Quotes about equity

A collection of quotes on the topic of equity, justice, law, in-laws.

Quotes about equity

“It is incumbent upon everyone to aid those daysprings of authority and sources of command who are adorned with the ornamant of equity and justice.”

Bahá'u'lláh (1817–1892) founder of the Bahá'í Faith

Kitáb-i-`Ahd http://reference.bahai.org/en/t/b/TB/tb-16.html (Book of the Covenant)

Justice

“We want to ensure a multilateral development of society, the thriving of all sides of social life, economy, science and culture, the improvement of management, the moulding of the new man and the promotion of socialist ethics and equity.”

Nicolae Ceaușescu (1918–1989) General Secretary of the Romanian Communist Party

Nicolae Ceaușescu, Builder of Modern Romania and International Statesman (1983)

Life, Science

“I suspect that many of the world's financial lords are somewhat embarrassed to tell Japan repeatedly at G-7 meetings and elsewhere to adopt a Keynesian solution. Within Europe, central banks and governments think Keynesian theories and policies are absolutely wrong. Despite the remarkable success of pragmatic policies in the United States, true believers in the Invisible Hand reject Keynesian diagnoses and prescriptions. Many observers of Japan have found it intellectually comforting to blame the slump on the plight of the banks, flooded with bad loans dated from the land and equity bubbles and their collapse. They hope that a governmentmanaged and -subsidized rectification of bank balance sheets will trigger overall economic recovery. I think this is a false hope. The bank problem is only a small part of the macroeconomic disaster. It has to be resolved, of course, but resolution that is no substitute for the needed fiscal and monetary stimuli.”

James Tobin (1918–2002) American economist

"Reflections on Japanese Political Economy" (1999)

World, Hope, Problem, Thinking

“Which American values can, even remotely, be called Islamic? Democracy? Freedom? Equality? Secularism? Gender equity? Freedom of thought? The right to free expression? The right to critique any holy cow? Does even one of these values exist in a single Islamic state…? Is even one of these values extended to all Muslim citizens of an Islamic state?…What would be the fate of Hindus working in Saudi Arabia if they should advocate the replacement of the word "Islamic" with "Islamic-Hindu" in all references to the kingdom’s heritage?”

Varsha Bhosle (1956–2012) Singer, Columnist

Quoted from Varsha Will Live On http://www.ibtl.in/column/1304/varsha-will-live-on/ Rediff.com http://www.rediff.com/news/2003/jun/02varsha.htm

Fate, Democracy, Freedom

“Justice and equity are twin Guardians that watch over men. From them are revealed such blessed and perspicuous words as are the cause of the well-being of the world and the protection of the nations.”

Bahá'u'lláh Epistle to the Son of the Wolf

Epistle to the Son of the Wolf

Men, World, Justice

“I must say that I recognized at once that we had never understood the meaning of these words, so common and yet so sacred: Justice, equity, liberty; that concerning each of these principles our ideas have been utterly obscure; and, in fact, that this ignorance was the sole cause, both of the poverty that devours us, and of all the calamities that have ever afflicted the human race.”

Pierre Joseph Proudhon (1809–1865) French politician, mutualist philosopher, economist, and socialist

Source: What is Property? (1840), Ch. I: "Method Pursued in this Work. The Idea of a Revolution"
Context: I have made every effort to obtain exact information, comparing doctrines, replying to objections, continually constructing equations and reductions from arguments, and weighing thousands of syllogisms in the scales of the most rigorous logic. In this laborious work, I have collected many interesting facts which I shall share with my friends and the public as soon as I have leisure. But I must say that I recognized at once that we had never understood the meaning of these words, so common and yet so sacred: Justice, equity, liberty; that concerning each of these principles our ideas have been utterly obscure; and, in fact, that this ignorance was the sole cause, both of the poverty that devours us, and of all the calamities that have ever afflicted the human race.

Justice, Idea, Affliction

“If God should descend to earth and come to live among us, we could not love him unless he became like us or give him anything unless he produced something or listen to him unless he proved us mistaken or worship him unless he manifested his power. All the laws of our nature, affective, economic, and intellectual, would prevent us from treating him as we treat other men, that is, according to reason, justice, and equity. From this I infer that if God ever put himself into immediate communication with man, he would have to become a man.”

Pierre Joseph Proudhon (1809–1865) French politician, mutualist philosopher, economist, and socialist

Source: What is Property? (1840), Ch. V

God, Justice, Law, Nature

“All things must in equity again decline into that whence they have their origin for they must give satisfaction and atonement for injustice each in the order of time.”

Anaximander book On Nature

On Nature, as quoted by Friedrich Ueberweg, History of Philosophy, from Thales to the Present Time (1885) Vol. 1, p. 35. https://books.google.com/books?id=BW5YAAAAMAAJ&pg=PA35

Time

“No society can surely be flourishing and happy, of which the greater part of the members are poor and miserable. It is but equity, besides, that they who feed, cloath and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed, and lodged.”

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

Source: (1776), Book I, Chapter VIII, p. 94.

People, Parting, Clothes, Happiness

“Equality is treating everyone the same. But equity is taking differences into account, so everyone has a chance to succeed.”

Jodi Picoult book Small Great Things

Source: Small Great Things

Chance

“A Court of equity knows its own province.”

Lloyd Kenyon, 1st Baron Kenyon (1732–1802) British Baron

Mayor, &c. of Southampton v. Graves (1800), 8 T. R. 592.

“Though departing from the Truth as it is in Jesus, through introducing Ways of Life attended with unnecessary Expences, many Wants have arisen, the Minds of People have been employ'd in studying to get Wealth, and in this Pursuit, some departing from Equity, have retain'd a Profession of Religion; others have look'd at their Example, and thereby been stengthen'd to proceed further in the same Way: Thus many having encourag'd the Trade of taking Men from Africa and selling them as Slaves.”

John Woolman (1720–1772) American Quaker preacher

Source: The Journal of John Woolman (1774), p. 292; cited in: On The Slave Trade by John Woolman http://www.qhpress.org/texts/oldqwhp/wool-496.htm on qhpress.org, 2013

Life, Men, People, Truth

“I have always gone about this business on the basis that one cannot have a partnership unless there is equity among partners. Equity, of course, is historically a British concept, but I think that it is one that we bring to the [European] Community.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Prime Minister's Questions (3 December 1979) https://api.parliament.uk/historic-hansard/commons/1979/dec/03/european-council-dublin-meeting First term as Prime Minister

Communication, Business, Thinking, Partnership

“The study of law is valuable as a mental discipline, but the practice of pleading tends to make one petty, formal, and insincere. To be driven to look to legality rather than to equity blurs the view of truth and justice.”

John Lancaster Spalding (1840–1916) Catholic bishop

Source: Aphorisms and Reflections (1901), p. 78

Truth, Justice, Law, Study

“[I believe in] the throne…parliamentary institutions…private enterprise and individual opinion against the socialization of the state…equity in the distribution of public burdens and strict maintenance of public faith with the creditors of the state [and] a fresh guarantee of peace by an alliance with France and…Belgium for the defence of our common interests against unprovoked attack.”

Austen Chamberlain (1863–1937) British politician

Speech to the Oxford Carlton Club (3 March 1922), quoted in Maurice Cowling, The Impact of Labour, 1920-1924: The Beginnings of Modern British Politics (Cambridge: Cambridge University Press, 1971), p. 147.
1920s

Peace, Faith

“Equity is a roguish thing. For Law we have a measure, know what to trust to; Equity is according to the conscience of him that is Chancellor, and as that is larger or narrower, so is Equity. 'T is all one as if they should make the standard for the measure we call a "foot" a Chancellor's foot; what an uncertain measure would this be! One Chancellor has a long foot, another a short foot, a third an indifferent foot. 'T is the same thing in the Chancellor's conscience.”

John Selden (1584–1654) English jurist and scholar of England's ancient laws and constitution, and of Jewish law

Equity.
Table Talk (1689)

Law, Indifference

“The Christian religion is, above all the religions that ever prevailed or existed in ancient or modern times, the religion of wisdom, virtue, equity, and humanity, let the blackguard Paine say what he will; it is resignation to God, it is goodness itself to man.”

John Adams (1735–1826) 2nd President of the United States

(26 July 1796).
1750s, Diaries (1750s-1790s)

Wisdom, God, Pain, Religion

“It is true that Courts of equity, in administering justice, sometimes go further than the Courts of law.”

Richard Arden, 1st Baron Alvanley (1744–1804) British judge and politician

Houghton v. Matthews (1803), 3 Bos. & Pull. 497.

Justice, Law

“I said bring equity back on the national agenda. And equity is a broad concept with facets like political equity, decentralisation, electoral reforms, freedom of the press. It includes economic and social equity: for women, for SCs and STs, for the minorities.”

V. P. Singh (1931–2008) Indian politician

We are ruled by an upper caste Hindu raj

Women, Freedom

“For what purposes are we organizing this congress? Although this congress aims at electing the party leaders, adopting the party’s statute, validating the Party’s Central Committee membership so on and so forth, it only marks the stepping stones towards our goal. So what is our goal? We have to visualize the common dream which is our goal. It is a common dream that all Cambodian citizens have visualized, ―A nation in which we live in equity as its owners.”

Khem Veasna (1971) Cambodian politician

The first speech at LDP congress

Dreams

“It must not be forgotten that the rules of Courts of equity are not, like the rules of the common law, supposed to have been established from time immemorial. It is perfectly well known that they have been established from time to time — altered, improved, and refined from time to time. In many cases we know the names of the Chancellors who invented them.”

George Jessel (jurist) (1824–1883) British politician

In re Hallett's Estate (1880) 13 Ch.D. 696, 710.

Law, Time

“Think of the firm as a gigantic tub of whole milk. The farmer can sell the whole milk as it is. Or he can separate out the cream, and sell it at a considerably higher price than the whole milk would bring. (Selling cream is the analog of a firm selling debt securities, which pay a contractual return.) But, of course, what the farmer would have left would be skim milk, with low butter-fat content, and that would sell for much less than whole milk. (Skim milk corresponds to the levered equity.) The Modigliani-Miller proposition says that if there were no cost of separation (and, of course, no government dairy support program), the cream plus the skim milk would bring the same price as the whole milk.”

Merton Miller (1923–2000) American economist

Merton Miller. Financial Innovations and Market Volatility, 1991. p. 269; as cited in [Merton H. Miller (1923–2000), http://www.econlib.org/library/Enc/bios/Miller.html, The Concise Encyclopedia of Economics, 2nd, Library of Economics and Liberty, Liberty Fund, 2008]

Support, Thinking

“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

“But in view of the lessons of the years of contest that have crowned the nation with victory, with the inspirations of liberty and truth brightly lighting the pathway of the people, who can doubt the equity of their voice? The nations of the earth must not be allowed to point at us as pitiful examples of weak selfishness. In the exigencies of this hour, our duty must be so done that the eternal scrolls of justice will ever bear record of the nobility of the nation's heart Animated, inspired, generous, fearless, in the work of liberty and truth, long will the Republic live, a bulwark of God's immutable justice.”

James A. Garfield (1831–1881) American politician, 20th President of the United States (in office in 1881)

1860s, Oration at Ravenna, Ohio (1865)

God, People, Truth, Justice

“Men may one day feel that they are partakers of a common nature, and that true freedom and perfect equity, like food and air, are pregnant with benefit to every constitution.”

William Godwin (1756–1836) English journalist, political philosopher and novelist

Vol. 1m bk. 1, ch. 3
Enquiry Concerning Political Justice (1793)

Men, Food, Feeling, Nature

“You do not wipe away the scars of centuries by saying: 'now, you are free to go where you want, do as you desire, and choose the leaders you please.' You do not take a man who for years has been hobbled by chains, liberate him, bring him to the starting line of a race, saying, "you are free to compete with all the others," and still justly believe you have been completely fair… This is the next and more profound stage of the battle for civil rights. We seek not just freedom but opportunity—not just legal equity but human ability—not just equality as a right and a theory, but equality as a fact and as a result.”

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

LBJ in the Commencement Address at Howard University http://www.pbs.org/wgbh/amex/eyesontheprize/sources/ps_bakke.html on June 4, 1965 on affirmative action. 1960s

Freedom

“The fall of communism confirms century-old libertarian claims that equity and justice cannot be imposed by force, that interpreting "to each according to work" as "to each according to the marginal revenue product of one's labor" rationalizes privilege, and that central planning stifles workers' creative potentials. Clearly, enterprises whose inputs and outputs have been determined by a central planning procedure exclude workers and consumers from decision making, separate conceptual and manual tasks, and offer unequal consumption and work opportunities. For the Soviet, East German, Polish, Czechoslovakian, and Hungarian people to reject these injustices is encouraging. But it is dishonest to say this demonstrates that capitalism is optimal. It only bespeaks a lack of alternatives.”

Robin Hahnel (1946) American economist

Michael Albert and Robin Hahnel. The political economy of participatory economics. Princeton University Press, 1991. p. 3

People, Justice, Communication, Optimism

“[The Vijayanagar kings allowed] that every man may come and go, and live according to his own creed without suffering any annoyance, and without enquiring whether he is a Christian, Jew, Moor or Heathen. Great equity and justice is observed by all.”

Duarte Barbosa (1480–1545) Portuguese explorer and writer

The Book of Duarte Barbosa, vol. I, p. 202. quoted from Lal, K. S. (1999). Theory and practice of Muslim state in India. New Delhi: Aditya Prakashan. Chapter 2

Justice, Suffering

“A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage-market financed withdrawals of home equity in recent years.”

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

July 2005 http://www.startribune.com/nation/12598281.html, in testimony to the House Financial Services Committee. 2000s

Home, Housing

“The developing world to which we belong, above all, needs peace, because it is engaged in a historic task – the task of rectifying the imbalances created by colonialism; the task of clearing the debris of departing empires. It is, therefore, necessary to work towards a world order that is democratic and truly multilateral and based upon equity and justice.”

R. Venkataraman (1910–2009) seventh Vice-President of India and the 8th President of India

Source: Commissions and Omissions by Indian Presidents and Their Conflicts with the Prime Ministers Under the Constitution: 1977-2001, P.194.

World, Peace, Justice

“Americanization is the science of racial relations in America, dealing with the assimilation and amalgamation of diverse races in equity into an integral part of its national life. By "assimilation" is meant the indistinguishable incorporation of the races into the substance of American life. By "amalgamation" is meant so perfect a blend that the absence or imperfection of any of the vital racial elements available will impair the compound. By "an integral part" is meant that, once fused, separation of units is thereafter impossible. By "in equity" is meant impartiality among the races accepted for the blend, with no imputations of inferiority and no bestowal of favors. With anything less than this in mind, America will fall short of a science and of giving the world anything of lasting value for its racial problems. Nation building is to be in the future a deliberate formative process, not an accidental, dynastic, geographical, and economic arrangement. It is to consider the rights and desires and hopes of races. It is to be a deliberative process, and as such must be selective. If the Allies succeed in freeing the small nations, as now seems certain, the world will witness the most interesting and dramatic re-assemblage of races that has ever taken place in history.”

Frances Kellor (1873–1952) American sociologist

What is Americanization? (1919)

Life, World, Hope, History

“We are forced, in equity, to share the government with the working class…If there is a free contract, in open market, between capital and labour, it cannot be right that one of the two contracting parties should have the making of the laws, the management of the conditions, the keeping of the peace, the administration of justice, the distribution of taxes, the control of expenditure, in its own hands exclusively. It is unjust that all these securities, all these advantages, should be on the same side…Before this argument the ancient dogma, that power attends on property, broke down. Justice required that property should-not abdicate, but-share its political supremacy.”

John Dalberg-Acton, 1st Baron Acton (1834–1902) British politician and historian

Letter to Mary Gladstone (1881)

Peace, Justice, Law

“Art goes… imitating that Rationall and most excellent worke of Nature, Man. For by Art is created that great Leviathan called a Common-Wealth or State, (in latine Civitas) which is but an Artificiall Man; though of greater stature and strength than the Naturall, for whose protection and defence it was intended; and in which the Soveraignty is an Artificiall Soul, as giving life and motion to the whole body; The Magistrates, and other Officers of Judicature and Execution, artificiall Joynts; Reward and Punishment (by which fastned to the seate of the Soveraignty, every joynt and member is moved to performe his duty) are the Nerves, that do the same in the Body Naturall; The Wealth and Riches of all the particular members, are the Strength; Salus Populi (the peoples safety) its Businesse; Counsellors, by whom all things needfull for it to know, are suggested unto it, are the Memory; Equity and Lawes, an artificiall Reason and Will; Concord, Health; Sedition, Sicknesse; and Civill war, Death.”

Thomas Hobbes book Leviathan

Lastly, the Pacts and Covenants, by which the parts of this Body Politique were at first made, set together, and united, resemble that Fiat, or the Let us make man, pronounced by God in the Creation.
The Introduction
Leviathan (1651)

Life, Death, God, War

“The admirers and followers of the Alcoran insist on the excellent moral precepts interspersed through that wild and absurd performance. But it is to be supposed, that the Arabic words, which correspond to the English, equity, justice, temperance, meekness, charity were such as, from the constant use of that tongue, must always be taken in a good sense; and it would have argued the greatest ignorance, not of morals, but of language, to have mentioned them with any epithets, besides those of applause and approbation. But would we know, whether the pretended prophet had really attained a just sentiment of morals? Let us attend to his narration; and we shall soon find, that he bestows praise on such instances of treachery, inhumanity, cruelty, revenge, bigotry, as are utterly incompatible with civilized society. No steady rule of right seems there to be attended to; and every action is blamed or praised, so far only as it is beneficial or hurtful to the true believers.”

David Hume book Of the Standard of Taste

David Hume, Of the Standard of Taste, 1760
Variant: The admirers and followers of the Alcoran insist on the excellent moral precepts interspersed through that wild and absurd performance. But it is to be supposed, that the Arabic words, which correspond to the English, equity, justice, temperance, meekness, charity were such as, from the constant use of that tongue, must always be taken in a good sense; and it would have argued the greatest ignorance, not of morals, but of language, to have mentioned them with any epithets, besides those of applause and approbation. But would we know, whether the pretended prophet had really attained a just sentiment of morals? Let us attend to his narration; and we shall soon find, that he bestows praise on such instances of treachery, inhumanity, cruelty, revenge, bigotry, as are utterly incompatible with civilized society. No steady rule of right seems there to be attended to; and every action is blamed or praised, so far only as it is beneficial or hurtful to the true believers.

Justice, Revenge, Sense, Hurt

“In common with other men, the business man is moved by ideals of serviceability and an aspiration to make the way of life easier for his fellows… Motives of this kind detract from business efficiency, and an undue yielding to them on the part of business men is to be deprecated as an infirmity. Still, throughout men's dealings with one another and with the interests of the community there runs a sense of equity, fair dealing, and workmanlike integrity.”

Thorstein Veblen book The Theory of Business Enterprise

Source: The Theory of Business Enterprise, 1904, p. 41-42. as cited in: Geoffrey Hodgson (2004). The Evolution of Institutional Economics. p. 202

Life, Men, Way, Communication

“No government, at that time, appeared in the world, nor is perhaps to be found in the records of any history, which subsisted without the mixture of some arbitrary authority, committed to some magistrate; and it might reasonably, beforehand, appear doubtful, whether human society could ever arrive at that state of perfection, as to support itself with no other control, than the general and rigid maxims of law and equity. But the parliament justly thought, that the King was too eminent a magistrate to be trusted with discretionary power, which he might so easily turn to the destruction of liberty. And in the event it has been found, that, though some inconveniencies arise from the maxim of adhering strictly to law, yet the advantages so much overbalance them, as should render the English forever grateful to the memory of their ancestors, who, after repeated contests, at last established that noble principle.”

David Hume The History of England

Volume V, Chapter LIV (Indianapolis: Liberty Fund, 1983), pp. 329-30; referring to the abolition of the Star Chamber
The History of England (1754-62)

World, Law, History, Support

“There is no point on which a greater amount of decision is to be found in Courts of law and equity than as to what is reasonable; for instance, reasonable time, reasonable notice, and the like. It is impossible a priori to state what is reasonable in such cases. You must have the particular facts of each case established before you can ascertain what is meant by reasonable time, notice, and the like.”

John Romilly, 1st Baron Romilly (1802–1874) English Whig politician and judge

Labouchere v. Dawson (1872), L. R. 13 Eq. Ca. 325.

Law, Decision, Time

“Look I’ve got my old pledge card a bit battered and crumpled, we said we’d provide more turches churches teachers and we have. I can remember when people used to say the Japanese are better than us, the Germans are better than us, the French are better than us — well it’s great to be able to say we’re better than them. I think Mr Kennedy well we all congratulate on his baby and the Tories are you remembering what I’m remembering boom and bust negative equity, remember Mr Howard, I mean are you thinking what I’m thinking I’m remembering, it’s all a bit wonky isn’t it?”

John Prescott (1938) Deputy Prime Minister of the United Kingdom (1997–2007)

A statement made in Witham, Essex during the 2005 general election, as quoted in "Ducking and diving, ageing prize-fighter still fears the sucker punch" by Ben Macintyre, The Times (13 April 2005), p. 23

People, Thinking, Teachers, Baby

“To the memory of Sir Thomas Denison, Knt., this monument was erected by his afflicted widow. He was an affectionate husband, a generous relation, a sincere friend, a good citizen, an honest man. Skilled in all the learning of the common law, he raised himself to great eminence in his profession; and showed by his practice, that a thorough knowledge of the legal art and form is not litigious, or an instrument of chicane, but the plainest, easiest, and shortest way to the end of strife. For the sake of the public he was pressed, and at the last prevailed upon, to accept the office of a judge in the Court of King's Bench. He discharged the important trust of that high office with unsuspected integrity, and uncommon ability. The clearness of his understanding, and the natural probity of his heart, led him immediately to truth, equity, and justice; the precision and extent of his legal knowledge enabled him always to find the right way of doing what was right. A zealous friend to the constitution of his country, he steadily adhered to the fundamental principle upon which it is built, and by which alone it can be maintained, a religious application of the inflexible rule of law to all questions concerning the power of the crown, and privileges of the subject. He resigned his office February 14, 1765, because from the decay of his health and the loss of his sight, he found himself unable any longer to execute it. He died September 8, 1765, without issue, in the sixty-seventh year of his age. He wished to be buried in his native country, and in this church. He lies here near the Lord Chief Justice Gascoigne, who by a resolute and judicious exertion of authority, supported law and government in a manner which has perpetuated his name, and made him an example famous to posterity.”

Thomas Denison (1699–1765) British judge (1699–1765)

Memorial inscription, reported in Edward Foss, The Judges of England, With Sketches of Their Lives (1864), Volume 8, p. 266-268.
About

Health, Truth, Age, Justice

“Courts of equity have always considered it of the greatest possible importance that parties should not sleep on their rights.”

John Romilly, 1st Baron Romilly (1802–1874) English Whig politician and judge

Browne v. Cross (1852), 14 Beav. 113.

Sleep

“The finance conception of the modern corporation, which currently dominates, emphasizes control through the use of financial tools which measure performance according to profit rates. Product lines are evaluated on their short-run profitability and important management decisions are based on the potential profitability of each line. Firms are viewed as collections of assets earning differing rates of return, not as producers of given goods. The firm is not seen as being a member of only one industry. Consequently if the prospect of an industry in which it participates declines, the firm disinvests. The problem for management from this perspective is to maximize short-run rates of return by altering product mix, thereby increasing shareholder equity and keeping the stock price high”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 15

Problem, Decision

“He who seeks equity must do equity.”

Joseph Story (1779–1845) US Supreme Court justice

Equity Jurisprudence, 1st ed. (1836), § 59.

“Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity – myself especially – are in a state of shocked disbelief.”

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

cited in: Quotes of 2008: 'We are in a state of shocked disbelief' http://www.independent.co.uk/news/business/analysis-and-features/quotes-of-2008-we-are-in-a-state-of-shocked-disbelief-1220057.html, Jan 01, 2009. 2000s

“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

2004 Chairman's Letter http://www.berkshirehathaway.com/letters/2004.html Letters to Shareholders (1957 - 2012)

Fear, Time

“In appointing our Ambassador to the United States at this important time, with the 1936 crisis ahead, such considerations as dignity, past career, equity and sentiment must be discarded and a man of ability chosen in the interests of the country. In the light of these considerations, we find Hiroshi Saito, present Minister of Holland, the right person for the post.”

Sadao Araki (1877–1966) Japanese general

Quoted in "Up Saito!" - Time Magazine - December 25, 1933

Light, Time, Past, Personality

“It is essential, when persons in trade come into this Court, that they should remember that the administration of equity is founded on perfect truth, and that if persons attempt to mislead the public by stating that which is not true, this Court will restrain them upon a clear case being made out against them.”

John Romilly, 1st Baron Romilly (1802–1874) English Whig politician and judge

Cocks v. Chandler (1871), L. R. 11 Eq. Ca. 449.

Truth, Personality, Perfection

“What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money-fixed claims, to pure equity issues, giving holders only the right to a pro-rata share in the uncertain venture? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.”

Franco Modigliani (1918–2003) Italian-American economist

Franco Modigliani and Merton H. Miller. "The cost of capital, corporation finance and the theory of investment." The American economic review (1958): 261-297.

Money, World, Behavior, Question

“Man alone consumes more flesh than all the other animals together devour; he is, then, the greatest destroyer; and this more from custom than necessity. Instead of using with moderation the blessings which are offered him, instead of disposing of them with equity, instead of increasing them in proportion as he destroys, the rich man places all his glory in consuming, in one day, at his table, as much as would be necessary to support many families: he equally abuses both animals and his fellow-creatures, some of whom remain starving and languishing in misery, and labour only to satisfy his immoderate appetite, and more insatiable vanity, and who, by destroying others through wantonness, destroys himself by excess. Nevertheless, man, like some other animals, might live on vegetables.”

Georges-Louis Leclerc, Comte de Buffon book Histoire Naturelle

Histoire Naturelle (1753), trans. J. S. Barr, London: H. D. Symonds, 1797, vol. V, pp. 209 https://books.google.it/books?id=9QpTAAAAYAAJ&pg=PA209-210.

Family, Support, Animals

“It is conceivable that we might be able to provide good medical care for everyone needing it, in a new system designed to assure equity, provided we can restrain ourselves, or our computers, from designing a system in which all 200 million of us are assumed to be in constant peril of failed health every day of our lives. In the same sense that our judicial system presumes us to be innocent until proven guilty, a medical care system may work best if it starts with the presumption that most people are healthy. Left to themselves, computers may try to do it in the opposite way, taking it as given that some sort of direct, continual, professional intervention is required all the time, in order to maintain the health of each citizen, and we will end up spending all our money on nothing but this.”

Lewis Thomas (1913–1993) American physician, poet and educator

Source: Aspects of Biomedical Science Policy (1972), p. 4

Money, People, Health, Way

“And, indeed, if the intellectual ability of kings and magistrates were exerted to the same degree in peace as in war, human affairs would be more orderly and settled, and you would not see governments shifted from hand to hand, and things universally changed and confused. For dominion is easily secured by those qualities by which it was at first obtained. But when sloth has introduced itself in the place of industry, and covetousness and pride in that of moderation and equity, the fortune of a state is altered together with its morals; and thus authority is always transferred from the less to the more deserving.”
Quod si regum atque imperatorum animi virtus in pace ita ut in bello valeret, aequabilius atque constantius sese res humanae haberent neque aliud alio ferri neque mutari ac misceri omnia cerneres. Nam imperium facile iis artibus retinetur, quibus initio partum est. Verum ubi pro labore desidia, pro continentia et aequitate lubido atque superbia invasere, fortuna simul cum moribus inmutatur. Ita imperium semper ad optumum quemque a minus bono transferetur.

Sallust (-86–-34 BC) Roman historian, politician

Source: Bellum Catilinae (c. 44 BC), Chapter II, sections 3-6; translation by Rev. John Selby Watson

War, Peace, Universe, Change

“To promote a woman to beare rule, superioritie, dominion or empire above any realme, nation, or citie, is repugnant to nature, contumelie to God, a thing most contrarious to his reveled will and approved ordinance, and finalie it is the subversion of good order, of all equitie and justice.”

John Knox (1514–1572) Scottish clergyman, writer and historian

The First Blast of the Trumpet Against the Monstrous regiment of women 1558 reprint New York: Da Capo Press, 1972, p.9 as quoted in "Gender Difference and Tudor Monarchy: The Significance of Queen Mary I" https://muse.jhu.edu/article/474844/pdf, Judith Richards

God, Justice, Nature

“I see those pretended politicians who place all their subtlety, and who think they serve their country best, in circumventing those with whom they treat, interpreting the conditions of a treaty in such a manner, that all the advantage results to their own country. Far from blushing at conduct so contrary to equity, to right, and to national honesty, they boast of their dexterity, and pretend that they deserve the name of great negociators. How long shall public men boast of conduct which would disgrace a private individual? …Shall powerful states abandon openly that which is honest, for that which may appear useful? It often happens for the happiness of the human race, that this pretended utility is fatal to the powers who follow it, and that, even among sovereigns, candour and right are found to be the safest policy.”

Henry Temple, 3rd Viscount Palmerston (1784–1865) British politician

Speech in the House of Commons (16 July 1832), quoted in George Henry Francis, Opinions and Policy of the Right Honourable Viscount Palmerston, G.C.B., M.P., &c. as Minister, Diplomatist, and Statesman, During More Than Forty Years of Public Life (London: Colburn and Co., 1852), p. 206.
1830s

Men, Thinking, Appearance, Country

“(Sylvia) Things you can do when you’re a grown-up:....3) Default on a home equity loan and lose everything.”

Nicole Hollander (1939) Cartoonist

Source: Sylvia cartoon strip, p. 57

Home

“The nature of this trade, certainly not the most honourable in the world, affords room for much investigation and remark in a moral or humane point of view: in a political or commercial light it is perhaps less conspicuously an object of attention. It consists chiefly of commodities that are considered as holding a first rate place in the animal and the mineral world, for which in return the Africans receive the most rascally articles that the ingenuity of Europeans has found means to produce. In return to our fellow creatures, for gold, and for ivory, we exchange the basest of those articles that are suited to the taste or the fancy of a despicable set of barbarians. Whether the spirituous liquirs or the fire-arms that are sent there are most calculated for the destruction of the purchasers, might become a question not very easy to determine. The noxious quality of the one is at least equalled by the danger of attending the use of the other. There does not seem to be that regard to honour in this trade, which ought to make part of the nice character of the English merchant, unimpeachable, unimpeached, upon the 'Change of London or of Amsterdam. It seems as if we kept our honour for ourselves, and that with those barbarians (who are more our inferiors in address and cunning, than perhaps in any thing else) no honour, humanity, or equity, were at all necessary.”

William Playfair (1758–1824) British mathematician, engineer and political economist

Observations on the Trade to Africa, Chart XVI, page 65.
The Commercial and Political Atlas, 3rd Edition

World, Question, Nature, Light

“Quasi-integration is to use debt or equity investments and other means to create alliances between vertically related firms without full ownership.”

Michael E. Porter (1947) American engineer and economist

Source: Competitive strategy, 1980, p. 301

“[the foreign Muslims (or Turks)] “alone are capable of virtue, kindness, generosity, valour, good deed, good works, truthfulness, keeping of promises… loyalty, clarity of vision, justice, equity, recognition of rights, gratitude for favours and fear of God. They are, consequently, said to be noble, free born, virtuous, religious, of high pedigree and pure birth. These groups, alone are worthy of offices and posts in the government… Owing to their actions the government of the king is strengthened and adorned.” [On the other hand the] “low-born” (Indian) Muslims are capable only of vices - immodesty, falsehood, miserliness, misappropriation, wrongfulness, lies, evil-speaking ingratitude,…shamelessness, impundence… [So they are called] low-born, bazaar people, base, mean, worthless, plebian, shameless and of dirty birth”.”

Ziauddin Barani (1285–1357) Indian Muslim historian and political thinker (1285–1357)

Quoted from Lal, K. S. (1990). Indian muslims: Who are they. Chapter 2.
Fatawa-i-Jahandari

God, People, Truth, Fear

“One of the wonderful things about the information highway is that virtual equity is far easier to achieve than real-world equity…We are all created equal in the virtual world and we can use this equality to help address some of the sociological problems that society has yet to solve in the physical world”

Bill Gates book The Road Ahead

The Road Ahead (1995)

World, Problem, Help

“Equity has not relieved against gross improvidence.”

Henry Brougham, 1st Baron Brougham and Vaux (1778–1868) English barrister, politician, and Lord Chancellor of Great Britain

Duke of Beaufort v. Neeld (1845), 12 CI. & F. 260.

“But when sloth has introduced itself in the place of industry, and covetousness and pride in that of moderation and equity, the condition of a state is altered together with its morals; and thus authority is always transferred from the less to the more deserving.”
Verum ubi pro labore desidia, pro continentia et aequitate libido atque superbia invasere, fortuna simul cum moribus immutatur. Ita imperium semper ad optimum quemque a minus bono transfertur. (II)

Sallust (-86–-34 BC) Roman historian, politician

Bellum Catilinae (c. 44 BC)

“It is conventional to refer to the United Nations in hushed tones of respect and awe, as if it were the repository of justice and equity, speaking almost with the voice of God if not yet acting with the power of God. It is no such thing. Despite the fair-seeming terminology of its charter and its declarations, the reality both of the Assembly and of the Security Council is a concourse of self-seeking nations, obeying their own prejudices and pursuing their own interests. They have not changed their individual natures by being aggregated with others in a system of bogus democracy…Does anybody seriously suppose that the members of the United Nations, or of the Security Council, have been actuated in their decisions on the Argentine invasion of the Falklands by a pure desire to see right done and wrong reversed? That was the last thing on their minds. Everyone of them, from the United States to Peru, calculated its own interests and consulted its own ambitions. What moral authority can attach a summation of self-interest and prejudice? I am not saying that nations ought not to pursue their own interests; they ought and, in any case, they will. What I am saying is that those interests are not sanctified by being tumbled into a mixer and shaken up altogether. An assembly of national spokesmen is not magically transmuted into a glorious company of saints and martyrs. Its only redeeming feature is its impotence…The United Nations is a colossal coating of humbug poured, like icing over a birthday cake, over the naked ambitions and hostilities of the nations.”

Enoch Powell (1912–1998) British politician

'We have the will, we don't need the humbug', The Times (12 June 1982), p. 12
1980s

God, Hostility, Justice, Democracy

“Donald Trump misses so much. He doesn’t see the success of black leaders in every field… The vibrancy of black-owned businesses…Or the strength of the black church… He doesn’t see the excellence of historically black colleges and universities or the pride of black parents watching their children thrive… And he certainly doesn’t have any solutions to take on the reality of systemic racism and create more equity and opportunity in communities of color. It takes a lot of nerve to ask people he’s ignored and mistreated for decades, "What do you have to lose?"”

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

The answer is everything!
Presidential campaign (April 12, 2015 – 2016), Speech in Reno, Nevada (August 25, 2016)

Children, People, Color, Communication

“Many of the criticisms of capitalism advanced by socialists were essentially correct. Capitalism is persistently at odds with values of equity, fairness, political equality among all citizens, and democracy.”

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

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

Democracy

“This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of agency costs, show its relationship to the 'separation and control' issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears the costs and why, and investigate the Pareto optimality of their existence. We also provide a new definition of the firm, and show how our analysis of the factors influencing the creation and issuance of debt and equity claims is a special case of the supply side of the completeness of markets problem.”

Michael Jensen (1939) American economist

Source: "Theory of the firm: Managerial behavior, agency costs and ownership structure", 1976, p. 305 Abstract

Optimism, Nature, Problem

“Luther did not consider the claims of the peasants as in the least unjust; indeed, he admitted that they were "not contrary to natural law or to equity". But, unconscious apostle of bourgeois interests, he immediately added: "No one is judge in his own cause, and the faults committed by authority cannot excuse rebellion."”

Francesco Saverio Nitti (1868–1953) Italian economist and political figure

Source: Catholic Socialism (1895), pp. 75-76

Law, Nature

“The law merchant is a system of equity, founded on the rules of equity, and governed in all its parts by plain justice and good faith.”

Sir Francis Buller, 1st Baronet (1746–1800) British judge

Master v. Miller (1791), 4 T. R. 320.

Faith, Justice, Law, Parting

“Courts of equity make their decrees so as to arrive at the justice of the case without violating the rules of law.”

Lloyd Kenyon, 1st Baron Kenyon (1732–1802) British Baron

Clayton v. Adams (1796), 6 T. R. 605.

Justice, Law

“I have always thought that formerly there was too confined a way of thinking in the Judges of the common law Courts, and that Courts of equity have risen by the Judges not properly applying the principles of the common law, being too narrowly governed by old cases and maxims, which have too much prevented the public from having the benefit of the common law.”

John Eardley Wilmot (1709–1792) English judge

2 Wils. 341.
Collins v. Blantern (1767)

Law, Way, Thinking

“Total abolition [of vivisection] … will be achieved sometime, when the conduct of humanity toward all that breathes and suffers shall be governed by ideas of altruistic equity.”

Albert Leffingwell

“Vivisection in America”, in Animals' Rights: Considered in Relation to Social Progress, New York and London: Macmillan, 1894, p. 145 https://archive.org/stream/03021000R.nlm.nih.gov/03021000R#page/n158/mode/2up.

Idea, Suffering

“An act against the Constitution is void; an act against natural equity is void.”

James Otis Jr. (1725–1783) Lawyer in colonial Massachusetts

Argument Against the Writs of Assistance (1761)

Nature

“An irresistible footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities — at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

1978 Chairman's Letter http://www.berkshirehathaway.com/letters/1978.html Letters to Shareholders (1957 - 2012)

“As to whether we shall have war with our late confederates, or whether all matters of differences between us shall be amicably settled, I can only say that the prospect for a peaceful adjustment is better, so far as I am informed, than it has been. The prospect of war is, at least, not so threatening as it has been. The idea of coercion, shadowed forth in President Lincoln’s inaugural, seems not to be followed up thus far so vigorously as was expected. Fort Sumter, it is believed, will soon be evacuated. What course will be pursued toward Fort Pickens, and the other forts on the gulf, is not so well understood. It is to be greatly desired that all of them should be surrendered. Our object is peace, not only with the North, but with the world. All matters relating to the public property, public liabilities of the Union when we were members of it, we are ready and willing to adjust and settle upon the principles of right, equity, and good faith. War can be of no more benefit to the North than to us. Whether the intention of evacuating Fort Sumter is to be received as an evidence of a desire for a peaceful solution of our difficulties with the United States, or the result of necessity, I will not undertake to say. I would feign hope the former. Rumors are afloat, however, that it is the result of necessity. All I can say to you, therefore, on that point is, keep your armor bright and your powder dry.”

Alexander H. Stephens (1812–1883) Vice President of the Confederate States (in office from 1861 to 1865)

The Cornerstone Speech (1861)

War, World, Peace, Faith

“Law is the gift of God, the model of equity, a standard of justice, a likeness of the divine will, the guardian of well-being, a bond of union and solidarity between peoples, a rule defining duties, a barrier against the vices and the destroyer thereof, a punishment of violence and all wrongdoing.”
Lex donum Dei est, æquitatis forma, norma justitiæ, divinæ voluntatis imago, salutis custodia, unio et consolidatio populorum, regula officiorum, exclusio et exterminatio vitiorum, violentiæ et totius injuriæ pœna.

John of Salisbury Policraticus

Bk. 8, ch. 17
Policraticus (1159)

God, People, Justice, Law

“There is but one law for all, namely, that law which governs all law, the law of our Creator, the law of humanity, justice, equity — the law of nature, and of nations.”

Edmund Burke (1729–1797) Anglo-Irish statesman

28 May 1794
On the Impeachment of Warren Hastings (1788-1794)

Justice, Law, Nature

“But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for the "hamburgers" they will soon be buying. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

1997 Chairman's Letter
Letters to Shareholders (1957 - 2012)

Hope, Sense, Future, Happiness

“Get the facts. Recognize the equities of all concerned. Realize the necessity of doing a better job every day. Keep an open mind and work hard. The last is most important at all. There is no short cut.”

Alfred P. Sloan (1875–1966) American businessman

Alfred P. Sloan in: The Magazine of Wall Street, (1927), Vol. 41, p. 480

“Let us go forward in the good work we have in hand and let us put our trust, not in squires and peers, and not in titles or in acres; I will go further and say, not in man, as such, but in Almighty God, who is the God of justice, and who has ordained the principle of right, of equity, and of freedom to be the guides and the masters of our lives.”

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

Speech in Edinburgh (30 June 1892), quoted in The Times (1 July 1892), p. 12.
1890s

God, Justice, Freedom

“In its mad passion for power, the Communist State even sought to strengthen and deepen the very ideas and conceptions which the Revolution had come to destroy. It supported and encouraged all the worst antisocial qualities and systematically destroyed the already awakened conception of the new revolutionary values.
The sense of justice and equality, the love of liberty and of human brotherhood — these fundamentals of the real regeneration of society — the Communist State suppressed to the point of extermination. Man's instinctive sense of equity was branded as weak sentimentality; human dignity and liberty became a bourgeois superstition; the sanctity of life, which is the very essence of social reconstruction, was condemned as unrevolutionary, almost counter-revolutionary. This fearful perversion of fundamental values bore within itself the seed of destruction.”

Emma Goldman book My Disillusionment in Russia

My Disillusionment in Russia (1923)

Love, Life, Fear, Justice

“The U. S. could seek to acquire the moral authority to act as a healing presence in the world. Our role could be to adjudicate disputes, support "all-win" solutions to international problems, and make our resources available to people, groups and governments that were willing to help themselves. … We could seek to play a catalytic, rather than a dominant, role in the Third World. We could pay more attention to what the poor themselves want. We could concentrate less on funding massive projects, and more on building up the capacity of indigenous institutions to do for themselves. We could pay more attention to the context in which our aid is given. This may be a highly unconventional approach to foreign aid. But it could also be highly popular. It combines the traditional left's emphasis on equity and the traditional right's emphasis on self-help.”

Mark Satin (1946) American political theorist, author, and newsletter publisher

Source: New Options for America (1991), Chapter 17, "Siding With the World's Poor," p. 136.

People, World, Support, Problem

“I have always thought it highly injurious to the public that different rules should prevail in the different Courts on the same mercantile case. My opinion has been uniform on that subject. It sometimes indeed happens that in questions of real property Courts of law find themselves fettered with rules, from which they cannot depart, because they are fixed and established rules1; though equity may interpose, not to contradict, but to correct, the strict and rigid rules of law. But in mercantile questions no distinction ought to prevail. The mercantile law of this country is founded on principles of equity; and when once a rule is established in that Court as a rule of property, it ought to be adopted in a Court of law. For this reason Courts of law of late years have said that, even where the action is founded on a tort, they would discover some mode of defeating the plaintiff, unless his action were also founded on equity; and that though the property might on legal grounds be with the plaintiff, if there were any claim or charge by the defendant, they would not consider the retaining of the goods as a conversion.”

Sir Francis Buller, 1st Baronet (1746–1800) British judge

Tooke v. Hollingworth (1793), 5 T. R. 229.

Law, Question, Country

“No tort is assignable, in law or equity. It is not within any species of action at common law.”

Joseph Yates (judge) (1722–1770) English barrister and judge

4 Burr. Part. IV., 2386.
Dissenting in Millar v Taylor (1769)

Law

“I think that common law is better than equity.”

Nathaniel Lindley, Baron Lindley (1828–1921) English judge

Angus v. Clifford (1891), L. J. Rep. (N. S.) 60 C. D. 455.

Law, Thinking

“You may ask what then will become of the fundamental principles of equity and fair play which our constitutions enshrine; and whether I seriously believe that unsupported they will serve merely as counsels of moderation. I do not think that anyone can say what will be left of those principles; I do not know whether they will serve only as counsels; but this much I think I do know — that a society so riven that the spirit of moderation is gone, no court can save; that a society where that spirit flourishes, no court need save; that in a society which evades its responsibility by thrusting upon the courts the nurture of that spirit, that spirit in the end will perish.”

Learned Hand (1872–1961) American legal scholar, Court of Appeals judge

"The Contribution of an Independent Judiciary to Civilization" (1942).
Extra-judicial writings

Thinking

“Although size and book to market equity seem like ad hoc variables for explaining average stock returns, we have reason to expect that they proxy for common risk factors in returns.”

Eugene Fama (1939) American economist and Nobel laureate in Economics

Source: Common risk factors in the returns on stocks and bonds, 1993, p. 7

Books

“Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts… We have a subprime financial system, not a subprime mortgage market.”

Nouriel Roubini (1958) American economist

Quoted in Stephen Mihm, "Dr. Doom," http://www.nytimes.com/2008/08/17/magazine/17pessimist-t.html?_r=1&oref=slogin The New York Times (2008-08-15).

People, Home, Problem

“The well understood equity as well as interest of society demand that we work on much more to prevent crime and offenses than to punish them.”

African Spir (1837–1890) Russian philosopher

Source: Words of a Sage : Selected thoughts of African Spir (1937), p. 52.

“In his private dealings he was just. He treated friends and strangers, the rich and poor, the powerful and weak, with equity, and was beloved by the common people for the affability with which he received them, and listened to their complaints. […]”

Washington Irving (1783–1859) writer, historian and diplomat from the United States

Mahomet and his successors, George P. Putnam, 1850, p. 330.
Mahomet and his successors (1849)

People

“In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 25

Business, Success

“We are now Courts of equity, and must decide the thing according to all the rights.”

John Coleridge, 1st Baron Coleridge (1820–1894) British lawyer, judge and Liberal politician

Cooper v. Griffin (1892), 61 L. J. Rep. Q. B. 566.

“This forum of non-governmental organizations represents the belief in the ability of intelligent human beings to resolve conflicting interests through exchange and dialogue. It also represents the conviction that governments alone cannot resolve all the problems of their countries. The watchfulness and active cooperation of organizations outside the spheres of officialdom are necessary to ensure the four essential components of the human development paradigm as identified by the UNDP: productivity, equity, sustainability and empowerment. The last is particularly relevant: it requires that "development must be BY people, not only FOR them. People must participate fully in the decisions and processes that shape their lives." In other words people must be allowed to play a significant role in the governance of their country. And "people" include women who make up at least half of the world's population.”

Aung San Suu Kyi (1945) State Counsellor of Myanmar and Leader of the National League for Democracy

Opening Keynote Address at NGO Forum on Women, Beijing China (1995)

Women, People, World, Intelligence

“It was said by a very learned Judge, Lord Macclesfield, towards the beginning of this century that the most effectual way of removing land marks would be by innovating on the rules of evidence; and so I say. I have been in this profession more than forty years, and have practised both in Courts of law and equity; and if it had fallen to my lot to form a system of jurisprudence, whether or not I should have thought it advisable to establish two different Courts with different jurisdictions, and governed by different rules, it is not necessary to say. But, influenced as I am by certain prejudices that have become inveterate with those who comply with the systems they found established, I find that in these Courts proceeding by different rules a certain combined system of jurisprudence has been framed most beneficial to the people of this country, and which I hope I may be indulged in supposing has never yet been equalled in any other country on earth. Our Courts of law only consider legal rights: our Courts of equity have other rules, by which they sometimes supersede those legal rules, and in so doing they act most beneficially for the subject. We all know that, if the Courts of law were to take into their consideration all the jurisdiction belonging to Courts of equity, many bad consequences would ensue. To mention only the single instance of legacies being left to women who may have married inadvertently: if a Court of law could entertain an action for a legacy, the husband would recover it, and the wife might be left destitute: but if it be necessary in such a case to go into equity, that Court will not suffer the husband alone to reap the fruits of the legacy given to the wife; for one of its rules is that he who asks equity must do equity, and in such a case they will compel the husband to make a provision for the wife before they will suffer him to get the money. I exemplify the propriety of keeping the jurisdictions and rules of the different Courts distinct by one out of a multitude of cases that might be adduced.... One of the rules of a Court of equity is that they cannot decree against the oath of the party himself on the evidence of one witness alone without other circumstances: but when the point is doubtful, they send it to be tried at law, directing that the answer of the party shall be read on the trial; so they may order that a party shall not set up a legal term on the trial, or that the plaintiff himself shall be examined; and when the issue comes from a Court of equity with any of these directions the Courts of law comply with the terms on which it is so directed to be tried. By these means the ends of justice are attained, without making any of the stubborn rules of law stoop to what is supposed to be the substantial justice of each particular case; and it is wiser so to act than to leave it to the Judges of the law to relax from those certain and established rules by which they are sworn to decide.”

Lloyd Kenyon, 1st Baron Kenyon (1732–1802) British Baron

Bauerman v. Eadenius (1798), 7 T. R. 667.

Women, Money, People, Justice

Merton Miller (1923–2000) American economist

Franco Modigliani and Merton H. Miller. "The cost of capital, corporation finance and the theory of investment." The American economic review (1958): 261-297.

Money, World, Behavior, Question

“First, the welfare state is not a subject apart, but fits naturally into the framework of economic analysis. Secondly, the theoretical arguments support the existence of the welfare state not only for well known equity reasons but also - and powerfully - in efficiency terms.”

Nicholas Barr (1943) British economist

Source: Economics Of The Welfare State (Fourth Edition), Chapter 1, Introduction, p. 3

Support, Nature

“Taxes cannot be compared to dues paid to a voluntary organization for such services as one expects from membership, because the choice of withdrawal does not exist. In refusing to trade one may deny oneself a profit, but the only alternative to paying taxes is jail. The suggestion of equity in taxation is spurious. If we get anything for the taxes we pay it is not because we want it; it is forced on us.”

Frank Chodorov (1887–1966) American libertarian thinker

Source: Fugitive Essays: Selected Writings of Frank Chodorov (1980), p. 276

“If assets are priced rationally, variables that are related to average returns, such as size and book-to-market equity, must proxy for sensitivity to common (shared and thus undiversifiable) risk factors in returns. The time-series regressions give direct evidence on this issue. In particular, the slopes and R2 values show whether mimicking portfolios for risk factors related to size and [book-to-market] capture shared variation in stock and bond returns not explained by other factors.”

Eugene Fama (1939) American economist and Nobel laureate in Economics

Source: Common risk factors in the returns on stocks and bonds, 1993, p. 4-5

Books, Time

“Equity knows no difference of sex. In its vocabulary the word man must be understood in a generic, and not in a specific sense.”

Herbert Spencer book Social Statics

Pt. II, Ch. 16 : The Rights of Women
Social Statics (1851)

Sex, Sense

“It's all for the planned redistribution of wealth which is also stated in this document, the redistribution of wealth which is based on a new concept called equity. And it says this: we must not lose sight of equity, or fairness based on need. Where have you heard that here, today? From each according to his ability, to each according to his need.”

Michele Bachmann (1956) American politician

Edwatch conference, October 10-11, 2003
on Minnesota Governor Tim Pawlenty's "Tax-Free Zones" initiative
2000s

Wealth

“What we have to ask is not what we have got out of it, but what we have been able to get for the poor and the oppressed. For one, equity is now on the national agenda. No party can ignore it. They now enumerate how many candidates, chief ministers, Rajya Sabha members they have fielded from the deprived sections. The same is true of the choice of President or vice-president. So we have changed the political environment.”

V. P. Singh (1931–2008) Indian politician

On his party losing elections on the issue of reservations for backward class.
We are ruled by an upper caste Hindu raj

Change

“A Court of equity can mould interests differently from a Court of law; and can give relief in cases where a Court of law cannot.”

Lloyd Kenyon, 1st Baron Kenyon (1732–1802) British Baron

Clayton v. Adams (1796), 6 T. R. 605.

Law

“Most of the time when these things go public… private-equity firms want to get the hell out of there. They want to monetize their investment and get their guys off the board, because they don't want to be caught in a conflict of interest.”

Jay W. Lorsch (1932) American organizational theorist

Jay W. Lorsch, quoted in: "[http://www.bloomberg.com/news/articles/2006-02-26/going-private Going Private: Hotshot managers are fleeing public companies for the money, freedom, and glamour of private equity," in bloomberg.com, February 27, 2006

Guy, Hell, Time

“We should know that only replacing the economics of competition and greed with the economics of equitable cooperation will guarantee a globalization that takes advantage of potential efficiency gains in ways that also promote environmental protection, international equity, economic democracy, and variety.”

Robin Hahnel (1946) American economist

Source: Panic Rules!: Everything You Need to Know about the Global Economy, 1999, p. 105-6

Way, Democracy