Quotes about economy
page 7

“Let us look facts straight in the eye. World imperialism headed by its aggressive detachment, U. S. imperialism, is directing the course of its economy towards preparations for war. It is arming itself to the teeth. U. S. imperialism is rearming Bonn's Germany, Japan, and all its allies and satellites with all kinds of weapons. It has set up and perfected aggressive military organizations, it has established and continues to establish military bases all around the socialist camp. It is accumulating stocks of nuclear weapons and refuses to disarm, to stop testing nuclear weapons, and is feverishly engaged in inventing new means of mass extermination. Why is it doing all this? To go to a wedding party? No, to go to war against us, to do away with socialism and communism, to put the peoples under bondage.”

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

Speeches, Moscow Address

War, People, World, Communication

“While it's impossible to be completely prepared for a downturn of this magnitude, we began priming ourselves for a weakening economy earlier last year. We have implemented strict cost cutting measures across all our operations. We have reduced headcount in individual businesses where appropriate and we've scaled back on capital expenditures. Even in plush times, we have never been a company that tolerates fat. So in times like these, we are better positioned to weather this cycle than our competitors.”

Rupert Murdoch (1931) Australian-American media mogul

About News Corp. 6.4 billion quarterly lost in 2008-09 Source: News Corporation F2Q09 (Qtr End 12/31/08) Earnings Call Transcript http://seekingalpha.com/article/118935-news-corporation-f2q09-qtr-end-12-31-08-earnings-call-transcript?page=-1

Business, Time, Weather

“With the market so much more in control of the global economy now than fifty years ago, then if economists are right, the world should be a manifestly better place: it should be growing faster, with more stability, and income should go to those who deserve it.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 1, No More Mister Nice Guy, p. 2

World

“Organisms cannot survive in a medium consisting of their own final outputs. Neither can economies.”

Herman E. Daly (1938) American economist

Source: Steady-State Economics, 1977, p. 22

“If an economy in the doldrums could drift indefinitely, the price of government inaction might be graver by far than the consequences of bold unorthodoxy.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter IX, John Maynard Keynes, p. 269

“The creativity that can occur when a feel for both the humanities and the sciences combine in one strong personality was the topic that most interested me in my biographies of Franklin and Einstein, and I believe that it will be a key to creating innovative economies in the twenty-first century.”

Walter Isaacson book Steve Jobs

Steve Jobs (2011), Simon & Schuster (U.S.), Ch. 19: "Pixar: Technology Meets Art", ISBN 1-4516-4853-7

Feeling, Strong, Science, Personality

“Jobs: Part of what made the Macintosh great was that the people working on it were musicians, poets, and artists, and zoologists, and historians. They also happened to be the best computer scientists in the world. But if it hadn’t been computer science, these people would have been doing amazing things in other fields. We all brought to this a sort of “liberal arts” air, an attitude that we wanted to pull the best that we saw into this field. You don’t get that if you are very narrow.
Cringley: How does the Web affect the economy?
Jobs: We live in an information economy. The problem is that information's usually impossible to get, at least in the right place, at the right time. The reason Federal Express won over its competitors was its package-tracking system. For the company to bring that package-tracking system onto the Web is phenomenal. I use it all the time to track my packages. It's incredibly great. Incredibly reassuring. And getting that information out of most companies is usually impossible.
But it's also incredibly difficult to give information. Take auto dealerships. So much money is spent on inventory—billions and billions of dollars. Inventory is not a good thing. Inventory ties up a ton of cash, it's open to vandalism, it becomes obsolete. It takes a tremendous amount of time to manage. And, usually, the car you want, in the color you want, isn't there anyway, so they've got to horse-trade around. Wouldn't it be nice to get rid of all that inventory? Just have one white car to drive and maybe a laserdisc so you can look at the other colors. Then you order your car and you get it in a week.”

Steve Jobs (1955–2011) American entrepreneur and co-founder of Apple Inc.

Robert X. Cringley for a Public Broadcasting System [PBS] television series, “Triumph of the Nerds” (1995), “The Lost Interview: Steve Jobs Tells Us What Really Matters” https://www.forbes.com/sites/stevedenning/2011/11/17/the-lost-interview-steve-jobs-tells-us-what-really-matters/#5cb0fc8e6c3a, Forbes, Steve Denning, Nov 17, 2011, 1990s

Money, People, World, Art

“Growth and progress are related, for there is no resting place for an enterprise in a competitive economy.”

Alfred P. Sloan (1875–1966) American businessman

Source: My Years with General Motors, 1963, p. 15 (2015 edition)

“To have peace and not war, the drift toward a war economy, as facilitated by the moves and the demands of the sophisticated conservatives, must be stopped; to have peace without slump, the tactics and policies of the practical right must be overcome. The political and economic power of both must be broken. The power of these giants of main drift is both economically and politically anchored; both unions and an independent labor party are needed to struggle effective.”

C. Wright Mills (1916–1962) American sociologist

The New Men of Power (1948).
1940s

War, Peace

“True science consists in systematically examining all possible cases. Exact political economy has not achieved this until now. It does not even encompass all actual cases. This is one of the reason why exact theory finds itself in opposition to the historical school and why it does not have an awful lot to say to those economists who occupy themselves with issues of practical interest, theories of crisis, cartels and trusts.”

Otto Neurath (1882–1945) austrian economist, philosopher and sociologist

Source: 1940s and later, Otto Neurath Economic Writings. Selections 1904-1945 (2004), p. 278

School, Science

“The question we must all ask ourselves is how Mr. Benn was able to come within striking distance of the very heart of our economic life in the first place… an important part of the answer must be that our industry, economic life and society have been so debilitated by 30 years of Socialistic fashions that their very weakness tempts further inroads. The path to Benn is paved with 30 years of interventions: 30 years of good intentions: 30 years of disappointments. These have led the collectivists to say that we are failing only because we are taking half measures. The reality is that for 30 years the private sector of our economy has been forced to work with one hand tied behind its back by government and unions. Socialist measures and Socialist legacies have weakened free enterprise.”

Keith Joseph (1918–1994) British barrister and politician

Speech in Upminster http://www.margaretthatcher.org/archive/displaydocument.asp?docid=110604 (22 June 1974) 1970s

Life, Disappointment, Fashion, Question

“It is about much more than the constitution. It is about how we create the vibrant economy, the healthy society and the socially and environmentally just society in which we - all of us - believe.”

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

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

“The reason that Syria is facing this crisis is not because of any bad thing which Syria has done or any weaknesses within its democracy, or within its economy, or within its human rights record - and there are weaknesses in all three of these. The reason why Syria is being threatened is not because of anything bad which she did, but because of the good which she is doing. That's the reason why Syria is being threatened - because she will not betray the Palestinian resistance, because she will not betray the Lebanese resistance, Hizbullah, because she will not sign a shameful surrender-peace with General Sharon, and above all - more than any of these others - because Syria will not allow her country to be used as a military base for America to crush the resistance in Iraq. These are the reasons why Syria is being targeted by these imperial powers.”

George Galloway (1954) British politician, broadcaster, and writer

MemriTV http://memri.org/bin/articles.cgi?Page=archives&Area=sd&ID=SP102405 Speech at the University of Damascus, televised on Al-Jazeera TV on November 13, 2005

Peace, Democracy, Country

“That is to say, within less than twenty years after the Constitution was formed, and in obedience to that general opinion of the time which condemned slavery as a sin in morals and a blunder in economy, eight of the States had abolished it by law — four of them having already done so when the instrument was framed; and Mr. Douglas might as justly quote the fact that there were slaves in New York up to 1827 as proof that the public opinion of the State sanctioned slavery, as to try to make an argument of the fact that there were slave laws upon the statute-books of the original States. He forgets that there was not in all the colonial legislation of America one single law which recognized the rightfulness of slavery in the abstract; that in 1774 Virginia stigmatized the slave-trade as 'wicked, cruel, and unnatural'; that in the same year Congress protested against it 'under the sacred ties of virtue, honor, and love of country'; that in 1775 the same Congress denied that God intended one man to own another as a slave; that the new Discipline of the Methodist Church, in 1784, and the Pastoral Letter of the Presbyterian Church, in 1788, denounced slavery; that abolition societies existed in slave States, and that it was hardly the interest even of the cotton-growing States, where it took a slave a day to clean a pound of cotton, to uphold the system. Mr. Douglas incessantly forgets to tell us that Jefferson, in his address to the Virginia Legislature of 1774, says that 'the abolition of domestic slavery is the greatest object of desire in these colonies, where it was unhappily introduced in their infant state'; and while he constantly remembers to remind us that the Jeffersonian prohibition of slavery in the territories was lost in 1784, he forgets to add that it was lost, not by a majority of votes — for there were sixteen in its favor to seven against it — but because the sixteen votes did not represent two thirds of the States; and he also incessantly forgets to tell us that this Jeffersonian prohibition was restored by the Congress of 1785, and erected into the famous Northwest Ordinance of 1787, which was re-enacted by the first Congress of the United States and approved by the first President.”

George William Curtis (1824–1892) American writer

1850s, The Present Aspect of the Slavery Question (1859)

Love, God, Books, Law

“Capitalism has created its own irrationalities such as a vicious white racism, the tremendous waste associated with advertising, and the irrationality of incredible poverty in the midst of wealth and wastage even inside the biggest capitalist economies, such as that of the United States of America.”

Walter Rodney book How Europe Underdeveloped Africa

Source: How Europe Underdeveloped Africa (1972), p. 19.

Wealth

“While today no foreign invaders threaten our sovereignty, there's another front that is on the line - our economy. Like a pandemic plague, worldwide recession now engulfs all nations. If stable, prosperous democracies are floundering in its wake, what more of developing countries such as ours?”

Francis Escudero (1969) Filipino politician

2009, Statement: A Call for Heroism

Democracy, Country

“Our economy, society, and culture are built on interests, values, institutions, and systems of representation that, by and large, limit collective creativity, confiscate the harvest of information technology, and deviate our energy into self-destructive confrontation. This state of affairs must not be.”

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

Source: End of Millennium, 1998, p. 379

“The coordination of information technology management presents a challenge to firms with dispersed IT practices. Decentralization may bring flexibility and fast response to changing business needs, as well as other benefits, but decentralization also makes systems integration difficult, presents a barrier to standardization, and acts as a disincentive toward achieving economies of scale. As a result, there is a need to balance the decentralization of IT management to business units with some centralized planning for technology, data, and human resources.
Here we explore three major mechanisms for facilitating inter-unit coordination of IT management: structural design approaches, functional coordination modes, and computer-based communication systems. We define these various mechanisms and their interrelationships, and we discuss the relative costs and benefits associated with alternative coordination approaches.
To illustrate the cost-benefit tradeoffs of coordination approaches, we present a case study in which computer-based communication systems were used to support team-based coordination of IT management across dispersed business units. Our analysis reveals possibilities for future approaches to IT coordination in large, dispersed organizations.”

Gerardine DeSanctis (1954–2005) American organizational theorist

Gerardine DeSanctis and Brad M. Jackson (1994) "Coordination of information technology management: Team-based structures and computer-based communication systems." Journal of Management Information Systems Vol 10 (4). p. 85-110. Abstract

Communication, Business, Support, Study

“That austerity is a counterproductive economic policy in a situation of economic recession can be seen, rightly, as a “Keynesian critique.” Keynes did argue—and persuasively—that to cut public expenditure when an economy has unused productive capacity as well as unemployment owing to a deficiency of effective demand would tend to have the effect of slowing down the economy further and increasing—rather than decreasing—unemployment. Keynes certainly deserves much credit for making that rather basic point clear even to policymakers, irrespective of their politics, and he also provided what I would call a sketch of a theory of explaining how all this can be nicely captured within a general understanding of economic interdependences between different activities… I am certainly supportive of this Keynesian argument, and also of Paul Krugman’s efforts in cogently developing and propagating this important perspective, and in questioning the policy of massive austerity in Europe.
But I would also argue that the unsuitability of the policy of austerity is only partly due to Keynesian reasons. Where we have to go well beyond Keynes is in asking what public expenditure is for—other than for just strengthening effective demand, no matter what its content. As it happens, European resistance to savage cuts in public services and to indiscriminate austerity is not based only, or primarily, on Keynesian reasoning. The resistance is based also on a constructive point about the importance of public services—a perspective that is of great economic as well as political interest in Europe.”

Amartya Sen (1933) Indian economist

Amartya Sen, "What Happened to Europe?", New Republic (August 2, 2012)
2010s

Understanding, Question, Support, Effort

“No one contemplating the present position and looking back at the whole series of vicissitudes which has beset the British economy throughout the past 20 years can find the prospect other than very difficult at present. But I believe that there is also a great opportunity at present. There is certainly no quick, easy road to prosperity for this country, but the changes which must be made are fairly marginal. They must be made with absolute determination, but if they are so made, and accepted by the people, the whole outlook can change. The Government can only provide the right framework. Unless they do that, our national energies will be misdirected, but once they have done it the opportunities for export and growth and efficiency must be seized by everyone. There will still be two years of hard slog ahead. But at the end of it we could have a more securely-based prosperity than we have known for a generation.”

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

Speech http://hansard.millbanksystems.com/commons/1968/jan/17/public-expenditure in the House of Commons as Chancellor of the Exchequer (17 January 1968) 1960s

People, Change, Past, Country

“Without the spread of British rule around the world, it is hard to believe that the structures of liberal capitalism would have been so successfully established in so many different economies around the world.”

Niall Ferguson (1964) British historian

Empire: How Britain Made the Modern World (2003)

World

“If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air… We are warranted, then, in affirming that this parody on the principle of 'a public debt being a public blessing,' and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.”

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

ME 13:423
1810s, Letters to John Wayles Eppes (1813)

War, Truth

“The US owes the world. The US "superpower" cannot even finance its own domestic operations, much less its gratuitous wars except via the kindness of foreigners to lend it money that cannot be repaid.The US will never repay the loans. The American economy has been devastated by offshoring, by foreign competition, and by the importation of foreigners on work visas, while it holds to a free trade ideology that benefits corporate fat cats and shareholders at the expense of American labor. The dollar is failing in its role as reserve currency and will soon be abandoned.When the dollar ceases to be the reserve currency, the US will no longer be able to pay its bills by borrowing more from foreigners.”

Paul Craig Roberts (1939) American economist

"A Bankrupt Superpower," CounterPunch (2008-03-18)

Money, War, World, Cats

“In the winter of 1841 Schelling gave his famous series of lectures at the University of Berlin before a distinguished audience including Kierkegaard, Burckhardt, Engels, Bakunin. Schelling set out to overthrow Hegel, whose vast rationalist system including the identification of abstract truth with reality and the bringing of all history into an “absolute whole,” held immense and dominant popularity in the Europe of the middle of the nineteenth century. – 1844 Kierkegaard published Philosophical Fragments, and two years later he wrote the declaration of independence for existentialism, Concluding Unscientific Postscript to Philosophical Fragments. Also in 1844 there appeared the second edition of Schopenhauer’s The world as will and idea,.. central emphasis “will” along with “idea” -- two related works by Marx 1844-45 – “attacked abstract truth’ as “ideology” “using Hegel as his whipping boy” “men and groups bring truth into being” “money economy turns people into things””

Rollo May (1909–1994) US psychiatrist

Source: The Discovery of Being (1983), p. 54

Men, Money, People, Truth

“The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhythms and fluctuations of developed economies.”

Paul Ormerod book The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 162
The Death of Economics (1994)

World

“Why has he closed the door on Canada Post? Here's a guy who says he was a terrific manager of the economy and all things economic yet he's shut down our postal service. It's certainly the wrong thing to do and it sends a very bad signal out to the working people that tromp up and down our sidewalks and deliver our mail … that he doesn't really respect the bargaining process.”

Jack Layton (1950–2011) Leader of the New Democratic Party of Canada

Layton nixes cutting NDP ties to labour unions http://www.ctv.ca/CTVNews/Canada/20110618/ndp-layton-labour-movement-110618/ June 18,2011

People, Guy

“A second part of criticisms [of our concept, Multitude], which relate closely to the first, focus on the economic conception of the multitude. … "You are really against the workers!" … Industrial labor has been displaced from its hegemonic position over other forms of labor by immaterial labor, which now tends to transform all sectors of production and society itself in line with its qualities. Industrial workers remain important, then, but within the context of this new paradigm. Here arises, then, but within the second criticism of this pair, that our argument of hegemony of immaterial labor replaces the old vanguard of industrial workers with a new vanguard of immaterial workers - Microsoft programmers leading us on the shining path. "You are just postmodern Leninist in sheep's clothing!" they cry. No, the hegemonic position of a form of production in the economy should not imply any political hegemony. Our argument about the hegemony of immaterial labor and the becoming common of all forms of labor is aimed instead at establishing that contemporary conditions tending to form a general communication and collaboration of labor that can be the basis of the multitude.”

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

(223)
Multitude: War and Democracy in the Age of Empire

Communication, Parting, Cry, Clothes

“The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. Indeed, it is only in the last third of the century, within my own lifetime as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cambridge University, once asked the rhetorical question, “Who would ever think of employing an economist to run a brewery?” Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private.”

Paul A. Samuelson (1915–2009) American economist

Source: 1950s–1970s, Maximum Principles in Analytical Economics, 1970, p. 62: Lead paragraph

Way, Home, Question, Thinking

“It doesn’t take a genius to see what happens when the entitlement state outgrows the economy upon which it rests. The time of Greece, Cyprus, Portugal, Spain, the rest of insolvent social-democratic Europe — and now Detroit — is the time for conservatives to raise the banner of Stein's Law and yell, ‘Stop.’ You can kick the can down the road, but at some point it disappears over a cliff.”

Charles Krauthammer (1950–2018) American journalist

2010s, 2013, Detroit Ran Into The Inviolable Rule Of Economics (2013)

Law, Time

“We will work to prevent and repair damage by Saddam Hussein's regime to the natural resources of Iraq and pledge to protect them as a national asset of and for the Iraqi people. All Iraqis should share the wealth generated by their national economy. We will seek a swift end to international sanctions, and support an international reconstruction program to help Iraq achieve real prosperity and reintegrate into the global community.”

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

2000s, 2003, A Vision for Iraq and the Iraqi people (March 2003)

People, Communication, Support, Nature

“Our goal is to build a broad-based model of key components of the economy: households, firms, banks and government… The failure to embrace things like simulation has inhibited progress in economics.”

J. Doyne Farmer (1952) American physicist and entrepreneur (b.1952)

As quoted by Stephen Foley, " Physicists and the financial markets http://www.ft.com/intl/cms/s/2/8461f5e6-35f5-11e3-952b-00144feab7de.html#axzz2j7a3dBoP" Financial Times Magazine (Oct18, 2013) ref: the CRISIS Project http://www.crisis-economics.eu/.

Failure

“The Good Economist Hayek is the thinker who has mind-blowing insights into just why the competitive market system is such a marvelous societal device for coordinating our by now 7.2 billion-wide global division of labor. Few other economists imagined that Lenin’s centrally-planned economy behind the Iron Curtain was doomed to settle at a level of productivity 1/5 that of the capitalist industrial market economies outside. Hayek did so imagine. And Hayek had dazzling insights as to why. Explaining the thought of this Hayek requires not sociology or history of thought but rather appreciation, admiration, and respect for pure genius.The Bad Economist Hayek is the thinker who was certain that Keynes had to be wrong, and that the mass unemployment of the Great Depression had to have in some mysterious way been the fault of some excessively-profligate government entity (or perhaps of those people excessively clever with money–fractional-reserve bankers, and those who claim not the natural increase of flocks but rather the interest on barren gold). Why Hayek could not see with everybody else–including Milton Friedman–that the Great Depression proved that Say’s Law was false in theory, and that aggregate demand needed to be properly and delicately managed in order to make Say’s Law true in practice is largely a mystery. Nearly everyone else did: the Lionel Robbinses and the Arthur Burnses quickly marked their beliefs to market after the Great Depression and figured out how to translate what they thought into acceptable post-World War II Keynesian language. Hayek never did.
My hypothesis is that the explanation is theology: For Hayek, the market could never fail. For Hayek, the market could only be failed. And the only way it could be failed was if its apostles were not pure enough.”

J. Bradford DeLong (1960) American economist

Making Sense of Friedrich A. von Hayek: Focus/The Honest Broker for the Week of August 9, 2014 http://equitablegrowth.org/making-sense-friedrich-von-hayek-focusthe-honest-broker-week-august-9-2014/ (2014)

Money, War, People, World

“The free enterprise policies that produce solely for waste and for profit and that promote a consumerist mentality rather than one of need are damaging to the environment. I am in no sense defending the centralised economies of eastern Europe. They have polluted the north sea and rivers just as industries in Britain and North America have destroyed rivers, wasted natural resources and ruined people's lives by their form of pollution. It is not good enough to promote an economic system that produces for waste and to promote environmental controls in western Europe and North America to look after our environment if at the same time we transfer that destruction of the environment to poorer Third-world countries, either by exporting toxic waste and letting those countries get rid of it by whatever means they can, because they are desperate for foreign currency, or by promoting the destruction of the rain forests, through raping those countries to collect debt payments, when they can make them only by destroying all their natural resources. We live in an age when we have an opportunity to improve our environment and save ourselves from mass destruction through climatic change and environmental disasters.”

Jeremy Corbyn (1949) British Labour Party politician

Speech http://hansard.millbanksystems.com/commons/1990/jan/15/environmental-protection-bill in the House of Commons (15 January 1990). 1990s

People, Age, World, Nature

“I still believe that, in the long run, the aggregate of the decisions of individual businessmen, exercising individual judgment in a free economy, even if often mistaken, is likely to do less harm than the centralized decisions of a Government; and certainly the harm is likely to be counteracted faster. As I said earlier in this debate, our economic medicine may be painful but it is fast and powerful because it can act freely.”

John James Cowperthwaite (1915–2006) British colonial administrator

March 24, 1966, page 216.
Official Report of Proceedings of the Hong Kong Legislative Council

Pain, Exercises, Decision

“Your law is the law of the rich and wealthy people, who hold sway in their political parties, and fund their election campaigns with their gifts. Behind them stand the Jews, who control your policies, media and economy.”

Osama bin Laden (1957–2011) founder of al-Qaeda

2000s, 2002, Letter to the American people (2002)

People, Law

“Were the Soviet Union to sink tomorrow under the waters of the ocean, the American military-industrial establishment would have to go on, substantially unchanged, until some other adversary could be invented. Anything else would be an unacceptable shock to the American economy.”

George F. Kennan (1904–2005) American advisor, diplomat, political scientist and historian

"Foreword to 'The Pathology of Power'" by Norman Cousins (Norton, 1987), from At a Century's Ending: Reflections 1982-1995 (Norton, 1997, ISBN 0-393-31609-2), Part II: Cold War in Full Bloom, p. 118

Water

“But how is the spirit of expenditure to be exorcised? Not by preaching; I doubt if even by yours. I seriously doubt whether it will ever give place to the old spirit of economy, as long as we have the income-tax. There, or hard by, lie questions of deep practical moment.”

William Ewart Gladstone (1809–1898) British Liberal politician and prime minister of the United Kingdom

Letter to Richard Cobden (5 January 1864), quoted in The Life of William Ewart Gladstone Volume II (1903) by John Morley, p. 62
1860s

Lie, Question

“The story of the Northern Counties Building Society is instructive. Established in 1850 in the North East by dispossessed workers who pooled their funds to retrieve a home in the world it grew steadily over the years. It was part of the local economy and society, that most precious civic inheritance, a trusted financial institution. In 1965 it merged with another local institution, the Rock Building Society to become Northern Rock Building Society. It demutualised in 1997 and became Northern Rock, which sponsored Newcastle United and became the fifth biggest lender in the UK market. An institution that was founded by local people for local people and had partnered its region in good times and bad for a hundred and forty seven years, that had weathered four serious depressions and emerged stronger from each could not last through New Labour’s period in Government.”

Maurice Glasman, Baron Glasman (1961) British philosopher

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

People, World, Home, Time

“Tonight Vietnam must hold the center of our attention, but across the world problems and opportunities crowd in on the American Nation. I will discuss them fully in the months to come, and I will follow the five continuing lines of policy that America has followed under its last four Presidents. The first principle is strength. Tonight I can tell you that we are strong enough to keep all of our commitments. We will need expenditures of $58.3 billion for the next fiscal year to maintain this necessary defense might. While special Vietnam expenditures for the next fiscal year are estimated to increase by $5.8 billion, I can tell you that all the other expenditures put together in the entire federal budget will rise this coming year by only $0.6 billion. This is true because of the stringent cost-conscious economy program inaugurated in the Defense Department, and followed by the other departments of government. A second principle of policy is the effort to control, and to reduce, and to ultimately eliminate the modern engines of destruction. We will vigorously pursue existing proposals—and seek new ones—to control arms and to stop the spread of nuclear weapons. A third major principle of our foreign policy is to help build those associations of nations which reflect the opportunities and the necessities of the modern world. By strengthening the common defense, by stimulating world commerce, by meeting new hopes, these associations serve the cause of a flourishing world. We will take new steps this year to help strengthen the Alliance for Progress, the unity of Europe, the community of the Atlantic, the regional organizations of developing continents, and that supreme association—the United Nations. We will work to strengthen economic cooperation, to reduce barriers to trade, and to improve international finance.”

Lyndon B. Johnson (1908–1973) American politician, 36th president of the United States (in office from 1963 to 1969)

1960s, State of the Union Address (1966)

World, Hope, Communication, Problem

“At the beginning of the 1980s the world community faces much greater dangers than at any time since the Second World War. It is clear that the world economy is now functioning so badly that it damages both the immediate and longer-run interests of all nations…The problems of poverty and hunger are becoming more serious; there are already 800 million absolute poor and their numbers are rising; shortages of grain and other foods are increasing the prospect of hunger and starvation…Between 20 and 25 million children below the age of five die every year in developing countries…A number of poor countries are threatened with the irreversible destruction of their ecological systems while many more face growing food deficits and possibly mass starvation. In the international economy there is the possibility of… a collapse of credit with defaults by major debtors, or bank failures… [and] an intensified struggle for influence or control over resources leading to military conflicts.”

Willy Brandt (1913–1992) German social-democratic politician; Chancellor of the Federal Republic of Germany

Attributed in "Are We Nearing Armageddon?", article on The Watchtower magazine, 1980, 10/15.

Hunger, War, Children, Age

“The president has very little effect on the economy. If you want to put blame or credit, the main person who influences the business cycle is the head of the Federal Reserve Bank.”

Robert Fogel (1926–2013) American economist, historian

Robert Fogel, in: " Transcript from an interview with Professor Robert W. Fogel, 2004 http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1993/fogel-interview-transcript.html" at nobelprize.org.

Business, Personality

“Architecture depends on Order, Arrangement, Eurythmy, Symmetry, Propriety, and Economy.”

Vitruvius book De architectura

Source: De architectura (The Ten Books On Architecture) (~ 15BC), Book I, Chapter II "The Fundamental Principles of Architecture" Sec. 1

Dependency

“Workers were occupied with the ancient task of trying to stay alive, which simply happened to require, in a consumer economy overwhelmingly based on the satisfaction of peripheral desires, a series of activities all to easily confused with clownishness.”

Alain de Botton (1969) Swiss writer

Source: The Pleasures and Sorrows of Work (2009), p. 97.

“Our understanding of how markets and businesses operate was passed down to us more than a century ago by a handful of European economists — Alfred Marshall in England and a few of his contemporaries on the continent. It is an understanding based squarely upon the assumption of diminishing returns: products or companies that get ahead in a market eventually run into limitations, so that a predictable equilibrium of prices and market shares is reached. The theory was roughly valid for the bulk-processing, smokestack economy of Marshall’s day. And it still thrives in today’s economics textbooks. But steadily and continuously in this century, Western economies have undergone a transformation from bulk - material manufacturing to design and use of technology — from processing of resources to processing of information, from application of raw energy to application of ideas. As this shift has occurred, the underlying mechanisms that determine economic behavior have shifted from ones of diminishing to ones of increasing returns.”

W. Brian Arthur (1946) American economist

Arthur, W. Brian. "Increasing Returns and the New World of Business." Harvard business review 74.4 (1996): p. 100

Behavior, Idea, Understanding, Business

“I don't believe racism in this country today holds anybody back in a big way. Are there some elements of racism? Yes, it gets back to if we don't grow this economy, that is a ripple effect for every economic level, and because blacks are more disproportionately unemployed, they get hit the worst when economic policies don't work. That's where it starts.”

Herman Cain (1945) American writer, businessman and activist

State of the Union
2011-10-09
Television, quoted in * Cain: Racism not holding anyone back
Political Ticker
2011-10-09
Kevin
Liptak
CNN
http://politicalticker.blogs.cnn.com/2011/10/09/cain-racism-not-holding-anyone-back/

Way, Country

“During the relatively brief period in the late 1960s when economists were pondering the possible obsolescence of business cycles, the scholarly discipline of macroeconomics showed signs of becoming fragmented into speciality areas devoted to components of the then popular large-scale econometric models-for example, consumption, investment, money demand, and the Phillips curve. But more recently the revival of severe real world business cycles, together with the revolutions associated with Milton Friedman's monetarism and Lucas's classical equilibrium models, has brought about a revival of interest in economic analysis that focuses on a few broad aggregates summarizing activity in the economy as a whole-nominal and real income, the inflation rate, and the unemployment rate.”

Robert J. Gordon (1940) American economist

Source: The American Business Cycle, 1986, p. 2

Money, World, Business

“There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U. S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.”

Ben Bernanke (1953) American economist

"A Crash Course for Central Bankers," http://www.foreignpolicy.com/story/cms.php?story_id=3272 Foreign Policy (September/October 2000)

History

“The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 8

World

“So I am skeptical about the argument that the subprime mortgage problem will contaminate the whole mortgage market, that housing construction will come to a halt, and that the economy will slip into a recession. Every step in this chain is questionable and none has been quantified. If we have learned anything from the past 20 years it is that there is a lot of stability built into the real economy.”

Robert Lucas Jr. (1937) American economist

Robert E. Lucas, "Mortgages and Monetary Policy", The Wall Street Journal WEDNESDAY, September 19, 2007

Question, Problem, Learning, Past

“What thrust us into war were not Hitler's political teachings: the cause, this time, was his successful attempt to establish a new economy. The causes of the war were: envy, greed, and fear.”

J. F. C. Fuller (1878–1966) British Army general

The Second World War, 1939-1945: a strategical and tactical history, (1948).

War, Fear, Time, Success

“Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark. So it is a great boon that gold or silver are scarce and are costly to increase in supply.
But if government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

"Taking Money Back" http://mises.org/story/2882, in The Freeman (September - October 1995) http://www.fee.org/publications/the-freeman/.

Money, Shoe, Nature, Help

“As for what I achieved in the first term, I have brought peace to this country. Eliminated terrorism and brought peace. Now my aim is to develop the country. After that, the priorities are the people whom we have to win over – the hearts and minds of the people. Now Sri Lanka is one country; it's not divided. So what we want is to see that the whole nation gets all the benefits, not only one area, not only one community. To develop the economy so that all the people benefit.”

Mahinda Rajapaksa (1945) Prime Minister of Sri Lanka

Interview with The Hindu http://www.thehindu.com/news/resources/n-ram-interviews-sri-lankas-president-mahinda-rajapaksa/article906009.ece, November 23, 2010.

People, Peace, Communication, Heart

“The international monetary system is the glue that binds national economies together.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

“Nine months ago, our campaign began. And when it began, we had no political organization, no money, and not much name recognition outside of the state of Vermont. A lot has happened in nine months.
And what has happened is, I think, the American people have responded to a series of basic truths, and that is that we have today a campaign finance system which is corrupt, which is undermining American democracy, which allows Wall Street and billionaires to pour huge sums of money into the political process to elect the candidates of their choice.
And aligned with a corrupt campaign finance system is a rigged economy. And that's an economy where ordinary Americans are working longer hours for low wagers. They are worried to death about the future of their kids. And yet they are seeing almost all new income and all new wealth going to the top 1 percent.
And then in addition to that, the American people are looking around and they see a broken criminal justice system. They see more people in jail in the United States of America than any other country on earth, 2.2 million. We're spending $80 billion a year locking up fellow Americans.”

Bernie Sanders (1941) American politician, senator for Vermont

2010s, 2016, Democratic Presidential Debate in Milwaukee, Wisconsin (11 February 2016)

Death, Money, People, Truth

“Economy was always "elegant", and money-spending always "vulgar and ostentatious"; a sort of sour-grapeism, which made us very peaceful and satisfied.”

Elizabeth Gaskell book Cranford

Source: Cranford (1851–3), Ch. 1

Money, Peace

“Let me give you my vision. A man's right to work as he will to spend what he earns to own property to have the State as servant and not as master these are the British inheritance. They are the essence of a free economy. And on that freedom all our other freedoms depend.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Speech to the Conservative Party Conference (10 October 1975) http://www.margaretthatcher.org/document/102777 Leader of the Opposition

Freedom, Dependency

“I would rather not be called "Yang Berhormat" as long as I get to travel business class. It's not about being ashamed, but on long-distance travel, economy class can be quite tiring.”

Ibrahim Ali (1957) Member of the Dewan Rakyat (parliament)

Malaysian Politicians Say the Darndest Things [Vol II]

Travel, Business

“Today there is a new class hostile to business in general, and especially to large corporations. As a group, you find them mainly in the very large and growing public sector and in the media. They share a disinterest in personal wealth, a dislike for the free-market economy, and a conviction that society may best be improved through greater governmental participation in the country's economic life. They are the media. They are the educational system. Their dislike for the free-market economy originates in their inability to exercise much influence over it so as to produce change. In its place they would prefer a system in which there is a very large political component. This is because the new class has a great deal of influence in politics. Thus, through politics, they can exercise a direct and immediate influence on the shape of our society and the direction of national affairs.”

Irving Kristol (1920–2009) American columnist, journalist, and writer

1970s, Two Cheers for Capitalism (1978)

Life, Hostility, Education, Exercises

“No one "voted in" the market economy and the industrial revolution, but today issues of direction of the economy, costs, redress, priorities, and goals all have become matters of conscious and debated social policy.”

Daniel Bell book The Cultural Contradictions of Capitalism

Source: The Cultural Contradictions of Capitalism (1976), Chapter 6, The Public Household, p. 226

“For many years we Communists have struggled for a cultural revolution as well as for a political and economic revolution, and our aim is to build a new society and a new state for the Chinese nation. That new society and new state will have not only a new politics and a new economy but a new culture. In other words, not only do we want to change a China that is politically oppressed and economically exploited into a China that is politically free and economically prosperous, we also want to change the China which is being kept ignorant and backward under the sway of the old culture into an enlightened and progressive China under the sway of a new culture. In short, we want to build a new China. Our aim in the cultural sphere is to build a new Chinese national culture.”

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

We Want to Build a New China
On New Democracy (1940)
Original: (zh-CN) 我们共产党人，多年以来，不但为中国的政治革命和经济革命而奋斗，而且为中国的文化革命而奋斗；一切这些的目的，在于建设一个中华民族的新社会和新国家。在这个新社会和新国家中，不但有新政治、新经济，而且有新文化。这就是说，我们不但要把一个政治上受压迫、经济上受剥削的中国，变为一个政治上自由和经济上繁荣的中国，而且要把一个被旧文化统治因而愚昧落后的中国，变为一个被新文化统治因而文明先进的中国。一句话，我们要建立一个新中国。建立中华民族的新文化，这就是我们在文化领域中的目的。

Change

“History will record that the two biggest deficits of the Obama administration were the failure to create a robust economy and the president's retreat from the terrorist battlefield. For years, Talking Points has been telling you the Obama administration has no strategy to defeat the ISIS threat. But President Obama somehow does not seem to understand that the civilized world is losing the fight against ISIS. Just hours before the Paris attack the president said 'we have contained' ISIS. Obviously that is not true. They are a threat worldwide, they continue to kill people with impunity. Nevertheless, the president is unrepentant and unwilling to admit that his strategy has failed. At a press conference today in Turkey he said, 'The strategy we're pursing is the right one.' The Republican Party is taking note. Senator Ted Cruz says 'Barack Obama does not wish to defend the country,' and Senator Lindsey Graham warns, 'There's a 9/11 coming, and it's coming from Syria if we don't disrupt their operations inside of Syria.”

Bill O'Reilly (1949) American political commentator, television host and writer

It is long past time that we the people demand ISIS be defeated, not contained. The O'Reilly Factor http://www.billoreilly.com/show?action=viewTVShow&showID=4059&destinationpage=/mobile/tvshow.jsp (16 November 2015)

People, World, History, Failure

“The presidency is seemingly bound by law, but in practice it can do just about anything it pleases. It can order up troops anywhere in the world, just as Clinton bragged in his acceptance speech at the Democratic convention. It can plow up a religious community in Texas and bury its members because they got on somebody’s nerves at the Justice Department. It can tap our phones, read our mail, watch our bank accounts, and tell us what we can and cannot eat, drink, and smoke.
The presidency can break up businesses, shut down airlines, void drilling leases, bribe foreign heads of state or arrest them and try them in kangaroo courts, nationalize land, engage in germ warfare, firebomb crops in Colombia, overthrow any government anywhere, erect tariffs, round up and discredit any public or private assembly it chooses, grab our guns, tax our incomes and our inheritances, steal our land, centrally plan the national and world economy, and impose embargoes on anything anytime. No prince or pope ever had this ability.”

Lew Rockwell (1944) American libertarian author and editor

6 October 1996 "Down With the Presidency"
1990s

World, Justice, Law, Communication

“The proletariat needs state power, the centralized organization of force, the organization of violence, for the purpose of crushing the resistance of the exploiters and for the purpose of leading the great mass of the population - the peasantry, the petty bourgeoisie, the semi-proletarians - in the work of organizing a socialist economy.”

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

2.1, "The Eve of The Revolution", Essential Works of Lenin (1966)
(1917)

“Most managers have some conception of at least some of the types of decisions they must make. Their conceptions, however, are likely to be deficient in a very critical way, a way that follows from an important principle of scientific economy: The less we understand a phenomenon, the more variables we require to explain it.”

Russell L. Ackoff (1919–2009) Scientist

Source: 1960s, Management misinformation systems, 1967, p. 149.

Way, Understanding, Decision

“It looks like the South Bronx is prepared to tell the billionaire class they cannot have it all. It looks like the South Bronx wants to create an economy that works for all of us, not just the 1%. What this campaign is about is creating a political revolution. All over this country I am seeing millions of people standing up, fighting back, saying, “enough is enough.””

Bernie Sanders (1941) American politician, senator for Vermont

Speaking on a box in South Bronx, act.tv http://www.facebook.com/actdottv/videos/458917784298793/?fref=nf 2010s

People, Fight, Country

“"There are few works on political economy," said Malthus to me, "which have been more spoken and less read than mine." All the absurdities which have been spoken and written respecting the illustrious English author, are well known. Certainly, by an appeal against such decisions, he would have all to gain, and nothing to lose, before a less prejudiced tribunal.”

Adolphe Quetelet (1796–1874) Belgian astronomer, mathematician, statistician and sociologist

Preface of M. Quetelet
A Treatise on Man and the Development of His Faculties (1842)

Decision, Reading

“One of the chief chores in the next economy is to restore the symmetry of knowledge.”

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)

Knowledge

“The category “society” itself expressed the acute conflict between the social and political sphere—society as antagonistic to the state. Similarly, “individual,” “class,” “private,” “family” denoted spheres and forces not yet integrated with the established conditions—spheres of tension and contradiction. With the growing integration of industrial society, these categories are losing their critical connotation, and tend to become descriptive, deceptive, or operational terms. An attempt to recapture the critical intent of these categories, and to understand how the intent was cancelled by the social reality, appears from the outset to be regression from a theory joined with historical practice to abstract, speculative thought: from the critique of political economy to philosophy. This ideological character of the critique results from the fact that the analysis is forced to proceed from a position “outside” the positive as well as negative, the productive as well as destructive tendencies in society.”

Herbert Marcuse book One-Dimensional Man

Source: One-Dimensional Man (1964), p. xlvi

Family, Understanding, Reality, Appearance

“When you (President Ratu Sir Penaia Ganilau) called me at Lomaloma in December 1987 and asked me to form an Interim Government to prepare the country for a return to parliamentary rule, I knew the task at hand would be onerous. Fiji had experienced the ordeal of two military coups. Society was fractured, the economy was tottering and the country had been ostracised by some of its oldest friends and allies. There was no Parliament and no properly functioning political system. Even institutions of State, such as the judiciary, were seriously weakened, to the extent that the citizenry justifiably feared a breakdown in law and order. The business community was hit by a slump in sales and confidence, leading to reduced earnings and loss of jobs.”

Kamisese Mara (1920–2004) President of Fiji

(On the eve of final his departure from the Prime Ministerial office). (Report to President Ganilau, 15 May 1992).

Fear, Law, Confidence, Communication

“In recent decades, public confidence in our institutions has declined. Our governing class has often been paralyzed in the face of obvious and pressing needs. The American dream of upward mobility seems out of reach for some who feel left behind in a changing economy. Discontent deepened and sharpened partisan conflicts. Bigotry seems emboldened. Our politics seems more vulnerable to conspiracy theories and outright fabrication.”

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

2010s, 2017, Speech at "Spirit of Liberty: At Home, In the World" event (2017)

Dreams, Feeling, Confidence, Change

“The spread-the-work schemes, in brief, rest on the same sort of illusion that we have been considering. The people who support such schemes think only of the employment they would provide for particular persons or groups; they do not stop to consider what their whole effect would be on everybody.The spread-the-work schemes rest also, as we began by pointing out, on the false assumption that there is just a fixed amount of work to be done. There could be no greater fallacy. There is no limit to the amount of work to be done as long as any human need or wish that work could fill remains unsatisfied. In a modern exchange economy, the most work will be done when prices, costs, and wages are in the best relations to each other.”

Henry Hazlitt book Economics in One Lesson

Economics in One Lesson (1946), Spread-the-Work Schemes (ch. 8)

People, Support, Thinking, Personality

“The Chinese economy would be brutally transformed into the mightiest manufacturing nation based on western capital and on an abundance of cheap, highly submissive labour.”

Peter Cain (1958) figure skater

Source: J. A. Hobson's Imperialism: A Study: A Centennial Retrospective (2002), p. 10.

“Not surprisingly, extensive effort in Britain and America goes into finding tax shelter. the system is "efficient" for the shelter industry, not for the economy.”

Robert Kuttner (1943) American journalist

Source: The Economic Illusion (1984), Chapter 5, Taxes, p. 188

Effort

“I wanna say this to every man that has a mind, to all the intelligent life forms that exist on this planet Earth. I wish the British would say this to the Scottish Rites and the Masons and all the people with minds who have degrees of knowledge, and who are aware of courts, laws, United Nations, governments.
In the 40s, we had a war, and all of our economies went towards this war effort. The war ended on one level, but we wouldn't let it end on the other levels. We kept buying and selling this war. I'm not locked in the penitentiary for crimes, I'm locked in the Second World War. I'm locked in the Second World War with this decision to bring to the World Court - there must be a One World Court, or we're all gonna be devoured by crime.
Crime, and the definition of crime comes from Nuremberg, when the judges decided that they wanted to call Second World War a crime. Honor and war is not a crime. Crime is bad. When you go to war and you're a soldier, and you fight for your God and your country, that's not criminal. That's honorable. That's what you must do to be a man. If you don't fight for your God and your country, you're not worth anything. If you have no honor, then you're not worth petty's pigs.
Truth is, we've got to overturn this decision that you made in the Second World War, or the Second World War will never end. Degrees of the war was written in Switzerland, in Geneva, at conferences that were made by the men at the tables, clearly stated that anyone in uniform would be given the respect of their rank and their uniforms. Then when the United States and got all the Germans in handcuffs, they started breaking their own rules. And they've been breaking their own rules ever since. War is not a crime, but if you judge war as a crime in a court room, then turn around: If 2 + 3 = 5, and 3 + 2 = 5; if you say war is a crime, then crime becomes your war. I am, by all standards, a prisoner of war.
I've been a prisoner of war since 1944 in Juvenile Hall, for setting a school building on fire in Indianapolis, Indiana. I've been locked up 45 years trying to figure out why I got to be a criminal. It matters not whether I want to be; you've got to keep criminals going to keep the war going because that's your economy, your whole economy is based on the war. You've got to get your dollar bills off the war, you've got your silver market sterling off of the war, you've got to take your gold and your diamonds off of the war - You've got to overturn that decision, that hung 6000 men by the neck.
You killed 6000 soldiers for obeying orders. It's wrong. And the world has got to accept that's wrong. When you accept you're wrong, and you say you're sorry for all the things you've done, then that will be a note on that court, and we'll have some harmony going on this planet Earth, now.”

Charles Manson (1934–2017) American criminal and musician

Interview with Bill Murphy (1994) http://www.youtube.com/watch?v=XAjh_wOByoY

Life, Men, God, War

“In art economy is always beauty.”

Henry James book The Altar of the Dead

The Altar of the Dead.
Prefaces (1907-1909)

Beauty, Art

“[Professor Jennifer] Burns doesn't seem to understand that when leftists, or conservatives or liberals for that matter, refer to capitalism, they don't mean what Ayn Rand meant by it. They mean the system that is otherwise known as mercantilism, corporatism, state capitalism, or even fascism—a system in which huge corporations, aided by the state, dominate a heavily-regulated and centrally-directed economy. This is what both conservatives and liberals advocate, this is what the New Left opposed. One New Left guru, the late Murray Bookchin, told me thirty years ago in Boston that he had no quarrel with what Ayn Rand and Murray Rothbard meant by the term capitalism, a system in which people divide their labour, specialise in producing certain goods and services, and trade among themselves. Bookchin told me that he would say that that is not capitalism, though there are many different definitions.”

Jeff Riggenbach (1947)

About Murray Bookchin
"Ayn Rand and the Early Libertarian Movement," 2010

People, Understanding

“Now, just think about this for a moment: For generations, in many parts of this country, it was illegal for black people to get an education. Slaves caught reading or writing could be beaten to within an inch of their lives. Anyone — black or white — who dared to teach them could be fined or thrown into jail. And yet, just two years after the Emancipation Proclamation was signed, this school was founded not just to educate African Americans, but to teach them how to educate others. It was in many ways an act of defiance, an eloquent rebuttal to the idea that black people couldn’t or shouldn’t be educated. And since then, generations of students from all backgrounds have come to this school to be challenged, inspired and empowered. And they have gone on to become leaders here in Maryland and across this country, running businesses, educating young people, leading the high-tech industries that will power our economy for decades to come.”

Michelle Obama (1964) lawyer, writer, wife of Barack Obama and former First Lady of the United States

Remarks at Bowie State University ceremony (17 May 2013) http://www.whitehouse.gov/the-press-office/2013/05/17/remarks-first-lady-bowie-state-university-commencement-ceremony 2010s

People, Education, School, Way

“Never was the Church blessed with a stranger ally than this freest of free thinkers, who looked at churches very much as he would have looked at a layer of extinct oysters in a buried mud-bank. Strong's notion was that since the Church continued to exist, it probably served some necessary purpose in human economy, though he could himself no more understand the good of it than he could comprehend the use of human existence in any shape. Since men and women were here, idiotic and purposeless as they might be, they had what they chose to call a right to amuse themselves in their own way, and if this way made some happy without hurting others, Strong was ready enough to help.”

Henry Adams (1838–1918) journalist, historian, academic, novelist

Source: Esther: A Novel (1884), Ch. VIII

Women, Men, Happiness, Way

“I name next a word that it requires some courage to utter these days—the word of economy. It is like a echo from the distant period of my early life. The wealth of the country, and the vast comparative diffusion of comfort, has, I am afraid, put public economy, at least in its more rigid and severe forms, sadly out of countenance.”

William Ewart Gladstone (1809–1898) British Liberal politician and prime minister of the United Kingdom

Speech in Newcastle (2 October 1891), quoted in A. W. Hutton and H. J. Cohen (eds.), The Speeches of The Right Hon. W. E. Gladstone on Home Rule, Criminal Law, Welsh and Irish Nationality, National Debt and the Queen's Reign. 1888–1891 (London: Methuen, 1902), p. 377.
1890s

Life, Courage, Distant, Country

“Let's run it on down. White males are most responsible for the destruction of human life and environment on the planet today. Yet who is controlling the supposed revolution to change all that? White males (yes, yes, even with their pasty fingers back in black and brown pies again). It just could make one a bit uneasy. It seems obvious that a legitimate revolution must be led by, made by those who have been most oppressed: black, brown, and white women–with men relating to that as best they can. A genuine Left doesn't consider anyone's suffering irrelevant, or titillating; nor does it function as a microcosm of capitalist economy, with men competing for power and status at the top, and women doing all the work at the bottom (and functioning as objectified prizes or "coin" as well). Goodbye to all that.”

Robin Morgan (1941) American feminist writer

"Goodbye to All That", 1970 in Going Too Far: The Personal Chronicle of a Feminist, p 123.

Life, Women, Men, Suffering

“At what price have so many of us come to believe that the economy is the realm of natural order and that the legitimate and competent sphere of policing—of administration and government—lies elsewhere? What flows from that sharp dichotomy between orderliness in the market and ordering in the penal sphere? At what price do we embrace these categories? And here, the answer is equally clear: at the price, first, of naturalizing the market and thereby effectively shielding from normative assessment the regulatory mechanisms in our contemporary markets and the wealth distributions that occur daily; and at the price, second, of easing, facilitating, and enabling the massive expansion of our penal sphere, or, to be more provocative, of making possible mass incarceration today.”

Bernard Harcourt (1963) American academic

Source: The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), pp. 31-32

Nature, Wealth

“There is much in American society which I admire, but I have long held the view that the absence of an effective safety net in that country means that too many needy citizens fall by the wayside. That is not the path that Australia will tread. Nor do we want the burdens of nanny state paternalism that now weigh down many economies in Europe.”

John Howard (1939) 25th Prime Minister of Australia

Australia Day Address, 25 January 2006

Country

“Thought-economy is most highly developed in mathematics, that science which has reached the highest formal development, and on which natural science so frequently calls for assistance. Strange as it may seem, the strength of mathematics lies in the avoidance of all unnecessary thoughts, in the utmost economy of thought-operations. The symbols of order, which we call numbers, form already a system of wonderful simplicity and economy. When in the multiplication of a number with several digits we employ the multiplication table and thus make use of previously accomplished results rather than to repeat them each time, when by the use of tables of logarithms we avoid new numerical calculations by replacing them by others long since performed, when we employ determinants instead of carrying through from the beginning the solution of a system of equations, when we decompose new integral expressions into others that are familiar,—we see in all this but a faint reflection of the intellectual activity of a Lagrange or Cauchy, who with the keen discernment of a military commander marshalls a whole troop of completed operations in the execution of a new one.”

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

Source: 20th century, "Populär-wissenschafliche Vorlesungen" (1908), pp. 224-225: On thought-economy in m., 203.

Mathematics, Nature, Science, Time

“Our economy is a hundred times better, than the average African economy. Outside South Africa, what country is [as good as] Zimbabwe? … What is lacking now are goods on the shelves—that is all.”

Robert Mugabe (1924–2019) former President of Zimbabwe

Interview with Heidi Holland (December 2007)
2000s, 2005 - 2009

Time, Country

“What kind of political order, then, is taking shape in Europe, 15 years after Maastricht? The pioneers of European integration – Monnet and his fellow spirits – envisaged the eventual creation of a federal union that would one day be the supranational equivalent of the nation-states out of which it emerged, anchored in an expanded popular sovereignty, based on universal suffrage, its executive answerable to an elected legislature, and its economy subject to requirements of social responsibility. In short, a democracy magnified to semi-continental scale (they had only Western Europe in mind). But there was always another way of looking at European unification, which saw it more as a limited pooling of powers by member governments for certain – principally economic – ends, that did not imply any fundamental derogation of national sovereignty as traditionally understood, but rather the creation of a novel institutional framework for a specified range of transactions. De Gaulle famously represented one version of this outlook; Thatcher another. Between these federalist and inter-governmentalist visions of Europe, there has been a continual tension down to the present.”

Perry Anderson (1938) British historian

"Depicting Europe", London Review of Books (20 September 2007)

Way, Democracy, Universe

“What does cultural pluralism signify in the absence of economic pluralism? Perhaps the question seems meaningless. Yet the apparent lack of meaning signals the intellectual retreat. The economic structure of society—call it advanced industrial society or capitalism or the market economy—stands as the invariant; few can imagine a different economic project. The silent agreement says much about multiculturalism. No divergent political or economic vision animates cultural diversity. From the most militant Afrocentrism to the most ardent feminists, all quarters subscribe to very similar beliefs about work, equality and success. The secret of cultural diversity is its political and economic uniformity. The future looks like the present with more options. Multiculturalism spells the end of utopia.”

Russell Jacoby (1945) American historian

Source: The End of Utopia (1999), pp. 39-40

Secret, Imagination, Question, Success

“If the amount of money going into the war economy were invested in landscape restoration, we would be in a far more positive position. It may get a little dire before we pull together, but I think when the prosperous nations, and in particular the US, realise they're wrecking their own kids' lives, there will be a mass change in value. It will be a difficult century, and ugly, but I don't think that in the end people are so stupid as to kill themselves off.”

Kim Stanley Robinson (1952) American science fiction writer

As quoted in "Future tense" in The Guardian (14 September 2005) http://www.guardian.co.uk/books/2005/sep/14/sciencefictionfantasyandhorror.sarahcrown

Money, War, People, Stupidity

“After KMT elects its leader, we can together start to improve the economy of Taiwan.”

Chen Shui-bian (1950) Taiwanese politician

June 27, 2005
Pet Phrases, 2005

“Without an industrial economy, the modern army, as in America, could not exist; it is an army of machines. Professional economists usually consider military institutions as parasitic upon the means of production. Now, however, such institutions have come to shape much of the economic life of the United States.”

C. Wright Mills book The Power Elite

The Power Elite (1956)

Life

“We shall also concern ourselves with the institutional order built up from transactions, but our focus will be less narrowly economic than the one adopted by Williamson. Like him, we shall argue that institutional structures aim partly at achieving transactional efficiencies and that where such efficiencies are effectively achieved they act somewhat like a magnetic field – a mathematician would call them ‘attractors’ – drawing the uncommitted transaction into a given institutional orbit. Yet in contrast to Williamson’s, our concept of transactions is underpinned by an explicit rather than an implicit theory of information production and exchange which yields a different way of classifying them as well as a distinctive approach to their governance. We find ourselves in consequence in the realm of political economy rather than of economics tout court.”

Max Boisot (1943–2011) British academic and educator

Source: Information Space, 1995, p. 235

Way, Drawing

“[Fox News has] taken reasonable concerns about this president and this economy and turned it into a full-fledged panic about the next coming of Chairman Mao.”

Jon Stewart (1962) American political satirist, writer, television host, actor, media critic and stand-up comedian

Stewart on The O'Reilly Factor ( Partial transcript http://crooksandliars.com/david-neiwert/what-bill-oreilly-edited-out-his-int) The Bill O'Reilly Factor Appearance (2010)

“Departmental reorganization. One way to save public money would be to pass the pending bill for the reorganization of the various departments. This project has been pending for some time, and has had the most careful consideration of experts and the thorough study of a special congressional committee. This legislation is vital as a companion piece to the Budget law. Legal authority for a thorough reorganization of the Federal structure with some latitude of action to the Executive in the rearrangement of secondary functions would make for continuing economy in the shift of government activities which must follow every change in a developing country. Beyond this many of the independent agencies of the Government must be placed under responsible Cabinet officials, if we are to have safeguards of efficiency, economy, and probity.”

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

1920s, Second State of the Union Address (1924)

Money, Law, Way, Study

“[The Liberal party is a] moderate Democrat, a type of Clinton-pragmatic Democrat. It's moved in the last few years very much to the right on fiscal and economic concerns, but still believes in government intrusion in the economy where possible, and does, in its majority, believe in fairly liberal social values.”

Stephen Harper (1959) 22nd Prime Minister of Canada

1990s, Speech to the Council for National Policy (1997)

“As whites are dying off, they are not replacing themselves. The black population, now about 32 million, will double in the next 60 years. And the Hispanic population will triple.I know it is considered impolite to worry about this trend. We are all the same under the skin, the argument goes. Whatever the truth of that assertion, it is an emprical fact that, in a mixed-economy democracy, nearly every racial and ethnic group votes its group interest except the white population. Whites don't vote for candidates that promise to promote white interests, whereas blacks and Hispanics do.”

Ron Paul (1935) American politician and physician

1993
January
The Disappearing White Majority
Ron Paul Survival Report
7
http://www.tnr.com/sites/default/files/January1993.pdf, quoted in * 2011-12-23
TNR Exclusive: A Collection of Ron Paul's Most Incendiary Newsletters
New Republic
http://www.tnr.com/article/politics/98883/ron-paul-incendiary-newsletters-exclusive
Disputed, Newsletters, Ron Paul Survival Report

Truth, Democracy

“In my essay I refuted the Hayek-Robbins argument by showing how a market mechanism could be established in a socialist economy which would lead to the solution of the simultaneous equations by means of an empirical procedure of trial and error. […] Were I to rewrite my essay today my task would be much simpler. My answer to Hayek and Robbins would be: so what’s the trouble?
Let us put the simultaneous equations on an electronic computer and we shall obtain the solution in less than a second. The market process with its cumbersome tatonnements appears old-fashioned. Indeed, it may be considered as a computing device of the preelectronic age.”

Oskar R. Lange (1904–1965) Polish economist

"The computer and the market" (1967)

Age, Error, Fashion, Appearance

“There can be no doubt that the existence of public tortures and executions were connected with something quite other than this internal organization. Rusche and Kirchheimer are right to see it as the effect of a system of production in which labour power, and therefore the human body, has neither the utility nor the commercial value that are conferred on them in an economy of an industrial type. Moreover, this ‘contempt’ for the body is certainly related to a general attitude to death; and, in such an attitude, one can detect not only the values proper to Christianity, but a demographical, in a sense biological, situation: the ravages of disease and hunger, the periodic massacres of the epidemics, the formidable child mortality rate, the precariousness of the bio-economic balances – all this made death familiar and gave rise to rituals intended to integrate it, to make it acceptable and to give a meaning to its permanent aggression. But in analysing why the public executions survived for so long, one must also refer to the historical conjuncture; it must not be forgotten that the ordinance of 1670 that regulated criminal justice almost up to the Revolution had even increased in certain respects the rigour of the old edicts; Pussort, who, among the commissioners entrusted with the task of drawing up the documents, represented the intentions of the king, was responsible for this, despite the views of such magistrates as Lamoignon; the number of uprisings at the very height of the classical age, the rumbling close at hand of civil war, the king’s desire to assert his power at the expense of the parlements go a long way to explain the survival of so severe a penal system.”

Michel Foucault book Discipline and Punish

Source: Discipline and Punish (1977), pp. 51

Death, Hunger, War, Age

“Cybernetics is a young discipline which, like applied mathematics, cuts across the entrenched departments of natural science; the sky, the earth, the animals and the plants. Its interdisciplinary character emerges when it considers economy not as an economist, biology not as a biologist, engines not as an engineer. In each case its theme remains the same, namely, how systems regulate themselves, reproduce themselves, evolve and learn. Its high spot is the question of how they organize themselves.
A cybernetic laboratory has a varied worksheet - concept formation in organized groups, teaching machines, brain models, and chemical computers for use in a cybernetic factory. As pure scientists we are concerned with brain-like artifacts, with evolution, growth and development; with the process of thinking and getting to know about the world. Wearing the hat of applied science, we aim to create what Boulanger,' in his presidential address to the International Association of Cybernetics, called the instruments of a new industrial revolution - control mechanisms that lay their own plans.”

Gordon Pask (1928–1996) British psychologist

Source: An Approach to Cybernetics (1961), p. 11. Partly cited in: A.M.E. Salazar, A. Espinosa, J. Walker (2011) A Complexity Approach to Sustainability: Theory and Application. p. 11.

World, Mathematics, Question, Nature

“Some economists believe that the Great Depression of the 1930s was aggravated by bad monetary policy and lack of American leadership. Britain was too weak to maintain an open international economy, and the United States was not living up to its new responsibilities.”

Joseph Nye (1937) American political scientist

Source: Understanding International Conflicts: An Introduction to Theory and History (6th ed., 2006), Chapter 7, Globalization and Interdependence, p. 218.

“I would ask you all to be on your guard against the enemy within. There are those who would stop at nothing to injure our economy and our defence. The price of liberty is still eternal vigilance. I know what a fine part the trade unionists of this country have played in our recovery effort. When they are asked to take unofficial action, which may hurt this country, let them just consider carefully whether the motives of those who ask them to strike are really concerned with the interests of the workers.”

Clement Attlee (1883–1967) Former Prime Minister of the United Kingdom

Broadcast (30 July 1950), quoted in The Times (31 July 1950), p. 4.
1950s

Motivation, Effort, Parting, Hurt

“To take what might seem an "objective", macro-economic approach to the origins of the world economy would be to treat the behavior of early European explorers, merchants, and conquerors as if they were simply rational responses to opportunities—as if this were just what anyone would have done in the same situation. This is what the use of equations so often does: make it seem perfectly natural to assume that, if the price of silver in China is twice what it is in Seville, and inhabitants of Seville are capable of getting their hands on large quantities of silver and transporting it to China, then clearly they will, even if doing so requires the destruction of entire civilizations. Or if there is a demand for sugar in England, and enslaving millions is the easiest way to acquire labor to produce it, then it is inevitable that some will enslave them.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Eleven, "Age of the Great Capitalist Empires", p. 314

World, Way, Behavior, Nature

Quotes about economy page 7

Quotes about economy
page 7