Quotes about economics
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“Right after we published our first findings, we started getting letters from all over the country saying, "You know, all you guys have done is rediscover Austrian economics"… I admit I wasn't familiar with Hayek and von Mises at the time. But now that I've read them, I can see that this is essentially true.”

W. Brian Arthur (1946) American economist

W. Brian Arthur, quoted in "Complex Questions" in Reason magazine (January 1996) http://reason.com/archives/1996/01/01/complex-questions/2, and in Hayek's Challenge : An Intellectual Biography of F. A. Hayek (2005) by Bruce Caldwell

Guy, Time, Reading, Country

“I find it amazing now that my first economics class, taught by Alan Sweezy, used John Maynard Keynes’s General Theory of Income and Employment as the textbook. Although this book is one of the most influential works of the twentieth century, it makes a really lousy textbook. Moreover, since I now regard Keynes’s analysis as seriously flawed, it is surprising that I enjoyed the course so much. As a student, I appreciated the simple way that the Keynesian model explained the workings and failings of the overall economy. Especially appealing were the clever policy remedies, such as increased government spending and tax cuts, that Keynes recommended to combat unemployment. Too bad that I discovered later that the model was theoretically and empirically deficient!”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. xiii

Books, Way

“All white men are responsible for white oppression. It is much too easy to say, "Racism is not my fault," or "I am not responsible for the country's inhumanity to the black man. … But insofar as white do-gooders tolerate and sponsor racism in their educational institutions, their political, economic and social structures, their churches, and in every other aspect of American life, they are directly responsible for racism. … Racism is possible because whites are indifferent to suffering and patient with cruelty. Karl Jaspers' description of metaphysical guilt is pertinent here. "There exists among men, because they are men, a solidarity through which each shares responsibility for every injustice and every wrong committed in the world, and especially for crimes that are committed in his presence or of which he cannot be ignorant."”

James H. Cone (1938–2018) American theologian

Source: Black Theology and Black Power (1969), p. 24

Life, Men, World, Education

“The term 'capital' has two quite different meanings in economics: a sum of money, and a collection of machinery.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 6, The Holy War Over Capital, p. 130

Money

“If the aim of economics is really to provide the greatest happiness to the most people, than it is rather shocking to discover that economic growth has no net effect on happiness. So what has gone wrong with the neoclassical prospect?”

David Orrell (1962) Canadian mathematician

Source: The Other Side Of The Coin (2008), Chapter 2, Odd Versus Even, p. 75

Happiness, People

“Economic depression can not be cured by legislative action or executive pronouncement.”

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

Herbert Hoover, 1874-1964 (1971)

“By my monastic life and vows I am saying No to all the concentration camps, the aerial bombardments, the staged political trials, the judicial murders, the racial injustices, the economic tyrannies, and the whole socio-economic apparatus which seems geared for nothing but global destruction in spite of all its fair words in favor of peace.”

Thomas Merton (1915–1968) Priest and author

Source: Choosing to Love the World: On Contemplation, pp. 81-82

Life, Peace

“The theory which follows is entirely based on a calculus of pleasure and pain; and the object of economics is to maximize happiness by purchasing pleasure, as it were, at the lowest cost of pain.”

William Stanley Jevons The Theory of Political Economy

Source: The Theory of Political Economy (1871), Chapter I, Introduction, p. 51.

Pain, Happiness, Pleasure

“It is in underdeveloped world that he central, overriding fact of our epoch becomes manifest to the naked eye: the capitalist system, once a mighty engine of economic development, has turned into a no less formidable hurdle to human advancement.”

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

Source: The Political Economy Of Growth (1957), Chapter Eight, The Steep Ascent, p. 249

World

“The concept of a system is not a simple or unique one. There are many different kinds of systems, and different systems may be organized and operated in different ways. As individuals we all belong to some social system, we participate in an economic system, we are the product of several educational systems, and we are members of one or more family systems. In a similar fashion, the equipment of which physical systems are made may be members of many other systems, such as electrical, mechanical, sensing, actuating, energy, materials, and/or information systems. One of the challenges to the person who engineers a system is to find the many alternative ways in which the function, the operation, and/or the equipment of concern and interest may be considered, understood, and made to perform most effectively.”

Harold Chestnut (1917–2001) American engineer

Source: Systems Engineering Tools, (1965), Systems Engineering Methods (1967), p. 1: First paragraph of Ch. 1. The Environment for System Engineering Methods

Education, Family, Way, Fashion

“Much time was wasted and ink spilled in the late 1960s and early 1970s trying to interpret the lagged effect of prices on wages as reflecting adaptive lags in the formation of expectations. But if we have learned anything from the new Keynesian economics of Fischer, Taylor, Blanchard, and their younger followers, it is that price and wage inertia is compatible with rational expectations.”

Robert J. Gordon (1940) American economist

Robert J. Gordon, The Phillips Curve Now and Then. (1990).

Learning, Time

“Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 1. Ten Principles of Economics; p. 4

Study

“Centuries of growth in advanced economies have left little carbon space for the developing world, challenging their growth. The thin lines of balancing economic development and protection of the environment will remain a great challenge in future development policy-setting. It is therefore critical that developed countries honour their commitments and compensate damage to the environment, on the basis of common but differentiated responsibilities.”

Mahinda Rajapaksa (1945) Prime Minister of Sri Lanka

United Nations, Sri "Lanka urges UN to study global inequality, failure to lift millions out of poverty" http://www.un.org/apps/news/story.asp/html/story.asp?NewsID=45978&Cr=general+assembly&Cr1=, 24 September 2013.

World, Future, Country

“I think that we could agree on what kind of a world we would all want to build. it would be a world of independent nations, moving toward international community, each of which protected and respected the basic human freedoms. It would be a world which demanded of each government that it accept its responsibility to insure social justice. It would be a world of constantly accelerating economic progress — not material welfare as an end in itself, but as a means to liberate the capacity of every human being to pursue his talents and to pursue his hopes. It would, in short, be a world that we would be proud to have built.”

Robert F. Kennedy (1925–1968) American politician and brother of John F. Kennedy

Day of Affirmation Address (1966)

World, Justice, Hope, Communication

“There is much that is lacking in the political education of American troops, for which army policy cannot be criticized in view of the similar apathy on the home front. Late in the struggle the army became aware of this weakness among our soldiers. The Information and Education Division was then organized to repair this gap in the psychological preparation for combat. Some progress in the face of considerable resistance has been made by this service, but at the time of writing the men still have only a dim comprehension of the meaning of the fascist political state and its menace to our liberal democratic government. The war is generally regarded as a struggle between national states for economic empires. The men are not fully convinced that our country was actually threatened, or, if so, only remotely, or because of the machinations of large financial interests. In such passive attitudes lie the seeds of disillusion, which could prove very dangerous in the postwar period. Certainly they stand in startling contrast with the strong political and national convictions of our Axis enemies, which can inspire their troops, when the occasion demands, with a fanatical and religious fervor. Fortunately, strong intellectual motivation has not proved to be of the first importance to good morale in combat. The danger of this lack seems to be less to the prospect of military success than to success in the peace and to stability in the postwar period.”

Roy R. Grinker, Sr. (1900–1993) American psychiatrist and neurologist

Source: Men Under Stress, 1945, p. 38-39 cited in: The Clare Spark Blog (2009) Strategic Regression in “the greatest generation” http://clarespark.com/2009/12/09/strategic-regression-in-the-greatest-generation/ December 9, 2009

Men, War, Lie, Education

“The new vision of man and politics was never taken by its founders to be splendid. Naked man, gripped by fear or industriously laboring to provide the wherewithal for survival, is not an apt subject for poetry. They self-consciously chose low but solid ground. Civil societies dedicated to the end of self-preservation cannot be expected to provide fertile soil for the heroic and inspired. They do not require or encourage the noble. What rules and sets the standards of respectability and emulation is not virtue or wisdom. The recognition of the humdrum and prosaic character of life was intended to play a central role in the success of real politics. And the understanding of human nature which makes this whole project feasible, if believed in, clearly forms a world in which the higher motives have no place. One who holds the “economic” view of man cannot consistently believe in the dignity of man or in the special status of art and science. The success of the enterprise depends precisely on this simplification of man. And if there is a solution to the human problems, there is no tragedy. There was no expectation that, after the bodily needs are taken care of, man would have a spiritual renaissance—and this for two reasons: (1) men will always be mortal, which means that there can be no end to the desire for immortality and to the quest for means to achieve it; and (2) the premise of the whole undertaking is that man’s natural primary concern is preservation and prosperity; the regimes founded on nature take man as he is naturally and will make him ever more natural. If his motives were to change, the machinery that makes modern government work would collapse.”

Allan Bloom (1930–1992) American philosopher, classicist, and academician

“Commerce and Culture,” p. 284.
Giants and Dwarfs (1990)

Life, Wisdom, Men, World

“Yet there is a danger even greater danger than terrorist attacks, the scenario of America as the last man standing. The lights may go out in Europe faster than you can imagine. An Islamic Europe means a Europe without freedom and democracy, an economic wasteland, an intellectual nightmare, and a loss of military might for America – as its allies will turn into enemies, enemies with atomic bombs. With an Islamic Europe, it would be up to America alone to preserve the heritage of Rome, Athens and Jerusalem.”

Geert Wilders (1963) Dutch politician

2000s, Speech at the Four Seasons, New York (25 September 2008)

Democracy, Imagination, Freedom, Light

“A recovery after a depression is as inevitable as that day follows night. It can not be permanently suppressed. Its vitality is so powerful that it will break down the barriers set up by the most arbitrary dictator. Hence there is developing a new confidence and a new faith in those principles which have formed the the foundation of economic evolution and industrial progress during the last several decades — principles which we have been proud to call "American principles," and for which we have been reared with a wholesome respect. There are still lacking the assurances of a broad and definitely defined opportunity and the elimination of certain unsound economic policies, thus limiting the application of these vital principles we have always known and retarding their ability to accelerate our economic recovery.”

Alfred P. Sloan (1875–1966) American businessman

Source: "The Broadened Responsibilities of Industry's Executive," 1936, p. 351; Lead paragraph.

Faith, Confidence, Night

“But are we seeing indications these years that we have become more selfish, that we have become inclined to first and foremost make demands, and make sure that we all get what we ourselves think we are entitled to? Are we becoming distrustful of each other, and beginning to ascribe less than pure motives to each other? If that is the case, we are not only in an economic crisis. Then it is our attitudes that are slipping. It is a crisis that is insidious because it creeps upon us and poisons our relationships with each other. It means that we are jeopardising something that may be irretrievable.”

Margrethe II of Denmark (1940) Queen of Denmark

New Year's Address 2010/2011 http://kongehuset.dk/english/Menu/news/her-majesty-the-queens-new-year-address-2010 (01 January 2011). Society

Motivation, Thinking, Selfishness

“There is no way to divorce the decision determining the most sensible economic strategy from the personal values of those who make the choice.”

Kenneth R. Andrews (1916–2005) Business scholar

Source: Quote, The Concept of Strategy, 1971, p. 34

Way, Decision, Personality

“In its origins the utility school was strongly influenced by a desire to strengthen the potentially apologetic character of economics.”

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

Source: A History of Economic Thought (1939), Chapter VIII, Modern Economics, p. 370

School

“Alongside their work on pure economic theory, the classical political economists engaged in a parallel project: to promote the forcible reconstruction of society into a purely market-oriented system.”

Michael Perelman (1939) American economist

Source: The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation (2000), p. 2

“Following the financial crisis of September 2008 when the American investment bank Lehman Brothers collapsed, threatening to engulf the entire banking system, the British economist John Maynard Keynes returned to center stage. In the popular press and in the writings of many economists, Keynes featured prominently as governments around the world urgently sought ways to avoid economic collapse. (…) After only a brief delay, critics of Keynes’s ideas also began to appear; but the emergence of such critics only served to emphasize the fact of his return, for only a few years earlier Keynes’s name would not even have appeared in public debate about economic policy: his ideas were seen as having so little relevance that it did not even seem necessary to mention his name when discussing the performance of the economy.”

Roger Backhouse (economist) (1951) British economist

Roger E. Backhouse and Bradley W. Bateman, ch.1 "Keynes Returns, but Which Keynes?" Capitalist revolutionary : John Maynard Keynes (2011).

World, Way, Idea, Appearance

“The solution of the most important problems of the theoretical social sciences in general and of theoretical economics in particular is thus, closely connected with the question of theoretically understanding the origin and change of 'organically' created social structures.”

Carl Menger (1840–1921) founder of the Austrian School of economics

Source: Investigations into the Method of the Social Sciences, 1883, p. 147

Understanding, Question, Problem, Science

“In my message last year I emphasized the necessity for further legislation with a view to expediting the consolidation of our rail ways into larger systems. The principle of Government control of rates and profits, now thoroughly embedded in our governmental attitude toward natural monopolies such as the railways, at once eliminates the need of competition by small units as a method of rate adjustment. Competition must be preserved as a stimulus to service, but this will exist and can be increased tinder enlarged systems. Consequently the consolidation of the railways into larger units for the purpose of securing the substantial values to the public which will come from larger operation has been the logical conclusion of Congress in its previous enactments, and is also supported by the best opinion in the country. Such consolidation will assure not only a greater element of competition as to service, but it will afford economy in operation, greater stability in railway earnings, and more economical financing. It opens large possibilities of better equalization of rates between different classes of traffic so as to relieve undue burdens upon agricultural products and raw materials generally, which are now not possible without ruin to small units owing to the lack of diversity of traffic. It would also tend to equalize earnings in such fashion as to reduce the importance of section 15A, at which criticism, often misapplied, has been directed. A smaller number of units would offer less difficulties in labor adjustments and would contribute much to the, solution of terminal difficulties.”

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)

Way, Fashion, Support, Nature

“With Russia and America out of the League sanctions are a mistake. I've always thought so. You can't enforce them against a first-class power. The very people like Bob Cecil who have made us disarm, and quite right too, are now urging us forward to take action. But where will action lead us to? If we withdraw Ambassadors that's only the first step. What's the next? and the next? If you have economic boycott you'll have war declared by Japan and she will seize Singapore and Hongkong and we can't, as we are placed, stop her. You'll get nothing out of Washington but words, big words, but only words.”

Stanley Baldwin (1867–1947) Former Prime Minister of the United Kingdom

Conversation with Thomas Jones (27 February 1932) after the Japanese invasion of Manchuria, quoted in Thomas Jones, A Diary with Letters. 1931-1950 (Oxford University Press, 1954), p. 30.
1932

War, People

“Paul Krugman is a very smart and very annoying person. Over the past few years he's been hammering away at political and economic advocates for austerity policies with unmitigated glee and derision. He does so with a brio and condescension that some people can find off-putting -- but that doesn't mean that he's wrong. … Look, I think Paul Krugman has a few policy blind spots. His method of argumentation alienates as many people as it attracts. But he's not wrong when he's talking about austerity. In his response, Michael Kinsley has managed to embody the conventional wisdom in Washington -- and in doing so, embody every policy caricature of Paul Krugman's worldview.”

Daniel Drezner (1968) American journalist

The worst piece of conventional wisdom you will read this year http://www.foreignpolicy.com/posts/2013/05/16/the_worst_piece_of_conventional_wisdom_you_will_read_this_year (MAY 16, 2013)

Wisdom, People, Thinking, Past

“On the 60th anniversary of the Korean War, I remain grateful to America for having participated in the war. At that time, the Republic of Korea was one of the most impoverished countries, with an annual per capita income of less than $40. In 2009, my country became a member of the Organization for Economic Cooperation and Development's Development Assistance Committee, the first aid recipient to become a donor and in only one generation. The Republic of Korea is engaged in peacekeeping missions in 14 countries to promote global peace. It will host the G-20 summit in November, and in 2012 the second nuclear security summit.”

Lee Myung-bak (1941) 10th President of South Korea

A Note of Thanks (2010)

War, Peace, Time, Country

“Even though principles of rationality seem as often violated as followed, we still cling to the notion that human thought should be rational, logical, and orderly. Much of law is based upon the concept of rational thought and behavior. Much of economic theory is based upon the model of the rational human who attempts to optimize personal benefit, utility, or comfort. Many scientists who study artificial intelligence use the mathematics of formal logic—the predicate calculus—as their major tool to simulate thought. […] Human thought is not like logic; it is fundamentally different in kind and spirit. The difference is neither worse nor better. But it is the difference that leads to creative discovery and to great robustness of behavior.”

Donald A. Norman book The Design of Everyday Things

Source: The Design of Everyday Things (1988, 2002), Ch. 5, pp. 114–115.

Law, Behavior, Intelligence, Mathematics

“In many of his biographical writings Tolstoy makes clear that, in pursuit of a virtuous life, he had to struggle hard with his own nature, habits, and animal passions, and had to overcome early training and education; but in this drama he shows that, in attempting to be a Christian, he had to battle constantly, often bitterly, with his own family, with the Church, and with all the social, economic, and political conditions and institutions that surrounded him.”

Robert Hunter (author) (1874–1942) American sociologist, author, golf course architect

Source: Why We Fail as Christians (1919), p. 42

Life, Education, Family, Nature

“The Jew can take the credit for having corrupted the Graeco-Roman world. Previously words were used to express thoughts; he used words to invent the art of disguising thoughts. Lies are his strength, his weapon in the struggle. The Jew is said to be gifted. His only gift is that of juggling with other people's property and swindling each and everyone. Suppose I find by chance a picture that I believe to be a Titian. I tell the owner what I think of it, and I offer him a price. In a similar case, the Jew begins by declaring that the picture is valueless, he buys it for a song and sells it at a profit of 5000 per cent. To persuade people that a thing which has value, has none, and vice versa—that's not a sign of intelligence. They can't even overcome the smallest economic crisis!”

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

5 November 1941.
Disputed, Hitler's Table Talks (1941-1944) (published 1953)

People, World, Art, Intelligence

“The Science of Economics does not deal with true happiness nor even with well-being in material things. It deals with a strictly limited field of what is called "Economic Wealth," and if it goes outside its own boundaries it goes wrong.”

Hilaire Belloc (1870–1953) writer

Source: Economics for Helen (1924), Ch. 1 : What is Wealth?

Happiness, Science, Wealth

“The economic illusion is the belief that social justice is bad for economic growth.”

Robert Kuttner (1943) American journalist

Introduction, p. 1 (First text line.)
The Economic Illusion (1984)

Justice

“I can date my own personal 'revolution' rather exactly to May or June 1933. It was like this. It began… with Hayek. His "Prices and Production" is one of the influences that can be detected in The Theory of Wages; it could not have been otherwise, for 1931 was a Prices and Production year at the London School of Economics… I did not in fact find it all easy to fit in with my own ideas. What started me off in 1933 was an earlier work of Hayek's, his paper on 'Intertemporal Equilibrium', an idea which I found easier to reduce to my preferred (Paretian or Wicksellian) pattern.”

John Hicks (1904–1989) British economist

John Hicks, The Theory of Wages, 2nd Edition (1963), p. 307

School, Idea, Personality

“In a very real sense, every subsidy and privilege … is a form of slavery. Slavery, simply put, is the use of coercion to live off of someone else's labor. For example, consider the worker who pays $300 a month for a drug under patent, that would cost $30 in a free market. If he is paid $15 an hour, the eighteen hours he works every month to pay the difference are slavery. Every hour worked to pay usury on a credit card or mortgage is slavery. The hours worked to pay unnecessary distribution and marketing costs (comprising half of retail prices), because of subsidies to economic centralization, is slavery. Every additional hour someone works to meet his basic needs, because the state tilts the field in favor of the bosses and forces him to sell his labor for less than it is worth, is slavery. All these forms of slavery together probably amount to half our working hours. If we kept the full value of our labor, we could probably maintain current levels of consumption with a work week of twenty hours. As Bill Haywood said, for every man who gets a dollar he didn't sweat for, someone else sweated to produce a dollar he never received.”

Kevin Carson (1963) American academic

The Iron Fist Behind the Invisible Hand (2002)

Sense

“Some anti-Americanism derives simply from our being a colossus that bestrides the earth. This resentment may be incurable. But much anti-Americanism derives from the role U. S. political, economic, and military power has played in denying such freedoms to others. U. S. foreign policy has to be rethought. It needs not tweaking but overhauling. We need: a historical reckoning with crimes committed, sponsored, or permitted by the United States. [.. ] A country has to look back before it can move forward. Instituting a doctrine of the mea culpa would enhance our credibility by showing that American decision-makers do not endorse the sins of their predecessors. When Brandt went down on one knee in the Warsaw ghetto [in 1970], his gesture was gratifying to World War II survivors, but it was also ennobling and cathartic for Germany. Would such an approach be futile for the United States?”

Samantha Power (1970) Irish-American academic, author and diplomat

Article in The New Republic (2003), as quoted in the Wall Street Journal http://online.wsj.com/article/SB10001424127887323844804578527181938275090.html?mod=googlenews_wsj.

War, World, Decision, Freedom

“This sensitivity to the phenomena of recession and inflation is a symptom of an increased public awareness of both the need for and the attainability of economic progress. It is precisely because so much of current industrial and governmental practice can be better in the future that our meetings this year are focused on the broad problem of improving the performance of the American economy. However, as we go about the task of appraisal and criticism, it will be well to discipline our impatience for reform. In the measure that we avoid exaggerating our nation's failures or understating its successes, we shall make it easier for ourselves as well as for economists in other countries to see current needs and developments in a just perspective.”

Arthur F. Burns (1904–1987) American economist and diplomat

Source: "Progress Towards Economic Stability", 1969, p. 101-2

Failure, Problem, Success, Future

“The conclusions are self-evident, so I just state them. Electoral winners and losers obey the results of democratic competition and thus democracy is sustained merely as a consequence of political forces pursuing their interests. Whether this explanation is sufficient or some cultural patterns are necessary for democracy to endure is just hard to tell, as is whether democracy can survive even when it is not supported by economic self-interest.”

Adam Przeworski (1940) Polish-American academic

Chapter 5. "Why Do Political Parties Obey Results of Elections?" in Democracy and the Rule of Law (2003) edited by José María Maravall and Adam Przeworski

Democracy, Support

“Economically speaking, all anarchists are socialists, however they may coalesce to the political spectrum. Economically speaking, the libertarian is an individualist, believing in and supporting the concept of private ownership, individual responsibility and self-government.”

Robert LeFevre (1911–1986) American libertarian businessman

Anarchy (1959)

Support

“We have strong economic relationships with the rest of the UK. With our EU partners. And with large and small nations across the world. And I would contend that the basis of that framework is not Scotland's relationship with the other nations of the UK - strong and enduring though that will be. Rather, the reality is that our fundamental economic role is as a member of the world's largest single market - the European Union. And it is this relationship which does most to shape the rules and the terms of our global commercial ties. Nonetheless it remains for many an article of faith that a positive future for Scotland's economy depends squarely on our continuing membership of the United Kingdom. … I for one was not convinced!”

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

Scotland in the World Forum (February 4, 2008)

World, Faith, Reality, Strong

“In the past there were many things only humans could do. But now robots and computers are catching up, and may soon outperform humans in most tasks. True, computers function very differently from humans, and it seems unlikely that computers will become humanlike any time soon. In particular, it doesn’t seem that computers are about to gain consciousness and start experiencing emotions and sensations. Over the past half century there has been an immense advance in computer intelligence, but there has been exactly zero advance in computer consciousness. As far as we know, computers in 2016 are no more conscious than their prototypes in the 1950s. However, we are on the brink of a momentous revolution. Humans are in danger of losing their economic value because intelligence is decoupling from consciousness.”

Yuval Noah Harari book Homo Deus: A Brief History of Tomorrow

Homo Deus: A Brief History of Tomorrow

Intelligence, Time, Past

“Sociologists and anthropologists have long been concerned with how individuals are linked to one another and how these bonds of affiliation serve as both a lubricant for getting things done and a glue that provides order and meaning to social life. The attention to networks of association, which began in earnest in the 1970s, provided welcome texture and dynamism to portraits of social life. This work stood in stark contrast to the reigning approaches in the social sciences. In contrast to deterministic cultural (oversocialized) accounts, network analysis afforded room for human agency, and in contrast to individualist, atomized (undersocialized) approaches, networks emphasized structure and constraint (Granovetter, 1985). Network studies offered a middle ground, a third way, even if no one was quite sure whether networks were a metaphor, a method, or a theory (Barnes 1979). But the sociologists and anthropologists who initially studied networks did not pay sustained attention to economic activity, although some industrial sociologists (Roy, 1954; Dalton, 1959) had long stressed the role of informal networks as an antidote to formal organization practices and structures.”

Walter W. Powell (1948) American sociologist

Walter W. Powell and Laurel Smith-Doerr. "Networks and economic life." The handbook of economic sociology. (1994). p. 368-380; introduction.

Life, Way, Study, Science

“Finally, it should be clear by now that a nation can be no stronger abroad than she is at home. Only an America which practices what it preaches about equal rights and social justice will be respected by those whose choice affects our future. Only an America which has fully educated its citizens is fully capable of tackling the complex problems and perceiving the hidden dangers of the world in which we live. And only an America which is growing and prospering economically can sustain the worldwide defenses of freedom, while demonstrating to all concerned the opportunities of our system and society.”

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

1963, Remarks Prepared for Delivery at the Trade Mart in Dallas

World, Education, Justice, Home

“Hypocrisy, double standards, and "but nots" are the price of universalist pretensions. Democracy is promoted, but not if it brings Islamic fundamentalists to power; nonproliferation is preached for Iran and Iraq, but not for Israel; free trade is the elixir of economic growth, but not for agriculture; human rights are an issue for China, but not with Saudi Arabia; aggression against oil-owning Kuwaitis is massively repulsed, but not against non-oil-owning Bosnians. Double standards in practice are the unavoidable price of universal standards of principle.”

Samuel P. Huntington (1927–2008) American political scientist

Source: The Clash of Civilizations and the Remaking of World Order (1996), Ch. 8 : The West and the Rest: Intercivilizational Issues, § 1 : Western Universalism, p. 184

Democracy, Universe

“This society in which knowledge workers dominate is in danger of a new "class conflict" between the large minority of knowledge workers and the majority of workers who will make their livings through traditional ways, either by manual work… or by service work. The productivity of knowledge work - still abysmally low - will predictably become the economic challenge of the knowledge society. On it will depend the ability of the knowledge society to give decent incomes, and with them dignity and status, to non knowledge people.”

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

Source: 1990s and later, Managing in a Time of Great Change (1995), p. 205

People, Way, Knowledge, Dependency

“I should like to point out two other fields for serious attention by control people. These are (1) The need for 'optimizing the process of making automatic control', i. e. bridging the gap between theory and practice. (2) The need for working with qualified people in the social, economic, and political fields to help make the net effect of automatic control and automation a cause for hope rather than a reason for fear… The opportunities for a better world at peace make the challenge for using automation for the betterment of man one that is certainly worth working for.”

Harold Chestnut (1917–2001) American engineer

H. Chestnut (1964) Automatic and remote control - Volume 2 International Federation of Automatic Control. p. xxxvi. Cited in: " Harold Chestnut, First IFAC President: Editorial http://www.autsubmit.com/editorials/ed38_6.html". In: Automatica, June 2002, Volume 38, No. 6

People, World, Fear, Peace

“In the course of some ninety years, the wheel has certainly turned full circle. The Protectionist case, which seemed to most of our fathers and grandfathers so outrageous, even so wicked, has been re-stated and carried to victory. Free Trade, which was almost like a sacred dogma, is in its turn rejected and despised… many acute and energetic minds in the ’forties “looked to the end.” They foresaw what seemed beyond the vision of their rivals— that after the period of expansion would come the period of over-production… [Disraeli] perceived only too clearly the danger of sacrificing everything to speed. Had he lived now, he would not have been surprised. The development of the world on competitive rather than on complementary lines; the growth of economic nationalism; the problems involved in the increasing productivity of labour, both industrial and agricultural; the absence of any new and rapidly developing area offering sufficient attractive opportunities for investment; finally, the heavy ensuing burden of unemployment, in every part of the world— all these phenomena, so constantly in our minds as part of the conditions of crisis, would have seemed to the men of Manchester nothing but a hideous nightmare. Disraeli would have understood them. I think he would have expected them.”

Harold Macmillan (1894–1986) British politician

‘Preface’ to Derek Walker-Smith, The Protectionist Case in the 1840s (Oxford: Basil Blackwell, 1933), pp. vii-viii.
1920s-1950s

Men, World, Problem, Thinking

“In a world in which training and functions of individuals and groups are growing more and more specialized the number of ways to accomplish any particular result increasing. Different design, different facilities, different equipment, different methods, and different organizational means are available to meet the needs of man. It is highly desirable that we have trained persons look at these varied possibilities to compare their effectiveness, and to point the way to sound engineering decisions. Systems Engineering Methods is directed towards the development of a broad systems engineering approach to help such people improve their decision-making capability. Although the emphasis is on engineering, the systems approach can also has validity for many other areas in which emphasis may be social, economic, or political.”

Harold Chestnut (1917–2001) American engineer

Source: Systems Engineering Tools, (1965), Systems Engineering Methods (1967), p. vii

People, World, Way, Decision

“The third dimension of three-dimensional economics, change, suggests that studying economics also means studying history. The process of change in society cannot be understood without considering the past and how it changed, eventually becoming the present. Change in political economy may be contrasted with the static approach of conventional economics that freezes time at a moment.”

Samuel Bowles (1939) American economist

Source: Understanding Capitalism: Competition, Command, and Change, 2005, p. 57

History, Study, Change, Time

“Probably the greatest single weakness of the Sino-Soviet bloc is her shaky economy. Here is a soft spot where peaceful pressures could be devastating. No amount of Soviet propaganda can cover up the obvious collapse of the Chinese communes and the sluggish inefficiency of the Soviet collectivized farms. Every single Soviet satellite is languishing in a depression. Even Pravda has openly criticized the lack of bare essentials and the shoddy quality of Russian-made goods. These factors of austerity and deprivation add to the hatred and misery of the people which constantly feed the flames of potential revolt. Terrorist tactics have been used by the Red leaders to suppress uprisings. In spite of the virtual "state of siege" which exists throughout the Soviet empire, there are many outbreaks of violent protest. All of this explains why the Soviet leaders are constantly pleading for "free trade," "long-term loans," "increased availability of material goods from the West." Economically, Communism is collapsing but the West has not had the good sense to exploit it. Instead, the United States, Great Britain and 37 other Western powers are shipping vast quantities of goods to the Sino-Soviet bloc. Some business leaders have had the temerity to suggest that trade with the Reds helps the cause of peace. They suggest that "you never fight the people you trade with." Apparently they cannot even remember as far back as the late Thirties when this exact type of thinking resulted in the sale of scrap iron and oil to the Japanese just before World War II. After the attack on Pearl Harbor it became tragically clear that while trade with friends may promote peace, trade with a threatening enemy is an act of self-destruction. Have we forgotten that fatal lesson so soon?”

W. Cleon Skousen book The Naked Communist

The Naked Communist (1958)

War, People, World, Peace

“Early in life, most of us probably observe an unhappy relationship between labor and wealth — to wit, the heavier the labor, the less the wealth.
The man doing heavy manual work makes less than the man who makes a machine work for him, and this man makes less than the man sitting at a desk. The really rich people, the kind who go around on yachts and collect old books and new wives, do no labor at all.
The economic reasons for dividing the money this way are clear enough. One, it has always been done that way; and two, it's too hard to change at this late date. But the puzzling question is why, since the money is parceled out on this principle, young people are constantly being pummeled to take up a life of labor.
In any sensible world, the young would be told they could labor if they wanted to, but warned that if they did so it would cost them.”

Russell Baker (1925–2019) writer and satirst from the United States

"Lost Labor Love" (p.170)
So This Is Depravity (1980)

Life, Money, People, Books

“While National Socialism brought about a new version and formulation of European culture, Bolshevism is the declaration of war by Jewish-led international subhumans against culture itself. It is not only anti-bourgeois, it is anti-cultural. It means, in the final consequence, the absolute destruction of all economic, social, state, cultural, and civilizing advances made by western civilization for the benefit of a rootless and nomadic international clique of conspirators, who have found their representation in Jewry.”

Joseph Goebbels (1897–1945) Nazi politician and Propaganda Minister

Speech at the Nazi party Congress at Nuremberg (September 1935) http://research.calvin.edu/german-propaganda-archive/goeb58.htm 1930s

War

“Some of the most productive times in the histories of nations have been when they were badly stressed — economically, politically, culturally or socially. It's possible to be stressed to a point that more creativity is stimulated than would otherwise be the case. I think it is true that necessity is the mother of invention.”

Neil deGrasse Tyson (1958) American astrophysicist and science communicator

Global Ideas from Pluto's Challenger (May 21, 2009)

History, Thinking, Time

“Our people have had the honor to be among those who founded the Union of Soviet Socialist Republics. Despite the innumerable errors, both large and small, it is an undeniable fact that only as a part of the USSR have our people been able to survive Turkish invasion, live within secure borders, and progress economically and culturally. In spite of the current criticisms expressed from every quarter, it is a fact that the inhabitants of the Armenian Soviet Socialist Republic today enjoy a higher standard of living and more security than have Armenians at any other time in their three thousand year history. And all of this has taken place in the face of enormous challenges, including foreign invasion, economic isolation, civil war and an unimaginably costly World War.”

Monte Melkonian (1957–1993) National Hero of Armenia

“National Self-Determination or National Suicide?” p. 165. The article was originally written in Armenian, dated October 24, 1988, and posted form Poissy Prison, in France. It was first published in the first edition of The Right to Struggle, 1990.
The Right to Struggle (1993)

War, People, World, Error

“In brief, one can view organizing essentially as either an economic, behavioral, adaptive, mathematical, or decisional entity. In the aggregate most of these theories are concerned with structure, behavior, and strategy under conditions of change and complexity brought about by technology, environment, and human behavior.”

George R. Terry (1909–1979)

Source: Principles of Management, 1960, p. 314 (6th ed. 1971)

Behavior, Mathematics, Change

“Mr. Greenwood, when moving the Amendment yesterday, told us that the war would shake many strongly held views. I fear that this war will do very much more than that. The war will bring about changes which may be fundamental and revolutionary in the economic and social life of this country. On that we are all agreed.”

Anthony Eden (1897–1977) British Conservative politician, prime minister

Speech http://hansard.millbanksystems.com/commons/1939/dec/06/debate-on-the-address to the House of Commons (6 December 1939)

Life, War, Fear, Change

“The determination of strategy also requires consideration of what alternative is preferred by the chief executive and perhaps by his immediate associates as well, quite apart from economic considerations. Personal values, aspirations, and ideals do, and in our judgment quite properly should, influence the final choice of purposes. Thus, what the executives of a company want to do must be brought into the strategic decision.
Finally, strategic choice has an ethical aspect—a fact much more dramatically illustrated in some industries than in others. Just as alternatives may be ordered in terms of the degree of risk that they entail, so may they be examined against the standards of responsibility that the strategist elects. Some alternatives may seem to the executive considering them more attractive than others when the public good or service to society is considered. What a company should do thus appears as a fourth element of the fateful decision we have called strategic”

Kenneth R. Andrews (1916–2005) Business scholar

Source: Quote, The Concept of Strategy, 1971, p. 38, cited in: Gastón de los Reyes, Jr. "Introduction (as presented) to The Concept of Strategy 40 Years Later." August 15, 2011, at lgst.wharton.upenn.edu.

Fate, Decision, Appearance, Personality

“Americanization is the science of racial relations in America, dealing with the assimilation and amalgamation of diverse races in equity into an integral part of its national life. By "assimilation" is meant the indistinguishable incorporation of the races into the substance of American life. By "amalgamation" is meant so perfect a blend that the absence or imperfection of any of the vital racial elements available will impair the compound. By "an integral part" is meant that, once fused, separation of units is thereafter impossible. By "in equity" is meant impartiality among the races accepted for the blend, with no imputations of inferiority and no bestowal of favors. With anything less than this in mind, America will fall short of a science and of giving the world anything of lasting value for its racial problems. Nation building is to be in the future a deliberate formative process, not an accidental, dynastic, geographical, and economic arrangement. It is to consider the rights and desires and hopes of races. It is to be a deliberative process, and as such must be selective. If the Allies succeed in freeing the small nations, as now seems certain, the world will witness the most interesting and dramatic re-assemblage of races that has ever taken place in history.”

Frances Kellor (1873–1952) American sociologist

What is Americanization? (1919)

Life, World, Hope, History

“Supernatural agents are critical components of all religions but not of all ideologies. They are, in part, by-products of a naturally selected cognitive mechanism for detecting agents-such as predators, protectors, and prey-and for dealing rapidly and economically with stimulus situations involving people and animals. This innate releasing mechanism is trip-wired to attribute agency to virtually any action that mimics the stimulus conditions of natural agents: faces on clouds, voices in the wind, shadow figures, the intentions of cars or computers, and so on. Among natural agents, predators such as snakes are as likely to be candidates for deification as are protectors, such as parent-figures.”

Scott Atran (1952) Anthropologist

Introduction: an evolutionary riddle, p. 15
In Gods We Trust: The Evolutionary Landscape of Religion (2002)

People, Religion, Cars, Nature

“We are not guided by elections. We are guided by potential of India. We are not waiting for any election results to invest in India. We are investing in India for its economic story.”

Indra Nooyi (1955) Indian-born, naturalized American, business executive

Narendra Modi question elicits 'no comment' from PepsiCo chief Indra Nooyi

Waiting

“It is not money the Great Asymmetry accrues, nor energy, nor stuff. The origin of economic wealth begins in opportunities.”

Kevin Kelly (1952) American author and editor

Out of Control: The New Biology of Machines, Social Systems and the Economic World (1995), New Rules for the New Economy: 10 Radical Strategies for a Connected World (1999)

Money, Wealth

“Today we face many problems. Some are created essentially by ourselves based on divisions due to ideology, religion, race, economic status, or other factors. Therefore, the time has come for us to think on a deeper level, on the human level, and from that level we should appreciate and respect the sameness of others as human beings.”

Tenzin Gyatso (1935) spiritual leader of Tibet

"Kindness and Compassion" p. 47.
The Dalai Lama: A Policy of Kindness (1990)

Religion, Problem, Thinking, Time

“Under its first two Indian editors [The Illustrated Weekly] became a vehicle of Indian culture devoting most of its pages to art, sculpture, classical dance and pretty pictures of flowers, birds, and dencing belles. It did not touch controversial subjects, was strictly apolitical and asexual (save occasional blurred reproductions of Khajuraho or Konarak). It earned a well-deserved reputation for dull respectability. I changed all that. What was a four-wheeled victoria taking well-draped ladies out to eat the Indian air I made a noisy rumbustious, jet-propelled vehicle of information, controversy and amusement. I tore up the unwritten norms of gentility, both visual and linguistic…. And slowly the circulation built up, till the Illustrated did become a weekly habit of the English-reading pseudo-elite of the country. It became the most widely read journal in Asia (barring Japan) because it reflected all the contending points of view on every conceivable subject: politics, economics, religion, and the arts.”

Khushwant Singh (1915–2014) Indian novelist and journalist

In Khushwant Singh's editor's page http://books.google.co.in/books?id=sNBOAAAAMAAJ, IBH Pub. Co., 1981, p. 4

Religion, Art, Flowers, Bird

“Over the years and against conventional wisdom, utopians sustained a vision of life beyond the market. … Georg Lukács set forth a theory of the “old and new culture” in which he argued that the socialist economy was not the goal; it was simply a precondition for humanity to advance to a new and humane culture. Most radicals do not understand that political power and economic reorganization is not the end-all, stated Lukács. The goal is not a new economic order, but freedom from an obsession with economics.”

Russell Jacoby (1945) American historian

Source: The End of Utopia (1999), p. 27

Life, Wisdom, Understanding, Freedom

“The mandate entails a generous synthesis of civil, political, economic, social and cultural rights. The title requires the expert to be truly independent, keep an open mind, conduct his/her research objectively and without ideological prejudices, listen to all sides of an argument and seek the opinion of all stakeholders.”

Alfred de Zayas (1947) American United Nations official

Alfred de Zayas Statement by on his personal website http://alfreddezayas.com. 2013

“The God Delusion by the atheist writer Richard Dawkins, is remarkable in the first place for having achieved some sort of record by selling over a million copies. But what is much more remarkable than that economic achievement is that the contents – or rather lack of contents – of this book show Dawkins himself to have become what he and his fellow secularists typically believe to be an impossibility: namely, a secularist bigot. (Helpfully, my copy of The Oxford Dictionary defines a bigot as ‘an obstinate or intolerant adherent of a point of view’).”

Antony Flew (1923–2010) British analytic and evidentialist philosopher

Flew's review of The God Delusion

God, Books

“Globalization is a trend with many gurus; not all have been wise. Some, writing during the economic euphoria of the Clinton years, predicted that global trade would translate into global peace. In The Lexus and the Olive Tree: Understanding Globalization, Thomas Friedman even dismissed terrorists like Ramzi Youssef, architect of the 1993 World Trade Center bombing, as ineffectual "Yahoos" who were not the wave of the future. We know now that the Ramzi Youssefs of the world are not ineffectual; that they will threaten us for decades to come; and that they will seek to acquire weapons of mass destruction and use them against us.”

Mark Riebling (1963) American writer

The New Paradigm: Merging Law Enforcement and Intelligence Strategies (2006)

World, Peace, Understanding, Tree

“The USA will remain the only superpower. China is becoming an economic giant. Europe is being Islamicized.”

Frits Bolkestein (1933) Dutch politician

Address at the opening of courses at the University of Leiden (2004), as quoted in "Islamic Europe?" http://web.archive.org/web/20041010004408/http://www.theweeklystandard.com:80/Content/Public/Articles/000/000/004/685ozxcq.asp (4 October 2004), by Christopher Caldwell, The Weekly Standard 2000s

“As a rule, white abolitionists either defended the industrial capitalists or expressed no conscious class loyalty at all. This unquestioning acceptance of the capitalist economic system was evident in the program of the women’s rights movement as well. If most abolitionists viewed slavery as a nasty blemish which needed to be eliminated, most women’s righters viewed male supremacy in a similar manner—as an immoral flaw in their otherwise acceptable society. The leaders of the women’s rights movement did not suspect that the enslavement of Black people in the South, the economic exploitation of Northern workers and the social oppression of women might be systematically related.”

Angela Davis (1944) American political activist, scholar, and author

Women, Race and Class (1983)

Women, People, Loyalty

“As you may have heard in my last campaign, I am called by many names. “Protectionist” is one of the nicer ones; but it is inexact. I am an economic nationalist. To me, the country comes before the economy; and the economy exists for the people. I believe in free markets, but I do not worship them. In the proper hierarchy of things, it is the market that must be harnessed to work for man – and not the other way around.”

Patrick Buchanan (1938) American politician and commentator

Speech: Chicago Council on Foreign Relations (November 1998)
1990s

People, Way, Country

“Fay: Have you known him long?
Hal: We shared the same cradle.
Fay: Was that economy or malpractice?
Hal: We were too young then to practice and economics still defeat us.”

Joe Orton (1933–1967) English playwright and author

Loot (1965), Act I

“The Marxian theory of ideology predicts that the ruling ideas in any well functioning society will be ideas that promote the interests of the ruling class in that society, i. e., the class that is economically dominant. By the “ruling ideas” we should understand Marx to mean the central moral, political and economic ideas that dominate discussion in the mass media and in the corridors of power in that society. The theory is not peculiar to Marx, since the “classical realists” of antiquity like the Sophists and Thucydides advanced essentially the same theory: the powerful clothe their pursuit of self-interest in the garb of morality and justice. When Marx says that, “The ideas of the ruling class are in every epoch the ruling ideas” (The German Ideology) and that, “Law, morality, religion are to [the proletariat] so many bourgeois prejudices, behind which lurk in ambush just as many bourgeois interests” (The Communist Manifesto), he is simply translating in to Marxian terms the Sophistic view “that the more powerful will always take advantage of the weaker, and will give the name of law and justice to whatever they lay down in their own interests.” (W. K. C. Guthrie, The Sophists”

Brian Leiter (1963) American philosopher and legal scholar

1971), p. 60
"The Hermeneutics of Suspicion: Recovering Marx, Nietzsche, and Freud"

Religion, Justice, Law, Idea

“Economics are the method; the object is to change the heart and soul.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Interview for The Sunday Times (1 May 1981) http://www.margaretthatcher.org/speeches/displaydocument.asp?docid=104475 First term as Prime Minister

Soul, Change, Heart

“I think if you look at the overall record and millions of jobs have been created, et cetera, et cetera, you could make an argument that there's been great progress economically over that period of time. But that's no comfort. That's no comfort to families now that are facing these tremendous economic challenges. But let me just add, Peter, the fundamentals of America's economy are strong.”

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

Interview with Peter Cook on Bloomberg TV http://www.realclearpolitics.com/articles/2008/04/john_mccain_on_bloomberg_tv.html regarding economic progress during the Bush administration, 17 April 2008 2000s, 2008

Family, Thinking, Strong, Time

“Marx once said that workers (and this would perhaps go for consumers even more) are in their purely economic action in a capitalist society always the weaker side, and therefore they need to organize politically.”

John Bellamy Foster (1953) Sociology professor and Marxist writer

Interview with Left Voice (2017)

“The role of expectations is not limited to monetary policy but is crucial in many areas of economics, as Bob showed in his later research on investment, unemployment, taxation, public debt management, and asset pricing. In all of these situations, the appropriate evaluation of policy takes account of the way that expectations would be rationally formed.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 29

Way

“There must be an end to white monopoly on political power, and a fundamental restructuring of our political and economic systems to ensure that the inequalities of apartheid are addressed and our society thoroughly democratized.”

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

1990s, Our March to Freedom is Irreversible (1990)

“Hayek truly did get Popper his position at the London School of Economics. “I am personally anxious to get Dr. Popper to this School,” Hayek wrote Gombrich as early as 1943. Given the later prominence that Popper achieved for the school, this was one of Hayek’s most significant contributions to its reputation, as well as the decisive career move in Popper’s life.
Hayek also genuinely influenced Popper’s political philosophy. While Popper always remained to Hayek’s left, he started out much further to Hayek’s left than he wound up, and this movement was in no small part the result of Hayek’s influence. Popper was a charter member of the Mont Pelerin Society. He suggested, however, that socialists be brought into it. Hayek wrote Popper several deeply personal letters in connection with his divorce. It is likely that their personal relationship was more important to and valued by Hayek than Popper, though Popper valued highly Hayek’s friendship.”

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

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

Life, Friendship, School, Decision

“We must acknowledge at this point that there is no way to divorce the decision determining the most sensible economic strategy for a company from the personal values of those who make the choice.”

Kenneth R. Andrews (1916–2005) Business scholar

Source: Quote, The Concept of Strategy, 1971, p. 53

Way, Decision, Personality

“A fairly large part, if not, indeed, the very nucleus, of the Fascist movement has been built up of ex-Socialists who abandoned their party because of, or in consequence of, the war. This observation is particularly true of the younger element in the Socialistic party, including young men of a practical turn, often restless in temperament, who had rallied to the Socialist party not so much because of its positive economic program, as because of its negative program of protest against the aimless individualism of the Liberal regime, and who found in Fascism the means for effectuating their desire to take a part and to reconstruct.”

Corrado Gini (1884–1965) Italian statistician

"The Scientific Basis of Fascism", in Political Science Quarterly, Vol. 42 (Academy of Political Science, 1927), p. 104.

Men, War, Parting

“We are being protected from hysteria. Isn't that what they call it? Maniacs! The world's been in a habitual state of crisis for fifty years. Fifty? What am I saying? It's been in a habitual state of crisis since the beginning — but for half a century now, almost unbearable. And why, for the love of God? What is the fundamental irritant, the essence of the tension? Political philosophies? Economics? Population pressure? Disparity of culture and creed? Ask a dozen experts, get a dozen answers. Now Lucifer again. Is the species congenitally insane, Brother?”

Walter M. Miller, Jr. book A Canticle for Leibowitz

Ch 24
A Canticle for Leibowitz (1959), Fiat Voluntas Tua

Love, God, World

“Where such a separation is complete one group of individuals, the security holders and in particular the stockholders, performs the function of risk-takers and suppliers of capital, while a separate group exercises control and ultimate management. In such a case, if profits are to be received only by the security holders, as the traditional logic of property would require, how can they perform both of their traditional economic roles? Are no profits to go to those who exercise control and in whose hands the efficient operation of enterprise ultimately rests? …Furthermore, if all profits are earmarked for the security holder, where is the inducement for those in control to manage the enterprise efficiently? When none of the profits are to be received by them, why should they exert themselves beyond the amount necessary to maintain a reasonably satisfied group of stockholders.”

Adolf A. Berle (1895–1971) American diplomat

1967, p. 303
The Modern Corporation and Private Property. 1932/1967

Exercises

“American women, like so many others around the world, were trained largely to live as second-class citizens, and living as a second-class citizen meant living as a victim. It was only by empowering them with full social and economic equality that average mothers, wives, and daughters of the world stood a chance of providing for themselves and the offspring they bore.”

Aberjhani (1957) author

(Women, p. 15).
Book Sources, The Wisdom of W.E.B. Du Bois (2003)

Women, World, Chance, Daughters

“The long term solution to the financial crisis is to move beyond the ‘growth at all costs’ economic model to a model that recognizes the real costs and benefits of growth.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 49

“The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems — the problems of life and of human relations, of creation and behaviour and religion.”

John Maynard Keynes (1883–1946) British economist

First Annual Report of the Arts Council (1945-1946)

Life, Religion, Problem, Heart

“The economic game is not supposed to be rigged like some shady ring toss on a carnival midway.”

Arianna Huffington (1950) Greek-American author and syndicated columnist

[Pigs at the Trough, 1st edition, 2003, Crown Publishers, New York, ISBN 1-4000-4771-4, unspecified page, unspecified chapter]

Game

“Increasing-returns economics has roots that go back 70 years or more, but its application to the economy as a whole is largely new.”

W. Brian Arthur (1946) American economist

Source: Increasing Returns and Path Dependence in the Economy, (1994), p. 1: Chapter 1. Positive feedback in economics

“But as president of General Motors, I realized our thinking affected the lives of hundreds of thousands directly and influenced the economic welfare of many important communities, in some of which we were almost the sole provider. In some way, visible or invisible, as we expanded, the economic welfare of millions was becoming linked with the welfare of General Motors. Previously, when industry was smaller, the absorbing problems of industrial management were largely limited to the fields of engineering, production and distribution. Out of its endeavors in these fields had come a continuous stream of new products, providing new comforts and making possible better ways of living. General Motors was becoming large through a, but only because it was rendering a service to community. As its volume of business expanded it became able to do more for workers, stockholders and customers.”

Alfred P. Sloan (1875–1966) American businessman

Source: Adventures of a White-Collar Man. 1941, p. 144

Way, Communication, Business, Problem

“I see the expression of… economy clearly in the gradual reduction of the statical laws of machines to a single one, viz., the principle of virtual work: in the replacement of Kepler's laws by Newton's single law… and in the [subsequent] reduction, simplification and clarification of the laws of dynamics. I see clearly the biological-economical adaptation of ideas, which takes place by the principles of continuity (permanence) and of adequate definition and splits the concept 'heat' into the two concepts of 'temperature' and 'quantity of heat'; and I see how the concept 'quantity of heat' leads on to 'latent heat', and to the concepts of 'energy' and 'entropy.”

Ernst Mach (1838–1916) Austrian physicist and university educator

Mach (1910) "Die Leitgedanken meiner naturwissenschaftlichcn Erkennenislehre und ihr Aufnahme durch die Zeitgenossen", Physikalische Zeitschrift. 1, 1910, 599-606 Eng. trans. as "The Guiding Principles of my Scientific Theory of Knowledge and its Reception by my Contemporaries", in S. Toulmin ed., Physical Reality, New York : Harper, 1970. pp.28-43. Cited in: K. Mulligan & B. Smith (1988) " Mach and Ehrenfels: Foundations of Gestalt Theory http://ontology.buffalo.edu/smith/articles/mach/mach.pdf" 20th century

Law, Idea

“I was appointed as Goodwill Ambassador for Women six months ago and the more I have spoken about feminism, the more I have realized that fighting for women’s rights has too often become synonymous with man-hating. If there is one thing I know for certain, it is that this has to stop.
For the record, feminism by definition is: “The belief that men and women should have equal rights and opportunities. It is the theory of the political, economic and social equality of the sexes.””

Emma Watson (1990) British actress and model

UN Speech on the HeForShe campaign (2014)

Women, Men, Hate, Sex

“Government is doing the exact opposite of what really needs to be done. George Bush and Barack Obama have pumped trillions more in counterfeit currency and credit into an economy already deathly ill from such treatment. If it goes on, we stand to suffer hyperinflation (all inflation consists of, no matter what they told you in Economics 101, is government generation of phony money) followed by another, very possibly terminal depression. Before it's over, the country — if not the whole world — will be locked down under brutal military rule, and our species likely will never again know freedom, progress, or prosperity.”

L. Neil Smith (1946) American writer

"The Unnecessary Depression," http://www.ncc-1776.org/tle2009/tle504-20090201-02.html 1 February 2009.

Money, World, Freedom, Suffering

“We were conscious of a great sense of excitement about the plan. Marshall himself was a great, great man — funny, odd but great — Olympian in his moral quality. We'd stay up all night, night after night. The first work ever done that I know about in economics on computers used the Pentagon's computers at night for the Marshall Plan. I had a tremendous sense of gratification from working so hard on it.”

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

On his involvement in development of the Marshall Plan, as quoted in "MIT Professor Kindleberger dies at 92", in MIT News (7 July 2003) http://newsoffice.mit.edu/2003/kindleberger

Sense, Night

“But the capitalist idea of profitability actually becomes an economic nonsense in the branches of our economy that today rule everything, in the banking and stock-exchange system. The fact of the ruling position of the banks proves most strikingly the economic senselessness of the capitalist idea. With the ‘productions’ of the banks and stock-exchanges never yet has a child been fed, never yet has a freezing person been clothed, in general never has even the smallest requirement that is necessary for life been supplied.”

Gottfried Feder (1883–1941) German economist and politician

Source: The German State on a National and Socialist Foundation (1923), p. 28

Life, Idea, Personality, Clothes

“The difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.”

William Stanley Jevons The Theory of Political Economy

Source: The Theory of Political Economy (1871), Chapter III, Theory of Utility, p. 82.

“Spending Freeze? (referring to remarks by John Boehner), the brand named policy of economic fundamental misunderstanding endorsed by more conservatives than any other proven policy failure on the market today”

Rachel Maddow (1973) American journalist

The Rachel Maddow Show, MSNBC (6 March 2009)

Failure

“Economics is the study of the whole system of exchange relationships. Politics is the study of the whole system of coercive or potentially coercive relationships.”

James M. Buchanan (1919–2013) American economist

Source: In What Should Economists Do? (1979), p. 34

Study

“The concept of humanity is an especially useful ideological instrument of imperialist expansion, and in its ethical-humanitarian form it is a specific vehicle of economic imperialism.”

Carl Schmitt book The Concept of the Political

The Concept of the Political (1927)

“I am sure we all realize that this struggle that is going on though the World is really nothing more or less than a conflict between two opposing technocracies manifesting itself to the capitalization of economic resources and products and all that sort of thing.”

Alfred P. Sloan (1875–1966) American businessman

Source: My Years with General Motors, 1963, p. 438

World

“… I fail to believe that Hitler's war – the most terrible in history – was merely due to economic causes, and not to something deeper and more sinister in human outlook and beliefs. … It was an ideology and not merely materialism. It was an ideological obsession, a madness, which can operate as disastrously in nations as in individuals. …”

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

Addressing the Canada Club in Ottawa on 29 June 1945, after the United Nations Charter was finalized, as quoted by Louise W. Holborn (ed., 1948) in War and Peace Aims of the United Nations, p. 719

War, History, Madness

“Comrade Khrushchev often repeats that Socialism cannot be built with American wheat. I think it can be done by anyone who knows how to do it, while a person who doesn't know how to do it cannot build Socialism even with his own wheat. Khrushchev says we live on charity received from the imperialist countries … What moral right have those who attack us to rebuke us about American aid or credits when Khruschev himself has just tried to conclude an economic agreement with America?”

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

Jasper Ridley, Tito: A Biography (Constable and Company Ltd., 1994), p. 348-349.
Other

Thinking, Personality, Country

Quotes about economics page 8

Quotes about economics
page 8