Quotes about economy
page 10

“A skilled people, an economy with a competitive edge. These are the ways to transform economic performance.”

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

Principles and Priorities : Programme for Government (September 5, 2007)

“At its core, the new economy is based on culture: on the culture of innovation, on the culture of risk, and the culture of expectations, and, ultimately on the culture of hope in the future.”

Manuel Castells (1942) Spanish sociologist (b.1942)

Source: The Internet Galaxy - Reflections on the Internet, Business, and Society (2001), Chapter 3, e-Business and the New Economy, p. 112

Hope, Future

“So the world needs other engines to carry the growth process. And in a slow down environment in the world, an economy which can grow at 8-9% like India certainly has viable shoulders to provide the support to the global economy”

Arun Jaitley (1952–2019) Indian politician

On the 2015 Chinese stock market crash, as quoted in " India - we can take the economic lead as China stumbles http://www.bbc.com/news/business-34063295", BBC News (27 August 2015)

World, Support

“Peter Drucker wasn’t exaggerating when he noted that the fate of advanced economies depends on making knowledge workers more productive. There is no business or economic issue that is more important to our long-term competitiveness and standard of living.”

Thomas H. Davenport (1954) American academic

Source: Thinking for a Living, 2005, p.208

Fate, Business, Knowledge, Dependency

“But the point, as I argued with Caplan, is not that managers are inherently less intelligent or capable as individuals. Rather, it’s that hierarchical organizations are—to borrow that wonderful phrase from Feldman and March—systematically stupid. For all the same Hayekian reasons that make a planned economy unsustainable, no individual is “smart” enough to manage a large, hierarchical organization. Nobody–not Einstein, not John Galt–possesses the qualities to make a bureaucratic hierarchy function rationally. Nobody’s that smart, any more than anybody’s smart enough to run Gosplan efficiently–that’s the whole point. No matter how insightful and resourceful they are, no matter how prudent, as human beings in dealing with actual reality, nevertheless by their very nature hierarchies insulate those at the top from the reality of what’s going on below, and force them to operate in imaginary worlds where all their intelligence becomes useless. No matter how intelligent managers are as individuals, a bureaucratic hierarchy makes their intelligence less usable.”

Kevin Carson (1963) American academic

Homebrew Industrial Revolution (2010), Chapter 7.
Homebrew Industrial Revolution (2010)

Stupidity, World, Intelligence, Nature

“To be young and aware is to suspect that, in the end, the debate about climate action isn’t about substance, but about rich old men trying to squeeze every last dollar, euro, and yen from their investments in outdated industries. It is to agree with the environmentalist Paul Hawken that we have an economy that steals the future, sells it in the present, and calls it GDP. It is to begin to see your elders as cannibals with golf clubs.”

Alex Steffen (1968) American writer and futurist

The GOOD Guide to COP15: The Fire this Time: Copenhagen and the War for the Future, 18 November 2009 http://www.good.is/post/The-GOOD-Guide-to-COP15-The-Fire-this-Time-Copenhagen-and-the-War-for-the-Future/,

Men, Future

“If the economy of today were operating close to capacity levels with little unemployment, or if a sudden change in our military requirements should cause a scramble for men and resources, then I would oppose tax reductions as irresponsible and inflationary; and I would not hesitate to recommend a tax increase if that were necessary.”

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

"Address and Question and Answer Period at the Economic Club of New York (549)" (14 December 1962)
1962, Address and Question and Answer Period at the Economic Club of New York (549)

Men, Change

“The economy is a wholly owned subsidiary of the environment, not the reverse.”

Herman E. Daly (1938) American economist

Attributed to Herman Daly in: Tristan Clark (2007). Stick This in Your Memory Hole. p. 19

“If we enjoy the benefits of peace, it is only because we have an excellent armed force and a fine socialist economy. Let us exert all efforts so that our further development may be strong and mighty, so that our numerous enemies may think well and long before they decide to attack our fatherland, and so that if they attack, they will quickly regret it.”

Kliment Voroshilov (1881–1969) Soviet military commander

Quoted in "Pacific Affairs" - Page 51 - by University of British Columbia, Institute of Pacific Relations

Peace, Thinking, Effort, Strong

“I realised that over a few years through these London Citizens campaigns we’d developed a more radical political economy than the Labour Party. For me, it was catch up, catch up, catch up. I was always a Labour, secular, left-winger and this was all new. One of the big lessons for me was which people would turn up. If the mosque said 50 people, the Catholic church says 50 people, the local black church says 50 people, they turn up. When the trade unions said 50 people, no-one turns up. So suddenly the crisis of secular institutions and their reproduction came to me.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Interview with Independent Labour, 2 December 2011 http://www.independentlabour.org.uk/main/2011/12/02/a-conversation-with-maurice-glasman-pt-2/

People

“Too many people in Connecticut are struggling right now, and the last thing we need is meddling politicians making things worse. Only by cutting deficit spending, reducing burdensome regulations, and letting people keep more of their hard-earned dollars will we get our economy back on track.”

Peter D. Schiff (1963) American entrepreneur, economist and author

2010 Senate Campaign

People

“… the Union can grow powerful only by fostering the manufacturing interest. This, Sir, I think the true American political economy.”

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

Letter IV
Outlines of American Political Economy (1827)

Thinking

“Technology policy - whether we should have one and what form such a policy should take - was a core issue of the 1992 presidential campaign, and in February 1993 the Clinton administration confirmed that fostering new technologies will be a critical part of its agenda for redirecting the American economy.”

Lewis M. Branscomb (1926) physicist and science policy advisor

L.M. Branscomb (1993) Empowering technology: Implementing a US policy

Parting

“In this work I have attempted to treat economy as a calculus of pleasure and pain, and have sketched out, almost irrespective of previous opinions, the form which the science, as it seems to me, must ultimately take.”

William Stanley Jevons The Theory of Political Economy

Preface To The First Edition, p. 4.
The Theory of Political Economy (1871)

Pain, Pleasure, Science

“Authoritarians offer citizens a deal: if we hand over our freedom, they will guarantee certainty and safety. This might have been possible in a closed society with little interaction between people, but it is a false promise in a knowledge economy where citizens are interconnected. If the best chaos theorists can't model the weather beyond a week, how does the National Security Agency think it can predict which of us will turn into a terrorist? If our intelligence agencies persist in monopolising knowledge we will see continued intelligence failures.”

Heather Brooke (1970) American journalist

Page 236.
The Revolution Will Be Digitised: Dispatches From the Information War, 1st Edition

People, Intelligence, Failure, Knowledge

“The challenge we face is how to integrate the Muslim world into the global economy. Asia has become part of it, but not Africa or the Middle East.One could realistically think about a Marshall Plan with respect to this part of the world, to succeed in integrating the Muslim and Arab world into the global economy as we did in Europe after World War II. For example, we’ve wasted hundreds of billions of dollars on the Iraq war. Had we taken a third of this money and invested it into a Marshall Plan for the Middle East, the benefits would have been ten times more than wasting it on a war.”

Nouriel Roubini (1958) American economist

Quoted in Janera Soerel, "Talking to Nouriel Roubini," Janera (2007-05-02).

Money, War, World, Thinking

“It is possible to see Keynesian and Schumpeterian ideas as complementary. Keynes is about short-run economic fluctuations brought about by erratic variations in the willingness of investors and governments to spend; Schumpeter is about the long-run trajectory driven by the erratic march of technological progress. This complementarity only became clear later, after both men had died, when economic growth became an explicit objective of public policy and topic of systematic analysis. Schumpeter was left frustrated by the younger generation’s affinity for his rival. In any case, the “preliminary volume” never materialized.
The world turns. Today, some sixty years after their deaths, Schumpeter’s star probably outshines Keynes’s. The business cycle has receded in importance, partly because the large industrial economies have sprouted a more stable structure, and partly because the lessons that Keynes taught have been learned by central banks and finance ministries. Instead, long-term economic growth has moved to the top of the political and intellectual agenda, and that was Schumpeter’s topic. As Robert Lucas memorably put it, once you have begun to think about economic growth, it is hard to think about anything else. It is a pity that troubled old Schumpeter did not live to see the triumph of his obsession.”

Robert Solow (1924) American economist

"Heavy Thinker" (2007)

Death, Men, World, Star

“Modern mind has become more and more calculating. The calculative exactness of practical life which the money economy has brought about corresponds to the ideal of natural science: to transform the world into an arithmetic problem, to fix every part of the world by mathematical formulas. Only money economy has filled the days of so many people with weighing, calculating, with numerical determinations, with a reduction of qualitative values to quantitative ones.”

Georg Simmel (1858–1918) German sociologist, philosopher, and critic

Source: The Metropolis and Modern Life (1903), p. 414

Life, Money, People, World

“Today, local economies are being destroyed by the "pluralistic," displaced, global economy, which has no respect for what works in a locality. The global economy is built on the principle that one place can be exploited, even destroyed, for the sake of another place.”

Wendell Berry (1934) author

Interview in New Perspectives Quarterly (1992), quoted in his Profile at The Poetry Foundation http://www.poetryfoundation.org/archive/poet.html?id=540

“The Emancipation Proclamation had four enduring results. First, it gave force to the executive power to change conditions in the national interest on a broad and far-reaching scale. Second, it dealt a devastating blow to the system of slaveholding and an economy built upon it, which had been muscular enough to engage in warfare on the Federal government. Third, it enabled the Negro to play a significant role in his own liberation with the ability to organize and to struggle, with less of the bestial retaliation his slave status had permitted to his masters. Fourth, it resurrected and restated the principle of equality upon which the founding of the nation rested.”

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

1960s, Emancipation Proclamation Centennial Address (1962)

Change

“In an ideal socialist economy, the reward for invention would be completely separated from any charge to the users of information. In a free enterprise economy, inventive activity is supported by using the invention to create property rights; precisely to the extent that it is successful, there is an underutilization of the information.”

Kenneth Arrow (1921–2017) American economist

Kenneth J. Arrow (1962). "Economic Welfare and the Allocation of Resources for Invention." In: The Rate and Direction of Inventive Activity. Princeton University Press.; cited in: Thrainn Eggertsson, Economic behavior and institutions. 1990. p. 22
1950s-1960s

Support, Success

“It is the highest impertinence and presumption, therefore, in kings and ministers, to pretend to watch over the economy of private people, and to restrain their expence, either by sumptuary laws, or by prohibiting the importation of foreign luxuries. They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expence, and they may safely trust private people with theirs. If their own extravagance does not ruin the state, that of their subjects never will.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book II, Chapter III, p. 381.

People, Law

“Now I’m not saying that Keynes was right about everything, that we should treat The General Theory as a sort of secular bible - the way that Marxists treat Das Kapital. But the essential truth of Keynes’s big idea - that even the most productive economy can fail if consumers and investors spend too little, that the pursuit of sound money and balanced budgets is sometimes (not always!) folly rather than wisdom - is as evident in today’s world as it was in the 1930s. And in these dangerous days, we ignore or reject that idea at the world economy’s peril.”

Paul Krugman (1953) American economist

"Why aren't we all Keynesians yet?", Fortune (Aug. 3, 1998)

Wisdom, Money, Truth, World

“Perhaps because so much of what the classical economists wrote about traditional systems of agricultural production was divorced from the seemingly more timeless remarks about pure theory, later readers have passed over such portions of their works in haste. … I argue that these interventionist recommendations were a significant element in the overall thrust of their works. Specifically, classical political economy advocated restricting the viability of traditional occupations in the countryside to coerce people to work for wages.”

Michael Perelman (1939) American economist

Source: The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation (2000), p. 3

People

“Lincoln's purpose in promoting Whig capitalism was not self-interest per se, but capitalism's necessary connection to equality, self-transformation, and social mobility, which were Lincoln's real goals. The essence of a free society, Lincoln said in 1859 (and here he was pirating J. S. Mill's Principles of Political Economy), was the openness it afforded to each of its citizens to make of themselves whatever they could, without the handicap of artificial inequalities based on status, nationality, or race. One could not do this in an economic environment governed by status, racial stratification, or centralized planning. Lincoln loved the Declaration's affirmation of all men's natural equality; but that equality would be meaningless without the unfettered opportunity to use it for something. If a national bank, tariffs, and "international improvements" promoted these opportunities, then they really were serving the interests of the natural rights to life, liberty, and the pursuit of happiness.”

Allen C. Guelzo (1953) American historian

2010s, Letter (2010)

Love, Life, Men, Happiness

“Good immigrants come to America to be part of the 'little platoons' that make up its glorious private economy: the people of Nike, Apple, Microsoft, Starbucks, McDonald's, Amazon, Google, Marriot, Mattel, FedEx, Costco, Coca-Cola, Trader Joe's, Whole Foods, Fred Meyer, Overstock. com, Saks Fifth Avenue, Neiman Marcus, Nordstrom, and millions of local franchises run by innovative, everyday Americans. Bad immigrants come to America to partake of the state.”

Ilana Mercer South African writer

“Amerika – ein gutes Land, ein schlechtes Land?” http://jungefreiheit.de/kolumne/2014/amerika-ein-gutes-land-ein-schlechtes-land, Junge Freiheit(in German), October 2, 2014. 2010s, 2014

People, Food, Parting

“The big will have a different kind of bigness. The network economy encourages the middle space. It supplies technology (which the industrial age could not) to nurture mid-sized wonders.”

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)

Age

“this is not to say, we repeat, that the conditions of labor and production are becoming the same throughout the world or throughout the different sectors ot the economy. The claim is rather is that many singular instances of labor processes, productive conditions, local situations, and lived experiences coexist with a "becoming common", at a different level of abstraction, of the forms of labor and the general relations of production and exchange - and that there is no contradiction between this singularity and commonality.”

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

114
Multitude: War and Democracy in the Age of Empire

World

“Any form of organization that cuts across normal bureaucratic lines to capture opportunities, solve problems, and get results. In an era of accelerating change, organizations, and national economies, most likely to succeed are those with the ability to adjust and adapt. Robert H. Waterman Jr., … shows how and what this sort of innovation must become a way of life for business organizations across the board. What is needed is an environment that fosters the use of an ad-hoc problem-solving technique, in effect an -adhocracy- that functions outside the often initiative-stifling bureaucracy”

Robert H. Waterman (1950) American writer

Robert H. Waterman (1993), Adhocracy: The Power to Change. W.W. Norton ; Book summary

Life, Way, Business, Problem

“A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.”

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 13, The Financial Services Industries, p. 469

Past

“As Commissar for the Armed Forces and a member of the Politburo he [Trotsky] still appeared powerful, but by 1923 he was isolated and helpless. All his former tergiversations were turned against him. When he came to realize his situation he attacked the bureaucratization of the party and the stifling of intra-party democracy: like all overthrown Communist leaders he became a democrat as soon as he was ousted from power. However, it was easy for Stalin and Zinovyev to show not only that Trotsky’ s democratic sentiments and indignation at party bureaucracy were of recent date, but that he himself, when in power, had been a more extreme autocrat than anyone else: he had supported or initiated every move to protect party "unity", had wanted – contrary to Lenin’ s policy – to place the trade unions under state control and to subject the whole economy to the coercive power of the police, and so on. In later years Trotsky claimed that the policy, which he had supported, of prohibiting "fractions" was envisaged as an exceptional measure and not a permanent principle. But there is no proof that this was so, and nothing in the policy itself suggests that it was meant to be temporary. It may be noted that Zinovyev showed more zeal than Stalin in condemning Trotsky – at one stage he was in favour of arresting him – and thus supplied Stalin with useful ammunition when the two ousted leaders tried, belatedly and hopelessly, to join forces against their triumphant rival.”

Leszek Kolakowski (1927–2009) Philosopher, historian of ideas

pg. 21
Main Currents Of Marxism (1978), Three Volume edition, Volume III: The Breakdown

Democracy, Support, Appearance

“Property rights, governance structures and rules of exchange are arenas in which modern states establish rules for economic actors. States provide stable and reliable conditions under which firms organize, compete, cooperate and exchange. The enforcement of the laws affects what conceptions of control can produce stable markets. There are political contests over the content of laws, their applicability to given firms and markets, and the extent and direction of state intervention into economy. Such laws are never neutral. They favor certain groups of firms.”

Neil Fligstein (1951) American sociologist

Source: Markets as politics: A political-cultural approach to market institutions, 1996, p. 657

Law

“Everyone has an interest in the economy: in how it functions, how well it functions, and in whose interests it functions.”

Jim Stanford (1961) Canadian economist

Introduction, Why Study Economics?, p. 1
Economics For Everyone (2008)

“Donald Trump (clip): I have people that actually have been studying it and they cannot believe what they're finding.
Meredith Vieira (clip): You have people now, down there searching—
Trump (clip): Absolutely.
Vieira (clip): I mean, in Hawaii?
Trump (clip): Absolutely. And they cannot believe what they're finding.
Wolf Blitzer: All right, tell us what your people who were investigating in Hawaii, what they found.
Trump: Oh, we don't have to go into old news. That's old news.
Blitzer: Well, what did they find?
Trump: There's been plenty found. You can call many people. You can read many, many articles on the authenticity of the certificate. You can read many articles from just recently as to what the publisher printed in a brochure as to what Obama told him, as to where his place of birth is. And that's fine, Wolf.
Now, it's appropriate, I think, that we get to the subject of hand, which is — at hand, which is jobs, which is the economy, which is how our country is not doing well at all under this leadership, which is how are we going to do something about energy, which is really that things that I wanted to talk to you about, but you like to keep going back to the place of birth.”

Donald J. Trump (1946) 45th President of the United States of America

The Situation Room CNN 2012-05-29, quoted in * 2012-05-29 Wolf Blitzer Spars With Donald Trump Over Obama's Birth Certificate Elizabeth Flock US News & World Report http://www.usnews.com/news/blogs/washington-whispers/2012/05/29/wolf-blitzer-spars-with-donald-trump-over-obamas-birth-certificate Referring to a 1991 promotional booklet by literary agency Acton & Dystel with bios of 89 authors, that erroneously described Barack Obama as "born in Kenya". http://www.snopes.com/politics/obama/birthers/booklet.asp 2010s, 2012

People, Search, Birth, Thinking

“We have to reduce our carbon emissions. But I have not created the carbon emission problems, which have been done by others. But I am not into any blame game. The issue is that I have a right to grow. India and developing countries have the right to grow. These are the emerging economies. To that end, we need to grow. Our net emission may increase.”

Prakash Javadekar (1951) Indian politician

On India's carbon emissions, as quoted in " India's Carbon Emission may Increase as it Grows: Javadekar http://www.newindianexpress.com/nation/Indias-Carbon-Emission-may-Increase-as-it-Grows-Javadekar/2014/06/18/article2286148.ece, The New Indian Express (18 June 2014)

Game, Problem, Country

“The case of Otto Neurath, first author of the Vienna Circle's manifesto, is a revealing one. In the years before the First World War, the young Austrian economist became interested in eugenics, translating (with his wife, Anna Schapire-Neurath) Francis Gallon's Hereditary Genius for the first time into German. His most important early work, however, was his analysis of the war economy. War economics, in his view, was a science with well-defined laws and principles which, like ballistics, are "independent of whether one is for or against the use of guns."”

Robert N. Proctor (1954) American historian

Source: Value-free science?: Purity and power in modern knowledge, 1991, p. 168

War, World, Law, Science

“Luckily for the world economy, however, Gordon Brown and his officials are making sense. And they may have shown us the way through this crisis.”

Gordon Brown (1951) British Labour Party politician

" Gordon Does Good http://www.nytimes.com/2008/10/13/opinion/13krugman.html", New York Times, 12 October 2008. Paul Krugman, winner of the 2008 Prize in memory of Alfred Nobel for Economics. About

World, Way, Sense

“The old "red in tooth and claw" view of the natural economy has to be updated. We need a new metaphor for the forest, one that helps us visualize plants both sharing and competing. … Evolution's engine is fired by genetic self-interest, but this manifests itself in cooperative action as well as solo selfishness. The natural economy has as many trade unions as robber barons, as much solidarity as individualistic entrepreneurship.”

David G. Haskell (1950) writer, Biologist

"December 3rd — Litter," pages 228-229 The Forest Unseen: A Year's Watch in Nature http://theforestunseen.com/ (2012)

Nature, Help, Selfishness

“"The chief fault in English economists at the beginning of the [nineteenth] century was… that they did not see how liable to change are the habits and institutions of industry." Thus Marshall in his inaugural lecture as Professor of Political Economy in Cambridge, referring to Ricardo (Marshall 1885, p. 155). In the circumstances of that occasion, the remark may have been intended in some part as an olive branch, because the only other serious contender for the Chair had been the High Tory economic historian William Cunningham, Archdeacon of Ely, famous as an anti-theoretical institutionalist and famous also as a polemicist - he was the clergyman who once told his congregation that for him the bliss of Heaven would be incomplete if it lacked the pleasures of controversy.”

R. C. O. Matthews (1927–2010) British economist

Source: "The Economics of Institutions and the Sources of Growth." 1986, p. 903

Pleasure, Change, Parting

“Every member in my government team is improving the economy of Taiwan.”

Chen Shui-bian (1950) Taiwanese politician

November 19, 2004
Pet Phrases, 2004

“The kind of economic trouble that Asia experienced a decade ago, and that we're all experiencing now, is precisely the sort of thing we thought we had learned to prevent. In the bad old days big, advanced economies with stable governments-like Britain in the 1920s-might have had no answer to prolonged periods of stagnation and deflation; but between John Maynard Keynes and Milton Friedman, we thought we knew enough to keep that from happening again.”

Paul Krugman (1953) American economist

Introduction
The Return of Depression Economics and The Crisis of 2008 (2009)

Learning

“In the languor of disease and the weariness of old age, the pleasures of the vain and empty distinctions of greatness disappear. To one, in this situation, they are no longer capable of recommending those toilsome pursuits in which they had formerly engaged him. In his heart he curses ambition, and vainly regrets the ease and the indolence of youth, pleasures which are fled for ever, and which he has foolishly sacrificed for what, when he has got it, can afford him no real satisfaction. In this miserable aspect does greatness appear to every man when reduced either by spleen or disease to observe with attention his own situation, and to consider what it is that is really wanting to his happiness. Power and riches appear then to be, what they are, enormous and operose machines contrived to produce a few trifling conveniencies to the body, consisting of springs the most nice and delicate, which must be kept in order with the most anxious attention, and which, in spite of all our care, are ready every moment to burst into pieces, and to crush in their ruins their unfortunate possessor. …
But though this splenetic philosophy, which in time of sickness or low spirits is familiar to every man, thus entirely depreciates those great objects of human desire, when in better health and in better humour, we never fail to regard them under a more agreeable aspect. Our imagination, which in pain and sorrow seems to be confined and cooped up within our own persons, in times of ease and prosperity expands itself to every thing around us. We are then charmed with the beauty of that accommodation which reigns in the palaces and economy of the great; and admire how every thing is adapted to promote their ease, to prevent their wants, to gratify their wishes, and to amuse and entertain their most frivolous desires. If we consider the real satisfaction which all these things are capable of affording, by itself and separated from the beauty of that arrangement which is fitted to promote it, it will always appear in the highest degree contemptible and trifling. But we rarely view it in this abstract and philosophical light. We naturally confound it, in our imagination with the order, the regular and harmonious movement of the system, the machine or economy by means of which it is produced. The pleasures of wealth and greatness, when considered in this complex view, strike the imagination as something grand, and beautiful, and noble, of which the attainment is well worth all the toil and anxiety which we are so apt to bestow upon it.
And it is well that nature imposes upon us in this manner. It is this deception which rouses and keeps in continual motion the industry of mankind.”

Adam Smith book The Theory of Moral Sentiments

Chap. I.
The Theory of Moral Sentiments (1759), Part IV

Pain, Happiness, Health, Pleasure

“Macro-economic reform undermined the legal economy, reinforced illicit trade and contributed to the recycling of "dirty money" towards Peru's official and commercial creditors.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 14, IMF Shock Treatment in Peru, p. 225

Money

“If one accepts that in general social services should be made available to all on the basis of ability to pay, one has the choice of two opposite principles of action, although they need not be mutually exclusive—either progressive taxation and free services or fees covering costs with remission for those who cannot afford them. The former method is appropriate, in my view, in rich developed countries where the principle of progressive taxation can be applied without unduly adverse economic or social results, and the wastes inherent in full and free services can be afforded. In less advanced or poorer countries, where neither economy nor society is geared to progressive taxation and waste cannot be tolerated, fees remittable in case of need seem to me clearly more appropriate.”

John James Cowperthwaite (1915–2006) British colonial administrator

February 26, 1964, page 54.
Official Report of Proceedings of the Hong Kong Legislative Council

Country

“A basic income paid for out of taxes on the market economy gives people the chance to build positions in the non-market economy. It allows them to volunteer, set up co-ops, edit Wikipedia, learn how to use 3D design software, or just exist. It allows them to space out periods of work; make a late entry or early exit from working life; switch more easily into and out of high-intensity, stressful jobs. Its fiscal cost would be high: that’s why all attempts to enact the measure separately from an overall transition project are likely to fail, despite the growing number of academic papers and global congresses dedicated to it.”

Paul Mason (journalist) book PostCapitalism: A Guide to our Future

PostCapitalism: A Guide to our Future (2015)

Life, People, Learning, Chance

“Planning is to be based on the democratic approach and method. There should, therefore, be definite place for voluntary effort…a substantial advance should be made towards solving the problems of unemployment. At the same a large increase is the supply of consumer goods should be secured through cottage and small scale industries…The Socialist pattern implies a large and growing public sector in the national economy…And economy based on the socialistic pattern does not preclude the existence of a private sector, particularly in agriculture and small scale industries…In the public and private sectors alike, the relations of workers to management should be such as would give to them a distinctive role and a share in the making of decisions affecting the enterprise…In any case, a series of measures will have to be adopted to eliminate speculative and unearned gains…Special attention will have to be given to the elimination of conspicuous consumption…”

Gulzarilal Nanda (1898–1998) Prime Minister of India

As Panning Minister drafting the Second Fiver Year Plan, in 1955, p. 49.
Gulzarilal Nanda: A Life in the Service of the People

Problem, Decision, Effort

“The combined efforts of Government policy since 1979 have been not to improve but substantially to worsen our competitive position. We have gone from a huge manufacturing surplus of £5.5 billion in 1980 to a 1986 third quarter deficit of £8 billion a year…Even with oil production continuing for some time, the current account has gone from a £3 billion surplus to a deficit predicted by the Chancellor of £1.5 billion…Sadly, the Government's great contribution, having refused to stimulate the economy by more respectable means, is a roaring consumer boom, which there is not the slightest chance of their moderating before an election. A roaring consumer boom does not, to any significant extent, mean more employment. In our competitive position, worsening under the Government, it means overwhelmingly higher imports, a still worse balance of payments position and a classic path to perdition. To have produced, after seven and a half years, the combination of total monetary muddle, a worsened competitive position, a widespread doubt in other countries as to how we are to pay our way in the future, a desperately vulnerable currency and the prospect of an unending plateau of the highest unemployment in a major country in the industrialised world is a unique achievement over which the Chancellor is an appropriate deputy acting presiding officer.”

Roy Jenkins (1920–2003) British politician, historian and writer

Speech http://hansard.millbanksystems.com/commons/1986/nov/06/economic-policy in the House of Commons (6 November 1986) 1980s

World, Way, Effort, Chance

“While we are thus desirous of the economic welfare of other countries in part because of its relation to world peace, we ought to remember that our own Government owes a great duty to the American people in this direction. It is for this reason in part that I have insisted upon a policy of constructive economy in the national administration. If we can make the circumstances of the people easy, if we can relieve them of the burden of heavy taxation, we shall have contributed to that contentment and peace of mind which will go far to render them immune from any envious inclination toward other countries. If the people prosper in their business, they will be the less likely to resort to the irritating methods of competition in foreign trade out of which arise mutual misunderstandings and animosities. They will not be driven to the employment of sharp practices in order to support and maintain their own position. Being amply supplied with their own resources, they will not be so inclined to turn covetous eyes toward the resources of other nations.”

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

1920s, Ways to Peace (1926)

People, World, Peace, Business

“The usual and basic Keynesian answer to recessions is a monetary expansion. But Keynes worried that even this might sometimes not be enough, particularly if a recession had been allowed to get out of hand and become a true depression. Once the economy is deeply depressed, households and especially firms may be unwilling to increase spending no matter how much cash they have, they may simply add any monetary expansion to their board. Such a situation, in which monetary policy has become ineffective, has come to be known as a "liquidity trap"; Keynes believed that the British and American economies had entered such a trap by the mid-1930s, and some economists believed that the United States was on the edge of such a tap in 1992.
The Keynesian answer to a liquidity trap is for the government to do what the private sector will not: spend. When monetary expansion is ineffective, fiscal expansion—such as public works programs financed by borrowing—must take its place. Such a fiscal expansion can break the vicious circle of low spending and low incomes, "priming the pump: and getting the economy moving again. But remember that this is not by any means an all-purpose policy recommendation; it is essentially a strategy of desperation, a dangerous drug to be prescribed only when the usual over-the-counter remedy of monetary policy has failed.”

Paul Krugman book Peddling Prosperity

Source: Peddling Prosperity (1994), Ch. 1 : The Attack on Keynes

“It was in Nazi Germany that Bolshevism was perfected; there, political power truly absorbed all spheres of existence, from the economy to religion, from technology to the soul. The irony, the tragedy, of history was that both totalitarian regimes, identical in their aim for absolute power over dehumanized beings, presented themselves as protection from the danger presented by the other.”

François Furet (1927–1997) French historian

Source: The Passing of an Illusion, The Idea of Communism in the Twentieth Century (1999), pp. 205-06

Religion, Soul, History, Perfection

“The new government of Sri Lanka is now carrying out the program [to improve Sri Lanka's economy] to build the coexistence and reconciliation in the country by fulfilling the responsibilities of a post-war period, after ending the 26 years long terrorism in Sri Lanka”

Maithripala Sirisena (1951) Sri Lankan politician, 7th President of Sri Lanka

Sirisena on improving Sri Lankan reconciliation after the post-war period, quoted on defence.lk, "Austria - Sri Lanka agree to enhance economic cooperation" http://www.defence.lk/new.asp?fname=Austria_Sri_Lanka_agree_to_enhance_economic_cooperation_20160220_02, March 3, 2016.

War, Country

“When anyone studies a little or pays a little attention to the rules of Islamic government, Islamic politics, Islamic society and Islamic economy he will realize that Islam is a very political religion. Anyone who will say that religion is separate from politics is a fool; he does not know Islam or politics.”

Ruhollah Khomeini (1902–1989) Religious leader, politician

Tahrīr al-Wasīla vol. 1
Foreign policy

Religion, Fools, Study

“Europe's immigration policy is a disaster — and for reasons that transcend the idiocy of allowing the free influx of young male Muslims from a premodern, war-torn Middle East into a postmodern, pacifist, and post-Christian Europe. Europe has not been a continent of immigrants since the Middle Ages. It lacks the ingredients necessary to assimilate, integrate, and intermarry large numbers of newcomers each year: There is no dynamic and fluid economy, no confidence in its own values, no belief that class and race are incidental, not essential, to one's persona, no courage to assume that an immigrant made a choice to leave a worse place for a better one. And all this is in the context of a class-bound hierarchy masked and excused by boutique leftism.”

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

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

War, Age, Confidence, Courage

“In its application to natural science Grosseteste based his method of verification and falsification on two assumptions about the nature of reality. (a) The first was the principle of the uniformity of nature, meaning that forms are always uniform in their operations…. In support of this principle he quoted 'Aristotles II de Generat.:…'the same cause, provided it remains in the same condition, cannot produce anything but the same effect.' (b) The second assumption Grosseteste made was that of the principle of economy, or lex parsimoniae. This he also derived from Aristotle, who stated it as a pragmatic principle.”

Alistair Cameron Crombie (1915–1996) Australian zoologist, historian of science

Robert Grosseteste and the Origins of Experimental Science 1100-1700 (1953)

Quotes, Support, Nature, Reality

“The economy is so bad, the Obamas just listed Abraham Lincoln's bedroom on AirBnB!”

Jimmy Fallon (1974) American TV Personality

Hosting The Tonight Show, October 31, 2016
Unsourced

“I know that there are many heads which cannot comprehend and master a proposition in political economy. I believe that study is the highest exercise of the human mind.”

Richard Cobden (1804–1865) English manufacturer and Radical and Liberal statesman

Speech http://hansard.millbanksystems.com/commons/1846/feb/27/commercial-policy-customs-corn-laws in the House of Commons (27 February 1846). 1840s

Exercises, Study

“Most Australians did not love a sunburnt country. Farmers preferred a reliable rainfall; bank managers and city merchants preferred to deal with customers living in towns where the economy did not suffer from drought. The governors, who came from the British Isles, still retreated in summer to the cool hill towns - to Sutton Forest and Mount Macedon and the Mount Lofty Ranges and other colonial Simlas.”

Geoffrey Blainey (1930) Australian historian

The Story of Australia's People: The Rise and Rise of a New Australia (2016)

Love, Suffering, Summer, Country

“Like it or not, giant, vertically integrated corporate enterprises were the most efficient means of organizing the production and distribution of mass produced goods and services. Bringing together supply chains, production processes, and distribution channels in vertically integrated companies under centralized management dramatically reduced transaction costs, increased efficiencies and productivity, lowered the marginal cost of production and distribution, and, for the most part, lowered the price of goods and services to consumers, allowing the economy to flourish. While those at the top of the corporate pyramid disproportionately benefited from the increasing returns on investment, it’s only fair to acknowledge that the lives of millions of consumers also improved appreciably in industrialized nations.”

Jeremy Rifkin (1945) American economist

The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism (2014)

Parting

“Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

Source: 2000s, The Age of Turbulence (2008), Chapter One, "City Kid", p. 36.

Reading

“The higher the knowledge and skills of our workforce, the higher their earning power. Whether they decide to remain here or go abroad, the economy will benefit because of their remittances.”

Francis Escudero (1969) Filipino politician

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

Knowledge

“Because information trumps mass, all commerce migrates to the network economy.”

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)

“Spiritual entrepreneurship is the unsung route to growth in the modern economy.”

Ted Malloch (1952) American businessman

Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 37.

“Driven by this basic profit-above-all-else directive, corporations are mandated, in effect, to “grow or die,” a rule also called “the growth imperative.” Of course, a food maker is no different from any other corporation operating in a free economy. However, food companies face special challenges when it comes to obeying the market's growth imperative: because there's a limit—in theory, anyway—to the number of calories humans can consume, competition is especially fierce among food makers for the finite pool of money that consumers can spend.”

Michele Simon (1965) public health lawyer

Source: Appetite for Profit (2006), p. 5

Money, Food

“McKinsey and Company has a new study that shows that the persistent gap in academic achievement between children in the United States and their counterparts in other countries deprived the U. S. economy of as much as $2.3 trillion in economic output in 2008 alone. Can we imagine how much that academic gap has cost us in potential income?”

Francis Escudero (1969) Filipino politician

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

Children, Imagination, Study, Country

“To not say all that can be said is the secret of discipline and economy.”

Dejan Stojanovic (1959) poet, writer, and businessman

Simplicity http://www.poetrysoup.com/famous/poem/21390/Simplicity From the poems written in English

Secret

“[A world-system is] a system that is a world and which can be, most often has been, located in an area less than the entire globe. World-systems analysis argues that the units of social reality within which we operate, whose rules constrain us, are for the most part such world-systems (other than the now extinct, small mini-systems that once existed on the earth). World-system analysis argues that there have been thus far only two varieties of world-systems: world-economies and world empires. A world-empire (examples, the Roman Empire, Han China) are large bureaucratic structures with a single political center and an axial division of labor, but multiple cultures. A world-economy is a large axial division of labor with multiple political centers and multiple cultures.”

Immanuel Wallerstein (1930–2019) economic historian

Immanuel Wallerstein (2004, p. 98), as cited in: Graham Scambler. Contemporary Theorists for Medical Sociology, 2012. p. 255

World, Reality, Parting

“If you think of economies like India and China and other energy intensive economies, I think the US has a lot more flexibility to meet Paris with less sacrifices, the US already enjoys a competitive advantage in terms of its energy costs and I think, given what is happening in technology and renewables, especially in the US capabilities in that regard, I think the US will find that provided everybody lives by Paris, the US would retain if not improve its global competitive position.”

Khalid A. Al-Falih (1960) CEO of Saudi Aramco

Interview with Financial Times (18 November 2016)

Thinking

“When the state unraveled Yukos, officials insisted it was a single such case rather than a trend. But it soon became obvious that Yukos was not a single case, that this concerns the entire economy. […] Yukos was a campaign, which is intensifying weekly.”

Andrey Illarionov (1961) Russian politician

"Q&A: Putin's Critical Adviser," 2005

“Keynes’s design was in favour of the liberalization of the economy and the capital’s transfers, for the main purpose of monetary stability. To avoid devaluation of currencies - a practice followed by governments in order to sustain their export - Lord Keynes planned to introduce “Bancor”, a money of account to be accepted by all countries in international exchanges. The international body to be organized would get interests both from debtor and creditor countries, in order to finance the balance of payments system”

Nico Perrone (1935) Italian historian and writer

Source: The international economy from a political to an authoritative drive, p. 130

Money, Country

“Discipline 'makes' individuals; it is the specific technique of a power that regards individuals both as objects and as instruments of its exercise. It is not a triumphant power…it is a modest, suspicious power, which functions as a calculated, but permanent economy.”

Michel Foucault book Discipline and Punish

Discipline and Punish (1977)

Exercises

“Economists have focused too much on the economy’s circulatory system and have neglected to study its digestive tract. Throughput growth means pushing more of the same food through an ever larger digestive tract; development means eating better food and digesting it more thoroughly.”

Herman E. Daly (1938) American economist

Herman E. Daly (2008), as cited in: Ian Jenkins, ‎Roland Schröder (2013). Sustainability in Tourism: A Multidisciplinary Approach. p. 143

Food, Study

“There is another way you can tell you’re a Republican. You have faith in free enterprise, faith in the resourcefulness of the American people, and faith in the U. S. economy. To those critics who are so pessimistic about our economy, I say: ‘Don’t be economic girlie men!”

Arnold Schwarzenegger (1947) actor, businessman and politician of Austrian-American heritage

2000s, Speech at the Republican National Convention (31 August 2004)

Men, People, Faith, Way

“Newton's own motto, "hypotheses non fingo" was, in a sense, disregarded by Newton himself: he rejected hypotheses only where they violated his own "regula philosophandi", that is to say, his principle of their strict parsimony. In terms of present-day methodology, we reject hypotheses as scientifically meaningless if they are incapable even of indirect test; and we reject them as superfluous or as implausible if they are too complex and artificial to conform with well established canons of inductive probability. But freedom of scientific theorizing must be preserved wherever the conditions of meaningfulness and of economy appear to be satisfied.”

Arthur Beer (1900–1980) German astronomer

Arthur Beer (ed.), Vistas in Astronomy (1955) Introduction to Vol.1 https://ia600304.us.archive.org/35/items/VistasInAstronomy-Volume1/Beer-VistasInAstronomyVolume1.pdf

Sense, Freedom, Appearance

“A corporate raid on a country is not foreign investment. It's just a corporate raid. A corporate raid doesn't expand our wealth, our employment, our exports, is not advantageous to most economies and most economies understand that. In New Zealand we did not. Everything that came from overseas was regarded as foreign investment, when, in fact, it was often a downsizing of the operation, a break-up of the operation and a mass of sackings.”

Winston Peters (1945) New Zealand politician

Interview with the 7:30 Report, ABC TV, Australia.

Understanding, Country, Wealth

“Economic reforms based on the idea of limitless growth in a limited world, can only be maintained by the powerful grabbing the resources of the vulnerable. The resource grab that is essential for “growth” creates a culture of rape—the rape of the earth, of local self-reliant economies, and of women.”

Vandana Shiva (1952) Indian philosopher

On economic reforms in India and rape in India, from " Vandana Shiva: Our Violent Economy is Hurting Women http://www.yesmagazine.org/peace-justice/violent-economic-reforms-and-women" Yes Magazine (18 January 2013)

Women, World, Idea

“It is unlikely that you'll have anything emerge from MEF (Major Economies Forum) by way of detailed programmatic specificity.”

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

Rudd bamboozles Germans with 'programmatic specificity', 9 July 2009, 15 November 2013, Perth Now http://www.perthnow.com.au/news/rudd-bamboozles-germans-with-programmatic-specificity/story-e6frg12c-1225747867748, Addressing the German press and Chancellor Angela Merkel in Berlin, 2009 2009

Way

“Guaranteeing equal pay won’t just increase paychecks for women – it will boost family budgets and get incomes rising across the board. And I don’t understand why Trump’s against that. Paid family leave won’t only make life easier for Moms and Dads – it will also keep skilled, talented Americans in the workforce and grow our economy. That’s why every other advanced country already has it. Again, he’s against it. Raising the federal minimum wage won’t just put more money in the pockets of low-income families – it also means they will spend more at the businesses in their neighborhoods. Trump’s against that as well. … And protecting and expanding Social Security doesn't just help older Americans retire with dignity – it helps to ease burdens on families and communities. And I also believe the same thing about comprehensive immigration reform.”

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

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

Life, Women, Money, Family

“Nothing could be further from the truth than the claim that we have a choice between cutting tax and cutting unemployment, for the two go hand in hand. It is no accident that the two most successful economies in the world, both overall and specifically in terms of job creation—those of the United States and Japan—have the lowest level of tax as a proportion of GDP. Reductions in taxation motivate new businesses and improve incentives at work. They are a principal engine of the enterprise culture, on which our future prosperity and employment opportunities depend.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech http://hansard.millbanksystems.com/commons/1986/mar/18/income-tax in the House of Commons (18 March 1986)

Truth, World, Motivation, Business

“America is poised to lead the world for another century. Our technology engines, our innovation dynamic, and the ambition and skill of our people will propel our economy and raise our standard of living. America will remain as it is today, the envy of the world.”

Mitt Romney (1947) American businessman and politician

2016, Remarks on Donald Trump and the 2016 race

People, World, Envy

“Plainly, the most powerful exception to the notion of a voluntary excahnge in a market economy is the labor market. The existence of a market for labor is one of the distinguishing features of a market economy: workers compete to sell their labor at the most favorable price—meaning, in practice, the highest possible wage. At the same time, however, it is clear that the market for labor is qualitatively different from the market for goods, because workers need to sell their labor to survive.”

Mimi Abramovitz (1941) non-fiction writer

Joel Blau and Mimi Abramovitz, The Dynamics of Social Welfare Policy (Oxford University Press: 2010) p. 68

Time

“In our Revolution we believe that we have broken the chain of a consumer economy based on imports, and we are free to decide our destiny. And in order to realize the interests of the Somali people, their achievement of a better life, the full development of their potentialities and the fulfillment of their aspirations, we solemnly declare Somalia to be a Socialist State.”

Siad Barre (1919–1995) Head of State of Somalia

Siad Barre proclaims Somalia a socialist state (October 20, 1970). http://www.mongabay.com/history/somalia/somalia-scientific_socialism,_1970-75.html

Life, People

“I myself have no doubt in the past tended to appear to many to be more concerned with the creation of wealth than with its distribution. I must confess that there is a degree of truth in this, but to the extent that it is true, it has been because of my conviction that the rapid growth of the economy, and the pressure that comes with it on demand for labour, both produces a rapid and substantial redistribution of income directly of itself and also makes it possible to assist more generously those who are not, from misfortune temporary or permanent, sharing in the general advance. The history of our last fifteen years or so demonstrates this conclusively.”

John James Cowperthwaite (1915–2006) British colonial administrator

February 26, 1969, page 104.
Official Report of Proceedings of the Hong Kong Legislative Council

Truth, History, Appearance, Past

“What America has succeeded in creating is not an economy impervious to shocks, but merely one which enables their consequences to be postponed to a later date.”

Peter D. Schiff (1963) American entrepreneur, economist and author

http://blogcritics.org/politics/article/peter-schiff-for-us-senate/ [http://news.bbc.co.uk/2/hi/business/4206656.stm Economic Views

“It was only in November, 1933, that Mussolini became convinced that the crisis that had beset capitalism for four years was not a crisis within the system, but a crisis of the system. It was on this occasion that he spoke of ‘the complete organic and totalitarian regulation of production’ a ‘regulated’ and ‘controlled; economy—a ‘burial’ of capitalism.”

A. James Gregor (1929–2019) American political scientist

Source: The Ideology of Fascism: The Rationale of Totalitarianism, (1969), p. 294

“The kind of plan that Donald has put forth would be trickle-down economics all over again. In fact, it would be the most extreme version, the biggest tax cuts for the top percent of the people in this country than we've ever had. I call it trumped-up trickle-down, because that's exactly what it would be. That is not how we grow the economy.”

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

Presidential campaign (April 12, 2015 – 2016), First presidential debate (September 26, 2016)

People, Country

“What Lars Trägårdh came to understand during his years in the United States was that the overarching ambition of Nordic societies during the course of the twentieth century, and into the twenty-first, has not been to socialize the economy at all, as is often mistakenly assumed. Rather the goal has been to free the individual from all forms of dependency within the family and in civil society: the poor from charity, wives from husbands, adult children from parents, and elderly parents from their children. The express purpose of this freedom is to allow all those human relationships to be unencumbered by ulterior motives and needs, and thus to be entirely free, completely authentic, and driven purely by love.”

Anu Partanen (1975) journalist

Source: The Nordic Theory of Everything, Chapter 2

Love, Children, Family, Motivation

“I cannot stress too strongly the importance of external controls, both governmental and economic. I do not see how economic enterprises can be operated satisfactorily in a modern economy, capitalist, mixed, socialist or whatever, without some strategic external controls over the firm.”

Robert A. Dahl (1915–2014) American political scientist

After the Revolution? (1970; 1990), Ch. 4 : From Principles to Problems

“I write of a coming shift from a profit-taking economy to a gift economy, from an economy of ‘how can I take the most?’ to ‘how can I best give of my gifts?’ This future, in which the anxiety of "making a living" no longer drives us, will arise out of the transformation in the human sense of self that is gathering today. But it is not only a future. We can live it now.”

Charles Eisenstein (1967) American writer

The Ascent of Humanity http://charleseisenstein.net/project/ascent-of-humanity/ The Ascent of Humanity (2007)

Sense, Future

“The only factor that poses a genuine challenge to the current order is the willingness of human beings to reject the injustice and irrationality of this economy, and stand up for something better. Capitalism will not fall-rather, it must be pushed.”

Jim Stanford (1961) Canadian economist

Part 5, Chapter 25, Evaluating Capitalism, p. 314
Economics For Everyone (2008)

“What point of morals, of manners, of economy, of philosophy, of religion, of taste, of the conduct of life, has he not settled? What mystery has he not signified his knowledge of? What office, or function, or district of man's work, has he not remembered? What king has he not taught state, as Talma taught Napoleon? What maiden has not found him finer than her delicacy? What lover has he not outloved? What sage has he not outseen? What gentleman has he not instructed in the rudeness of his behavior?”

Ralph Waldo Emerson Music

Shakespeare; or, The Poet
1850s, Representative Men (1850)

Life, Religion, Behavior, Lovers

“Except for Marxian theories, nearly all modern theories of the business cycle have essential elements that trace back to Knut Wicksell's turn-of-the-century writings on interest and prices. Austrians, New Classicists, Monetarists, and even Keynesians can legitimately claim a kinship on this basis. Accordingly, the recognition, that both the Austrians and the New Classicists have a Swedish ancestry does not translate into a meaningful claim that the two schools are essentially similar. To the contrary, identifying their particular relationships to Wicksellian ideas, like comparing the two formally similar business-cycle theories themselves, reveals more differences than similarities. … [T]o establish the essential difference between the Austrians and the New Classicists, it needs to be added that the focus of the Austrian theory is on the actual market process that translates the monetary cause into the real phenomena and hence on the institutional setting in which this process plays itself out.The New Classicists deliberately abstract from institutional considerations and specifically deny, on the basis of empirical evidence, that the interest rate plays a significant role in cyclical fluctuations (Lucas 1981, p. 237 151–1). Thus, Wicksell's Interest and Prices is at best only half relevant to EBCT. … Taking the Wicksellian metaphor as their cue, the New Classicists are led away from the pre-eminent Austrian concern about the actual market process that transforms cause into effect and towards the belief that a full specification of the economy's structure, which is possible only in the context of an artificial economy, can shed light on an effect whose nature is fundamentally independent of the cause.”

Roger Garrison (1944) American economist

Pages 98–99.
"New Classical and Old Austrian Economics", 1991

School, Idea, Business, Nature

“In doing so, socialist, labor, and social democratic parties contributed to -- though they were not the sole authors of -- the development of the mixed economies that exist in advanced countries today. If these mixed economies are a far cry from the centralized systems that were created in Eastern Europe under Leninist rulers, they are also very far from the classical liberal model of a self-regulating market economy. If we look to the most advanced economies for guidance, then we should not allow ourselves to be misled by dogma about "free markets."”

Robert A. Dahl (1915–2014) American political scientist

After the Revolution? (1970; 1990), Ch. 3 : Democracy and Markets

Cry, Country

“Decision theory can be pursued not only for the purposes of building foundations for political economy, or of understanding and explaining phenomena that are in themselves intrinsically interesting, but also for the purpose of offering direct advice to business and governmental decision makers. For reasons not clear to me, this territory was very sparsely settled prior to World War II. Such inhabitants as it had were mainly industrial engineers, students of public administration, and specialists in business functions, none of whom especially identified themselves with the economic sciences. Prominent pioneers included the mathematician, Charles Babbage, inventor of the digital computer, the engineer, Frederick Taylor and the administrator, Henri Fayol.
During World War II, this territory, almost abandoned, was rediscovered by scientists, mathematicians, and statisticians concerned with military management and logistics, and was renamed “operations research” or “operations analysis.””

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

So remote were the operations researchers from the social science community that economists wishing to enter the territory had to establish their own colony, which they called “management science”.
1960s-1970s, "Rational decision making in business organizations", Nobel Memorial Lecture 1978

War, World, Communication, Understanding

“I thank God, I have been able, by adopting Principles of strict Economy and Frugality, to keep my principal, I mean my Country-Estate, unimpaired.”

George Mason (1725–1792) American delegate from Virginia to the U.S. Constitutional Convention

Letter to his son, George Mason V. (8 January 1783)

God, Country

“The Emancipation Proclamation shattered in one blow the slave system, undermining the foundations of the economy of the rebellious South; and guaranteed that no slave-holding class, if permitted to exist in defeat, could prepare a new and deadlier war after resuscitation. The Proclamation opened the door to self-liberation by the Negro upon which he immediately acted by deserting the plantations in the South and joining the Union armies in the North.”

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

1960s, Emancipation Proclamation Centennial Address (1962)

War

“Forget about the market updates. Here's a better way to find out about the economy-your economy. Take a walk. And ask some questions.”

Jim Stanford (1961) Canadian economist

Part 1, Chapter 1, The Economy and Economics, p. 17
Economics For Everyone (2008)

Way, Question, Forgetting

“We will argue that the long-run value of a related diversification lies not so much in the exploitation of economies of scope (asset amortization) - where the benefit is primarily short-term - but in allowing corporations to more cost efficiently expand their stocks of strategic assets. Relatedness, which opens the way for asset improvement, asset creation and asset fission, holds the key to the long-run competitive advantages of diversification. This means that in most cases, similarities in the processes by which strategic assets are expanded and new assets are created are more important than static similarities between the strategic assets that are the outcome of these processes.”

Constantinos C. Markides (1960) Cypriot business theorist

Source: "Related diversification, core competences and corporate performance", 1994, p. 150

Way

“The more complex our economy, the more we should rely on the miraculous, self-adapting processes of men acting freely. No mind of man nor any combination of minds can even envision, let alone intelligently control, the countless human energy exchanges in a simple society, to say nothing of a complex one.”

Leonard E. Read (1898–1983) American academic

The More Complex the Society, the More Government Control We Need https://books.google.com/books?id=W3MuCgAAQBAJ&pg=PT18&lpg=PT18&dq=The+more+complex+our+economy,+the+more+we+should+rely+on+the+miraculous,+self-adapting+processes+of+men+acting+freely.+No+mind+of+man+nor+any+combination+of+minds+can+even+envision,+let+alone+intelligently+control,+the+countless+human+energy+exchanges+in+a+simple+society,+to+say+nothing+of+a+complex+one.&source=bl&ots=OZxiANz5bm&sig=QP-xiNhoDNxDDMB1mcR25NuqEl4&hl=en&sa=X&ved=0ahUKEwiq04eE9_LTAhVMKyYKHWh_BGEQ6AEIKjAB#v=onepage&q=The%20more%20complex%20our%20economy%2C%20the%20more%20we%20should%20rely%20on%20the%20miraculous%2C%20self-adapting%20processes%20of%20men%20acting%20freely.%20No%20mind%20of%20man%20nor%20any%20combination%20of%20minds%20can%20even%20envision%2C%20let%20alone%20intelligently%20control%2C%20the%20countless%20human%20energy%20exchanges%20in%20a%20simple%20society%2C%20to%20say%20nothing%20of%20a%20complex%20one.&f=false Excuse Me, Professor: Challenging the Myths of Progressivism

Men, Intelligence

“The problems we see today are going to be a hell of a lot worse in 10 years if we're not willing to face up to them. These kids are just not going to be absorbed into the economy, so what are they going to be doing? Well, we know. They're going to be making life pretty miserable for a lot of people.”

William Julius Wilson (1935) American sociologist

Interview with Mother Jones.

Life, People, Hell, Problem

“To speak of 'limits to growth' under a capitalistic market economy is as meaningless as to speak of limits of warfare under a warrior society. The moral pieties, that are voiced today by many well-meaning environmentalists, are as naive as the moral pieties of multinationals are manipulative. Capitalism can no more be 'persuaded' to limit growth than a human being can be 'persuaded' to stop breathing. Attempts to 'green' capitalism, to make it 'ecological', are doomed by the very nature of the system as a system of endless growth.”

Murray Bookchin (1921–2006) American libertarian socialist author, orator, and philosopher

Remaking Society (1990).

Nature

Quotes about economy page 10

Quotes about economy
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