Quotes about economy
page 11

“We can establish universally an education that recognizes in every child a tongue-tied prophet, and in the school the voice of the future, and that equips the mind to think beyond and against the established context of thought and of life as well as to move within it. We can develop a democratic politics that renders the structure of society open in fact to challenge and reconstruction, weakening the dependence of change on crisis and the power of the dead over the living. We can make the radical democratization of access to the resources and opportunities of production the touchstone of the institutional reorganization of the market economy, and prevent the market from remaining fastened to a single version of itself. We can create policies and arrangements favorable to the gradual supersession of economically dependent wage work as the predominant form of free labor, in favor of the combination of cooperation and self-employment. We can so arrange the relation between workers and machines that machines are used to save our time for the activities that we have not yet learned how to repeat and consequently to express in formulas. We can reshape the world political and economic order so that it ceases to make the global public goods of political security and economic openness depend upon submission to an enforced convergence to institutions and practices hostile to the experiments required to move, by many different paths, in such a direction.”

Roberto Mangabeira Unger The Religion of the Future

Source: The Religion of the Future (2014), p. 29

Life, Hostility, World, Education

“If a Martian were asked to pick the most efficient and humane economic systems on earth, it would certainly not choose the countries which rely most on markets. The United States is a stagnant economy in which real wages have been constant for more than a decade and the real income of the bottom 40 percent of the population declined. It is an inhumane society in which 11.5 percent of the population, some 32 million people, including 20 percent of all children, live in absolute poverty. It is the oldest democracy on earth but also one with the lowest voting rates among democracies and the highest per capita prison population in the world. The fastest developing countries in the world today are among those where the state pursues active industrial and trade policies; the few countries in the world in which almost no one is poor today are those in which the state has been engaged in massive social welfare and labor market policies.”

Adam Przeworski (1940) Polish-American academic

Source: Journal of Democracy. Vol. 3, Nr. 3 (1992), p. 46

Children, People, World, Democracy

“Göring industrial empire represented, in this sense, one of the major steps towards restricting private industrial capitalism and substituting a ‘völkisch’, state-run industrial economy.”

Richard Overy (1947) British historian

Source: War and Economy in the Third Reich (1994), p. 146

Sense

“The ideal situation for any state is to experience sharp economic growth while its rivals' economies grow slowly or hardly at all.”

John Mearsheimer book The Tragedy of Great Power Politics

Source: The Tragedy of Great Power Politics (2001), Chapter 5, Strategies for Survival, p. 144

“Mundell’s models allowed a significant role for fiscal policy, especially under fixed exchange rates. However, the treatment was entirely Keynesian—an increased budget deficit operated solely by raising the aggregate demand for goods. Moreover, increases in government spending and cuts in taxes had pretty much the same effect on the economy.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 23

“Ecological Economics studies the ecology of humans and the economy of nature, the web of interconnections uniting the economic subsystem to the global ecosystem of which it is a part.”

Robert Costanza (1950) American economist

Robert Costanza, Ecological economics: the science and management of sustainability. Columbia University Press, 1992.

Nature, Study, Parting

“This government thinks that somehow you can build prosperity with new taxes. No country ever got rich by increasing taxation. No country ever built a strong economy by clobbering itself with tax after tax after tax.”

Tony Abbott (1957) Australian politician

Quoted in "Fact file: What Tony Abbott promised on tax" http://www.abc.net.au/news/2014-05-01/fact-file-what-tony-abbott-promised-on-tax/5420226 ABC News, July 23, 2014. 2011

Thinking, Strong, Country

“Development means a capacity for self-sustaining growth. It means that an economy must register advances which in turn will promote further progress. The loss of industry and skill in Africa was extremely small, if we measure it from the viewpoint of modern scientific achievements or even by standards of England in the late eighteenth century. However, it must be borne in mind that to be held back at one stage means that it is impossible to go on to a further stage. When a person was forced to leave school after only two years of primary school education, it is no reflection on him that he is academically and intellectually less developed than someone who had the opportunity to be schooled right through to university level. What Africa experienced in the early centuries of trade was precisely a loss of development opportunity, and this is of the greatest importance.”

Walter Rodney book How Europe Underdeveloped Africa

Source: How Europe Underdeveloped Africa (1972), p. 159-160.

Education, School, Universe, Loss

“In some quarters it has often been thought wise to substitute the term "developing" for "underdeveloped". One of the reasons for so doing is to avoid any unpleasantness which may be attached to the second term, which might be interpreted as meaning underdeveloped mentally, physically, morally, or in any other respect. Actually, if “underdevelopment” were related to anything other than comparing economies, then the most underdeveloped country in the world would be the U. S. A., which practices external oppression on a massive scale, while internally there is a blend of exploitation, brutality, and psychiatric disorder.”

Walter Rodney book How Europe Underdeveloped Africa

Source: How Europe Underdeveloped Africa (1972), p. 25.

World, Country

“This political economy or science of enrichment born of the merchants’ mutual envy and greed, bears on its brow the mark of the most detestable selfishness.”

Friedrich Engels (1820–1895) German social scientist, author, political theorist, and philosopher

Diese aus dem gegenseitigen Neid und der Habgier der Kaufleute entstandene Nationalökonomie oder Bereicherungswissenschaft trägt das Gepräge der ekelhaftesten Selbstsucht auf der Stirne.
Outlines of a Critique of Political Economy (1844)

Science, Envy, Selfishness

“I do know enough about economics — and so do you — to understand that the 'stimulus program' of Barack Obama and his ravenous parasitic hordes, supposedly designed to 'repair' America's broken economy, reveals him to be unimaginably stupid, gibberingly insane, or simply the biggest, most barefaced criminal thug ever to occupy the White House.
And that's saying a lot.”

L. Neil Smith (1946) American writer

"A Little Austrian Flea," http://www.ncc-1776.org/tle2009/tle508-20090301-04.html 1 March 2009.

Stupidity, Understanding, Housing

“The government will improve the economy in Taiwan with full force.”

Chen Shui-bian (1950) Taiwanese politician

Speech to the Rotary Club, May 12, 2002
Pet Phrases, 2002

“While it is true that we are paying out far more money and maintaining a much stronger Military Establishment than ever before, because of the conditions stated, we have been able to pursue a moderate course. Our people have had all the war, all the taxation, and all the military service that they want. They have therefore wished to emphasize their attachment to our ancient policy of peace. They have insisted upon economy. They have supported the principle of limitation of armaments. They have been able to do this because of their position and their strength in numbers and in resources. We have a tremendous natural power which supplements our arms. We are conscious that no other nation harbors any design to put us in jeopardy.”

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

1920s, Toleration and Liberalism (1925)

Money, War, People, Peace

“If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront.”

N. Gregory Mankiw (1958) American economist

N. Gregory Mankiw, "What Would Keynes Have Done?" in New York Times (November 28, 2008).
2000s -

Way, Understanding, Problem

“Drawing a comparison to football, it could be said that the Spanish economy has, during this legislature, into the Champions League of the world economy, however bad that may seem to some.”

José Luis Rodríguez Zapatero (1960) Former Prime Minister of Spain

11th Sept. 2007, during a speech by the PSOE in the Congress of Deputies. As President, 2007 Source: Zapatero: "El Gobierno ha situado a España en la Champions League de las economías del mundo" Cadena SER http://www.cadenaser.com/espana/articulo/zapatero-gobierno-ha-situado-espana/csrcsrpor/20070911csrcsrnac_5/Tes.

World, Football, Drawing

“There are four headwinds that are just hitting the American economy in the face. They're demographics, education, debt and inequality. They're powerful enough to cut growth in half. So we need a lot of innovation to offset this decline. And here's my theme: Because of the headwinds, if innovation continues to be as powerful as it has been in the last 150 years, growth is cut in half. If innovation is less powerful, invents less great, wonderful things, then growth is going to be even lower than half of history.”

Robert J. Gordon (1940) American economist

Robert Gordon. " The death of innovation, the end of growth https://www.ted.com/talks/robert_gordon_the_death_of_innovation_the_end_of_growth/transcript," TED Talk, April 2013.

Education, History

“On the euro: They are rebuilding the Soviet Union. Even though we in the UK are now developing the bureaucracy, the black economy and the corruption essential for participation in the new European superstate, I don't think it is something the British people will want or welcome.”

Ivor Tiefenbrun (1946) Scottish businessman

2003

People, Thinking

“Once we have funded our national security and our homeland security, the final great priority of my budget is economic security for the American people. To achieve these great national objectives — to win the war, protect the homeland, and revitalize our economy — our budget will run a deficit that will be small and short-term, so long as Congress restrains spending and acts in a fiscally responsible manner. We have clear priorities and we must act at home with the same purpose and resolve we have shown overseas: We'll prevail in the war, and we will defeat this recession.”

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

2000s, 2002, State of the Union address (January 2002)

War, People, Home

“Unless there is a decentralisation of power, in the financial markets and in politics, then there can be no negotiations that can transform the present system of domination. Domination by the rich of the poor, by the educated of the uneducated, by the City of the country. Perhaps a simpler but more controversial way of putting it is that the German economy, with workers on the boards, regional banks, vocational labour market entry and co-determined pension funds has proved to be more capable of producing goods than ours. Their system is based upon subsidiarity and vocation, the cornerstones of the Christian inheritance. Secular modernity is not working. It is inappropriate for our times. Here’s a new paradox: Modernity is out of date.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Blue Labour, Tackling Poverty Together http://www.bluelabour.org/2013/11/24/tackling-poverty-together/

Education, Way, Time, Country

“North Korea is a problem, not only because of its fast advancing nuclear and missile program but also because of the sorry state of the country’s economy and its abysmal human rights record. It is a problem for us outsiders, but it is an even greater problem for the North Korean people themselves. As people are fond of saying in such situations that "something has to be done."”

Andrei Lankov (1963) Russian academic

But what exactly? "How to solve a problem like North Korea?" https://www.nknews.org/2017/07/how-to-solve-a-problem-like-north-korea/ (18 July 2017), NK News

People, Problem, Country

“The open revolution changes also the spirit of man, the relationship between man and man, because it changes the method of struggle. Therefore it brings a total transformation of power economy and nature.”

Aldo Capitini (1899–1968) Italian philosopher and political activist

Hymn

Nature, Change

“Japan gets the most of ordinary people by organizing them to adapt and succeed. America, by getting out of their way so that they can adjust individually, allows them to succeed. It is not that Japan has no individualists and America no organizations, but the thrusts of the societies are different. Japan has distorted its economy and depressed its living standard in order to keep its job structure and social values as steady as possible. At the government's direction, the entire economy has tried to flex almost as one, in response to the ever-changing world. The country often seems like a family that becomes more tightly bound together when it must withstand war, emigration, or some other upheaval. America's strength is the opposite: it opens its doors and brings the world's disorder in. It tolerates social change that would tear most other countries apart. The openness encourages Americans to adapt as individuals rather than as a group.”

James Fallows (1949) American journalist

More Like Us : Making America Great Again (1989), ch. 3

War, People, World, Family

“In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on ensuring macroeconomic and financial stability and very wary of financial innovation if it carries with it any risk of increased instability.”

Adair Turner, Baron Turner of Ecchinswell (1955) British businessman

Source: Economics after the crisis : objectives and means (2012), Ch. 2 : Financial Markets: Efficiency, Stability, and Income Distribution

“Precision, economy of statement, logic employed to ends that are disinterested … liberate the imagination.”

Marianne Moore (1887–1972) American poet and writer

Forward to Marianne Moore Reader 1961

Imagination

“The sacrifices of our people were very great. Out of a population of one million, 28,000 were killed, 12,600 wounded, 10,000 were made political prisoners in Italy and Germany, and 35,000 made to do forced labour, of ground; all the communications, all the ports, mines and electric power installations were destroyed, our agriculture and livestock were plundered, and our entire national economy was wrecked.”

Enver Hoxha (1908–1985) the Communist leader of Albania from 1944 until his death in 1985, as the First Secretary of the Party of L…

Enver Hoxha, Selected Works, 1941–1948, vol. I (Tirana: 8 Nëntori Publishing House, 1974, 599-600)
Writings, Selected Works, 1941–1948

People, Communication

“And what is going on is that the SPD (Social Democratic Party of Germany) has lost the trust of working class German voters, is overwhelmingly a party of the public sector, social science graduates and ethnic minorities and won barely more than a quarter of the vote. It has moved its concerns from those of the internal governance of the political economy to a political and legal orientation that requires the passing of laws, external regulation and redistribution. It has not seriously defended the internal virtues of its economic system, preferring to stress external factors such a stimulus and taxation. Justice and rights rather than democracy and the good have come to define the position. I am strongly suggesting the party has become liberal rather than socialist and that is the fundamental problem.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Blue Labour, The Profundity of Defeat http://www.bluelabour.org/2013/10/30/285/

Justice, Law, Democracy, Problem

“If we got out of Washington, D. C., if we went to the American people and said what are your top priorities--we actually have. We don't have to hypothesize about that. The American people over and over again say jobs and the economy are their top priorities. The American people want ObamaCare stopped because it is not working, it is killing jobs, it is pushing people into part-time work. Yet this Senate has not been listening to the American people. We need to make D. C. listen.”

Ted Cruz (1970) American politician

Transcript of ObamaCare filibuster, TRANSCRIPT: Sen. Ted Cruz’s marathon speech against Obamacare on Sept. 24 http://www.washingtonpost.com/sf/national/2013/09/25/transcript-sen-ted-cruzs-filibuster-against-obamacare/, Washington Post (September 24, 2013) 2010s

People, Time, Parting

“I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs. Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

Interview with Mark Shapiro (2000)

Thinking

“Science is unreasonably effective, it's generated knowledge beyond all expectation. It's also delivered perspective. Yes, we are an insignificant speck in an infinite universe, but we're also rare. And because we're rare, we're valuable. So what are we to do to secure our future? Well, we must learn to value the acquisition of knowledge for its own sake, and not just because it grows our economy or allows us to build better bombs. We must also learn to value the human race and take responsibility for our own survival. Why? Because there's nobody else out there to value us or to look after us. And finally, most important of all, we must educate the next generation in the great discoveries of science and we must teach them to use the light of reason to banish the darkness of superstition, because if we do that, then at least there's a chance that this universe will remain a human one.”

Brian Cox (physicist) (1968) English physicist and former musician

Human Universe, episode 5

Education, Knowledge, Light, Learning

“In an economy where the only certainty is uncertainty, the one sure source of lasting competitive advantage is knowledge.”

Ikujiro Nonaka (1935) Japanese business theorist

Ikujiro Nonaka (1991), "The Knowledge-Creating Company", Harvard Business Review 69 (6 Nov-Dec): 96–104

Knowledge

“…there will be no peace in the tormented world, only a programmed and systematic series of wars and calamities—until the plotters have gained their objective: an exhausted world willing to submit to a planned Marxist economy and total and meek enslavement— in the name of peace.”

Taylor Caldwell (1900–1985) Novelist

"Ceremony of the Innocent: A novel", first edition Doubleday, 1976, p. 218
1970s-

War, World, Peace

“By the end of World War II, the specter of an imminent working class uprising that had so haunted the ruling classes of Europe and North America for the previous century had largely disappeared. This was because class war was suspended by a tacit settlement. To put it crudely: the white working class of the North Atlantic countries, from the United States to West Germany, were offered a deal. If they agreed to set aside any fantasies of fundamentally changing the nature of the system, then they would be allowed to keep their unions, enjoy a wide variety of social benefits (pensions, vacations, health care …), and, perhaps most important, through generously funded and ever-expanding public educational institutions, know that their children had a reasonable chance of leaving the working class entirely. One key element in all this was a tacit guarantee that increases in workers' productivity would be met by increases in wages: a guarantee that held good until the late 1970s. Largely as a result, the period saw both rapidly rising productivity and rapidly rising incomes, laying the basis for the consumer economy of today.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Twelve, "1971–The Beginning…", p. 373

War, Children, Health, World

“What saved the economy, and the New Deal was the enormous public-works project known as World War II, which finally provided a fiscal stimulus adequate to the economy's needs.”

Paul Krugman (1953) American economist

Op-ed, "Franklin Delano Obama," New York Times, November 10, 2008 http://www.nytimes.com/2008/11/10/opinion/10krugman.html The New York Times Columns

War, World

“Labor’s message then is this: we believe in a strong economy; we believe also in a fair go for all, not just for some.”

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

Rudd's first speech as Labor leader
2006

Strong

“An officer corps, my West Point education emphasized, must have a code of ethics that tolerates no lying, no cheating, no stealing, no immorality, no killing other than that recognized under international rules of war and essential for military victory. Yet I also learned to my chagrin that there are those who fail the standards and that the code must be constantly policed. I saw failures at West Point, and for all my preventive efforts, I also saw failures among those who subsequently served under my command. Yet if an officer corps is to serve the nation as it should, firm dedication to a high moral code must always be the goal. One of the most exciting events of my plebe year was the commencement address by the Army Chief of Staff, General MacArthur, who was much as any man extolled such a code. Already a distinguished soldier even before World War II and the Korean War, General MacArthur spoke at a time when pacifism and economy imperiled the military services and the nation's security. While warning against misguided pacifism and politically inspired economy, he spoke of West Point as "the soul of the Army."”

William Westmoreland book A Soldier Reports

"The military code that you perpetuate," he said, "has come down to us from even before the age of knighthood and chivalry. It will stand the test of any code of ethics or philosophy."
Source: A Soldier Reports (1976), p. 11.

War, Age, World, Education

“Much attention has been given in recent years to what might be called the "higher organization" of the state, both in the practical experimentation of modem nations and in the domain of theoretical analysis. In almost every country in the world there has been experimentation with and discussion of the emerging evolution of political-economic forms and forces, now everywhere challenging the peace and security of mankind technology, cartels, unions, business and agricultural associations, armies, professions, churches, schools. The problem of a socialistic or a mixed economy has led to vigorous debate not only upon economic principles but upon the whole political setting of economics.”

Charles Edward Merriam (1874–1953) American political scientist

177-8 ; as cited in Albert Lepawsky (1949), Administration, p. 220-1
Systematic Politics, 1943

World, School, Peace, Business

“Not only is it possible to devise complete models of the economy on hypotheses other than rationality, but in fact virtually every practical theory of macroeconomics is partly so based. The price- and wage- rigidity elements of Keynesian theory are hard to fit into a rational framework, though some valiant efforts have been made. … But if the Keynesian model is a natural target of criticism by the upholders of universal rationality, it must be added that monetarism is no better. I know of no serious derivation of the demand for money from a rational optimization. … The use of rationality in these arguments is ritualistic, not essential.”

Kenneth Arrow (1921–2017) American economist

1970s-1980s, "Rationality of Self and Others in an Economic System", 1986

Money, Optimism, Nature, Effort

“Distortive or even totally false reporting on communally sensitive issues is a well-entrenched feature of Indian journalism. There is no self-corrective mechanism in place to remedy this endemic culture of disinformation. No reporter or columnist or editor ever gets fired or formally reprimanded or even just criticized by his peers for smearing Hindus. This way, a partisan economy with the truth has become a habit hard to relinquish. And foreign correspondents used to trusting their Indian secularist sources have likewise developed a habit of swallowing and relaying highly distorted news stories. Usually, the creation of a false impression of the Indian communal situation is achieved without outright lies, relying rather on the silent treatment for inconvenient facts and a screaming overemphasis on convenient ones. (…) So, moral of the story: feel free to write lies about the Hindus. Even if you are found out, most of the public will never hear of it, and you will not be made to bear any consequences.(…) These days, noisy secularists lie in waiting for communal riots and elatedly jump at them when and where they erupt. They exploit the anti-Hindu propaganda value of riots to the hilt, making up fictional stories as they go along to compensate for any defects in the true account. John Dayal is welcomed to Congressional committees in Washington DC as a crown witness to canards such as how Hindus are raping Catholic nuns in Jhabua, an allegation long refuted in a report by the Congress state government of Madhya Pradesh and more recently in the court verdict on the matter. Arundhati Roy goes lyrical about the torture of a Muslim politician's two daughters by Hindus during the Gujarat riots of 2002, even when the man had only one daughter, who came forward to clarify that she happened to be in the US at the time of the “facts.””

Koenraad Elst (1959) orientalist, writer

Harsh Mander has already been condemned by the Press Council of India for spreading false rumours about alleged Hindu atrocities in his famous column Hindustan Hamara. Teesta Setalwad has reportedly pressured eyewitnesses to give the desired incriminating testimony against Hindus in the Gujarat riots.
K. Elst: Religious Cleansing of Hindus, 2004, Agni conference in The Hague, in The Problem with Secularism (2007)
2000s, The Problem with Secularism (2007)

Truth, Lie, Way, Feeling

“The term "instrumentalism," which has largely superseded the broader term "pragmatism," emphasizes the subordination of the intellect to ends beyond itself. But the organic analogy does in fact point to quite a different conclusion. Most organic functions are interested in their own behalf. I may even breathe for the sake of breathing. I may identify my soul with my lungs. … Or consider the predatory instinct. This evidently has its place in the economy of life by virtue of providing food for carnivorous animals; but hunting is also an art and a pastime, which many have thought worth cultivating as an end in itself. What is true of respiration and huntsmanship can scarcely be denied of an activity so developed, so varied, so self-conscious, as that of the intellect. Nor in this case any more than the others, does the subordinate role contradict the autonomous role. The devotee of breathing or of hunting need not cease to breathe or hunt for vital purposes; nor need the intellectualist, the scientist, the speculative philosopher, because he has cultivated the art of knowing for its own sake, therefore cease to use his mind for the conduct of affairs.”

Ralph Barton Perry (1876–1957) American philosopher

The Integrity of the Intellect (July 1920)

Life, Food, Art, Soul

“The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.”

Robert Haugen (1942–2013) American economist

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 15, The Wrong 20-yard Line, p. 142

Failure, Success

“The new government will have three major improvements. It is time to improve the economy in Taiwan.”

Chen Shui-bian (1950) Taiwanese politician

Speech to the World Federation of Taiwanese Associations, March 17, 2002
Pet Phrases, 2002

Time

“Hayek’s blind spot with regard to politics was clear in the early 1980s when the first Thatcher government, in an attempt to reduce inflation and bring the public finances closer to a balanced budget, was raising interest rates and cutting public spending. As he had done during the 1930s, Hayek attacked these policies as not being severe enough. It would be better, he told me in a conversation we had around this time, if Thatcher imposed a more drastic contraction on the economy so that the wage-setting power of the trade unions could be broken. He appeared unfazed by unemployment, which was already higher (more than three million people) than at any time since the 1930s, and would rise much further if his recommendations were accepted.”

John Gray (1948) British philosopher

The Friedrich Hayek I knew, and what he got right - and wrong (2015)

People, Appearance, Time

“When challenges to our prosperity emerged, we rose to meet them. Facing the prospect of a financial collapse, we took decisive measures to safeguard our economy. These are very tough times for hardworking families, but the toll would be far worse if we had not acted. All Americans are in this together. And together, with determination and hard work, we will restore our economy to the path of growth. We will show the world once again the resilience of America's free enterprise system. The decades ahead will bring more hard choices for our country, and there are some guiding principles that should shape our course.”

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

2000s, 2009, Farewell speech to the nation (January 2009)

World, Family, Decision, Time

“The crisis has not been overcome, but there are many encouraging signs. The economy is recovering in many countries, the imbalances in European trade are declining and the budget deficits in the monetary union are falling.”

Mario Draghi (1947) Italian banker and economist

spiegel.de http://www.spiegel.de/international/europe/spiegel-interview-with-ecb-president-mario-draghi-a-941489.html.

Country

“Standard economists don't seem to understand exponential growth. Ecological economics recognizes that the economy, like any other subsystem on the planet, cannot grow forever. And if you think of an organism as an analogy, organisms grow for a period and then they stop growing. They can still continue to improve and develop, but without physically growing, because if organisms did that you’d end up with nine-billion-ton hamsters. There is a great video on this.”

Robert Costanza (1950) American economist

Robert Costanza in: " What is Ecological economics http://insights.som.yale.edu/insights/what-ecological-economics," at Yale Insights, May 2010.

Understanding, Thinking

“Excessive toil occurred only where the masters or overseers were feeble witted as well as brutal. A persistent rumor among abolitionists was that sugar planters followed a policy of working slaves to death in seven years as a matter of economy. The persons spreading such reports were as ignorant of Negro nature as they were of conditions in the sugar mills. Furthermore, they overrated the ability of the masters to know how to kill a slave in the given time instead of leaving him a broken-down burden to the plantation. When they set out to prove the accusation they returned with no evidence, but convinced that the practice existed in some obscure region which they had not succeeded in ferreting out. Harriet Martineau, after watching slaves go through the motions of work without tiring themselves, considered the planters as models of patience and observed that new slave owners from Europe or the North were prone to be the most severe. Numerous observers, of various shades of opinion on slavery, agreed that brutality was no more common in the black belt than among free labor elsewhere, and that the slave owners were the worst victims of the system.”

W. Cleon Skousen (1913–2006) ex FBI agent, conservative United States author and faith-based political theorist

The Making of America (1986)

Death, Nature, Time, Personality

“I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to William Plumer (21 July 1816)
1810s

Fear

“Today, having come far in our own historical journey, we must decide. Will we turn back, or finish well? Before history is written down in books, it is written in courage. Like Americans before us, we will show that courage and we will finish well. We will lead freedom's advance. We will compete and excel in the global economy. We will renew the defining moral commitments of this land, and so we move forward, optimistic about our country, faithful to its cause, and confident of victories to come.”

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

2000s, 2006, State of the Union (January 2006)

Books, Faith, Confidence, History

“Erdogan may have dreamt of a one-party system with himself at the helm far into the future. That, however, is not on the cards. Going in such a direction could deal the coup de grace to Turkey’s already sick economy by drying up foreign direct investment and fast developing trade links with Europe and North America. What Erdogan can do is to build a “one-and-a-half party” system in which the AKP will set the agenda for the remainder of the decade while opposition parties provide the “half” needed to maintain the appearance of parliamentary democracy. A “one-and-a-half party” system isn’t unprecedented. Mexico tried it for half a century. Japan has lived with it since the end of the Second World War. It is also the model that Vladimir Putin has imposed in Russia. The failed coup has set Turkish democracy back by at least a decade. However, had it succeeded it might have caused an even longer and deeper setback.”

Amir Taheri (1942) Iranian journalist

Opinion: Turkey – Towards a “One and a Half Party” System http://english.aawsat.com/2016/08/article55355819/opinion-turkey-towards-one-half-party-system, Ashraq Al-Awsat (5 Aug, 2016).

War, World, Democracy, Appearance

“Far back in history, there is evidence that men who have attempted to solve the riddle of water have been bitterly attacked. Every attempt to explain the nature of water in old books has been demolished in the later editions. In any case, maintaining the sense of mystery about water ensures the prosperity of the capital intensive economy, for financial interest thrives only on a defective economy. If the riddle surrounding the origins of water were solved, it would be possible to make as much pure water available as required at any location; in this way vast areas of desert would become fertile. As a consequence, the selling values of the produce would sink so low that there would be no more incentive to speculate, or to develop agricultural machinery. The concept of unrestricted production and cheap machine power is so revolutionary, that the way of life all over the world would experience a change. Maintaining the mystery of water, therefore, maintains the value of capital, so every attempt to come nearer to an explanation is attacked.”

Viktor Schauberger (1885–1958) austrian philosopher and inventor

Living Water

Life, Men, Books, World

“Other great sources of wealth are found in financial and speculative operations, often of distinctly anti-social tendency and possible only through the defective organization of our economy.”

Leonard Trelawny Hobhouse (1864–1929) British sociologist

Source: Liberalism (1911), Chapter VIII, Economic Liberalism, p. 97.

Wealth

“Words change their meanings, just as organisms evolve. We would impose an enormous burden on our economy if we insisted on payment in cattle every time we identified a bonus as a pecuniary advantage (from the Latin pecus, or cattle, a verbal fossil from a former commercial reality).”

Stephen Jay Gould book The Structure of Evolutionary Theory

Source: The Structure of Evolutionary Theory (2002), p. 1070

Reality, Change, Time

“Now my daughter's wedding is finished, I shall improve the economy in Taiwan.”

Chen Shui-bian (1950) Taiwanese politician

During his daughter's wedding banquet, September 27, 2001
Pet Phrases, 2001

Wedding, Daughters

“Unfortunately, the critics of economics have had a tendency to discuss the whole structure as a tissue of misconceptions. It is a critique that fails. The strength of economics is its considerable, if far from complete, understanding of the flows and comparative advantages that underlie trade, jobs, capital and incomes, and the logic of optimising behaviour, all backed by glittering accomplishment in mathematics. That makes it a powerful analytical instrument, so that just a few misconceptions – such as a failure to understand the informal economy or resource depletion – have leverage: like a baby monkey at the controls of a Ferrari, they can turn it into an instrument with extraordinarily destructive potential. If it were a tissue of errors, it would not be dangerous: it is its 90 percent brilliance which makes it so.”

David Fleming (1940–2010) British activist

Lean Logic, (2016), p. 123, entry on Economics http://www.flemingpolicycentre.org.uk/lean-logic-surviving-the-future/

Error, Mathematics, Failure, Understanding

“If my theoretical studies have contained any subjective value judgment, then this has amounted at most to a preference for freedom and progress rather than state control of the economy and distribution of such scanty prosperity as may be available for distribution at a given moment. I have wanted to make it clear that this preference is a great common interest of all parties, both in the management of the world economy and in every individual nation. Such a position may be attacked, but it cannot be denominated as party-politics in the ordinary sense.”

Gustav Cassel (1866–1945) Swedish economist

Cassel (1941, 440); as cited in: Carlson, Benny, and Lars Jonung. "Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the role of the economist in public debate." Econ Journal Watch 3.3 (2006): 524-5.

World, Sense, Study, Freedom

“It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough jobs or enough profits.”

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) http://www.jfklibrary.org/Research/Research-Aids/Ready-Reference/JFK-Quotations.aspx 1962, Address and Question and Answer Period at the Economic Club of New York (549)

“In general the claim can be supported that a view of classical political economy as committed to extreme laissez-faire or unmitigated economic individualism misrepresents or at the very least analytically overgeneralizes their circumscribed theoretical and practical aims. In general then, with regard to both political and economic liberty, the classical political economists might be seen to be united in their efforts to theorize and systematize the productive and allocating functions of the mechanism of the market as the most efficient means to engender the growth of wealth. At the same time, classicals such as Smith, Malthus, Ricardo, and Mill recognized that the market, of necessity, operated in a larger context of restriction – not only legal, but equally as important, within political, religious, moral, and conventional restrictions – which could not be readily or in some cases even desirably overcome.”

Shannon C. Stimson (1951) American political theorist

"Classical Political Economy", in Coole, Diana H.; Gibbons, Michael; Ellis, Elisabeth et al., The encyclopedia of political thought (2014); see also Adam Smith

Support, Effort, Time, Wealth

“In 1848, driven by a revolution in Paris, King Louis Philippe abdicated and Louis Napoleon (a nephew of Napoleon Bonaparte) was elected president of France. Four years later, after a coup d’etat, Louis Napoleon styled himself Napoleon II, emperor of France.
napoleon III’s first act as emperor was to imprison his political opponents. He was a crafty monarch, and his ambition during his reign was to seek glory through military adventurism while the great mass of French peasants remained ina state of poverty and despair.
Initially, Napoleon III achieved a short-lived public popularity by trying to “modernize” France and liberalize its economy, but his legacy remains that of a dictator and conniving politician.
In 1870, fearful that Germany was expanding too fast, Napoleon III declared war against this neighbor. The French were quickly defeated, and Napoleon III became a prisoner of war. Upon release in 1871, he was exiled to England, where he lived until his death in 1873.
Maurice Joly was mindful of this growing tension between Germany and France. He had been born in 1821 of French parents. He was admitted to the Paris bar as an attorney and was a one-time member of the General Assembly. Joly devoted most of time to writing caustic essays on French politics. He joined many other severe critics of Napoleon III, who regarded him as a ruthless despot.
In 1864, Joly wrote a book called “The Dialogue in Hell between Machiavelli and Montesquieu.”…It intended to liken Napoleon III to the infamous Machiavelli, author of “The Prince,” a treatise on the acquisition of power. Holy intended to reveal the French dictator’s dark and evil plans.”

Will Eisner (1917–2005) American cartoonist

Will Eisner, pp. 7-8
The Plot: The Secret Story of the Protocols of the Elders of Zion (10/2/2005)

Death, War, Books, Fear

“Money as a medium of exchange becomes important when workers are paid in medium of exchange rather than in wage goods directly. Since wage goods constitute the majority of goods produced (particularly in the early stages of development), it is tempting (but misleading) to focus on exchanges and on money as a medium of exchange [like the neo-classicals]. Once capitalist production dominates the economy, money becomes universally important: money operates as a medium of exchange and money hoards provide a measure of security. However, production involves goods and services now in exchange for a promise to pay in the future. That is, money is involved in the production process because production is time-based and involves debt commitments. If one only focuses on the use of money in exchange or as a store of value, one ignores how money creation is inextricably related to time-based production in private property economies.”

L. Randall Wray (1953) American economist

Source: Money and Credit in Capitalist Economies, 1990, p. 10; Cited in Howard Stein. "Theories of institutions and economic reform in Africa." World Development 22.12 (1994): 1833-1849.

Money, Universe, Time, Future

“Fascism is a religion of the state. It assumes the organic unity of the body politic and longs for a national leader attuned to the will of the people. It is totalitarian in that it views everything as political and holds that any action by the state is justified to achieve the common goal. It takes responsibility for all aspects of life, including our health and well-being, and seeks to impose uniformity of thought and action, whether by force or through regulation and social pressure. Everything, including economy and religion, must be aligned with its objectives. Any rival identity is part of the "problem" and therefore defined as the enemy. I will argue that contemporary American liberalism embodies all of these aspects of fascism… You can see why the Marxist left would resist the idea that Hitler was a revolutionary. Because if he was, then either Hitler was a force for good, or revolutions can be bad.”

Jonah Goldberg (1969) American political writer and pundit

Source: 2000s, 2008, Liberal Fascism (2008), p. 63

Life, People, Health, Religion

“The monetary history of the last four hundred years has been replete with financial crises. The pattern was that investor optimism increased as economies expanded, the rate of growth of credit increased and economic growth accelerated, and an increasing number of individuals began to invest for short-term capital gains rather than for the returns associated with the productivity of the assets they were acquiring. The increase in the supply of credit and more buoyant economic outlook often led to economic booms as investment spending increased in response to the more optimistic outlook and the greater availability of credit, and as household spending increased as personal wealth surged.”

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

Manias, Panics, and Crashes: A History of Financial Crises (1978), Ch. 13 : The Lessons of History and the Most Tumultuous Decades Ever

History, Optimism, Personality, Wealth

“I am very liberal on social issues, but I don’t believe we can have personal liberty, which is what that means, without having economic liberty. We have economic tyranny when you add in Obamacare, we have about 50 percent of the U. S. GDP in the public sector. That means that you have a tyrannical and overregulating, and politicized economy, not a market economy, not the invisible hand.”

Scott McNealy (1954) American businessman

Source: Why Sun Co-Founder Scott McNealy Supports The Romney-Ryan Ticket http://techpresident.com/news/22727/why-sun-co-founder-scott-mcnealy-supports-romney-ryan-ticket

Personality

“After I improved our foreign affairs, I shall improve the economy in Taiwan.”

Chen Shui-bian (1950) Taiwanese politician

CKS Airport, June, 5, 2001
Pet Phrases, 2001

“The concept of man as mass robot was both an expression of and a powerful motive force in industrialized mass society. It was the basis for behavioural engineering in commercial, economic, political and other advertising and propaganda; the expanding economy of the 'affluent society' could not subsist without such manipulation. Only by manipulating humans ever more into Skinnerian rats, robots buying automata, homeostatically adjusted conformers and opportunists (or, bluntly speaking, into morons and zombies) can this great society follow its progress toward ever increasing gross national product.”

Ludwig von Bertalanffy (1901–1972) austrian biologist and philosopher

Source: General System Theory (1968), 9. General Systems Theory in Psychology and Psychiatry, p. 206

Motivation

“Her talking about the Obama Administration has done a great job and deserves an A on the economy. I mean, please, let's talk to American families and sit around the dinner table at night figuring how to pay their bills. The American economy is not in good shape; productivity is failing.”

Paul Manafort (1949) American political consultant

Interview on NBC News' Meet The Press (July 31, 2016)

Family, Night

“Globalisation was an unstoppable natural process; free-market economics simply the natural state of things. But when the country that designed globalisation, imposed it and benefited from it most votes against it, you have to consider the possibility that it is going to end, and suddenly. If so, you also have to consider a possibility that – if you are a liberal, humanist democrat – may be even more shocking: that oligarchic nationalism is the default form of failing economies.”

Paul Mason (journalist) (1960) British journalist

The Soviet Union collapsed overnight. Don’t assume western democracy will last forever https://www.theguardian.com/commentisfree/2016/dec/05/soviet-union-collapsed-overnight-western-democracy-liberal-order-ussr-russia, The Guardian (5 December 2016)

Nature, Country

“It is commonly agreed that Keynes came up with the idea that public works are the best way to help the economy during a recession.
As a result, Keynesian economists seem to have developed a blind faith in the government in general, and in the system of public works in particular.
I do not share the same faith in the government.
I do not share the same faith in public works.<p”

Xavier Sala-i-Martin (1962) Catalan economist

http://www.columbia.edu/~xs23/keynes/keynes2.htm And this may help explain why. Xavier Sala-i-Martin, Xavier Sala-i-Martin's Home Page http://www.columbia.edu/~xs23/keynes/keynes1.htm.

Faith, Way, Idea, Help

“Since the invention of the printing press by Johannes Gutenberg in the 15th century, mass media has ushered in a new era of collective consciousness – a set of shared beliefs, ideas, and moral attitudes that operate as a unifying force within society. Notwithstanding the danger of assimilation akin to the Borg in Star Trek, the Internet is accelerating collective consciousness and revolutionizing economy, politics, and education, among others.”

Newton Lee American computer scientist

Google It: Total Information Awareness, 2016

Education, Star, Idea

“It is interesting to note that in nearly all the economics courses it is taught that the income tax is the proper instrument for the regulation of the country’s economy; that private property is not an inalienable right (in fact, there are no inalienable rights); that the economic ills of the country are traceable to the remnants of free enterprise; that the economy of the nation can be sound only when the government manages prices, controls wages, and regulates operations. This was not taught in the colleges before 1913.”

Frank Chodorov (1887–1966) American libertarian thinker

Source: The Income Tax: Root of All Evil (1954), p. 34

Country

“Satan tried to control the world with power but created hell. That power cannot create the ideal world. God has to create the Kingdom of Heaven on Earth by true love, even to liberate hell. Based on true love, not politics or economy, scholars can change their concepts. So far, scholars have supported political authority, but that must change. Economy has supported the reigning political power, which makes for division. Now unity will come by parental love.”

Sun Myung Moon (1920–2012) Korean religious leader

1999, http://www.tparents.org/Moon-Talks/sunmyungmoon99/UM990825.htm

Love, God, World, Hell

“Administrative efficiency is not merely a matter of paper clips, time clocks, and standardized economies of motion. These are but minor gadgets. Real efficiency goes much deeper down. It must be built into the structure of a government just as it is built into a piece of machinery. Fortunately the foundations of effective management in public affairs, no less than in private, are well known. They have emerged universally wherever men have worked together for some common purpose, whether through the state, the church, the private association, or the commercial enterprise. They have been written into constitutions, charters, and articles of incorporation, and exist as habits of work in the daily life of all organized peoples. Stated in simple terms these canons of efficiency require the establishment of a responsible and effective chief executive as the center of energy, direction, and administrative management.”

Louis Brownlow (1879–1963) American mayor

Source: Administrative management in the government of the United States. 1937, p. 2

Life, Men, People, Universe

“The world economy is pumping trillions of dollars into the accounts of a few thousand people. These riches should be directed first and foremost to end the millions of needless deaths caused by extreme poverty, and to educate the hundreds of millions of children who lack schooling. The billionaires would still have enough left over to indulge their longing for mega-yachts, personal space ships, private tropical islands, and other conspicuous consumption.”

Jeffrey D. Sachs (1954) American economist

"Billionaires reach for the stars while world suffers, CNN, August 15th, 2018 http://jeffsachs.org/2018/08/billionaires-reach-for-the-stars-while-world-suffers/

Death, Children, People, World

“We have already mentioned what may, perhaps, appear paradoxical to some of our readers, — that the division of labour can be applied with equal success to mental as to mechanical operations, and that it ensures in both the same economy of time.”

Charles Babbage On the Economy of Machinery and Manufactures

Source: On the Economy of Machinery and Manufactures, 1832/1841, p. 191; Ch. 20. "On the division of mental labour"

Appearance, Time, Success

“Sen. Obama thinks we can achieve energy independence without more drilling and without more nuclear power. But Americans know better than that. We must use all resources and develop all technologies necessary to rescue our economy from the damage caused by rising oil prices and restore the health of our planet.”

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

2000s, 2008, (2008)

Health, Thinking

“The advent of the new political economy marked a decisive moment in the demise of the republican strand of American politics and the rise of contemporary liberalism. According to this liberalism, government should be neutral as to conceptions of the good life, in order to respect persons as free and independent selves, capable of choosing their own ends. Keynesian fiscal policy both reflected this liberalism and deepened its hold on American public life. Although those who practiced Keynesian economics did not defend it in precisely these terms, the new political economy displayed two features of the liberalism that defines the procedural republic.”

Michael J. Sandel (1953) American political philosopher

1. America's Search for a Public Philosophy
Public Philosophy (2005)

Life, Decision, Personality

“While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.”

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

October 19, 2004 http://www.federalreserve.gov/boarddocs/speeches/2004/20041019/default.htm, playing down the threat of a national housing bubble. 2000s

“We got rich by violating one of the central tenets of economics: thou shall not sell off your capital and call it income. And yet over the past 40 years we have clear-cut the forests, fished rivers and oceans to the brink of extinction and siphoned oil from the earth as if it possessed an infinite supply. We've sold off our planet's natural capital and called it income. And now the earth, like the economy, is stripped.”

Kalle Lasn (1942) Estonian-Canadian film maker, author, magazine editor and activist

Hey President Obama http://www.adbusters.org/magazine/82/obama_economics.html/. Adbusters (March 24, 2009).

Nature, Fish, Past

“Biodiesel seems to be the answer to a lot of our prayers. Not only can it help the U. S. economy, our unwanted dependence on foreign oil, and the gasping environment, it could also help the family farmers out of this tragic dilemma they have found themselves in through no fault of their own.”

Willie Nelson (1933) American country music singer-songwriter.

[On the Clean Road Again: Biodiesel and the Future of the Family Farm, 37, Nelson, Willie, Fulcrum Publishing, 2007, 9781555916244]

Family, Help, Dependency

“Every day I talk with the enemy. But I do not see an embodiment of "him who opposes goodness." If we approach the war on terrorism with the fervor of a Christian jihad against Islam, our battle is already lost, for we have become what we opposed and we are now the fundamentalists. Our battle is not one of flesh and blood, but against the spiritual powers and principalities which rule this present darkness. We cannot allow ourselves to be caught up in "war mode" against a fleshly enemy, or the true enemy is already within us, and we have failed to believe in the power of a redemption which (we say) we believe has saved us. … My comfort and liberty must not be won by the sacrifices of a new and foreign poor now paying the price for our moral failings of diplomacy,. economy and statesmanship, turning our Republic into an Empire.”

Joshua Casteel (1979–2012) US Army soldier, lecturer, and writer

Source: Letters from Abu Ghraib (2008), pp. 71-72.

War

“If consumer society is to continue to exist in the manner to which it has become accustomed, it is essential that this latent power be appropriated, tamed and made docile. The ways in which contemporary capitalism undermines women's bodies, from advertising to pornography to the structure of gendered labour and domestic conflict, are not private troubles with no bearing upon the wider world. They are necessary fetters in a superstructure of oppression that has become so fundamental to the experience of femininity that it is effectively invisible. This superstructure is vital to the very survival of the patriarchal capitalist machine. If women on earth woke up tomorrow feeling truly positive and powerful in their own bodies, the economies of the globe would collapse overnight.”

Laurie Penny book Meat Market: Female Flesh Under Capitalism

Introduction
Meat Market: Female Flesh Under Capitalism (2010)

Women, World, Way, Feeling

“The transformation of the automobile market was essentially complete in 1929. If Mr. Ford, in that pivotal year in the modern economy, still held stubbornly to his old concept in his new Model A, he was counterbalanced by Mr. Chrysler, who had come up from nowhere with tremendous vitality and with a market policy similar to General Motors'. The fact that Mr. Ford built nearly two million of the five million U. S.-produced cars and trucks sold that year was only incidental from the long-term point of view. it was a splurge, not the sign of a trend.”

Alfred P. Sloan (1875–1966) American businessman

Source: My Years with General Motors, 1963, p. 169

Cars

“Higher progress can only be purchased by an economy of the work of lower progress, the free, conscious expression of higher individuality by the routine subordination of lower individuality.”

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

section 11, p. 422
The Evolution of Modern Capitalism: A Study of Machine Production (1906), Ch. XVII Civilisation and Industrial Development

“Industrial production, the flow of resources in the economy, the exertion of military effort in a war theater-all are complexes of numerous interrelated activities. Differences may exist in the goals to be achieved, the particular processes involved, and the magnitude of effort. Nevertheless, it is possible to abstract the underlying essential similarities in the management of these seemingly disparate systems.”

George Dantzig (1914–2005) American mathematician

Source: Linear programming and extensions (1963), p. 1

War, Effort

“Differences in the incidence of destruction and "death" do not account for the reluctance to refer to international politics as a harmonious realm, while competitive economies are often so described. Instead, one may say that the standards of performance now applied to international political systems are higher, or at least widely different. As John Maynard Keynes once remarked, those who believe that unhampered processes of natural selection lead to progress do not "count the cost of the struggle" (1926, p. 37). In international politics, we often count nothing but the costs of the struggle.”

Kenneth N. Waltz book Theory of International Politics

Source: Theory of International Politics (1979), p. 137

Death, Nature

“We have lived for 200 years in a growth economy. In this time we have come to believe that all our major economic ills – from unemployment and poverty to overpopulation and even environmental degradation – can be solved by more growth. And if the global economy existed in a void perhaps that would be true. But it does not.”

Herman E. Daly (1938) American economist

A steady-state economy, 2008

Time

“It is clear that the building of models is not a purely mechanical process but requires skill of a high order – not merely mathematical skill but a sensitivity to the relative importance of different factors and a critical, almost an artistic, faculty in the selection of behaviour equations which are reasonable, tentative hypotheses in explaining the behaviour of actual economies.”

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

Source: 1950s, The Skills of the Economist, 1958, p. 16-17 as cited in Andrew Mearman (2011).

Mathematics

“Plausible as the idea of the United States of Europe as a peace arrangement may seem to some at first glance, it has on closer examination not the least thing in common with the method of thought and the standpoint of social democracy... At the present stage of development of the world market and of world economy, the conception of Europe as an isolated economic unit is a sterile concoction of the brain. Europe no more forms a special unit within world economy than does Asia or America.”

Rosa Luxemburg (1871–1919) Polish Marxist theorist, socialist philosopher, and revolutionary

Peace Utopias (1911)

World, Peace, Democracy, Idea

“In the present decade, the U. S. economy has undergone its first major depression since the 1930’s, to the accompaniment of inflation rates in excess of 10 percent per annum. These events have been transmitted […] to other advanced countries and in many cases have been amplified. These events did not arise from a reactionary reversion to outmoded, 'classical' principles of tight money and balanced budgets. On the contrary, they were accompanied by massive government budget deficits and high rates of monetary expansion, policies which, although bearing an admitted risk of inflation, promised according to modern Keynesian doctrine rapid real growth and low rates of unemployment. That these predictions were wildly incorrect and that the doctrine on which they were fundamentally flawed are now simple matters of fact, involving no novelties of economic theory. The task now […] is to sort through the wreckage, determining which features of that remarkable intellectual event called the Keynesian Revolution can be salvaged and put to use and which others must be discarded.”

Robert Lucas Jr. (1937) American economist

As contained in The Rational Expectations Revolution: Readings From the Front Line https://en.wikiquote.org/wiki/Special:BookSources/0262631555, Preston J. Miller, MIT Press (reprint 1994), pp. 5-6 "After Keynesian macroeconomics" 1978

Money, Country

“A wise economy- without avaricious meanness, or dirty rapacity will in a few years render you decently independent.”

Ignatius Sancho (1729–1780) British composer, writer and grocer

(from vol 2, letter 13: 29 Nov 1778, to Mr S___ in Madras) [this Mr S___ was Julius Soubise, former London playboy, who slowly made a new life for himself in India after fleeing England in 1777 due to a rape accusation]

“As soon as a thought or word becomes a tool, one can dispense with actually ‘thinking’ it, that is, with going through the logical acts involved in verbal formulation of it. As has been pointed out, often and correctly, the advantage of mathematics—the model of all neo-positivistic thinking—lies in just this ‘intellectual economy.’ Complicated logical operations are carried out without actual performance of the intellectual acts upon which the mathematical and logical symbols are based. … Reason … becomes a fetish, a magic entity that is accepted rather than intellectually experienced.”

Max Horkheimer book Eclipse of Reason

Source: Eclipse of Reason (1947), p. 23.

Mathematics, Thinking

“Every coercive monopoly was created by government intervention into the economy: by special privileges, such as franchises or subsidies, which closed the entry of competitors into a given field, by legislative action.”

Ayn Rand book The Voice of Reason

The Voice of Reason (1989)

“He was often, and much beyond reason, provoked by my failures in cases where success could not have been expected; but in the main his method was right, and it succeeded. I do not believe that any scientific teaching ever was more thorough, or better fitted for training the faculties, than the mode in which logic and political economy were taught to me by my father. Striving, even in an exaggerated degree, to call forth the activity of my faculties, by making me find out everything for myself, he gave his explanations not before, but after, I had felt the full force of the difficulties; and not only gave me an accurate knowledge of these two great subjects, as far as they were then understood, but made me a thinker on both.”

John Stuart Mill book Autobiography

Source: Autobiography (1873)

https://archive.org/details/autobiography01mill/page/28/mode/1up pp. 28–29

Failure, Knowledge, Success, Training

“In the 1980s capitalism triumphed over communism. In the 1990s it triumphed over democracy and the market economy.”

David Korten (1937) writer, sustainability advocate

The Post-Corporate World: Life After Capitalism (2012)

Democracy, Communication

“I think President Obama is the most radical president this nation's ever seen. And in particular, I think he is a true believer in government control of the economy and of our everyday lives. In my judgment, we are facing what I consider to be the epic battle of our generation, quite literally the battle over whether we remain a free market nation.”

Ted Cruz (1970) American politician

Interview with Caroline May of the The Daily Caller, after his announcement to run for U.S. Senate for the first time; in Caroline May, " Partier for Senate http://dailycaller.com/2011/06/06/ted-cruz-cuban-ivy-league-tea-partier-for-senate/", The Daily Caller (June 6, 2011). 2010s

Thinking

“Historically, "public administration" has grown in large part out of the wider field of inquiry, "political science." The history of American political science during the past fifty years is a story much too lengthy to be told here, but some important general characteristics and tendencies it has communicated to or shared with public administration must be noted.
The Secular Spirit Despite: the fact that "political science" in such forms as moral philosophy and political economy had been taught in America long before the Civil War, the present curriculum, practically in its entirety, is the product of the secular, practical, empirical, and "scientific" tendencies of the past sixty or seventy years. American students dismayed at the inadequacies of the ethical approach in the Gilded Age, stimulated by their pilgrimage to German universities, and led by such figures as J. W. Burgess, E. J. James, A. B. Hart, A. L. Lowell, and F. J. Goodnow have sought to recreate political science as a true science. To this end they set about observing and analyzing "actual government." At various times and according to circumstances, they have turned to public law, foreign institutions, rural, municipal, state, and federal institutions, political parties, public opinion and pressures, and to the administrative process, in the search for the "stuff" of government. They have borrowed both ideas and examples from the natural sciences and the other social disciplines. Frequently they have been inspired by a belief that a Science of Politics will emerge when enough facts of the proper kinds are accumulated and put in the proper juxtaposition, a Science that will enable man to "predict and control" his political life. So far did they advance from the old belief that the problem of good government is the problem of moral men that they arrived at the opposite position: that morality is irrelevant, that proper institutions and expert personnel are determining.”

Dwight Waldo (1913–2000) American political scientist

Source: The Administrative State, 1948, p. 22-23

Life, Men, War, Age

“Instead the economy is a subsystem of the finite biosphere that supports it. When the economy’s expansion encroaches too much on the surrounding biosphere, we begin to sacrifice natural capital (animals, plants, minerals and fossil fuels) that is worth more than the manmade capital (roads, factories, appliances) added by ‘growth’.”

Herman E. Daly (1938) American economist

A steady-state economy, 2008

Support, Nature, Animals

“In the sixteenth century, Europe was like a bucking bronco. The attempt of some groups to establish a world-economy based on a particular division of labor, to create national states in the core areas as politico-economic guarantors of this system, and to get the workers to pay not only the profits but the costs of maintaining the system was not easy. It was to Europe's credit that it was done, since without the thrust of the sixteenth century the modern world would not have been born and, for all its cruelties, it is better that it was born than that it had not been.
It is also to Europe's credit that it was not easy, and particularly that it was not easy because the people who paid the short-run costs screamed lustily at the unfairness of it all. The peasants and workers in Poland and England and Brazil and Mexico were all rambunctious in their various ways. As R. H. Tawney says of the agrarian disturbances of sixteenth-century England: 'Such movements are a proof of blood and sinew and of a high and gallant spirit… Happy the nation whose people has not forgotten how to rebel.'
The mark of the modern world is the imagination of its profiteers and the counter-assertiveness of the oppressed. Exploitation and the refusal to accept exploitation as either inevitable or just constitute the continuing antinomy of the modern era, joined together in a dialectic which has far from reached its climax in the twentieth century.”

Immanuel Wallerstein (1930–2019) economic historian

Wallerstein (1974) The Modern World-System, vol. I, p. 233.

Happiness, People, World, Way

“Through knowledge, you can develop the economy. Without knowledge, you cannot improve a society.”

Newton Lee American computer scientist

American Film Institute (November 4, 2006)

Knowledge

“The economy is so bad, two Milwaukee men were arrested this week for trying to join ISIS. Did you hear their excuse, they said, "Hey! Nobody else is hiring!"”

Jay Leno (1950) American comedian, actor, writer, producer, voice actor and television host

THAT'S how bad it is! Guest monologue on The Tonight Show http://www.hollywoodreporter.com/live-feed/jay-leno-takes-jimmy-fallons-867267, 31 October, 2016 The Tonight Show

Men

“Political economy came into being as a natural result of the expansion of trade, and with its appearance elementary, unscientific huckstering was replaced by a developed system of licensed fraud, an entire science of enrichment.”

Friedrich Engels (1820–1895) German social scientist, author, political theorist, and philosopher

Die Nationalökonomie entstand als eine natürliche Folge der Ausdehnung des Handels, und mit ihr trat an die Stelle des einfachen, unwissenschaftlichen Schachers ein ausgebildetes System des erlaubten Betrugs, eine komplette Bereicherungswissenschaft.
Outlines of a Critique of Political Economy (1844)

Fraud, Nature, Appearance, Science

Quotes about economy page 11

Quotes about economy
page 11