not modified the deep structures of capital and inequality—or in any case not as much as one might have imagined in the optimistic decades following World War II.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 1.

War , World , Imagination , Knowledge

“I have always dealt with economic forces, rather than philosophic forces, but you can't split history into neat little non-overlapping divisions. For instance, religions tend to accumulate wealth when successful and that eventually tends to distort the economic development of a society.”

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

Source: The Foundation series (1951–1993), Prelude to Foundation (1988), Chapter 40, Dors Venabili to Hari Seldon

Religion , History , Success , Wealth

“The hangover theory, then, turns out to be intellectually incoherent; nobody has managed to explain why bad investments in the past require the unemployment of good workers in the present. Yet the theory has powerful emotional appeal. Usually that appeal is strongest for conservatives, who can't stand the thought that positive action by governments (let alone—horrors!—printing money) can ever be a good idea. Some libertarians extol the Austrian theory, not because they have really thought that theory through, but because they feel the need for some prestigious alternative to the perceived statist implications of Keynesianism. And some people probably are attracted to Austrianism because they imagine that it devalues the intellectual pretensions of economics professors. But moderates and liberals are not immune to the theory's seductive charms—especially when it gives them a chance to lecture others on their failings.”

Paul Krugman (1953) American economist

"The Hangover Theory", Slate (Dec. 4, 1998)

Money , People , Feeling , Imagination

“All mental and moral development is by self-activity. Education is the economizing of self-effort in the direction of all-sided development.”

Francis Wayland Parker (1837–1902) Union Army officer

Source: Talks on Pedagogics, (1894), p. 25; as quoted in Sanderson Beck. Francis W. Parker's Concentration Pedagogy: Education to Free the Human Spirit http://www.san.beck.org/Parker.html, 1996

Education , Effort

“Eliminate all forms of monopolistic market power, to include the breakup of large oligopolistic corporations and application of anti-trust laws to labor unions. A Federal incorporation law could be used to limit corporation size and where technology required giant firms for reasons of low cost production the Federal government should own and operate them… Promote economic stability by reform of the monetary system and establishment of stable rules for monetary policy… Reform the tax system and promote equity through income tax… Abolish all tariffs… Limit waste by restricting advertising and other wasteful merchandising practices.”

Henry Calvert Simons (1899–1946) American economist

A Positive Program for Laissez Faire, (1934)

Law

“the internationalization of economic activity and its major vehicle, the TNC, can be regarded simply as being part of the normal expansive process of capitalist development.”

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 7, Transnational Corporations, p. 200

Parting

“In a capitalist democracy there are essentially two methods by which social choices can be made: voting, typically used to make ‘political’ decisions, and the market mechanism, typically used to make ‘economic’ decisions. In the emerging democracies with mixed economic systems Great Britain, France, and Scandinavia, the same two modes of making social choices prevail, though more scope is given to the method of voting and to decisions based directly or indirectly on it and less to the rule of the price mechanism. Elsewhere in the world, and even in smaller social units within the democracies, the social decisions are sometimes made by single individuals or small groups and sometimes (more and more rarely in this modern world) by a widely encompassing set of traditional rules for making the social choice in any given situation, for example, a religious code.”

Kenneth Arrow (1921–2017) American economist

Source: 1950s-1960s, Social Choice and Individual Values (1951), p. 1: Opening pharagraph

World , Democracy , Decision

“The more a religion is aware of its opposition in principle to economic rationalization as such, the more apt are the religion’s virtuosi to reject the world, especially its economic activities.”

Max Weber (1864–1920) German sociologist, philosopher, and political economist

Source: Sociology of Religion (1922), p. 217

World , Religion

“I write with two things in mind. I want to be right with my fellow economists. After all, I've made my life as a professional economist, so I'm careful that my economics is as it should be. But I have long felt that there's no economic proposition that can't be stated in clear, accessible language. So I try to be right with my fellow economists, but I try to have an audience of any interested, intelligent person.”

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

Booknotes interview (1994)

Life , Intelligence , Personality

“…evidence-based approach, the U. S. negotiators argued, is interference with free markets, because corporations must have the right to deceive. […] The claim itself is kind of amusing, I mean, even if you believe the free market rhetoric for a moment. The main purpose of advertising is to undermine markets. If you go to graduate school and you take a course in economics, you learn that markets are systems in which informed consumers make rational choices. That's what's so wonderful about it. But that's the last thing that the state corporate system wants. It is spending huge sums to prevent that, which brings us back to the viability of American democracy. For many years, elections here, election campaigns, have been run by the public relations industry and each time it's with increasing sophistication. And quite naturally, the industry uses the same technique to sell candidates that it uses to sell toothpaste or lifestyle drugs. The point is to undermine markets by projecting imagery to delude and suppressing information, and similarly, to undermine democracy by the same method, projecting imagery to delude and suppressing information. The candidates are trained, carefully trained, to project a certain image. Intellectuals like to make fun of George Bush's use of phrases like “misunderestimate,” and so on, but my strong suspicion is that he's trained to do that. He's carefully trained to efface the fact that he's a spoiled frat boy from Yale, and to look like a Texas roughneck kind of ordinary guy just like you, just waiting to get back to the ranch that they created for him…”

Noam Chomsky (1928) american linguist, philosopher and activist

25th anniversary of the International Relations Center in Santa Fe, New Mexico, January 26, 2005
Quotes 2000s, 2005

School , Guy , Democracy , Boy

“The history of economic geography of the study of the location of economic activity is more like the story of geological thought about the shapes and location of continents and mountain ranges.”

Paul Krugman (1953) American economist

Development, Geography, and Economic Theory (1995), Ch. 2. Geography Lost and Found

History , Mountain , Study

“This branch of economics has suffered from several intellectual mistakes. The major mistake has been the presumption that standard economic theory is inadequate for understanding low income countries and that a separate economic theory is needed. Models developed for this purpose were widely acclaimed until it became evident that they were at best intellectual curiosities.”

Theodore Schultz (1902–1998) American economist

"The Economics of Being Poor," (1979)

Understanding , Suffering , Country

“The dilemma of a socialized system is that the information flow overwhelms a centralized system if it is open to new ideas and data, that closing the system and forcing the plan to work forecloses alternatives and risks unhedged mistakes, and that decentralizing without real markets poses the problems discussed by Hayek. These information problems permeate virtually all economic processes.”

Sidney G. Winter book An Evolutionary Theory of Economic Change

Richard Nelson and Sidney Winter, An Evolutionary Theory of Economic Change (1982), p. 365

Idea , Problem

“[During the]…’Decade of Greed,’ the United States experienced the greatest economic boom in its history… huge strides were made in economic opportunities for minorities, and Americans gave to charities at record levels. If this is what it means to have a ‘Decade of Greed,’ let’s have another.”

David A. Ridenour

David A. Ridenour, "Reagan Years of 'Greed' Paid Off," Philadelphia Inquirer, September 21, 1991

History

“Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective — economic value, anyway — while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.”

L. Neil Smith (1946) American writer

Ceres, Chapter Eighteen http://www.bigheadpress.com/lneilsmith/?page_id=235, 2009.

Law , Question

“Politics in this country are dominated by debates about our relationship with Europe and the Eurocentralism that goes with that. I am firmly an internationalist, so I am not necessarily opposed to Europe. However, I am opposed to a fortress Europe that basically creates wealth for itself at the expense of the world, creates an undemocratic control of government for the whole of Europe, and, in truth, works only for the good of multinational corporations and banking systems. It will cause further imbalances in world poverty and world trade arrangements. I view the free market of 1992 not as an opportunity, but as a disaster for very many people throughout the world. I believe that Europe will contribute to the economic problems of the world. I do not agree with the sort of racist nonsense that has been published in the Sun and other newspapers during the past few weeks. It is a disgusting way to report matters. However, I believe that the drive towards a market economy in Europe will create poverty on the rims of Europe and an inner-colonialism in which western Europe will act as a sort of colonial master for eastern Europe and much of the rest of the world. It is about time that we began to take an international and global view rather than shut ourselves into a Europe that does not act in a socially just and reasonable manner. I hope that the debate will now begin to turn on those matters.”

Jeremy Corbyn (1949) British Labour Party politician

Speech http://hansard.millbanksystems.com/commons/1990/nov/07/first-day in the House of Commons (7 November 1990).
1990s

People , Truth , World , Hope

“There is a pressing need to integrate the study of international economics with the study of international politics to deepen our comprehension of the forces at work in the world.”

Robert Gilpin (1930–2018) Political scientist

Introduction, p. 3
The Political Economy of International Relations (1987)

World , Study

“There was a plea from honourable Members relating to the need for formal Gross National Product figures. Such figures are very inexact even in the most sophisticated countries I think they do not have a great deal of meaning, even as a basis of comparison between economies. That other countries make use of them is not, I think, necessarily a good reason to suppose that we need them. But, although I am not entirely clear what practical purpose they would serve in Hong Kong, I am sure they would be of interest. I suspect myself, however, that the need arises in other countries because high taxation and more or less detailed Government intervention in the economy have made it essential to be able to judge (or to hope to be able to judge) the effect of policies, and of changes in policies, on the economy. One of the honourable Members who spoke on this subject, said outright, as a confirmed planner, that he thought that they were desirable for the planning of our future economic policy. But we are in the happy position, happier at least for the Financial Secretary where the leverage exercised by Government on the economy is so small that it is not necessary, nor even of any particular value, to have these figures available for the formulation of policy. We might indeed be right to be apprehensive lest the availability of such figures might lead, by a reversal of cause and effect, to policies designed to have a direct effect on the economy. I would myself deplore this.”

John James Cowperthwaite (1915–2006) British colonial administrator

March 25, 1970, page 495.
Official Report of Proceedings of the Hong Kong Legislative Council

Hope , Exercises , Thinking , Change

“There are two ways of making money. The first is what most of us do: work. That means tapping into our knowledge and know-how (our “human capital” in economic terms) to create something new, whether that’s a takeout app, a wedding cake, a stylish updo, or a perfectly poured pint. To work is to create. Ergo, to work is to create new wealth.But there is also a second way to make money. That’s the rentier way: by leveraging control over something that already exists, such as land, knowledge, or money, to increase your wealth. You produce nothing, yet profit nonetheless. By definition, the rentier makes his living at others’ expense, using his power to claim economic benefit.”

Rutger Bregman (1988) Dutch journalist, writer and historian

"No, wealth isn’t created at the top. It is merely devoured there"

Money , Way , Knowledge , Wedding

“Which brings us to a third group of macroeconomists: those who fall into neither the pro- nor the anti-Keynes camp. I count myself among the ambivalent. We credit both sides with making legitimate points, yet we watch with incredulity as the combatants take their enthusiasm or detestation too far. Keynes was a creative thinker and keen observer of economic events, but he left us with more hard questions than compelling answers.”

N. Gregory Mankiw (1958) American economist

N. Gregory Mankiw, "Back In Demand" Wall Street Journal (September 21, 2009).
2000s -

Question

“No country of people's democracy has so many nationalities as this country has. Only in Czechoslovakia do there exist two kindred nationalities, while in some of the other countries there are only minorities. Consequently in these countries of people's democracy there has been no need to settle such serious problems as we have had to settle here. With them the road to socialism is less complicated than is the case here. With them the basic factor is the class issue, with us it is both the nationalities and the class issue. The reason why we were able to settle the nationalities question so thoroughly is to be found in the fact that it had begun to be settled in a revolutionary way in the course of the Liberation War, in which all the nationalities in the country participated, in which every national group made its contribution to the general effort of liberation from the occupier according to its capabilities. Neither the Macedonians nor any other national group which until then had been oppressed obtained their national liberation by decree. They fought for their national liberation with rifle in hand. The role of the Communist Party lay in the first place in the fact that it led that struggle, which was a guarantee that after the war the national question would be settled decisively in the way the communists had conceived long before the war and during the war. The role of the Communist Party in this respect today, in the phase of building socialism, lies in making the positive national factors a stimulus to, not a brake on, the development of socialism in our country. The role of the Communist Party today lies in the necessity for keeping a sharp lookout to see that national chauvinism does not appear and develop among any of the nationalities. The Communist Party must always endeavour, and does endeavour, to ensure that all the negative phenomena of nationalism disappear and that people are educated in the spirit of internationalism. What are the phenomena of nationalism? Here are some of them: 1) National egoism, from which many other negative traits of nationalism are derived, as for example — a desire for foreign conquest, a desire to oppress other nations, a desire to impose economic exploitation upon other nations, and so on; 2) national-chauvinism which is also a source of many other negative traits of nationalism, as for example national hatred, the disparagement of other nations, the disparagement of their history, culture, and scientific activities and scientific achievements, and so on, the glorification of developments in their own history that were negative and which from our Marxist point of view are considered negative. And what are these negative things? Wars of conquest are negative, the subjugation and oppression of other nations is negative, economic exploitation is negative, colonial enslavement is negative, and so on. All these things are accounted negative by Marxism and condemned. All these phenomena of the past can, it is true, be explained, but from our point of view they can never be justified. In a socialist society such phenomena must and will disappear. In the old Yugoslavia national oppression by the great-Serb capitalist clique meant strengthening the economic exploitation of the oppressed peoples. This is the inevitable fate of all who suffer from national oppression. In the new, socialist Yugoslavia the existing equality of rights for all nationalities has made it impossible for one national group to impose economic exploitation upon another. That is because hegemony of one national group over another no longer exists in this country. Any such hegemony must inevitably bring with it, to some degree or other, in one form or another, economic exploitation; and that would be contrary to the principles upon which socialism rests. Only economic, political, cultural, and universal equality of rights can make it possible for us to grow in strength in these tremendous endeavours of our community.”

Josip Broz Tito (1892–1980) Yugoslav revolutionary and statesman

Concerning the National Question and Social Patriotism http://www.marxists.org/archive/tito/1948/11/26.htm Speech held at the Slovene Academy of Arts and Sciences, November 26, 1948, Ljubljana
Speeches

Fate , War , People , Education

“This Government believes that it would be economically advantageous for Scotland to be an independent country. Other parties disagree. But as we continue that debate, let us at least agree that this country - our country - has the capacity to become one of the most successful economies on the planet.”

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

Strategic objectives of new Government (May 23, 2007)

Success , Country

“When we look at the progress made since the end of the Second World War, it is hard to argue that economically, European cooperation has been anything other than a great success. Of course, since 2008, this has not been the whole story. In Southern Europe particularly, talk of economic success would be met with confusion and anger.”

Justin Welby (1956) British Anglican bishop; the 105th Archbishop of Canterbury

Address to the Catholic Institute of Paris (November 19, 2016)

War , World , Success , Anger

“Now, I agree with Mill in holding that the scientific study of the structures and functions of the different governments that have actually existed in human societies cannot well be pursued in complete separation from the scientific study of other important elements of the societies in question : whether the aim of the student is to ascertain the causes of the differences in such governments or to examine their effects. But I do not think that there is any fundamental difference, in this respect, between the study of political relations and the study of economic relations, or, again, of religion, of art, of science and philosophy, as factors of social life. In each of these eases the student concentrates his attention on one element of human history which can only be partially separated from other components of the whole complex fact of social development. Experience seems to show that this kind of concentration, and consequent partial separation of historical and sociological study into special branches, is unavoidable in the division of intellectual labour which the growth of our knowledge renders necessary in a continually increasing degree.”

Henry Sidgwick (1838–1900) English philosopher

Elements of Politics (3rd ed., 1908), Ch. 1: Scope and Method of Politics

Life , Religion , Art , History

“Under central planning neither planners, managers, nor workers had incentives to promote the social economic interest. Nor did impeding markets for final goods to the planning system enfranchise consumers in meaningful ways. But central planning would have been incompatible with economic democracy even if it had overcome its information and incentive liabilities. And the truth is that it survived as long as it did only because it was propped up by unprecedented totalitarian political power.”

Robin Hahnel (1946) American economist

Robin Hahnel, The ABC's of Political Economy, (2002) London: Pluto Press. p. 262.

Truth , Way , Democracy

“I am trying to put the distributional question and the study of long-run trends back at the heart of economic analysis. In that sense, I am pursuing a tradition which was pioneered by the economists of the 19th century, including David Ricardo and Karl Marx. One key difference is that I have a lot more historical data. With the help of Tony Atkinson, Emmanuel Saez, Facundo Alvaredo, Gilles Postel-Vinay, Jean-Laurent Rosenthal, Gabriel Zucman and many other scholars, we have been able to collect a unique set of data covering three centuries and over 20 countries. This is by far the most extensive database available in regard to the historical evolution of income and wealth. This book proposes an interpretative synthesis based upon this collective data collection project.”

Thomas Piketty (1971) French economist

Eduardo Porter, " Q&A: Thomas Piketty on the Wealth Divide http://economix.blogs.nytimes.com/2014/03/11/qa-thomas-piketty-on-the-wealth-divide/?_php=true&_type=blogs&_r=0," economix.blogs.nytimes.com, March 11, 2014.
In answer of the question: "Your book fits oddly into the canon of contemporary economics. It focuses not on growth and its determinants, but on how the spoils of growth are divided. In that sense, it reminds us of similar concerns in a book of similar title written 150 years ago: Karl Marx’s “Capital.” What parallels would you draw between the two?"

Books , Question , Sense , Study

“The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households and firms in the economy. The two loops of the circular-flow diagram are distinct but related. The inner loop represents the flows of inputs and outputs. The households sell the use of their labor, land, and capital to the firms in the markets for the factors of production. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods…”

N. Gregory Mankiw (1958) American economist

N. Gregory Mankiw, Brief Principles of Macroeconomics. 2011, p. 24-25
2000s -

Way

“If you want to understand financial markets, and their effects on the economy, you have to understand the trading game. Many short-term price movements are neither random nor caused by economic fundamentals. They're caused by investors buying and selling.”

Aaron C. Brown (1956) American financial analyst

Source: The Poker Face of Wall Street (2006), Chapter 1, The Art of Uncalculated Risk, p. 12

Game , Understanding

“The world's energy consumption is bound to vastly increase over the next two or three decades. Estimates by the U. S. Department of Energy anticipate that world demand will rise by more than 50 percent between 1993 and 2015, with the most significant increase in consumption occurring in the Far East. The momentum of Asia's economic development is already generating massive pressures for the exploration and exploitation of new sources of energy and the Central Asian region and the Caspian Sea basin are known to contain reserves of natural gas and oil that dwarf those of Kuwait, the Gulf of Mexico, or the North Sea.”

Zbigniew Brzeziński book The Grand Chessboard

Source: The Grand Chessboard (1997), Chapter 5, The Eurasian Balkans, p. 125.

World , Nature , Sea

“Contrary to what is sometimes claimed in the press, there are many fine historians in India. From my own generation of scholars, I can strongly recommend — to student and lay reader alike — the work of Upinder Singh on ancient India, of Nayanjot Lahiri on the history of archaeology, of Vijaya Ramaswamy on the bhakti movement, of Sanjay Subrahmanyam on the early history of European expansion, of Chetan Singh on the decline of the Mughal State, of Sumit Guha on the social history of Western India, of Seema Alavi on the social history of medicine, of Niraja Gopal Jayal on the history of citizenship, of Tirthankar Roy on the economic consequences of colonialism, of Mahesh Rangarajan on the history of forests and wildlife, and of A. R. Venkatachalapathy on South Indian cultural history.”

Ramachandra Guha (1958) historian and writer from India

[Guha, Ramachandra, Captive ideologues, http://ramachandraguha.in/archives/history-beyond-marxism-and-hindutva-the-telegraph.html, The Telegraph, July 26, 2014]

History

“…when we became independent and Nehru spelt out his vision, we appeared to be the leader, we are the only country which articulated the aspirations of Asia as a whole for the first time. Then other countries, small countries, big countries have come up asserting themselves, and, but still we are, because of our economic development, everybody knows that India is geographically a big central chunk of Asia and that it is an expanding economy. It is a technologically progressing society and in every field it is making a mark. And everybody recognises this role of India, but I think we have to articulate our position in Asia, in a new way, in a new set of circumstances that would appeal to everybody.”

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

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

Way , Thinking , Appearance , Time

“The economy is not in our [i. e. black] hands, we are not in control of economic power. We have identified the weaknesses in [land reform]. Willing buyer, willing seller did not work. It made the state’s price tag an unfair process. In addition there are many laws dealing with land which cause confusion and delays. … Land hunger is real.”

Jacob Zuma (1942) 4th President of South Africa

On 3 March 2017 during his annual address to the National House of Traditional Leaders, Zuma wants ‘black parties’ to unite on land issue https://citizen.co.za/news/south-africa/1446107/zuma-wants-black-parties-unite-land-issue/, Citizen reporter (3 March 2017)

Hunger , Law

“It is the expensiveness of our pleasures that makes the world poor and keeps us poor in ourselves. If we could but learn to find enjoyment in the things of the mind, the economic problems would solve themselves.”

John Lancaster Spalding (1840–1916) Catholic bishop

Source: Aphorisms and Reflections (1901), p. 269

Pleasure , World , Problem , Learning

“You should know the nuclear issue and the sanctions will also be resolved, and economic prosperity will also be created.”

Hassan Rouhani (1948) 7th President of Islamic Republic of Iran

Presidential campaign, 2013

“Chrétien is nothing if not versatile: popular, recherché, allusive, insistent, arch, naïve, racy and demure…He has a dramatist's flair for the handling of dialogue, a deft and economic way with characterization, the sharp confidence of the logician in his handling of rhetorical figures and the self-assurance of the entertainer in the deployment of humour (he is master of the verbal nudge). It is his essential vivacity that one misses most in his imitators.”

Chrétien de Troyes book Yvain, the Knight of the Lion

Tony Hunt "Chrétien de Troyes' Arthurian Romance, Yvain", in Boris Ford (ed.) Medieval Literature: The European Inheritance (Harmondsworth, 1983), p. 128.
Criticism

Way , Confidence

“The moral aspect of oil nationalization is more important than its economic aspect.”

Mohammad Mosaddegh (1882–1967) Prime Minister of Iran

“Haavelmo was the ﬁrst to recognize the capacity of economic models to guide policies. This paper describes some of the barriers that Haavelmo’s ideas have had (and still have) to overcome, and lays out a logical framework that has evolved from Haavelmo’s insight and matured into a coherent and comprehensive account of the relationships between theory, data and policy questions. The mathematical tools that emerge from this framework now enable investigators to answer complex policy and counterfactual questions using simple routines, some by mere inspection of the model’s structure.”

Judea Pearl (1936) Computer scientist

Judea Pearl, "Trygve Haavelmo and the emergence of causal calculus." University of California Los Angeles, Computer Science Department, CA. 2012.

Mathematics , Idea , Question

“For Christians, the teaching and directives of Christ are more Sacred than those of a Messenger of God. According to the Christians, those teaching and directives are of God Himself. Most of the problems of the Third World would be solved if the Christian West implemented in letter and spirit only one directive of Jesus Christ. The directive to "Render unto Caesar that which belongs to Caesar and to God that which belongs to God". The Third World only want what belongs to it and nothing more. For over two hundred years, the Christian civilization of the West has been mercilessly violating this directive of Jesus Christ. The West has been taking everything belonging to Caesar and everything belonging to God. The West is not dividing the share equitably. It is not rendering to us what belongs to us. This division relates to the economic, social, racial and political rights of the Third World.”

Zulfikar Ali Bhutto (1928–1979) Fourth President and ninth Prime Minister of Pakistan

Source: Letter to his daughter (1978), p. 72.

God , World , Problem , Christ

“Only the most ignorant people can close their eyes to the bourgeois nature of the democratic revolution which is now taking place. Whoever wants to reach socialism by any other path than that of political democracy will inevitably arrive at conclusions that are absurd and reactionary both in the economic and the political sense.”

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

"Two Tactics of Social Democracy in the Democratic Revolution"
1900s, The Two Tactics of Social Democracy (1905)

People , Democracy , Nature , Sense

“Living financially and economically on American charity, selling up the house to the Yanks when he won't pay any more charity out. Are you content to be occupied and protected by American aeroplanes? Are you content to be in the position of an old woman, jipped by her young relations? You who were the greatest power on earth fifty years ago, and still can be! Why do I say, 'you still can be'? Because, my friends, I know you, I know the British people! I know that twice in my lifetime in the world war I fought in, in the world war the younger men fought in. We the British have put our effort, our energy of valor, of heroism, unequalled in the history of mankind.”

Oswald Mosley (1896–1980) British politician; founder of the British Union of Fascists

Speech on 21 Novembver, 1960. http://www.oswaldmosley.com/audio/300million.m3u

Men , War , People , World

“[S]egments of the Right, who denounced phrases like “economic patriotism” when it passed Barack Obama’s lips but nod and cheer when similar phrases come out of the mouths of “nationalists.” They see the state as the key to fostering a new social solidarity because it alone speaks for their new idol — or “strong god” — of the Nation. Passionate nationalists, like passionate socialists, ultimately believe that the State can love you, and if the right people take it over, the divisions that are inevitable in a free society will be knitted together by some government initiative. But that is not love, it is lust. It is a lust for power and victory for your vision over all others.”

Jonah Goldberg (1969) American political writer and pundit

2010s, 2018, The Government Can’t Love You (2018)

Love , God , People , Strong

“That the principles for which these three men stood might be still more firmly established destiny raised up Theodore Roosevelt. To political freedom he strove to add economic freedom. By building the Panama Canal he brought into closer relationship the east and the west and realized the vision that inspired Columbus in his search for a new passage to the Orient.”

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 , Search , Freedom

“In May 1961 when I took over power as the leader of the revolutionary group, I honestly felt as if I had been given a pilfered household or bankrupt firm to manage. Around me I could find little hope of encouragement. The outlook was bleak. But I had to rise above this pessimism to rehabilitate the household. I had to destroy, once and for all, the vicious circle of poverty and economic stagnation. Only by reforming the economic structure would we lay a foundation for decent living standards.”

Park Chung-hee (1917–1979) Korean Army general and the leader of South Korea from 1961 to 1979

As quoted in An economy in armor; in Korea's quiet revolution https://books.google.com/books?id=yJZKpYXh2SAC&printsec=frontcover&dq=the+two+koreas&hl=en&sa=X&ei=4QMiVa7UCsu3sAWQxoAg&ved=0CB0Q6AEwAA#v=onepage&q=the%20two%20koreas&f=false (1992), by Frank B. Gibney, New York: Walker and Company, p. 50

Hope

“A planet full of people meant nothing against the dictates of economic necessity!”

Isaac Asimov book The Currents of Space

The Currents of Space (1952)
General sources

People

“The very fact that after a while, an increasing proportion of the urban population was "native," i. e., born in cities rather than in the rural areas, and hence more able to take advantage of the possibilities of city life in preparation for the economic struggle, meant a better chance for organization and adaptation, a better basis for securing greater income shares than was possible for the newly "immigrant" population coming from the countryside or from abroad”

Simon Kuznets (1901–1985) economist

Source: "Economic growth and income inequality," 1955, p. 17

Life , Chance

“The General Theory is at once both a book of economic theory and a font of economic prejudices—there are probably few academics in economics and political science who do not have an opinion of it, whether they have read it or not. It has reached the status—which it obtained almost immediately—where the fact of its existence is as important, if not more important, than what it actually says.”

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

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

Books , Science , Reading

“Wherever we turn we find that the real obstacles to peace are human will and feeling, human convictions, prejudices, opinions. If we want to get rid of war we must get rid first of all of its psychological causes. Only when this has been done will the rulers of the nations even desire to get rid of the economic and political causes.”

Aldous Huxley book Ends and Means

Ends and Means (1937)

War , Peace , Feeling

“The monastic movement … was directed to the achievement of a Christian life, apart from civilization, in obedience to the laws of Christ, and in pursuit of a perfection wholly distinct from the aims that men seek in politics and economics, in sciences and arts.”

H. Richard Niebuhr (1894–1962) American theologian

Source: Christ and Culture (1951), p. 56

Life , Men , Law , Art

“The preceding analysis shows that a manager who has high performance goals and excellent job organization but who relies solely on economic needs and direct pressure to motivate his men is very likely to be to be disappointed by their achievements. The noneconomic motives must be used fully, along with the economic needs, to create high performance goals and establish the level of motivational forces which yield high productivity. Since the principle of supportive relationships and group methods of supervision enable a manager to make effective use of the noneconomic motives, some valuable insights can be obtained by examining how these managerial principles appear to affect the motivations, satisfactions, and behavior of the members of an enterprise. A substantial body of research findings demonstrates that the greater the loyalty of the members of a group toward the group, the greater is the motivation among the members to achieve the goals of the group, and the greater is the probability that the group will achieve its goals.”

Rensis Likert (1903–1981) American statistician

Source: The Human Organization, 1967, p. 64: About "Building Peer-group Loyalty"

Men , Disappointment , Behavior , Motivation

“The general loss of memory is not to be explained solely psychologically; it is not simply childhood amnesia. Rather it is social amnesia—memory driven out of mind by the social and economic dynamic of this society.”

Russell Jacoby (1945) American historian

Source: Social Amnesia: A Critique of Conformist Psychology from Adler to Laing (1975), p. 4

Memory , Loss , Childhood

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

1980s and later, Knowledge, Evolution and Society (1983), "Coping with Ignorance", "Science and Socialism"
Source: http://www.aei.org/publication/a-conversation-with-friedrich-a-von-hayek/

Understanding , Parting , History , Sense

“three repairman per twenty machines are much more economical than one repairman per six machines.”

William Feller (1906–1970) Croatian-American mathematician

Source: An Introduction To Probability Theory And Its Applications (Third Edition), Chapter XVII, The Simplest Time Dependent Stochastic Processes, p. 466.

“One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them.”

Jim Stanford (1961) Canadian economist

Part 3, Chapter 14, Dividing the Pie, p. 168
Economics For Everyone (2008)

People , Failure , Wealth

“Big business in America today and for some years has been openly at war with competition and, thus, at war with laissez-faire capitalism. … The left's attack on corporate capitalism is, when examined, an attack on economic forms possible only in collusion between authoritarian government and bureaucratized, nonentrepreneurial business. It is unfortunate that many New Leftists are so uncritical as to accept this premise as indicating that all forms of capitalism are bad…”

Karl Hess (1923–1994) American journalist

"The Death of Politics", Playboy magazine (March 1969)

War , Business

“I do believe that the president of Venezuela is really, really destroying his own country, economically, politically.”

Condoleezza Rice (1954) American Republican politician; U.S. Secretary of State; political scientist

Congressional hearing http://www.msnbc.msn.com/id/17027314/, February 7, 2007.

Country

“To make a harsh but not entirely unjustified analogy, a government wedded to the ideology of competitiveness is as unlikely to make good economic policy as a government committed to creationism is to make good science policy, even in areas that have no direct relationship to the theory of evolution.”

Paul Krugman (1953) American economist

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

Wedding , Science

“When the “environmental revolution” arrived in the 1960s, economists were ready and waiting. The economic literature contained an apparently coherent view of the nature of the pollution problem together with a compelling set of implications for public policy. In short, economists saw the problem of environmental degradation as one in which economic agents imposed external costs upon society at large in the form of pollution. With no “prices” to provide the proper incentives for reduction of polluting activities, the inevitable result was excessive demands on the assimilative capacity of the environment. The obvious solution to the problem was to place an appropriate “price,” in this case a tax, on polluting activities so as to internalize the social costs. Marshall and Pigou had suggested such measures many decades earlier. Moreover, pollution and its control through so-called Pigouvian taxes had become a standard textbook case of the application of the principles of microeconomic theory. Economists were thus ready to provide counsel to policy makers on the design of environmental policy.”

William J. Baumol (1922–2017) American economist

Source: The theory of environmental policy, 1988, p. 1

Literature , Nature , Problem , Waiting

“What matters is to emphasize the fundamental idea in my party's economic program clearly; the idea of authority. I want the authority; I want everyone to keep the property he has acquired for himself according to the principle: Benefit to the community precedes benefit to the individual. But the state should retain supervision and each property owner should consider himself appointed by the state. It is his duty not to use his property against the interests of others among his own people. This is the crucial matter. The Third Reich will always retain its right to control the owners of property.”

Adolf Hitler (1889–1945) Führer and Reich Chancellor of Germany, Leader of the Nazi Party

In 1931, as quoted in Nazi Economics: Ideology, Theory, and Policy https://books.google.com/books?id=kp3p_sIk8h8C&pg=PA303 (1990), by Avraham Barkai, pp. 26–27
1930s

People , Idea