Quotes about economy
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“We Americans really seem to be the only truly non-socialist economy on earth.”

William Pfaff (1928–2015) American journalist

Source: Barbarian Sentiments - How The American Century Ends (1989), Chapter 2, The Challenge of Europe, p. 27.

“The economy of a novelist is a little like that of a careful housewife who is unwilling to throw away anything that might perhaps serve its turn. Perhaps the comparison is closer to the Chinese cook who leaves hardly any part of a duck unserved.”

Graham Greene (1904–1991) English writer, playwright and literary critic

From journal kept while writing A Burnt-Out Case (1959)

Parting, Cooking

“Economists of the modern school will no doubt protest that I have said nothing of the use of budget deficits or surpluses for the control of the economy in general. I doubt if such techniques would ever be appropriate in Hong Kong's exposed economic position; and I think they are certainly not appropriate at present, when in strict orthodoxy they would suggest the need to plan for a very substantial surplus "to take the heat out of the economy". Although we have in fact run substantial surpluses in recent years we have not done so with deflationary effect because we have not removed them from the economy but have left them inside the Colony's banking system to continue to work for the economy. $500 million or 55% of reserves are so held at present.”

John James Cowperthwaite (1915–2006) British colonial administrator

February 26, 1964, page 47.
Official Report of Proceedings of the Hong Kong Legislative Council

School, Thinking

“Reason can never be the absolute dictator of man’s mental or moral economy.”

Theodore Dalrymple (1949) English doctor and writer

What the New Atheists Don't See http://www.city-journal.org/html/17_4_oh_to_be.html (Autumn 2007). City Journal (1998 - 2008)

“When the regime wanted additional industrial capacity or resources for the military economy which the private sector could not provide, it was created (or conquered) by the state… during the Third Reich state ownership expanded into the productive sectors, based on the strategic industries, aviation, aluminum, synthetic oil and rubber, chemicals, iron and steel, and army equipment. Government finances for state-owned enterprises rose from RM 4,000m in 1933 to RM 16,000m 10 years later; the capital assets of state-owned industry doubled during the same period; the number of state-owned firms topped 500.”

Richard Overy (1947) British historian

Source: War and Economy in the Third Reich (1994), p. 16

“The work that people did had been broken down into jobs that were the same every day, in organizations where people were interchangeable parts. All of the story had been bled out of their lives. That was how it had to be, it was how you got a productive economy.
But it would be easy to see a will at work behind this: not exactly an evil will, but a selfish will. The people who'd made the system thus were jealous, not of money and not of power, but of story. If their employees came home with interesting stories to tell, it meant that something had gone wrong: a blackout, a strike, a spree killing.
The Powers That Be would not suffer others to be in stories of their own unless they were fake stories that had been made up to motivate them. People who couldn't live without story…had to look somewhere outside of work for a feeling that they were part of a story, which I guessed was why Sæculars were so concerned with sports, and with religion. How else could you see yourself as part of an adventure?”

Neal Stephenson book Anathem

Erasmas theorizing why others are joining his journey, Part 7, "Feral"
Anathem (2008)

Money, People, Religion, Feeling

“Inflation and Employment in capitalist countries, in my own view, the change is the other way around: the constraints on the pressure of demand tend to be excessive, with the result that unemployment is much greater than can be justified by the needs of resource-allocation, and the rate of economic growth is appreciably less than it could be.
The main reason for this is that the distribution of power and, ultimately, the distribution of incomes, changes in favor of labor the faster the economy grows and the nearer it is to full employment, and over a longer period it changes in favor of capital the greater the volume of unemployment. This is the real reason why the continuance of Keynesian policies after the war led to a recrudescence of long-discredited ideas that go by the name of “monetarism.” The main attraction of monetarism was not its intellectual simplicity— inflation is a matter of the money supply, period— but that it elevated the fear of inflation to the unique position which could not be justified by the experience of numerous countries who habitually suffer from it.”

Nicholas Kaldor (1908–1986) British/Hungarian economist

Nicholas Kaldor, Economics without Equilibrium (1985), p.37-38

Money, War, Fear, Way

“Capitalism is a system in which many scarce resources are owned privately, and decisions about allocating them are a private prerogative. Democracy is a system through which people as citizens may express preferences about allocating resources that they do not privately own. Hence the perennial question of political theory and of practical politics concerns the competence of these two systems with regard to each other. Is it possible for governments to control a capitalist economy? In particular, is it possible to steer the economy against the interests and preferences of those who control productive wealth?”

Adam Przeworski (1940) Polish-American academic

Adam Przeworski and Michael Wallerstein, The American Political Science Review (Mar., 1988)

People, Democracy, Question, Decision

“It makes no sense to regard the right of suffrage as a utopian product of fantasy, cut loose from social reality. And it is for this reason that it is not a serious instrument of the proletarian dictatorship. It is an anachronism, an anticipation of the juridical situation which is proper on the basis of an already completed socialist economy, but is not in the transition period of the proletarian dictatorship.”

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

Source: The Russian Revolution (1918), Chapter Five, "The Question of Suffrage"

Reality, Sense

“Senator Menendez seems to think that tax increases create jobs and investment. I believe that private businesses create jobs, and that investment will flow to states with good economic climates and good governance, especially in a globalized economy.”

Tom Kean, Jr. (1968) Member of the New Jersey General Assembly and State Senate

On Taxes (May 12, 2006); "Congress Agrees on Tax Relief Extension", Tom's Blog" (May 12, 2006) http://tomkean.com/today/index.cfm?e=user.about.blog&messageID=137.

Business, Thinking

“Most people in the world are poor. If we knew the economy of being poor, we would know much of the economics that really matter. Most of the world's poor people earn their living in agriculture. If we knew the economics of agriculture, we would know much of the economic of being poor.”

Theodore Schultz (1902–1998) American economist

"The Economics of Being Poor," (1979)

People, World

“The network economy has moved from change to flux.”

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)

Change

“Several fallacies have been accepted too freely recently about the position of our manufacturing industry in the balance of our economy. The biggest fallacy is the view that salvation lies in services, and only in services. The corollary to that is that it is inevitable and desirable that over the past two decades there has been a reduction of nearly 3 million in employment in manufacturing industry. That is a massive reduction and represents nearly 40 per cent. of the total in manufacturing industry over that time. I do not believe that that should have been the case. That has been precipitate and dangerous and it has not been associated with an increase in productivity which has led to our maintaining our relative manufacturing position…I have come increasingly to the view that the Government stand back too much from industry. In my experience, they do so more than any other Government in the European Community. They do so more than the United States Government. We have to remember the vast US defence involvement in industry. They certainly stand back more than do the Japanese Government. To some extent, the motive is the feeling that we have had an uncompetitive and rather complacent industry which must be exposed to the full blasts of competition, and if that means contracts, even Government contracts, going overseas, we should shrug our shoulders and say that the wind should be stimulating. That process has been carried much further in Britain than in any other comparable rival country. I am resolutely opposed to protectionism. I am sure that it diminishes the employment and wealth-creating capacity of the world as a whole. That would be the result of plunging back into that policy. I also believe, however, that this totally arm's-length approach in the relationship between Government and industry is something that no other comparable Government contemplate to the extent that we do. It is not producing good results for British industry and it is a recipe for a further decline in Britain's position in the Western world. The Government should examine it carefully and reverse it in several important respects.”

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

Speech http://hansard.millbanksystems.com/commons/1986/jul/07/future-of-manufacturing-industry in the House of Commons (7 July 1986). 1980s

World, Feeling, Communication, Motivation

“They forget that although our economy has been doing well, it is still narrow and fragile and it will take a long time before we can compete fully with the developed nations.”

Laisenia Qarase (1941) Prime Minister of Fiji

Address to the 18th Australia-Fiji Business Forum, Shangri-La Fijian Resort, Sydney, Australia, 17 October 2005 (excerpts)

Time, Forgetting

“The economy is doing fine—if you gauge it in traditional ways. The growth of GDP is 6.2%, which is good. […] But do we compare Russia to developed countries or to a country like China that has the GDP growth of 9%—or oil producers like Azerbaijan with 12%, or Kazakhstan with 19%. This way, we see that Russia's achievement is more than modest. Under oil windfall profits, Russia's GDP should have grown by 15% to 16% in 2005. Once you dismiss the windfall profits, you see a poor quality of the economic policy that has proven negative to the tune of losing some 9% to 10% of the GDP growth.”

Andrey Illarionov (1961) Russian politician

About the real picture in the Russian economy around 2005.
"Q&A: Putin's Critical Adviser," 2005

Way, Gauge, Country

“Let a man get once fairly possessed of any peculiar notion, whether it be on religion, political economy, morals, politics, arts, or anything else, and he sees little beside his beloved principle, which he is at all times ready to advance, defend, demonstrate, or expatiate on. Nothing can be simpler than the two great dogmas of Christianity, which are so plain that all can both comprehend them and feel their truth. They teach us to love God, the surest way to obey him, and to love our neighbor as ourselves. Any one can understand this; all can see how just it is, and how much of moral sublimity it contains. It is Godlike, and brings us near the very essence of the Divinity, which is love, mercy, and truth. Yet how few are content to accept the teachings of the Saviour in this respect, without embarrassing them with theories that have so much of their origin in human fancies.”

James Fenimore Cooper (1789–1851) American author

Source: Oak Openings or The bee-hunter (1848), Ch. XVI

Love, God, Truth, Religion

“The unremitting division of labour resulted in admirable levels of productivity. The company’s success appeared to bear out the principles of efficiency laid down at the turn of the twentieth century by the Italian economist Vilfredo Pareto, who theorized that a society would grow wealthy to the extent that its members forfeited general knowledge in favour of fostering individual ability in narrowly constricted fields. In an ideal Paretan economy, jobs would be ever more finely subdivided to allow for the accumulation of complex skills, which would then be traded among workers. … But however great the economic advantages of segmenting the elements of an afternoon’s work into a range of forty-year-long careers, there was reason to wonder about the unintended side effects of doing so. In particular, one felt tempted to ask … how meaningful the lives might feel as a result.”

Alain de Botton (1969) Swiss writer

The Pleasures and Sorrows of Work (2009)

Feeling, Knowledge, Appearance, Success

“It is important to realize that the market economy, though it is associated historically with the rise of modern private capitalism, is as a mechanism not necessarily limited to that system.”

Daniel Bell book The Cultural Contradictions of Capitalism

Source: The Cultural Contradictions of Capitalism (1976), Chapter 6, The Public Household, p. 223

“Doublespeak embedded in a convenient matrix of anticommunist ideology was essential, as the U. S. establishment was obliged to pretend (or internalize the belief) that the huge global expansion of the U. S. political economy on which they had embarked was “defensive” and responsive to some external threat; that we were “containing” somebody else who was committing “aggression” and threatening our “national security.” The words and phrases “defense,” “containment,” “aggression,” and “national security” are core items of the doublespeak lexicon, essential ingredients of the ink squirted out by imperial cuttlefish.”

Edward S. Herman (1925–2017) American journalist

Source: Beyond Hypocrisy, 1992, p. 20.

“We are an endangered species, you and me. We fans of speed, we devotees of power, we lovers of performance and beauty, and mechanical soul. We dare not speak of cams or cranks or double wishbones. We fear for our love of roaring V8s and the smell of burnt rubber. We're told to think of the economy, the environment, and not excitement and enjoyment. In an age of hybrid-this and automatic-that, we are the odd ones out. Yet there is hope. There is a haven. A place that celebrates speed, grip, gears, and fun. And it's all here for you to explore.”

Jeremy Clarkson (1960) English broadcaster, journalist and writer

Voice-over introduction to Forza Motorsport 4 (2011)

Love, Age, Fear, Beauty

“Communication – which in the end is what the digital technology and media are all about – is not just a sector of the economy. Communication IS the 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)

Communication

“It is the business of the production engineer to know every single item that constitutes his finished product, and every step involved in the handling of every piece. He must know what is the most advantageous manufacturing quantity of every single item so as to secure uniformity of flow as well as economy of manufacture. He must know how long each step ought to take under the best attainable working conditions. He must be able to tell at any time the exact condition as regards quantity and state of finishedness of every part involved in his manufacturing process.”

Hugo Diemer (1870–1937) American mechanical engineer

Source: "Industrial Engineering," 1905, p. 67

Business, Time, Parting

“Capitalism in the twentieth century was dominated by finance, with the exception of that half of the century that was taken up by its world wars, the Great Depression and its Keynesian aftermath. Even before, in the nineteenth century, finance seduced industrial capitalism by offering a vision of capitalist reproduction expanded by the resources generated by financial inflation, ostensibly held in check by controls on the issue of paper money. The extensive and negative reaction of English political economy to Adam Smith’s views on usury was symptomatic of the expansion of financial markets and their growing confidence in their ability to contribute to commerce and industry. From Veblen through Keynes to Minsky, a series of critics of finance argued that economies do not operate in the benign way in which it appears in equilibrium economics. These critics can be divided into those like Veblen, Hawtrey, Kalecki, Steindl and Minsky, who took a general view of finance; those like Smith, Fisher and Breit, who saw the financial system as essentially a banking system; and those like Keynes, Kindleberger and Galbraith, who have identified the pathology of modern capitalism in its capital markets.”

Jan Toporowski (1950)

Theories of Financial Disturbance (2005), Ch. 15. Conclusion: the disturbance of economists by finance

Money, War, World, Way

“If each member of society can be induced or impelled to do his allotted task by associating it with some motive that appears to him adequate, then he need never know how he is contributing to the real end, and need not even be aware of the end at all. It is this problem of organization that we shall call the Economic Problem. It is in fact the real subject matter of political economy.”

Ralph George Hawtrey (1879–1975) British economist

Source: The Economic Problem (1925), Chapter I, "The Problem Profounded", p. 3.

Motivation, Problem, Appearance

“We don’t realize that in the sizzle of our steaks there is the suffering of animals, the mining of our topsoil, the slashing of our forests, the harming of our economy, and the eroding of our health. We don’t hear in the sizzle the cry of the hungry millions who might otherwise be fed. We don’t see the toxic poisons accumulating in the food chains, poisoning our children and our earth for generations to come. But once we become aware of the impact of our food choices, we can never really forget… All things are deeply connected, and so the choices we make in our daily lives have enormous influence, not only on our own health and vitality, but also on the lives of other beings, and indeed on the destiny of life on earth. Thankfully, we have cause to be grateful—what’s best for us personally is also best for other forms of life, and for the life support systems on which we all depend.”

John Robbins book Diet for a New America

Source: Diet for a New America (1987), Ch. 12: All Things Are Connected

Life, Children, Health, Food

“The spontaneous individual optimization that drives the theories with which I began is important, but it is not enough by itself. If spontaneous Coase‐style bargains, whether through laissez-faire or political bargaining and government, eliminated socially wasteful predation and obtained the institutions that are needed for a thriving market economy, then there would not be so many grossly inefficient and poverty-stricken societies.”

Mancur Olson (1932–1998) American economist

"Big Bills Left on the Sidewalk: Why Some Nations Are Rich, and Others Poor"

Optimism

“What people are desperate for, not just in Virginia but in this country, are people who will have a positive vision, who will actually speak to the issues that truly matter–the issues that are real issues in Virginia right now–like real gang violence, public safety, the issue of protecting history in Virginia with our monuments, some of the things that in our race in Virginia, like the economy and jobs, these are the things that have defined these races. Yet the Democrats won’t talk about that because they don’t have solutions, and they don’t want to.”

Jill Vogel (1970) American politician

Jill Vogel: VA Dems Focused on Division over Issues Because ‘They Don’t Have Solutions’ http://www.breitbart.com/radio/2017/11/06/vogel-va-dems-focused-division-issues-dont-have-solutions/ (November 6, 2017)

People, History, Country

“In the industrial economy success was self-limiting; it obeyed the law of decreasing returns.”

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)

Law, Success

“People will inhabit places, but increasingly the economy inhabits a space.”

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)

People

“Can we reverse these deeply rooted sources sources of inequality? Or are they just endemic to a capitalist economy?”

Robert Kuttner (1943) American journalist

Guardian Weekly, June 30, 1996

“Economy is a distributive virtue, and consists not in saving but selection. Parsimony requires no providence, no sagacity, no powers of combination, no comparison, no judgment.”

Edmund Burke A Letter to a Noble Lord

A Letter to a Noble Lord (1796)

“The order owes nothing to the housing needs of the British people. It is not designed to do so. It is just another example of the Tory Government slaughtering the housing needs and hopes of millions of people on the altar of the market economy, with all its gobbledegook about market forces and who will set and pay rents. I shall not say that this is a landlord's charter; it is worse than that. It is a profiteering landlord's charter. The rent officer will no longer be an independent objective person who ensures that a fair rent once fixed is adhered to and to whom one can appeal if a landlord tries to increase such a rent. People, particularly in London, will be harassed out of protected tenancies by con merchants and thrown on to the streets so that the private rented sector, the free market, can allow the level of rent to rise to its natural level—the highest that can be obtained…The effect of their deregulation has been to force up private sector rents, to have people thrown out on the streets, and there will be greater homelessness and profiteering by landlords…Most of those people who tonight are sleeping on the streets around Waterloo station, the National Theatre and along the South Bank, who are begging at the main stations of this city, who are sleeping over the grilles of tube stations on Charing Cross road, not long ago had somewhere to live. Those people are the victims of market forces, the victims of what this Government are doing and believe should be done to poor people, who cannot afford the landlords' rent.”

Jeremy Corbyn (1949) British Labour Party politician

Speech http://hansard.millbanksystems.com/commons/1989/mar/21/rent-officers in the House of Commons (21 March 1989). 1980s

People, Hope, Nature, Sleep

“The Spanish economy is not going to return to growth immediately.”

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

As President, 2008

“Our slaves till the land, do the coarse and hard labor on our roads and canals, sweep our streets, cook our food, brush our boots, wait on our tables, hold our horses, do all hard work, and fill all menial offices. Your freemen at the North do the same work and fill the same offices. The only difference is, we love our slaves, and we are ready to defend, assist and protect them; you hate and fear your white servants, and never fail, as a moral duty, to screw down their wages to the lowest, and to starve their families, if possible, as evidence of your thrift, economy and management—the only English and Yankee virtues.”

George Fitzhugh (1806–1881) American activist

Source: Cannibals All!, or Slaves Without Masters (1857), p. 320-321

Love, Hate, Fear, Family

“What we prize most is peace and an opportunity to devote all our efforts to restoring our economy.”

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

Speech delivered at the Fourth All-Russia Congress of Garment Workers (6 February 1920) http://www.marxists.org/archive/lenin/works/1921/feb/06.htm; Collected Works, Vol. 32, pp. 112-119. 1920s

Peace, Effort

“This is my chance to help this lady put some money in her pocket. Let me explain how the economy works. When you spend money to buy food it helps this lady's business. It makes it more likely somebody is going to find work. So instead of asking questions, answer mine: are you going to buy some food?”

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

Remarks by the President to the Press Pool, Nothin' Fancy Cafe, Roswell, New Mexico — Whitehouse Transcript http://georgewbush-whitehouse.archives.gov/news/releases/2004/01/20040122-5.html, Office of the Press Secretary, January 22, 2004. 2000s, 2004

Money, Food, Question, Business

“Endangered liberal values would stand a better chance in a society committed to defending the weak and vulnerable, as did the early liberals, and to insuring people against the economic insecurities that inevitably accompany a technologically dynamic and cosmopolitan economy.”

Samuel Bowles (1939) American economist

"The end of liberalism", Boston Globe (June 20, 2017)

People, Chance

“The trading characteristics of a security become more important than its underlying economics. The virtual economics began to drive the physical economy rather than the other way around.”

Aaron C. Brown (1956) American financial analyst

Source: The Poker Face of Wall Street (2006), Chapter 3, Finance Basics, p. 59

Way

“I say legalize marijuana because we have a chance to leave this world a better place for our children. Marijuana legalization is job creation, tax dollars, something to rejuvenate our pathetic economy. This is a multibillion-dollar industry. This is about jobs; this is about economics; this is about freedom. This is about taking our country back.”

Jesse Ventura (1951) American politician and former professional wrestler

Jesse Ventura's Marijuana Manifesto (2016), Introduction

Children, World, Freedom, Chance

“The 2008 financial meltdown is the result of under-regulated markets built on an ideology of free market capitalism and unlimited economic growth. The fundamental problem is that the underlying assumptions of this ideology are not consistent with what we now know about the real state of the world. The financial world is, in essence, a set of markers for goods, services, and risks in the real world and when those markers are allowed to deviate too far from reality, “adjustments” must ultimately follow and crisis and panic can ensue. To solve this and future financial crisis requires that we reconnect the markers with reality. What are our real assets and how valuable are they? To do this requires both a new vision of what the economy is and what it is for, proper and comprehensive accounting of real assets, and new institutions that use the market in its proper role of servant rather than master.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 40

World, Problem, Reality, Future

“Since the 1980s, the American business cycle has been based on financial and credit bubbles, and therefore on the enrichment, through the capital markets, of a very small number of people in a very few places. Truly we have become a 'trickle-down economy' — as we were not before. A rising tide may lift all boats, but recent business cycles have been more like waves, whereby certain sectors and areas ride the peaks before crashing to the shore. This is a sign, surely, not of the social evil of inequality per se but of the instability of bubble economies, closely associated with inequality of income, wealth, and power, for which we now pay a fearsome price.”

James K. Galbraith (1952) economist

James K. Galbraith (2012), Inequality and Instability: A Study of the World Economy. p. 148; Cite in: " Muddling Towards the Next Crisis: James Kenneth Galbraith in conversation with The Straddler http://www.thestraddler.com/201310/piece2.php" at thestraddler.com, Winter 2013.

People, Business, Evil, Wealth

“Curiously, it is hard not to be a little optimistic about the future for Zimbabwe (as nobody at all calls it yet, except in political speeches). The fear is not that there will be mass slaughter of the whites, followed by their flight to South Africa and the collapse of the economy, but that the need to retain white confidence may mean that the blacks are badly disappointed.”

Simon Hoggart (1946–2014) English journalist and broadcaster

Hoggart's Guardian column 9 Feb 1980 http://www.guardian.co.uk/world/1980/feb/09/zimbabwe.simonhoggart

Fear, Disappointment, Confidence, Future

“When you have a planned economy and when you abolish private property, someone must make the decision "Plan in what ways? What do people need?" They now must make those purchase decisions for you. What should you really buy and what shouldn't you buy? Removing choice in the interest of a collective pursuit, those central planners who are one and the same time your schoolteacher, your landlord, your employer, and your police, that's an extraordinary concentration of power, ladies and gentlemen. That is an extraordinary concentration of power. They must get people of what we are planning for and you see this in the history of every communist society. Which means in the final analysis, they must govern the culture, they must control values. Its why religion or any independent thinking is such an enemy. They must control the values, the preferences, the culture, and the education and they must find ways to repress those who are urging different paths and elections don't take care of that because if you're planning an entire economy. If you're planning the allocation of all goods and services and human choices. You can't every four years turn around and say "Oh, lets abandon 'A' and do 'B'." Elections don't get you out of that dilemma.”

Alan Charles Kors (1943) American academic

2010s, Socialism's Legacy (2011), Q&A

People, Education, Religion, Way

“More than four years after the financial crisis began, the world's major advanced economies remain deeply depressed, in a scene all too reminiscent of the 1930s. And the reason is simple: we are relying on the same ideas that governed policy in the 1930s. These ideas, long since disproved, involve profound errors both about the causes of the crisis, its nature, and the appropriate response.These errors have taken deep root in public consciousness and provide the public support for the excessive austerity of current fiscal policies in many countries. So the time is ripe for a Manifesto in which mainstream economists offer the public a more evidence-based analysis of our problems.”

Paul Krugman (1953) American economist

Paul Krugman and Richard Layard, "A Manifesto for Economic Sense" (June 27, 2012)

World, Error, Idea, Support

“"The environment has to be balanced against the economy." This quote portrays environmental concerns as a luxury, views measures to solve environmental problems as incurring a net cost, and considers leaving environmental problems unsolved to be a money-saving device. This one-liner puts the truth exactly backwards. Environmental messes cost us huge sums of money both in the short run and in the long run; cleaning up or preventing those messes saves us huge sums in the long run, and often in the short run as well. In caring for the health of our surroundings, just as of our bodies, it is cheaper and preferable to avoid getting sick than to try to cure illnesses after they have developed.”

Jared Diamond book Collapse: How Societies Choose to Fail or Succeed

Source: Collapse: How Societies Choose to Fail or Succeed (2005), Chapter "The world as a polder: what does it all mean to us today?", section "One-liner objections" (Penguin Books, 2011, page 503, .

Money, Health, Truth, Quotes

“If Christianity were true religious persecution would become a pious and charitable duty: if God designs to punish men for their opinions it would be an act of mercy to mankind to extinguish such opinions. By burning the bodies of those who diffuse them many souls would be saved that would otherwise be lost, and so there would be an economy of torment in the long run. It is therefore not surprising that enthusiasts should be intolerant.”

William Winwood Reade (1838–1875) British historian

Source: The Martyrdom of Man (1872), Chapter II, "Religion", p. 178.

Men, God, Soul

“John Stuart Mill,
By a mighty effort of will,
Overcame his natural bonhomie
And wrote "Principles of Political Economy."”

Edmund Clerihew Bentley (1875–1956) British writer

Clerihews: Biography for Beginners (1905)

Nature, Effort

““Judge” Andrew Napolitano is at it again, legitimizing some of the worst people in American politics on his Fox News online show. This time around, he’s pimping for Ron Paul and racialist paleocon Lew Rockwell… [Ron Paul is] a kook with weird unworkable ideas about the economy (return to the gold standard? you've gotta be kidding) and unsavory racist connections.”

Charles Foster Johnson (1953) American musician

April 16, 2009 http://littlegreenfootballs.com/article/33378_Video-_Napolitano_Pimping_Ron_Paul_and_Lew_Rockwell_Again&only

People, Idea, Time

“Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.”

Paul Ormerod book The Death of Economics

Part II, Chapter 7, Attractor Points, p. 140
The Death of Economics (1994)

Failure

“Roughly speaking, I think it's accurate to say that a corporate elite of managers and owners governs the economy and the political system as well, at least in very large measure. The people, so-called, do exercise an occasional choice among those who Marx once called "the rival factions and adventurers of the ruling class."”

Noam Chomsky (1928) american linguist, philosopher and activist

Source: Quotes 1960s-1980s, 1970s, Government in the Future, 1970, p. 146.

People, Exercises, Thinking

“Countries as well as families benefit from the ability to trade with one another. Trade allows countries to specialize in what they do best and to enjoy a greater variety of goods and services. The Japanese, as well as the French and the Egyptians and the Brazilians, are as much our partners in the world economy as they are our competitors.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 1. Ten Principles of Economics; p. 10

World, Family, Country

“Ricardo's theory is absolutely right—within its narrow confines. His theory correctly says that, accepting their current levels of technology as given, it is better for countries to specialize in things that they are relatively better at. One cannot argue with that. His theory fails when a country wants to acquire more advanced technologies—that is, when it wants to develop its economy. It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries. Ricardo's theory is, thus seen, for those who accept the status quo but not for those who want to change it.”

Ha-Joon Chang book Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Source: Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008), Ch. 2: 'The double life of Daniel Defoe; How did the rich countries become rich?', The double life of the British economy, p. 47

Learning, Change, Chance, Time

“Increase on productivity and decrease in unit costs (often identified with economies of scale) resulted far more from the increases in the volume and velocity of throughput then from a growth in the size of the factory and plant.”

Alfred D. Chandler, Jr. (1918–2007) American historian

Source: The Visible Hand (1977), p. 281; Cited in: Best (1990, p. 48).

“The absurdity of monetary system which robs people first of their fair share in the "free market economy" and then - through some of the most inefficient procedures imaginable - returns some of this money in the form of welfare payments to the same people, has rarely been exposed by the "experts" nor been discussed in public.”

Margrit Kennedy (1939–2013) German architect

Source: Interest and Inflation Free Money (1995), Chapter Three, Who Would Profit From a New Monetary System?, p. 71

Money, People, Imagination

“The sum total of such policies is a state that is what can only be described as—grammatical propriety notwithstanding—“uniquely unique.” Allow me to give you some examples: North Korea is the world’s sole communist hereditary dynasty, the world’s only literate-industrialized-urbanized peacetime economy to have suffered a famine, the world’s most cultish totalitarian system, and the world’s most secretive, isolated country—albeit one with the world’s largest military in terms of manpower and defense spending proportional to its population and national income. The result is a most abnormal state, one that is able to exercise disproportionate influence in regional politics despite its relatively small territorial and population size and its exceedingly meager economic, political, and soft power, principally through a strategy of external provocations and internal repression.”

Sung-Yoon Lee Korea and East Asia scholar, professor

A similar, shorter, quote also appears here:

Secret, World, Exercises, Suffering

“Many of today's trading relationships actually make America more globally competitive.... Raising tariffs among the United States, Canada and Mexico will only weaken a well-oiled manufacturing machine that is driven by the high level of integration the three economies have in their supply chains. This integration makes the region as a whole more competitive vis-à-vis the world.”

George Shultz (1920) American economist, statesman, and businessman

A better way than tariffs to improve America's trade picture. https://www.cnn.com/2018/06/01/opinions/a-better-way-than-tariffs-to-improve-americas-trade-picture/index.html CNN opinion article written jointly with Pedro Aspe, Mexico's former secretary of finance, published June 1, 2018.

World

“There are more idealized definitions of capitalism, but I refer to the real capitalism—the kind we are living with. This capitalism is grounded in an elitist ideology of individualism supported by an institutional system devoted to the concentration and abuse of wealth for the exclusive benefit of a private ruling oligarchy. It is the capitalism that claims to champion democracy and markets even as it destroys them. The capitalism that claims to bring universal prosperity even wile denying it to all but its most favored servants. The capitalism that destroys life to make money and organizes as a suicide economy that destroys the foundations of its own existence—and ours.”

David Korten book When Corporations Rule the World

Source: When Corporations Rule the World (1995,2015), pp. 20-21

Life, Money, Democracy, Support

“Our achievement…has been to show that you can build far greater, and far more lasting, prosperity by letting people co-operate in the freedom of the market place than by making them submit to the coercion of Government regulations and state bureaucracy. If you look around the world today, East and West, even in Soviet Russia and Communist China, you will see that lesson being taken to heart…The truth is that a prosperous world based on free and open markets is a world of co-operation and interdependence between the people of all nations. By contrast, a world of closed, State controlled economies is a world disposed towards confrontation and conflict.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech to the Conservative Party Conference (13 October, 1988).

People, Truth, World, Freedom

“I am now profoundly convinced of what I had only hinted at before, namely, that the struggle between the advocates of a free society and the advocates of the socialist system is not a moral but an intellectual conflict. Thus socialists have been led by a very peculiar development to revive certain primitive instincts and feelings which in the course of hundreds of years had been practically suppressed by commercial or mercantile morals, which by the middle of the last century had come to govern the world economy.”

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

" The Moral Imperative of the Market https://mises.org/library/moral-imperative-market", in The Unfinished Agenda: Essays on the Political Economy of Government Policy in Honour of Arthur Seldon (1986) 1980s and later

World, Feeling

“It is indeed paradoxical that, while the apologists of capitalism usually consider the 'price mechanism' to be the great advantage of the capitalist system, price flexibility proves to be a characteristic feature of the socialist economy.”

Michał Kalecki (1899–1970) Polish economist

Source: Theory of Economic Dynamics (1965), Chapter 5, Determination of National Income and Consumption, p. 63

“The critical oil and natural gas producing region that we fought so many wars to try and protect our economy from the adverse impact of losing that supply or having it available only at very high prices.”

John R. Bolton (1948) American lawyer and diplomat

John Bolton Admits All Of These Wars Are For Oil http://www.youtube.com/watch?v=rAgv6HaOHzM, interview on Fox News, October 22, 2011

War, Nature

“In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.”

Paul Ormerod book The Death of Economics

Part II, Chapter 6, Unemployment and Inflation, p. 130
The Death of Economics (1994)

Change

“In complexity economics one is not searching out the truth; one is simply searching for a statistical fit that can be temporarily useful in our understanding of the economy.”

David Colander (1947) American economist

David Colander, Complexity and the History of Economic Thought, Routledge, London and New York, 2000, p. 6.
2000s

Truth, Search, Understanding

“They are the working class ‘sublated’ – improved upon and replaced. They may be as clueless as to strategy as the workers of the early nineteenth century were, but they are no longer in thrall to the system. They are enormously dissatisfied with it. They are a group whose diverse interests converge on the need to make postcapitalism happen, to force the info-tech revolution to create a new kind of economy, where as much as possible is produced free, for collaborative common use, reversing the tide of inequality. Neoliberalism can offer them only a world of stagnant growth and state-level bankruptcy: austerity until death, but with an upgraded version of the iPhone every few years. And the freedom they cherish is perennially hemmed in by the neoliberal state – from the NSA’s mass surveillance techniques to those of the Chinese internet police. Above their heads, politics in many countries has become infested by a kleptocratic mafia, whose strategy is to deliver growth at the price of suppressing freedom and expanding inequality.”

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

PostCapitalism: A Guide to our Future (2015)

Death, World, Freedom, Country

“The failure of laissez-faire, of political economy, is admitted now by its last and lingering votary. Free society stands condemned by the unanimous testimony of all its enlightened members.”

George Fitzhugh (1806–1881) American activist

Source: Sociology For The South: Or The Failure Of A Free Society (1854), p. 74

Failure

“Truly Conservative policies [are] freeing markets, freeing the economy, giving the economy buoyancy, moving to liberty and the desirable goal of freeing payments and trade.”

Rab Butler (1902–1982) British politician

Speech at the Conservative Party conference of 1954, quoted in Ralph Harris, Politics Without Prejudice. A Political Appreciation of The Rt. Hon. Richard Austen Butler C.H., M.P. (London: Staples Press, 1956), p. 159.

“There can be but two modes of cantonment, to prevent the enemy from disturbing us in quarters. One is, to keep such a force together as to bid defiance to all their menaces; the other is, to disperse the troops in such a manner as to afford no object. The first is infinitely the most favorable to discipline and economy. To disperse the troops among the inhabitants, will be attended with a certain loss of discipline to the soldiers and a general corruption of manners among the people. They will mutually debauch each other. Besides these disadvantages, the expense and waste of stores will be nearly double, and a great addition to the list of Staff Officers (al ready too numerous from the state of our money) will be found necessary. For these, and many other reasons too obvious to need explanation, dispersing the troops should be avoided at all events.”

Nathanael Greene (1742–1786) American general in the American Revolutionary War

Letter to George Washington (November 1779)

Money, People, Loss

“What we are looking at on all our TV sets is a man who finally, after 24 years of frenzied effort, became the President of the United States with a personal salary of $200,000 a year and an unlimited expense account including a fleet of private helicopters, jetliners, armored cars, personal mansions and estates on both coasts and control over a budget beyond the wildest dream of King Midas … and all the dumb bastard can show us, after five years of total freedom to do anything he wants with all this power, is a shattered national economy, disastrous defeat in a war we could have ended four years ago on far better terms than he finally came around to, and a hand-picked personal staff put together through five years of screening, whose collective criminal record will blow the minds of high-school American History students for the next 100 years.”

Hunter S. Thompson (1937–2005) American journalist and author

Rolling Stone #144 (27 September 1973)
1970s

War, School, Dreams, Cars

“1 in 10 chance perhaps, but save Chile! worth spending; not concerned; no involvement of embassy; $10,000,000 available, more if necessary; full-time job — best men we have; game plan; make the economy scream; 48 hours for plan of action.”

Richard Nixon (1913–1994) 37th President of the United States of America

Notes taken down by CIA director Richard Helms on Nixon's orders for a plan against Salvador Allende of Chile. (15 September 1970); Document reproduced as part of George Washington University's National Security Archive. http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB8/ch26-01.htm 1970s

Men, Game, Chance, Time

“This new knowledge economy will rely heavily on knowledge workers…. the most striking growth will be in “knowledge technologists:” computer technicians, software designers, analysts in clinical labs, manufacturing technologists, paralegals…. They are not, as a rule, much better paid than traditional skilled workers, but they see themselves as “professionals.” Just as unskilled manual workers in manufacturing were the dominant social and political force in the 20th century, knowledge technologists are likely to become the dominant social—-and perhaps also political—-force over the next decades.”

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

"The next society" Economist.com http://www.economist.com/ (November 2001) 1990s and later

Knowledge

“Once the Internet of Things is rolled out, we are at the real takeoff point of the information economy. From then on, the key principle is to create democratic social control over aggregated information, and to prevent its monopolization or misuse by states and corporations.”

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

PostCapitalism: A Guide to our Future (2015)

“In accordance with Dr. Sun's principles and the experience of the Chinese revolution, China's national economy at the present stage should be composed of the state sector, the private sector and the co-operative sector. But the state here must certainly not be one "privately owned by the few", but a new-democratic state "shared by all the common people" under the leadership of the proletariat.”

Mao Zedong (1893–1976) Chairman of the Central Committee of the Communist Party of China

On Coalition Government (1945)

People, Sun

“China's post-totalitarian era has two distinguishing characteristics. First, the rulers still want desperately to hold on to their dictatorial system in the midst of a crisis of legitimacy. Second, society no longer approves of such a system of dictatorship. A spontaneously growing civil society is gradually coming into being, and, although it does not yet have the strength to change the existing system, the increasing pluralism of its economy and its values, like water dripping on stone, is gradually eroding our rigid political monism.”

Liu Xiaobo (1955–2017) Chinese literary critic, writer, professor, and human rights activist

The Spiritual Landscape of the Urban Young in Post-Totalitarian China" (2004)
No Enemies, No Hate: Selected Essays and Poems

Water, Change

“The first thing the network economy reforms is our identity.”

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)

“. The central theme of contemporary autonomist Marxism is a shift from giant organizations and insurrectional seizure to gradualism and Exodus. The rapid transformation of the working class, the blurring of the lines between work and the rest of life, and the shift in meeting a growing share of our needs into the informal and social economy, mean that the Old Left’s workerism (and like Harry Cleaver, I include syndicalism and council communism in the Old Left), its focus on the production process as the center of society, and its treatment of the industrial proletariat as the subject of history, have become obsolete. In this regard, read Toni Negri’s contrast of the Multitude to previous Old Left ideas of the proletariat. Mostly, I call it a heroic fantasy because any model that envisions a post-capitalist transition based on the universal adoption of any monolithic, schematized social model is as ridiculous as Socrates and Glaucon discussing what musical instruments and poetic metres will be permitted in the perfect state. The real world version of the post-capitalist transition — just as with the transition to capitalism five centuries earlier — isn’t a matter of any single cohesive social class, as the subject of history, systematically remaking the world guided by some single, comprehensive ideology, and organized around a uniform institutional model. It’s a matter of a wide variety of prefigurative institutions and technological building blocks that already exist in the present society, continuing to grow and coalesce together until they reach sufficient critical mass for a phase transition — a phase transition whose outlines can only be guessed at in the most general terms. This is the model advocated by Michel Bauwens, by Paul Mason, by John Holloway, by Peter Frase, and by a lot of other people who can hardly be fitted into any American individualist ghetto.”

Kevin Carson (1963) American academic

'In Which the Anarcho-Syndicalists Discover C4SS' (2016)
Other Writing

Life, People, World, Music

“The lackluster nature of most multinational corporations emerging market strategies over the past decade does not change the magnitude of the opportunity. The real source of market promise is not the wealthy few in the developing world, or even the emerging middle-income consumers: It is the billions of aspiring poor who are joining the market economy for the first time.”

C.K. Prahalad (1941–2010) Indian academic

C. K. Prahalad & Stuart L Hart, cited in: Jeffrey E. Garten (2002), The Politics of Fortune: A New Agenda for Business Leaders, p. 125

World, Nature, Change, Time

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

David Rockefeller (1915–2017) American banker and philanthropist

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

People, Secret, World, Family

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

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

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

World, School, Departure, Science

“They (social costs) are damages or diseconomies sustained by the economy in general, which under different institutional conditions could be avoided. [... ] if these costs were inevitable under any kind of institutional arrangement they would not really present a special theoretical problem. [... ] to reveal their origin, the study of social costs must always be an institutional analysis. Such an analysis raises inevitably the question of institutional reform and policy.”

Karl William Kapp (1910–1976) American economist

Source: Social Costs of Business Enterprise, 1963, p. 186 cited in: Sebastian Berger and Mathew Forstater (2007) "Toward a Political Institutionalist Economics: Kapp’s Social Costs, Lowe’s Instrumental Analysis, and the European Institutionalist Approach to Environmental Policy". In: Journal of Economic Issues. Vol.XLI, No.2, June 2007. p. 539

Question, Problem, Study

“We have a strong economy but we don't have the job creation we need. We want more job creation.”

Fredrik Reinfeldt (1965) 32nd Prime Minister of Sweden

[Profile: Fredrik Reinfeldt, http://news.bbc.co.uk/2/hi/europe/5355938.stm, BBC News, 2006-09-18, 2006-11-23]

Strong

“Central to Jewish mysticism is the role that vegetarianism plays in messianic expectations: here vegetarianism functions in the concept of Jewish mystical time which chronicles human development from the vegetarian state in the Garden of Eden to the Messianic age when it is believed we will be vegetarians again. … in Judaism the laws governing responsibility to animals derive from the animal's place in the divine economy, assured by the covenantal statements, by the Jewish view of creation, and the Jewish view of a just and compassionate Creator. The stress of these laws with respect to the Jew is summed up in the question: How should the righteous (just) Jew behave toward animals, and the answer lies in the concept of the “imitatio Dei.””

Roberta Kalechofsky (1931) American activist

The just and merciful human behaves toward animals as a just and merciful Creator behaves toward humans. “Hierarchy, Kinship, and Responsibility: The Jewish Relationship to the Animal World,” in A Communion of Subjects: Animals in Religion, Science, and Ethics, edited by Paul Waldau and Kimberly Patton (New York: Columbia University Press, 2006), 97 https://books.google.it/books?id=wi4n8i4YgpYC&pg=PA97-98.

Age, Law, Question, Time

“We have here the problem of bigness. Its lesson should by now have been burned into our memory by Brandeis. The Curse of Bigness' shows how size can become a menace – both industrial and social. It can be an industrial menace because it creates gross inequalities against existing or putative competitors. It can be a social menace – because of its control of prices. Control of prices in the steel industry is powerful leverage on our economy. For the price of steel determines the price of hundreds of other articles. Our price level determines in large measure whether we have prosperity or depression – an economy of abundance or scarcity. Size in steel should therefore be jealously watched. In final analysis, size in steel is the measure of the power of a handful of men over our economy. That power can be utilized with lightning speed. It can be benign or it can be dangerous. The philosophy of the Sherman Act is that it should not exist. For all power tends to develop into a government in itself. Power that controls the economy should be in the hands of elected representatives of the people, not in the hands of an industrial oligarchy. Industrial power should be decentralized. It should be scattered into many hands so that the fortunes of the people will not be dependent on the whim or caprice, the political prejudices, the emotional stability of a few self-appointed men. The fact that they are not vicious men but respectable and social minded is irrelevant. That is the philosophy and the command of the Sherman Act. It is founded on a theory of hostility to the concentration in private hands of power so great that only a government of the people should have it.”

William O. Douglas (1898–1980) Associate Justice of the Supreme Court of the United States

Dissenting, United States v. Columbia Steel Co., 334 U.S. 495 (1948)
Judicial opinions

Men, Hostility, People, Problem

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

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

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

Faith, Victory, Country

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

W. Cleon Skousen book The Naked Communist

The Naked Communist (1958)

Life, People, Dreams, Way

“The state of emergency had negative effects on our democracy and economy, because of the state of emergency, the number of foreign investments to our country has been reduced and inflation, interest rates and the current deficit are higher now. The main reason is because Turkey is getting far away from democracy.”

Akif Hamzaçebi

As quoted in Turkey approves controversial security law http://www.middleeasteye.net/news/turkey-approves-controversial-security-law-1364915043 (24 July 2018), Middle East Eye.

Democracy, Country

“I made two major discoveries in the course of writing: one is a reflexive connection between credit and collateral; the other is a reflexive relationship between regulators and the economies they regulate”

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

The Alchemy of Finance: Reading the mind of the Market (1987)

“I’m tired of being told how bad America is by leftwing millionaires like Michael Moore, George Soros and Hollywood entertainers who live in luxury because of the opportunities America offers. In thirty years, if they get their way, the United States will have the religious freedom and women’s rights of Saudi Arabia, the economy of Zimbabwe, the freedom of the press of China, the crime and violence of Mexico, the tolerance for Gay people of Iran, and the freedom of speech of Venezuela. Won’t multiculturalism be beautiful?”

Robert A. Hall (1946) American politician

I'm Tired (February 19, 2009)

Women, People, Beauty, Way

“There is a multilayering of global networks in the key strategic activities that structure and destructure the planet. When these multilayered networks overlap in some node, when there is a node that belongs to different networks, two major consequences follow. First, economies of synergy between these different networks take place in that node: between financial markets and media businesses; or between academic research and technology development and innovation; between politics and media.”

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

The Rise of the Network Society, 1996

Business

“In short, once the RPF controlled the Rwandan state, it immediately turned its prodigious killing machine towards Zaire’s natural resources. This it may have done under cover of chasing the Hutu genocidaires, but the pillage of Zaire-the DRC worked out so well for the RPF that by the late 1990s it had “built up a self-financing war economy centered on mineral exploitation,” in the words of the UN Panel, with the pillage of resources so complete that it not only finances the RPF’s aggression, but generates annual surpluses back in Kigali as well. As the historian René Lemarchand sums up this system of blood and money: “It is difficult to avoid the conclusion that by turning a blind eye to the profits drawn from the looting of the Congo’s wealth, the international community... is tacitly encouraging a colonial enterprise in the best tradition of European imperialism.””

Edward S. Herman (1925–2017) American journalist

Of course, what is true of the “international community,” is true of academics as well. Peterson and Herman, “Adam Jones on Rwanda and Genocide: A Reply” https://mronline.org/2010/08/14/adam-jones-on-rwanda-and-genocide-a-reply/, MR Online, August 14, 2010. 2010s

Money, War, Communication, Nature

“Fascism never served the interests of Italian business... there is no credible evidence that Fascism controlled the nation's economy for the benefit of the 'possessing classes.”

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

Source: The Search for Neofascism: The Use and Abuse of Social Science, (2006), p. 7

Business

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

Eisuke Sakakibara (1941) Japanese economist and critic

The End of Market Fundamentalism (1999)

“Aside from pump priming our economy, we would be bringing down the cost of transportation and opening up those areas of our country which have not been developed.”

Francis Escudero (1969) Filipino politician

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

Country

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

Richard Overy (1947) British historian

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

Life, Way

“If there is no possibility or, to put it in plain terms, if there is no money… What can you do? You can't go to a store, you can't buy anything, either a cannon, or a missile, or a medicine. For this reason the economy is at the basis of everything. In the beginning it was Karl Marx and then Freud and others…”

Vladimir Putin (1952) President of Russia, former Prime Minister

During a meeting with representatives of the Russian State Television and Radio Broadcasting Company, May 13. 2006 http://web.archive.org/web/20060614140558/http://www.kremlin.ru/eng/speeches/2006/05/13/1557_type82915type82917type84779_105660.shtml 2006- 2010

Money

“The opponents of EEC membership inside the Labour Party know how much more difficult it would be to foist their brand of left-wing socialism on the British people if we remain part of a Community based on the principles of free enterprise and the mixed economy. We in the Conservative Party must vigorously oppose this ominous development.”

Edward Heath (1916–2005) Prime Minister of the United Kingdom (1970–1974)

Speech to the Conservative Group for Europe after the Labour Party conference voted for Britain to leave the European Economic Community, quoted in The Times (9 October 1980), p. 6.
Post-Prime Ministerial

People, Communication, Parting

“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical form.”

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

Coolidge's Inaugural Address (4 March 1925).
1920s

Life, Women, Men, Money

“After my son get married, finally I can focus on improving the economy of Taiwan”

Chen Shui-bian (1950) Taiwanese politician

During the engagement party of his son, June 11, 2005
Pet Phrases, 2005

“Should the United States seek so-called energy independence in an elusive effort to insulate this country from the impact of world events on the economy, or should Americans pursue the path of international engagement, seeking ways to better compete within the global market for energy? Like the Council's founders, I believe we must choose the course of greater international engagement … The central reality is this: The global free market for energy provides the most effective means of achieving U. S. energy security by promoting resource development, enabling diversification, multiplying our supply channels, encouraging efficiency, and spurring innovation.”

Rex Tillerson (1952) 69th United States Secretary of State

Addressing the Council on Foreign Relations (March 2007), as quoted in "Mr. Exxon Goes to Washington (Maybe)" by Liam Dennining, in Bloomberg Gadfly https://www.bloomberg.com/gadfly/articles/2016-12-07/rex-tillerson-secretary-of-state-what-it-would-mean

World, Way, Reality, Effort

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

Michael Hudson (economist) (1939) American economist

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

Wealth

“Better pay, better recruiting, and a difficult economy all helped improve the quality of the force. While I'd struggled as a young lieutenant in the 82nd to persuade soldiers to reenlist for a second or third tour of duty, by the early 1980s we held boards to select which soldiers in the battalion would be allowed to reenlist. The conditions were set for a renaissance.”

Stanley A. McChrystal (1954) American general

Source: My Share Of The Task (2013), p. 38

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Quotes about economy page 12

Quotes about economy
page 12