Quotes about economy
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“The utility of a language as a tool of thought increases with the range of topics it can treat, but decreases with the amount of vocabulary and the complexity of grammatical rules which the user must keep in mind. Economy of notation is therefore important.”

Kenneth E. Iverson (1920–2004) Canadian computer scientist

§1.4
Notation as a Tool of Thought (1979)

“Inflation may be defined as any increase in the economy's supply of money not consisting of an increase in the stock of the money metal.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

Money

“What the main drift of the twentieth century has revealed is that the economy has become concentrated and incorporated in the great hierarchies, the military has become enlarged and decisive to the shape of the entire economic structure; and moreover the economic and the military have become structurally and deeply interrelated, as the economy has become a seemingly permanent war economy; and military men and policies have increasingly penetrated the corporate economy.”

C. Wright Mills book The Power Elite

The Power Elite (1956)

Men, War, Decision

“Contemporary art -- the field we are usually working in because there's money -- is mostly concerned with systems or systematic concepts. In the context of their work, artists adapt models of individual art-specific or economic or political systems like in a laboratory, to reveal the true nature of these systems by deconstructing them. So would it be fair to say that by their chameleon-like adaptation they are attempting to generate a similar system? Well… the corporate change in the art market has aged somewhat in the meantime and looks almost as old as the 'New Economy'. Now even the last snotty brat has realized that all the hogwash about the creative industries, sponsoring, fund-raising, the whole load of bullshit about the beautiful new art enterprises, was not much more than the awful veneer on the stupid, crass fanfare of neo-liberal liberation teleology. What is the truth behind the shifting spheres of activity between computer graphics, web design and the rest of all those frequency-orientated nerd pursuits? A lonely business with other lonely people at their terminals. And in the meantime the other part of the corporate identity has incidentally wasted whole countries like Argentina or Iceland. That's the real truth of the matter.”

Johannes Grenzfurthner (1975) Austrian artist, writer, curator, and theatre and film director

Interview on Furtherfield http://www.furtherfield.org/interviews/interview-johannes-grenzfurthner-monochrom-part-1

Money, People, Truth, Age

“Productivity, however, is exactly the wrong thing to care about in the new 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)

“The increasing discussion of the importance of inflexible prices in the. American economy has been somewhat stimulated by previous articles by the present writer. In one of these, material was presented on inflexible administered prices and their importance for monetary policy.”

Gardiner C. Means (1896–1988) American economist

Gardiner C. Means, "Notes on inflexible prices." The American Economic Review (1936): 23-35.

“I hold it the duty of the Executive to insist upon frugality in the expenditures, and a sparing economy is itself a great national resource.”

Andrew Johnson (1808–1875) American politician, 17th president of the United States (in office from 1865 to 1869)

Quote, First State of the Union Address (1865)

“The economy is already producing and reproducing a networked lifestyle and consciousness, at odds with the hierarchies of capitalism. The appetite for radical economic change is clear.”

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

PostCapitalism: A Guide to our Future (2015)

Change

“If there is one well-established truth in political economy, it is this:”

Gustave de Molinari (1819–1912) Belgian political economist and classical liberal theorist

That in all cases, for all commodities that serve to provide for the tangible or intangible needs of the consumer, it is in the consumer’s best interest that labor and trade remain free, because the freedom of labor and of trade have as their necessary and permanent result the maximum reduction of price.
... Whence it follows:
That no government should have the right to prevent another government from going into competition with it, or to require consumers of security to come exclusively to it for this commodity.
Source: The Production of Security (1849), p. 3, as cited in: Hans-Hermann Hoppe (2001), Democracy - the God That Failed: The Economics and Politics of Monarchy, Democracy, and Natural Order. Transaction Publishers, p. 271

Truth

“The prison has become a black hole into which the detritus of contemporary capitalism is deposited. Mass imprisonment generates profits as it devours social wealth, and thus it tends to reproduce the very conditions that lead people to prison. There are thus real and often quite complicated connections between the deindustrialization of the economy—a process that reached its peak during the 1980s—and the rise of mass imprisonment, which also began to spiral during the Reagan-Bush era. However, the demand for more prisons was represented to the public in simplistic terms. More prisons were needed because there was more crime. Yet many scholars have demonstrated that by the time the prison construction boom began, official crime statistics were already falling.”

Angela Davis Are Prisons Obsolete?

Source: Are Prisons Obsolete? (2003), Chapter One

People, Time, Wealth

“The euro is bad for Europe. The euro is bad for the Netherlands, it’s especially bad because it is a stimulus for politicians to kill the Welfare State. I look forward to a European economy using multiple currencies. In the end that will be much better: it will make us more resistant to shocks and makes us less vulnerable to what is happening now.”

Arjo Klamer (1953) Dutch columnist, economist and politician

Arjo Klamer, cited in: Hans von der Brelie, " The Dutch face austerity http://www.euronews.com/2012/05/25/the-dutch-face-austerity," at euronews.com, 2012/05/25

“If we are to compete as a nation in the global economy, we need to upskill Scotland. That means more Scots in the workforce with higher vocational skills - and it means many more with graduate skills too.”

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

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

“Marx, although a man of broad knowledge, had one blind spot: he was ignorant of the true character of economics. He did not realize that economics can only be understood in close relationship to the other humanities (and certain sciences), and therefore should not be studied in vacuo. Ironically, this very weakness was largely instrumental in making Marxism successful. Marxist economics—yet another instance of a false but clear idea—can be explained to the merest child in a matter of minutes. (Conversely, to explain the workings of the free market economy to an adult would take weeks of hard work.) Because it was easily grasped, Marxism flooded the world within a few decades, as had other simplistic ideologies and religions, such as Islam and the Enlightenment; this same sort of simplicity gave rise to the French Revolution and national socialism. Christianity, on the other hand, took three centuries to triumph.”

Erik von Kuehnelt-Leddihn (1909–1999) Austrian noble and political theorist

Source: Leftism Revisited (1990), p. 337

World, Religion, Idea, Knowledge

“When the economy is in a depression, scarcity ceases to rule. Productive resources sit idle, so that it is possible to have more of some things without having less of others; free lunches are all around. As a result, all the usual rules of economics are stood on their head; we enter a looking-glass world in which virtue is vice and prudence is folly. Thrift hurts our future prospects; sound money makes us poorer. Moreover, that's the kind of world we have been living in for the past several years, which means that it is a kind of world that students should understand. […] Depression economics is marked by paradoxes, in which seemingly virtuous actions have perverse, harmful effects. Two paradoxes in particular stand out: the paradox of thrift, in which the attempt to save more actually leads to the nation as a whole saving less, and the less-well-known paradox of flexibility, in which the willingness of workers to protect their jobs by accepting lower wages actually reduces total employment. […] In times of depression, the rules are different. Conventionally sound policy – balanced budgets, a firm commitment to price stability – helps to keep the economy depressed. Once again, this is not normal. Most of the time we are not in a depression. But sometimes we are – and 2013, when this chapter was written, was one of those times.”

Paul Krugman (1953) American economist

“Depressions are Different”, in Robert M. Solow, ed. Economics for the Curious: Inside the Minds of 12 Nobel Laureates. 2014.

Money, World, Understanding, Time

“I do ask the right hon. Baronet what is the meaning of overproduction? It means that too much is produced; and what can be thought of a country which produces so much, and where the great mass of the inhabitants possess so little? Does it not show that there is some mal-distribution of production? It is because we have lost sight of that science which teaches the right distribution of wealth…Those who are so fond of laughing at political economy, forget that they have a political economy of their own; and what is it? That they will monopolise to themselves the fruits of the industry of the great body of the community—that they allow the productions of the spindle and the loom to go abroad to furnish them with luxuries from the farthest corners of the world, but refuse to permit to be brought back in exchange what would minister to the wants and comforts of the lower orders. This, in one word, is the true reason why the mass of the people is at this time so wretchedly clothed and so miserably fed.”

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

Speech http://hansard.millbanksystems.com/commons/1842/jul/08/distress-of-the-country in the House of Commons (8 July 1842) against the Corn Laws. 1840s

People, World, Communication, Science

“Some aspects of the Spanish economy are going well, […] but it is not because you govern […] What has been your main virtue as a ruler? Not ruining the economy, and therefore I applaud. He could have razed everything he found, […] but no, he had the right to leave the economy as it was before.”

Mariano Rajoy (1955) Spanish politician

3 July, 2007 As Opposition Leader, 2007 Source: Diario de Sesiones del Congreso http://www.congreso.es/portal/page/portal/Congreso/PopUpCGI?CMD=VERDOC&CONF=BRSPUB.cnf&BASE=PUW8&PIECE=PUW8&DOCS=1-1&FMT=PUWTXDTS.fmt&OPDEF=Y&QUERY=%40FECH%26gt%3B%3D20070703+%26+%40FECH%26lt%3B%3D20070704+Y+CDP200707030269.CODI.#1

“The [Nazi] regime was also able to use the state-owned multi-nationals as a ‘battering ram’ for entering economies that were not occupied territory.”

Richard Overy (1947) British historian

Source: War and Economy in the Third Reich (1994), p. 330

“It is by a wise economy of nature that those who suffer without change, and whom no one can help, become uninteresting. Yet so it may happen that those who need sympathy the most often attract it the least.”

F. H. Bradley (1846–1924) British philosopher

No. 22.
Aphorisms (1930)

Nature, Suffering, Change, Help

“The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.”

Paul Ormerod book The Death of Economics

Part I, Chapter 4, Professional Reservations, p. 79
The Death of Economics (1994)

Behavior

“Ron Paul: What's happening is, there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out. So the people who get to use the money first which is created by the Federal Reserve system benefit. So the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before. Today, this country is in the middle of a recession for a lot of people… As long as we live beyond our means we are destined to live beneath our means. And we have lived beyond our means because we are financing a foreign policy that is so extravagant and beyond what we can control, as well as the spending here at home. And we're depending on the creation of money out of thin air, which is nothing more than debasement of the currency. It's counterfeit… So, if you want a healthy economy, you have to study monetary theory and figure out why it is that we're suffering. And everybody doesn't suffer equally, or this wouldn't be so bad. It's always the poor people -- those who are on retired incomes -- that suffer the most. But the politicians and those who get to use the money first, like the military industrial complex, they make a lot of money and they benefit from it.
John McCain: Everybody is paying taxes and wealth creates wealth. And the fact is that I would commend to your reading, Ron, "Wealth of Nations," because that's what this is all about. A vibrant economy creates wealth. People pay taxes. Revenues are at an all time high.”

Ron Paul (1935) American politician and physician

GOP debate, Dearborn, Michigan, October 9, 2007 http://www.freep.com/apps/pbcs.dll/article?AID=/20071009/NEWS02/71009073 2000s, 2006-2009

Money, People, Home, Study

“It was a global depression, had many causes, the whole story requires you to look at the whole international system. But policy errors in United States, as well as abroad, did play an important role. And in particular as I said, the Federal Reserve failed in this first challenge in both parts of its mission. It did not use monetary policy aggressively to prevent deflation and the collapse in the economy, so it failed in its economic stability function. And it didn't adequately perform its function as lender of last resort allowing many bank failures and a resulting contraction in credit and also with the money supply. So, in that respect, again, the Fed did not fulfill its intended mission.”

Ben Bernanke (1953) American economist

Lecture 1: Origins and Mission of the Federal Reserve
The Federal Reserve and the Financial Crisis (2012)

Money, Error, Failure, Parting

“One of the other things that is going to help to give a boost to our economy is how we reform our state-owned enterprises. … The state-owned enterprises were sewers of corruption, a number of them. … There was rot, there was filth and there was deep corruption. We are rooting all that out right now.”

Cyril Ramaphosa (1952) 5th President of South Africa

At an ANC organized event in Johannesburg, as quoted by Amogelang Mbatha in Ramaphosa says state-owned companies are 'sewers of corruption' https://www.fin24.com/Economy/ramaphosa-says-sa-needs-extraordinary-measures-to-boost-growth-20180601, Bloomberg (1 June 2018)

Help

“Stay focused. Talk about things that’ll matter to the people, you know? It’s the economy, stupid.”

James Carville (1944) political writer, consultant and United States Marine

In the 1993 documentary film The War Room.

People, Stupidity

“Labor is marching toward the goal of industrial democracy and contributing constructively toward a more rational arrangement of our domestic economy.”

John L. Lewis (1880–1969) American labor leader

Labor and the Nation speech (September 3, 1937)

Democracy

“Instead of the primitive raw material economy, we will create a smart economy generating unique knowledge, new useful things and technologies. Instead of the archaic society, in which the leaders think and make decisions for everyone, we will become a country of intelligent, free and responsible people.”

Dmitry Medvedev (1965) Russian Prime Minister and former president

Dmitry Medvedev in a speech (November 2009)

People, Intelligence, Knowledge, Thinking

“If free market prices don't give people what they morally deserve, should we try to regulate factor prices so that they do track producers' moral deserts? Hayek offered two compelling arguments against this proposal. First, if you fix prices on a backward-looking standard, they will no longer be able to perform their informational function. Producers will produce for what was demanded last quarter, even if it isn't demanded today. This creates enormous waste and generates huge opportunity costs. We'd be much poorer in an economy that worked like this. […] Hayek was right. It might sound like a compelling idea, to make sure that people receive the income they morally deserve. But orienting the economy around this goal, assuming it is achievable at all (and there are principled doubts about that), would doom us to poverty and serfdom. It would abolish capitalism, along with its chief virtues. It isn't worth the draconian costs.”

Elizabeth S. Anderson (1959) professor of philosophy and womens' studies

How Not to Complain About Taxes (III): "I deserve my pretax income" http://left2right.typepad.com/main/2005/01/how_not_to_comp_1.html (January 26, 2005)

People, Idea

“Among the many factors that have promoted economic change, I believe that technology or, rather, change in technology is the most prominent. I realize that it is dangerous to look for 'ultimate causes' in a world where everything seems to depend on everything else. But I believe that for the most part the economy, and ultimately the society, must adapt to the conditions that technology creates. If it cannot adjust to the challenges of changing technology, it fails.”

Wassily Leontief (1906–1999) Russian economist

Leontief, quoted in: Carter, A.P. (1996), "Technology, Employment and the Distribution of Income: Leontief af 90," Economic Systems Research, Vol. 8, no. 4, pp. 315.

World, Change, Parting, Dependency

“As opposed to [megatechnics], an organic system directs itself to qualitative richness, amplitude, spaciousness, free from quantitative pressure and crowding, since self-regulation, self-correction, and self-propulsion are as much an integral property of organisms as nutrition, reproduction, growth, and repair. Balance, wholeness, completeness, continuous interplay between inner and outer, the subjective and the objective aspects of existence are identifying characteristics of the organic model; and the general name for an economy based on such a model is an economy of plenitude.”

Lewis Mumford book The Myth of the Machine

The Myth of the Machine (1967-1970), The Pentagon of Power (1970)

“Wherefore it is impossible to succeed in comparing wealth of different eras or different nations. This, in political economy, like squaring the circle in mathematics, is impracticable, for want of a common mean or measure to go by.”

Jean-Baptiste Say (1767–1832) French economist and businessman

Source: A Treatise On Political Economy (Fourth Edition) (1832), Book I, On Production, Chapter XXI, Section VI, p. 244

Mathematics, Wealth

“There is no lack of diagnoses of the manifold ills that beset the international order, coherent and even convincing diagnoses by foremost think tanks, universities and outstanding individual researchers all over the world. Obstacles to an improved world order are evident, but remedies do not materialize. Is it because the real power no longer resides in States and Governments but rather in the economy, the intelligence community, the military-industrial and financial-industrial complexes, which are neither democratic nor transparent and operate impervious to reasons other than power or profit? The answers are complex and require further research, which may contribute to future reports on the vast menu of General Assembly resolution 67/175.”

Alfred de Zayas (1947) American United Nations official

United Nations General Assembly - Promotion of a democratic and equitable international order http://www.ohchr.org/Documents/Issues/IntOrder/A-68-284_en.pdf. 2013

World, Intelligence, Communication, Thinking

“These coups did not bolster indigenous rights as claimed by its perpetrators instead they left us a legacy of a shattered economy, lost opportunities, racial rivalries and tensions, political divisiveness, unprecedented levels of poverty and unemployment and so on - yes that is exactly what the three coups have reduced our nation to.”

Mahendra Chaudhry (1942) Fijian politician

Address to the conference of the Fiji Labour Party, Lautoka, 31 July 2005

“With new technologies of surveillance, economies of scale overcome problems of cost. Since all their electronic communications can be accessed, it is no longer necessary to segregate the inmates from one another. As there is no outside world, escape becomes unimaginable. Technological progress has brought into being a system of surveillance more far-reaching than any Bentham could have conceived. Enclosing the entire population in a virtual Panopticon might seem the ultimate invasion of freedom. But universal confinement need not be experienced as a privation. If they know nothing else, most are likely to accept it as normal. If the technology through which surveillance operates also provides continuous entertainment, they may soon find any other way of living intolerable.”

John Gray (1948) British philosopher

In the Puppet Theatre: A Universal Panopticon (p. 125)
The Soul of the Marionette: A Short Enquiry into Human Freedom (2015)

World, Way, Communication, Problem

“In the new-democratic republic under the leadership of the proletariat, the state enterprises will be of a socialist character and will constitute the leading force in the whole national economy, but the republic will neither confiscate capitalist private property in general nor forbid the development of such capitalist production as does not "dominate the livelihood of the people", for China's economy is still very backward.”

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

The Economy of New Democracy
On New Democracy (1940)

People

“The market is sovereign and in the magic economy of the small entrepreneur there is no authoritarian center… in the political sphere… the equilibrium of powers prevails, and hence there is no chance of despotism.”

C. Wright Mills book The Power Elite

Source: The Power Elite (1956), P. 242, describing the view commonly held in the eighteenth century.

Chance

“President Obama has weakened our military by weakening our economy. He's crippled us with wasteful spending, massive debt, low growth, a huge trade deficit and open borders.”

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

2010s, 2016, April, Foreign Policy Speech (27 April 2016)

“Market share was the grand old metric, the guiding light, the compass of the product-centric age. Companies focused on improving their product and building economies of scale. This product-centric thinking led to the battle cry: "Get more market share and the profit will follow."”

Adrian Slywotzky (1951) American economist

Source: The Profit Zone (2007), p. 3.

Age, Thinking, Light, Cry

“The religion of hinduism says that if you’ve been bad, you may come back as a rat or some other animal. If you’ve been good, you might come back as a prince. But that’s like someone saying, “when you jump out of the plane, you’ll get sucked back in as another passenger. If you’ve been bad, you go down to the Economy Class; if you’ve been good, you go up to First Class.” It’s an interesting concept, but it doesn’t deal with your real problem of having sinned against God and the reality of hell.”

Ray Comfort (1949) New Zealand-born Christian minister and evangelist

The Origin of Species: 150th Anniversary Edition (2009)

God, Religion, Hell, Problem

“Companies are in the midst of a revolutionary transformation. Industrial age competition is shifting to information age competition. During the industrial age, from 1850 to about 1975, companies succeeded by how well they could capture the benefits from economies of scale and scope. Technology mattered, but, ultimately, success accrued to companies that could embed the new technology into physical assets that offered efficient, mass production of standard products.
During the industrial age, financial control systems were developed in companies, such as General Motors, DuPont, Matsushita, and General Electric, to facilitate and monitor efficient allocations of financial and physical capital. A summary financial measure such as return-on-capital employed (ROCE) could both direct a company’s internal capital to its most productive use and monitor the efficiency by which operating divisions used financial and physical capital to create value for shareholders.
The emergence of the information era, however, in the last decades of the twentieth century, made obsolete many of the fundamental assumptions of industrial age competition. No longer could companies gain sustainable competitive advantage by merely deploying new technology into physical assets rapidly, and by excellent management of financial assets and liabilities.”

Robert S. Kaplan (1940) American accounting academic

Source: The Balanced Scorecard, 1996, p. 2-3

Age, Success

“The country has great and imperative obligations to the weak, the sick, the unfortunate. It must give to them all the sustenance and support it can. We look forward to social and unemployment insurances, to improved health services, to a wiser control of our economy to avert if possible all booms and slumps which tend to convert labour into a commodity, to a better distribution of wealth, to a keener sense of social justice and social responsibility. We not only look forward to these things, we shall demand and obtain them.”

Robert Menzies (1894–1978) Australian politician, 12th Prime Minister of Australia

Freedom from Want radio talk, July 10, 1942 (the fifth of "The Forgotten People" series)
Wilderness Years (1941-1949)
Source: http://menziesvirtualmuseum.org.au/transcripts/the-forgotten-people/63-chapter-5-freedom-from-want

Health, Justice, Support, Sense

“Market economy implies a self-regulating system of markets; in slightly more technical terms, it is an economy directed by market prices and nothing but market prices.”

Karl Polanyi book The Great Transformation

The Great Transformation (1944), Ch. 4 : Societies and Economic Systems

“This naive manner of conceptualizing capitalism by reference to a “pursuit of gain” must be relegated to the kindergarten of cultural history methodology and abandoned once and for all. A fully unconstrained compulsion to acquire goods cannot be understood as synonymous with capitalism, and even less as its “spirit.” On the contrary, capitalism can be identical with the taming of this irrational motivation, or at least with its rational tempering. Nonetheless, capitalism is distinguished by the striving for profit, indeed, profit is pursued in a rational, continuous manner in companies and firms, and then pursued again and again, as is profitability. There are no choices. If the entire economy is organized according to the rules of the open market, any company that fails to orient its activities toward the chance of attaining profit is condemned to bankruptcy.
Let us begin by defining terms in a manner more precise than often occurs. For us, a "capitalist" economic act involves first of all an expectation of profit based on the utilization of opportunities for exchange; that is of (formally) peaceful opportunities for acquisition. Formal and actual acquisition through violence follows its own special laws and hence should best be placed, as much as one may recommend doing so, in a different category. Wherever capitalist acquisition is rationally pursued, action is oriented to calculation in terms of capital. What does this mean?”

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

Prefatory Remarks to Collected Essays in the Sociology of Religion (1920)

Peace, Law, History, Motivation

“Our generation can change this. We know what the problems are and we know what the solutions are, but we have to demand that our elected officials and business leaders take action. At the federal and state level, we have to fight efforts to repeal equal pay laws. We have to support increases in the minimum wage. And we have to demand that the United States join our global competitors in giving workers paid leave. All these issues affect our individual financial health and the strength of our collective economy.”

Sandra Fluke (1981) American women's rights activist and lawyer

CNN, (April 17, 2012).
Articles

Health, Law, Business, Support

“An hereditary chief, strictly limited, the right of war vested in the legislative body, a rigid economy of the public contributions, and absolute interdiction of all useless expenses, will go far towards keeping the government honest and unoppressive. But the only security of all is in a free press. The force of public opinion cannot be resisted, when permitted freely to be expressed. The agitation it produces must be submitted to. It is necessary, to keep the waters pure.”

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

Letter to Marquis de la Fayette http://www.constitution.org/tj/jeff10.txt (November 4, 1823); in: The Writings of Thomas Jefferson, Memorial Edition (ME) (Lipscomb and Bergh, editors), 20 Vols., Washington, D.C., 1903-04, Volume 15, page 491 1820s

War, Water

“The most serious problems lie in the financial sphere, where the economy’s debt overhead has grown more rapidly than the ‘real’ economy’s ability to carry this debt. … The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.”

Michael Hudson (economist) (1939) American economist

Financial Capitalism v. Industrial Capitalism http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ (September 3, 1998) Michael-Hudson.com, 1998-

Lie, Problem

“They were arrant newcomers, driven by the nouveau enthusiasms of a cowboy economy. They had no idea what they had come for, or how to get it: they only knew they would. They had no idea how to comport themselves. They sensed there was money to be made. They dived right in. They started wars. They stunned into passivity five of the alien races they found in possession of the galaxy and fought the sixth—which they called “the Nastic” out of a mistranslation of the Nastic’s word for “space”—to a wary truce. After that they fought one another.”

M. John Harrison book Light

Source: Light (2002), Chapter 17 “The Lost Entradas” (p. 181)

Money, War, Idea, Sense

“We have confused the real issue of parliamentary democracy, for already there has been a fundamental change. The power of electors over their law-makers has gone, the power of MPs over Ministers has gone, the role of Ministers has changed. The real case for entry has never been spelled out, which is that there should be a fully federal Europe in which we become a province. It hasn't been spelled out because people would never accept it. We are at the moment on a federal escalator, moving as we talk, going towards a federal objective we do not wish to reach. In practice, Britain will be governed by a European coalition government that we cannot change, dedicated to a capitalist or market economy theology. This policy is to be sold to us by projecting an unjustified optimism about the Community, and an unjustified pessimism about the United Kingdom, designed to frighten us in. Jim quoted Benjamin Franklin, so let me do the same: "He who would give up essential liberty for a little temporary security deserves neither safety nor liberty." The Common Market will break up the UK because there will be no valid argument against an independent Scotland, with its own Ministers and Commissioner, enjoying Common Market membership. We shall be choosing between the unity of the UK and the unity of the EEC. It will impose appalling strains on the Labour movement… I believe that we want independence and democratic self-government, and I hope the Cabinet in due course will think again.”

Tony Benn (1925–2014) British Labour Party politician

Speech given in the Cabinet meeting to discuss Britain's membership of the EEC, as recorded in his diary (18 March 1975), Against the Tide. Diaries 1973-1976 (London: Hutchinson, 1989), pp. 346-347.
1970s

People, Law, Hope, Quotes

“Populism is at its essence […] just determined focus on helping people be able to get out of the iron grip of the corporate power that is overwhelming our economy, our environment, energy, the media, government. […] One big difference between real populism and what the Tea Party thing is, is that real populists understand that government has become a subsidiary of corporations. So you can't say, let's get rid of government. You need to be saying let's take over government.”

Jim Hightower (1943) Texas author and liberal political activist

Interview by Bill Moyers, Bill Moyers Journal, 30 April 2010 ( transcript http://www.pbs.org/moyers/journal/04302010/transcript2.html, video http://www.pbs.org/moyers/journal/04302010/watch2.html)

People, Understanding, Help, Tea

“The most interesting thing in the world, from the standpoint of animal economy—which of course includes human economy—is the wonderful laboratory or factory of the plant…”

Luther Burbank (1849–1926) American botanist, horticulturist and pioneer in agricultural science

p, 125
How Plants are Trained to Work for Man (1921) Vol. 5 Gardening

World, Animals

“One of the tasks that we clearly have is to rebuild trust in our political system. Yes, that's about cleaning up expenses, yes, that's about reforming parliament, and yes, it's about making sure people are in control and that the politicians are always their servants and never their masters.
But I believe it's also something else — it's about being honest about what government can achieve. Real change is not what government can do on its own, real change is when everyone pulls together, comes together, works together, when we all exercise our responsibilities to ourselves, our families, to our communities and to others. And I want to help try and build a more responsible society here in Britain, one where we don't just ask what are my entitlements but what are my responsibilities, one where we don't ask what am I just owed but more what can I give, and a guide for that society that those that can should and those who can't we will always help.
I want to make sure that my Government always looks after the elderly, the frail, the poorest in our country.
We must take everyone through us on some of the difficult decisions that we have ahead.
Above all it will be a Government that is built on some clear values, values of freedom, values of fairness and values of responsibility. I want us to build an economy that rewards work, I want us to build a society with stronger families and stronger communities and I want a political system that people can trust and look up to once again.”

David Cameron (1966) Former Prime Minister of the United Kingdom

2010s, 2010, First speech as UK Prime Minister (2010)

People, Family, Exercises, Communication

“It is no longer economy aiming at individual profit, but economy concerned with collective interest.”

Benito Mussolini (1883–1945) Duce and President of the Council of Ministers of Italy. Leader of the National Fascist Party and subsequen…

Mussolini, Four Speeches on the Corporate State, Laboremus, Roma, 1935, p. 38
1930s

“The whole Marxian system springs from classical political economy as it found expression in Ricardo.”

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

Source: A History of Economic Thought (1939), Chapter IV, The Classical System, p. 193

Spring

“[W]e have things fundamentally backwards today: we let the needs of the economy dictate the nature of our society, while we should let the needs of our society determine the nature of our economy.”

Linda McQuaig (1951) journalist and author

All You Can Eat: Greed, Lust and the New Capitalism (2001)

Nature

“The economy - once a great scatter of small productive units in autonomous balance, has become dominated by two or three hundred giant corporations, administratively and politically interrelated… The political order, once a decentralized set of several dozen states with a weak spinal cord, has become a centralized executive establishment which has taken up into itself many powers previously scattered… The military order, once a slim establishment in a context of distrust fed by state militia, has become the largest and most expensive feature of government.”

C. Wright Mills book The Power Elite

Source: The Power Elite (1956), p. 7; discussing sectors of society which Mills feels have only recently become the dominant factors in determining the ultimate course of society.

“Food $200
Data $150
Rent $800
Candles $3,600
Utility $150
someone who is good at the economy please help me budget this. my family is dying”

Dril Twitter user

[ Link to tweet https://twitter.com/dril/status/384408932061417472] Tweets by year, 2013

Family, Food, Help

“I should focus on other important issues like people's livelihoods and the economy.”

Donald Tsang (1944) Hong Kong politician

As quoted in "Hong Kong leader abandons reforms" at BBC News (12 January 2006) http://news.bbc.co.uk/2/hi/asia-pacific/4607100.stm

People

“So you can take your pick as to which Mundell you prefer; but the Nobel committee basically honored Mundell the younger, the economist who was iconoclastic enough to imagine that Canada, of all places, was the economy of the future--and was right.”

Paul Krugman (1953) American economist

"O Canada", Slate (October 19, 1999)

Imagination, Future

“Mr. President, today, in his speech to the National Endowment for Democracy, President Bush gave a vivid and, I believe, compelling description of the threat to America and to freedom from radical Islamic fundamentalism. He made, in my view, a powerful case for what is at stake for every American. Simply put, the radical fundamentalists seek to kill our citizens in great numbers, to disrupt our economy, and to reshape the international order. They would take the world backwards, replacing freedom with fear and hope with hatred. If they were to acquire a nuclear weapon, the threat they would pose to America would be literally existential. The President said it well. The President is right that we cannot and will not retreat. We will defend ourselves and defeat the enemies of freedom and progress.”

Joe Biden (1942) 47th Vice President of the United States (in office from 2009 to 2017)

October 6, 2005 http://thomas.loc.gov/cgi-bin/query/R?r109:FLD001:S11190 2000s

World, Fear, Hope, Democracy

“Of all the elements of critical importance to plants, phosophorus is the least commonly found, and sources are rarely available locally. Of all the phosphatic fertilisers used, Europe and North America consume 75% (and get least return from this input because of overuse, over-irrigation, and poor soil economy). If we really wanted to reduce world famine, the redirection of these surplus phosphates to the poor soils of Africa and India (or any other food-deficient area) would do it. Forget about miracle plants; we need global ethics for all such essential soil resources. As long as we clear-cultivate, most of this essential and rare resource will end up in the sea.”

Bill Mollison (1928–2016) Australian permaculturist

table 8.1
Permaculture: A Designers' Manual (1988)

World, Food, Sea, Forgetting

“Whenever the rate of return on capital is significantly and durably higher than the growth rate of the economy, it is all but inevitable that inheritance (of fortunes accumulated in the past) predominates over saving (wealth accumulated in the present). … The inequality r > g in one sense implies that the past tends to devour the future: wealth originating in the past automatically grows more rapidly, even without labor, than wealth stemming from work, which can be saved. Almost inevitably, this tends to give lasting disproportionate importance to inequalities created in the past, and therefore to inheritance.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 377.

Sense, Past, Future, Wealth

“We have Dodd-Frank and we will break up banks that pose a systemic threat to our economy.”

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

Presidential campaign (April 12, 2015 – 2016), Democratic Presidential Debate in Miami (March 9, 2016)

“It is clearly apparent that in building the best results should accrue in proportion as every element in the structure is fitted both to the function it has to perform and the materials of which it is made. It follows from this that disguise and complication are hindrances, both to good construction and good design, and as complication and disguise are expensive and wasteful, that the interests of good art and true economy run on parallel lines.”

Ernest Flagg (1857–1947) American architect

Introduction
Small Houses: Their Economic Design and Construction (1922)

Art

“The state owned monopolies are among the greatest millstones round the neck of the economy…Liberals must stress at all times the virtues of the market, not only for efficiency but to enable the widest possible choice…Much of what Mrs Thatcher and Sir Keith Joseph say and do is in the mainstream of liberal philosophy.”

Jo Grimond (1913–1993) British soldier, politician and academic

Jo Grimond, The Future of Liberalism (October, 1980).

Time

“We stand for lower, simpler, fairer taxes, not great big new taxes that damage Australia's economy, not great big new taxes that are yet another hit on the cost of living of struggling Australian families.”

Tony Abbott (1957) Australian politician

2010

Family

“I do not mean to suggest that all those who call themselves monetarists make this unconscious assumption that an inflation involves this uniform rise of prices. But we may distinguish two schools of monetarism. The first would prescribe a monthly or annual increase in the stock of money just sufficient, in their judgment, to keep prices stable. The second school (which the first might dismiss as mere inflationists) wants a continuous increase in the stock of money sufficient to raise prices steadily by a "small" amount—2 or 3 per cent a year. These are the advocates of a "creeping" inflation. … I made a distinction earlier between the monetarists strictly so called and the "creeping inflationists." This distinction applies to the intent of their recommended policies rather than to the result. The intent of the monetarists is not to keep raising the price "level" but simply to keep it from falling, i. e., simply to keep it "stable." But it is impossible to know in advance precisely what uniform rate of money-supply increase would in fact do this. The monetarists are right in assuming that in a prospering economy, if the stock of money were not increased, there would probably be a mild long-run tendency for prices to decline. But they are wrong in assuming that this would necessarily threaten employment or production. For in a free and flexible economy prices would be falling because productivity was increasing, that is, because costs of production were falling. There would be no necessary reduction in real profit margins. The American economy has often been prosperous in the past over periods when prices were declining. Though money wage-rates may not increase in such periods, their purchasing power does increase. So there is no need to keep increasing the stock of money to prevent prices from declining. A fixed arbitrary annual increase in the money stock "to keep prices stable" could easily lead to a "creeping inflation" of prices.”

Henry Hazlitt (1894–1993) American journalist

Where the Monetarists Go Wrong (1976)

Money, School, Past

“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors.”

Winnie Byanyima (1959) Ugandan aeronautical engineer, politician and diplomat

Richest 1 percent bagged 82 percent of wealth created last year - poorest half of humanity got nothing https://www.oxfam.org/en/pressroom/pressreleases/2018-01-22/richest-1-percent-bagged-82-percent-wealth-created-last-year, Oxfam International (22 January 2018)

People, Food, Clothes

“I would summarize the Keynesian view in terms of four points:1. Economies sometimes produce much less than they could, and employ many fewer workers than they should, because there just isn’t enough spending. Such episodes can happen for a variety of reasons; the question is how to respond.
2. There are normally forces that tend to push the economy back toward full employment. But they work slowly; a hands-off policy toward depressed economies means accepting a long, unnecessary period of pain.
3. It is often possible to drastically shorten this period of pain and greatly reduce the human and financial losses by “printing money”, using the central bank’s power of currency creation to push interest rates down.
4. Sometimes, however, monetary policy loses its effectiveness, especially when rates are close to zero. In that case temporary deficit spending can provide a useful boost. And conversely, fiscal austerity in a depressed economy imposes large economic losses.”

Paul Krugman (1953) American economist

Keynesianism Explained http://krugman.blogs.nytimes.com/2015/09/15/keynesianism-explained (September 15, 2015) The Conscience of a Liberal blog

Money, Pain, Question, Loss

“The actual manufacture of material into a specific product is a sort of digestive process which must have a functioning organization purposed to meet the required ends, just as the human body has, and it is governed by similar conditions. It must also be directed by a specific intelligence and must have internal and external avenues of correspondence to keep it alive; and, like a living organism, must adhere to the eternal economy of things and show a profit by its activities or it cannot progress.
To exemplify this in a simple way, the writer has laid out Figure I, showing the prime elements composing the anatomy of an industrial body. One does not have to draw on the imagination very far to make a comparison of this anatomy with that of man. It has its mind, will power, and brain to direct it, as indicated by the stockholders, directors and executive officers, a heart which keeps in flow the circulating medium internally; and avenues of correspondence with the outside world which furnish to it the very elements of existence.
This chart shows first, that the stockholders are simply elements belonging to the general public who have made an investment for some specific purpose; second, that immediately after this, the election of directors sets into action the first internal factor in the body, which is then divided into different functioning powers by the election of executive officers.”

Clinton Edgar Woods (1863) American engineer

Source: Organizing a factory (1905), p. 24

World, Way, Imagination, Intelligence

“Why do I paint? In my work as a mathematician, form, structure, and economy of expression are important. In music, add tone quality, balance and harmony. And now in painting, these aesthetic values are enhanced by color, contrast, and composition.”

Robin Hartshorne (1938) American mathematician

Robin Hartshorne Fine Art, fineartstudioonlione.com http://robinfaso.fineartstudioonline.com/about

Music, Color, Painting

“Katie Couric: Why isn't it better, Governor Palin, to spend $700 billion helping middle-class families, who are struggling with healthcare, housing, gas and groceries, allow them to spend more and put more money into the economy instead of helping these big financial institutions that played a role in creating this mess?Sarah Palin: That's why I say, I, like every American I'm speaking with, we're ill about this position that we have been put in where it is the tax payers looking to bail out, but ultimately, what the bailout does is help those who are concerned about the healthcare reform that is needed to help shore up our economy, helping tho— uh, oh, it's got to be all about job creation too, shoring up our economy, and putting it back on the right track. So healthcare reform and reducing taxes and reining in spending has got to accompany tax reductions and tax relief for Americans. And trade, we've got to see trade as opportunity, not as— competitive, um, scary thing, but one in five jobs being created in the trade sector today, we've got to look at that as more opportunity. All those things under the umbrella of job creation. This bailout is a part of that.”

Sarah Palin (1964) American politician

Interview with Katie Couric, The Early Show (), quoted in * 2008-09-25
Palin: ‘What The Bailout Does Is Help Those Who Are Concerned About Health Care Reform’
Ryan
Powers
Think Progress
http://thinkprogress.org/politics/2008/09/25/29772/palin-bailout-healthcare/
2008, 2008 interviews with Katie Couric

Money, Family, Help, Parting

“In the consumer economy taste is not the criterion in the marketing of expensive soft drinks, usability is not the primary criterion in the marketing of home and office appliances. We are surrounded with objects of desire, not objects of use.”

Donald A. Norman book The Design of Everyday Things

Source: The Design of Everyday Things (1988, 2002), Ch. 7, p. 216.

Home, Drink

“Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans. Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.”

Ron Paul (1935) American politician and physician

Fannie Mae and Freddie Mac Subsidies Distort the Housing Market, September 10, 2003 http://www.house.gov/paul/congrec/congrec2003/cr091003.htm 2000s, 2001-2005

Pain, Loss, Housing

“1. The standard neoclassical model the formal articulation of Adam Smith's invisible hand, the contention that market economies will ensure economic efficiency provides little guidance for the choice of economic systems, since once information imperfections (and the fact that markets are incomplete) are brought into the analysis, as surely they must be, there is no presumption that markets are efficient.
2. The Lange-Lerner-Taylor theorem, asserting the equivalence of market and market socialist economies, is based on a misguided view of the market, of the central problems of resource allocation, and (not surprisingly, given the first two failures) of how the market addresses those basic problems.
3. The neoclassical paradigm, through its incorrect characterization of the market economies and the central problems of resource allocation, provides a false sense of belief in the ability of market socialism to solve those resource allocation problems. To put it another way, if the neoclassical paradigm had provided a good description of the resource allocation problem and the market mechanism, then market socialism might well have been a success. The very criticisms of market socialism are themselves, to a large extent, criticisms of the neoclassical paradigm.
4. The central economic issues go beyond the traditional three questions posed at the beginning of every introductory text: What is to be produced? How is it to be produced? And for whom is it to be produced? Among the broader set of questions are: How should these resource allocation decisions be made? Who should make these decisions? How can those who are responsible for making these decisions be induced to make the right decisions? How are they to know what and how much information to acquire before making the decisions? How can the separate decisions of the millions of actors decision makers in the economy be coordinated?
5. At the core of the success of market economies are competition, markets, and decentralization. It is possible to have these, and for the government to still play a large role in the economy; indeed it may be necessary for the government to play a large role if competition is to be preserved. There has recently been extensive confusion over to what to attribute the East Asian miracle, the amazingly rapid growth in countries of this region during the past decade or two. Countries like Korea did make use of markets; they were very export oriented. And because markets played such an important role, some observers concluded that their success was convincing evidence of the power of markets alone. Yet in almost every case, government played a major role in these economies. While Wade may have put it too strongly when he entitled his book on the Taiwan success Governing the Market, there is little doubt that government intervened in the economy through the market.
6. At the core of the failure of the socialist experiment is not just the lack of property rights. Equally important were the problems arising from lack of incentives and competition, not only in the sphere of economics but also in politics. Even more important perhaps were problems of information. Hayek was right, of course, in emphasizing that the information problems facing a central planner were overwhelming. I am not sure that Hayek fully appreciated the range of information problems. If they were limited to the kinds of information problems that are at the center of the Arrow-Debreu model consumers conveying their preferences to firms, and scarcity values being communicated both to firms and consumers then market socialism would have worked. Lange would have been correct that by using prices, the socialist economy could "solve" the information problem just as well as the market could. But problems of information are broader.”

Joseph E. Stiglitz book Whither Socialism?

Source: Whither Socialism? (1994), Ch. 1 : The Theory of Socialism and the Power of Economic Ideas

Books, Way, Communication, Failure

“The probity in a public life is a must for improvement of country’s economy vis-à-vis the living conditions of common man. To mould the perceptions of students he wrote biographies of three great men.”

D. V. Gundappa (1887–1975) Indian writer

In page=22
D.V. Gundappa,Sahitya Akademi

Life, Men, Country

“In the network economy, producing and consuming fuse into a single verb: prosuming. Since a relationship involves two members investing in it, its value increases twice as fast as one's investment.”

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)

“Everyday we see evidence of biological growth in technological systems. This is one of the marks of the network economy: that biology has taken root in technology. And this is one of the reasons why networks change everything.”

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

“We should engage with the new de facto power and help make the new government make the changes necessary, especially on the economy, so they can deliver for the people. The events that led to the Egyptian army's removal of President Mohamed Morsi confronted the military with a simple choice: intervention or chaos. Seventeen million people on the streets are not the same as an election. But it as an awesome manifestation of power. I am a strong supporter of democracy. But democratic government doesn't on its own mean effective government. Today efficacy is the challenge. This is a sort of free democratic spirit that operates outside the convention of democracy that elections decide the government. It is enormously fuelled by social media, itself a revolutionary phenomenon. And it moves very fast in precipitating crisis. It is not always consistent or rational. A protest is not a policy, or a placard a programme for government. But if governments don't have a clear argument with which to rebut the protest, they're in trouble.”

Tony Blair (1953) former Prime Minister of the United Kingdom

The Guardian http://www.guardian.co.uk/world/2013/jul/07/egypt-army-morsi-tony-blair 6 July, 2013 Blair justifying the Egyptians army actions on removing Morsi. 2010s

People, Democracy, Support, Strong

“The historic opportunity now is to present an interest free economy as a third type of solution which is to be found neither in communism nor in capitalism but transcends both.”

Margrit Kennedy (1939–2013) German architect

Source: Interest and Inflation Free Money (1995), Chapter Three, Who Would Profit From a New Monetary System?, p. 76

Communication

“The Marxist critique is only a critique of capital, a critique coming from the heart of the middle and petit bourgeois classes, for which Marxism has served for a century as a latent ideology…. The Marxist seeks a good use of economy. Marxism is therefore only a limited petit bourgeois critique, one more step in the banalization of life toward the "good use" of the social!”

Jean Baudrillard (1929–2007) French sociologist and philosopher

Canadian Journal of Political and Social Theory 15 (1987) "When Bataille Attacked the Metaphysical Principle of Economy"
1980s

Life, Heart

“The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.”

Mark Skousen (1947) American economist, investment analyst, newsletter editor, college professor and author

Mark Skousen; in: The Freeman: Ideas on Liberty, Vol. 60, Nr. 3-10 (2010). p. 7

Business, Reality, Forgetting

“Can we afford to let Laloo, whose knowledge of anything except caste structures is non-existent, damage the rural economy further? The long-suffering railway ministry, which has by now lost its ability to resist any absurd decision by any of their ministers, has agreed to budget Rs 250 crore a year to buy kulhars. While all that money comes from your pocket, where will it actually go?”

Maneka Gandhi (1956) Indian politician and activist

Criticising Railway Minister Lalu Prasad's plan to introduce disposable clay-cups or kulhars to serve tea in trains, as quoted in "Clay-Pot Dictator!" http://www.outlookindia.com/article/claypot-dictator/224296, Outlook India (28 June 2004) 2001-2010

Money, Knowledge, Decision, Suffering

“I shall set up National Economic Development Advisory Conference to improve the economy in Taiwan”

Chen Shui-bian (1950) Taiwanese politician

During the official speech of his first anniversary of presidency, May 19, 2001
Pet Phrases, 2001

“A strong economy and strong culture go hand in hand.”

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

Sabhal Mòr Ostaig Lecture (December 19, 2007)

Strong

“From the late 1940s until the early 1960s, events seemed to prove the Keynesians correct. Then, beginning in the 1960s, several distinguished economists began to challenge Keynesian ideas. Their counterrevolutionary views, which in many ways mirrored those of the classical economists, were strengthened by events in the 1970s, when the economy’s behavior began to contradict some Keynesian ideas. But in 2008 and 2009, as the economy sank into the most serious worldwide recession since the Great Depression, Keynesian ideas were once again at the center of a heated debate about the causes of the problem and the appropriate remedies.”

Robert Hall (economist)

Robert E. Hall and Marc Lieberman, Macroeconomics (2012).

Way, Behavior, Idea, Problem

“The fears of recession in the aftermath of Black Monday have turned to fears of the economy racing ahead too fast, with inflation edging up and a substantial current account deficit…people understandably feel more confident about their future than they've done for decades, but as a result they have been borrowing more and saving less…coming on top of a massive income investment boom, it's all been just a bit too much of a good thing.”

Nigel Lawson (1932) British Conservative politician and journalist

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

People, Fear, Feeling, Confidence

“Good evening. President Reagan, still training his spotlight on the economy, today signed a package of budget cuts that he will send to Congress tomorrow. Lesley Stahl has the story.”

Dan Rather (1931) Journalist, Anchor

Rather's first lines in his debut as anchor of The CBS Evening News, Monday, March 9, 1981.

Training

“Canada appears content to become a second-tier socialistic country, boasting ever more loudly about its economy and social services to mask its second-rate status.”

Stephen Harper (1959) 22nd Prime Minister of Canada

National Post, Dec. 8 2000 p. A18.
2000

Appearance, Country

“High taxes, over-regulation, and an anti-business attitude are clearly the cause of our economic problems. Our economy is floundering, and too many Marylanders have been struggling, just to get by. 40 consecutive tax hikes have taken an additional $10 billion out of the pockets of struggling Maryland families and small businesses. We've lost more than 8,000 businesses, and Maryland's unemployment nearly doubled.”

Larry Hogan (1956) American politician

" State of the State Address: A New Direction for Maryland http://governor.maryland.gov/2015/02/04/state-of-the-state-address/" (4 February 2015)

Family, Business, Problem

“Capital, explaining the origins of the capitalist mode of production, points towards the inevitable historical decline and fall of this same social system. An economic theory based upon the historical relativity of every economic system, its strict limitation in time, tactlessly reminds Messrs the capitalists, their hangers-on and their apologists that capitalism itself is a product of history. It will perish in due course as it once was born. A new social form of economic organization will then take the place of the capitalist one: it will function according to other laws than those which govern the capitalist economy.”

Ernest Mandel (1923–1995) Belgian economist and Marxist philosopher

Introduction to Capital. Introduction to volume 1 (1976)

Law, History, Time

“As we all know, socialism failed. At the height of its popularity it caused widespread starvation and deprivation, wrecking whole economies wherever it was applied. It inspired childish, petulant dictators — ideologues who were eager to do anything except give up an idea that didn’t work — to put millions against the wall and send millions more to places like Siberia because the people couldn’t (the dictators said 'wouldn’t') gladly transmogrify themselves into New Collectivist Mankind, or whatever the slogan was at the time. In the end, it finally destroyed the most enormous empire history had ever known.”

L. Neil Smith (1946) American writer

"New Maps of Bulgaria," http://www.bigheadpress.com/lneilsmith/?p=41 26 October 2007.

People, History, Idea, Time

“We in India, as a result of our planned economic development, not central planning, but mixed planning, mixed economy, we have experimented with, we have moved to a stage of partial maturity of the economy, when we needed new forms of management, new forms of, expression of the spirit of enterprise, so that the economy can move forward. The compulsion to liberalisation and globalisation arose from this. This is why we say that India's liberalisation is an irreversible process…. and, in a vast country, with millions of people and poverty, rampant, we cannot liberalise recklessly, in such a way that the balance of the society is upset and while some sections would flourish, make profits, the rest of the people would be left without employment and be helpless. Therefore, we have to have a balanced approach to liberalisation and also to globalisation.”

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

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

People, Way, Country

“The economy is crooked not straight; and mainstream economists are like flat-earthers who keep saying the world is flat despite all the evidence to the contrary.”

David Orrell (1962) Canadian mathematician

Source: The Other Side Of The Coin (2008), Chapter 7, Straight Versus Crooked, p. 228

World

“I hate writing. I so intensely hate writing — I cannot tell you how much. The moment I am at the end of one project I have the idea that I didn’t really succeed in telling what I wanted to tell, that I need a new project — it’s an absolute nightmare. But my whole economy of writing is in fact based on an obsessional ritual to avoid the actual act of writing.”

Slavoj Žižek (1949) Slovene philosopher

Conversations with Žižek by Slavoj Žižek and Glyn Daly (Cambridge: Polity Press, 2004), p. 42

Hate, Idea

“The modern reading of ancient literature involves a mode of reception that is not merely scholarly or antiquarian. Instead, aesthetic experience allows for a direct relationship between reader and work, despite the historical distance. Today’s consumer cannot participate in the ancient economy by trying to use an Athenian coin as legal tender; but today’s reader can participate in the ancient literary imagination though an authentic engagement with the Homeric text (no matter how much contemporary circumstances necessarily also enter into that encounter with the ancient text). Thus the historicist imperative of periodization evidently stands at odds with the potential for immediacy associated with literary reception and aesthetic experience.”

Russell Berman (1950) American academic

Source: Fiction Sets You Free: Literature, Liberty and Western Culture (2007), p. 14.

Imagination, Literature, Reading

“It was the FLP that was committed to reducing the cost of doing business and started by lowering the cost of utilities, and requested the commercial banks and lending organizations to reduce their fees, charges and interest rates. The FLP also moved to reduce public expenditure, which saw a saving of $96 million in its year in office. It was also the FLP, which lowered interest in Housing Authority home loans from 12 per cent to 6 per cent for those on lower incomes. It was the aggregate effect of this and a range of other measures of tight fiscal control, investment in key growth areas and a firm hand on curbing corruption that saw the economy record an unprecedented growth of 9.6% in 1999.”

Mahendra Chaudhry (1942) Fijian politician

Reaction to Prime Minister Laisenia Qarase's address to the Fiji Employers Federation in Nadi, 4 September 2005

Home, Business, Housing

“The centrally planned economies, dissatisfied with the outcome of their own efforts to achieve good economic growth performance, have changed strategy and decided to import high technology from the West. as well as necessary grains to supplement their domestic agicultural supplies. This new approach has opened their economies to Western inflation because imports have been reflecting rising world price. Gold and oil sales at correspondingly rising prices have been used by the Soviet Union to finance part of their import needs. but they are fully enmeshed in world inflation accounting in balancing rising export prices.”

Lawrence Klein (1920–2013) American economist

"Some Economic Scenarios for the 1980's," 1980

World, Effort, Change, Parting

“Who had used the mysterious September 11 incident as a pretext to attack Afghanistan and Iraq, killing, injuring and displacing millions of people. Whose military spending exceeded $1,000 billion dollars annually — more than the military budgets of all countries in the world combined? Who dominated the policy-making establishments of the world’s economy, as well as the Security Council, which was ostensibly responsible for safeguarding international security? Do these arrogant Powers really have the competence and ability to run or govern the world? “Can the flower of democracy bloom from [North Atlantic Treaty Organization’s] missiles, bombs and guns?”

Mahmoud Ahmadinejad (1956) 6th President of the Islamic Republic of Iran

2011

People, World, Democracy, Flowers

“In 1897, Italian economist Vilfredo Pareto (1848-1923) noticed a regular pattern in distributions of wealth or income, no matter the country or time period concerned. He found that the distribution was extremely skewed toward the top end: A small minority of the top earners always accounted for a large majority of the total wealth. The pattern was so reliable that Pareto was eventually able to predict the distribution of income accurately before looking at the data.
Pareto was greatly excited by his discovery, which he rightly believed was of enormous importance not just to economics but to society as well. But he managed to enthuse only a few fellow economists….
Pareto's idea became widely known only when Joseph Moses Juran, one of the gurus of the quality movement in the twentieth century, renamed it the "Rule of the Vital Few." In his 1951 tome The Quality Control Handbook, which became hugely influential in Japan and later in the West, Juran separated the "vital few" from the "trivial many," showing how problems in quality could be largely eliminated, cheaply and quickly, by focusing on the vital few causes of these problems. Juran, who moved to Japan in 1954, taught executives there to improve quality and product design while incorporating American business practices into their own companies. Thanks to this new attention to quality control, between 1957 and 1989, Japan grew faster than any other industrial economy.”

Richard Koch (1950) German medical historian and internist

Introduction
The 80/20 Individual (2003)

Idea, Business, Problem, Time

“In the network economy a firm's primary focus shifts from maximizing the firm«s value to maximizing the network's value.”

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)

“It is a major defect of our present organized system and the economy of abundance that, without providing great goals, it has taken away some of the important real necessities, leaving people with nothing to do.
The void is soon filled. Behavior like going into debt on the installment plan, gives an artificial but then real necessity, something to do, paying up. This is the Rat Race, but I doubt that it would be run if people did not need its justifying necessity, for the commodities themselves are not that attractive.”

Paul Goodman book Growing Up Absurd

Source: Growing Up Absurd (1956), p. 154.

People, Behavior

“Central banks have moved to stimulate spending in the face of this attempt to increase savings by lowering interest rates. They lowered them to the zero lower bound without having much effect; the fall in desired savings was too large. We are in a Keynesian liquidity trap. Central banks have tried to stimulate spending by actively increasing the money supply, raising fears of inflation in many circles. But no inflation has resulted as the cash sits idle in corporate coffers. Even at zero interest rates, business firms are reluctant to spend!
What to do? Many pundits say we must simply endure what they call secular stagnation. This is an unhappy prediction. Much better is the Keynesian insight that this is the perfect time for fiscal policy. In the U. S. again, there are immediate needs to repair roads and bridges, rebuild the energy grid, and modernize other means of travel. Keynesian fiscal policy expansion will benefit the economy in both the short and long run.”

Peter Temin (1937) American economist

Why Keynes is Important Today (2014)

Money, Fear, Travel, Business

Quotes about economy page 3

Quotes about economy
page 3