Quotes about market
page 5

“The market theory is, there should be international mobility of capital. I said, why not international movement of labour? Marketing theory only envisages mobility of all factors of production. That means their medicines can come, but our doctors cannot go. Their engineering goods can come, our engineers cannot go. Secondly, they want the developing countries to open up but deny them access to technology. Certainly, our economies have been too protected. But that has to go gradually.”

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

We are ruled by an upper caste Hindu raj

Country

“.. A market, a quay, a river. a gang of soldiers.... is just as good and more history than 'The cousins of Spinoza are visiting him accompanied by their mamma'. O! if I could say some time as Munkaczy: 'I painted almost everything I dreamed when I was 12 years old'. He can tell this, the man which I love as the greatest painter, whatever they may say here [in The Hague]. I hope that you once may see a true painting of me, not one of the many I shall have to make and which are [only] something, but a truly grandiose thing. All wasted fire.”

George Hendrik Breitner (1857–1923) Dutch painter and photographer

translation from the original Dutch, Fons Heijnsbroek version in original Dutch (citaat van Breitner's brief, in het Nederlands:) ..Een markt een kaai een rivier. een bende soldaten.. ..is net zoo goed en meer geschiedenis dan 'De nichtjes van Spinoza komen hem bezoeken vergezeld door hunne mamma'. O! dat ik nog eens kon zeggen als Munkaczy: ik heb bijna alles geschilderd wat ik droomde toen ik 12 jaar was. dat kan hij zeggen hem die ik voor de grootste schilder hou wat ze hier ook mogen zeggen. Ik hoop dat U nog eens een waar schilderij van me moogt zien, niet een van de velen die ik zal moeten maken en ook wel iets is, maar iets waarachtigsch grootsch. Allemaal verspild vuur. quote of Breitner in a letter to his Maecenas A.P. van Stolk, 28 March 1882; original text in RKD-Archive, The Hague https://rkd.nl/explore/excerpts/597 before 1890

Love, Dreams, Hope, History

“Every war results from the struggle for markets and spheres of influence, and every war is sold to the public by professional liars and totally sincere religious maniacs, as a Holy Crusade to save God and Goodness from Satan and Evil.”

Robert Anton Wilson (1932–2007) American author and polymath

Cosmic Trigger II : Down to Earth (1991)

God, War, Evil, Sincerity

“Spending Freeze? (referring to remarks by John Boehner), the brand named policy of economic fundamental misunderstanding endorsed by more conservatives than any other proven policy failure on the market today”

Rachel Maddow (1973) American journalist

The Rachel Maddow Show, MSNBC (6 March 2009)

Failure

“Ever since grade school, when his father had shown him the stock tables at the back of the newspaper and told him that the stock market was a crooked place and never to be trusted, let alone invested in, the subject had fascinated him.”

Michael Lewis book The Big Short

Source: The Big Short (2010), Chapter Two, In the Land Of The Blind, p. 35

School

“The social value of a poem is proved not by marketing or reviews but by enduring resonance, a process that occurs as a response over time by humanity.”

Vanna Bonta (1958–2014) Italian-American writer, poet, inventor, actress, voice artist (1958-2014)

The Cosmos as a Poem (2010)

Time

“The "control mechanism" view of culture begins with the assumption that human thought is basically both social and public — that its natural habitat is the house yard, the market place, and the town square.”

Clifford Geertz book The Interpretation of Cultures

Source: The Interpretation of Cultures (1973), p. 45

Nature, Housing

“How have people come to be taken in by The Phenomenon of Man? We must not underestimate the size of the market for works of this kind, for philosophy-fiction. Just as compulsory primary education created a market catered for by cheap dailies and weeklies, so the spread of secondary and latterly tertiary education has created a large population of people, often with well-developed literary and scholarly tastes, who have been educated far beyond their capacity to undertake analytical thought.”

Peter Medawar (1915–1987) scientist

1960s, Review of Teilhard de Chardin's "The Phenomenon of Man", 1961

People, Education

“Undoubtedly, looking back, we nearly all allowed ourselves, for decades, to be frozen into rates of personal taxation which were ludicrously high… That frozen framework has been decisively cracked, not only by the prescripts of Chancellors but in the expectations of the people. It is one of the things for which the Government deserve credit… However, even beneficial revolutions have a strong tendency to breed their own excesses. There is now a real danger of the conventional wisdom about taxation, public expenditure and the duty of the state in relation to the distribution of rewards, swinging much too far in the opposite direction… I put in a strong reservation against the view, gaining ground a little dangerously I think, that the supreme duty of statesmanship is to reduce taxation. There is certainly no virtue in taxation for its own sake… We have been building up, not dissipating, overseas assets. The question is whether, while so doing, we have been neglecting our investment at home and particularly that in the public services. There is no doubt, in my mind at any rate, about the ability of a low taxation market-oriented economy to produce consumer goods, even if an awful lot of them are imported, far better than any planned economy that ever was or probably ever can be invented. However, I am not convinced that such a society and economy, particularly if it is not infused with the civic optimism which was in many ways the true epitome of Victorian values, is equally good at protecting the environment or safeguarding health, schools, universities or Britain's scientific future. And if we are asked which is under greater threat in Britain today—the supply of consumer goods or the nexus of civilised public services—it would be difficult not to answer that it was the latter.”

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

Speech http://hansard.millbanksystems.com/lords/1988/feb/24/opportunity-and-income-social-disparities in the House of Lords (24 February 1988).

Wisdom, People, Health, School

“… a rather different class of applications of the idea of best allocation of scarce resources… usually referred to as the theory of optimal economic growth. In most studies of this kind made in the countries with market economies there is not an identifiable client to whom the findings are submitted as policy recommendations. Nor is there an obvious choice of objective function, such as cost minimization or profit maximization in the studies addressed to individual enterprises. The field has more of a speculative character. The models studied usually contain only a few highly aggregated variables. One considers alternative objective functions that incorporate or emphasize various strands of ethical, political, or social thought. These objectives are then tried out to see what future paths of the economy they imply under equally simplified assumptions of technology or resource availability.”

Tjalling Koopmans (1910–1985) Dutch American economist

Source: Concepts of Optimality and Their Uses, 1975, p. 244

Idea, Optimism, Study, Future

“The big thing that happened in the early to mid-90s was the last big discussion about political economy. Roughly speaking we went for endogenous growth, for flexible labour markets and the financial sector, and that was considered modern. The book that I wrote at that time was arguing that the German system – which had worker representation on boards, very strong vocational training, regional banks, very strong federal forms of democratic government – was actually better suited to globalisation because it preserved knowledge, trust, institutions, skills … Now, I think the results of our experiment are in and we really got it wrong.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Interview with Independent Labour, 11 November 2011 http://www.independentlabour.org.uk/main/2011/11/11/a-conversation-with-maurice-glasman-part-1/

Books, Knowledge, Thinking, Strong

“In my right hon. Friend's reply to the right hon. Lady the Leader of the Opposition, was he not rather unsympathetic, especially now that she appears to be the last pro-Marketeer in Britain? Is not this disturbance manifested by her use of the word "abrasiveness"? For the right hon. Lady to protest a dislike of abrasiveness is rather like Count Dracula professing a distaste for blood. Will my right hon. Friend give an undertaking to increase his abrasiveness until he rubs out altogether the common agricultural policy?”

Neil Kinnock (1942) British politician

Speech in the House of Commons http://hansard.millbanksystems.com/commons/1979/mar/15/tuc (15 March 1979).

Appearance

“The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.”

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

Prologue, p. 15
Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008)

“There are basically two types of creationists; the professional or political creationists; these are the activists who lead the movement and who will regularly deliberately lie to promote their propaganda; and the second type which are the innocently-deceived followers commonly known as “sheep”. I know lots of intellectual Christians, but I can’t get any of them to actually watch the televangelists, because they either already know how phony they are, or they don’t want to find out. But that only allows a radical fringe to claim support from they masses they now also claim to represent. So there’s nothing to stop them. Professional creationists are making money hand over fist with faith-healing scams or bilking little old ladies out of prayer donations, or selling books and videos at their circus-like seminars where they have undeserved respect as powerful leaders. All of them feign knowledge they can’t really possess, and some of them claim degrees they’ve never actually earned… Were it not for this con, they’d have to go back to selling used cars, wonder drugs, and multi-level marketing schemes. They will never change their minds no matter what it costs anyone else.”

Aron Ra (1962) Aron Ra is an atheist activist and the host of the Ra-Men Podcast

"1st Foundational Falsehood of Creationism" https://www.youtube.com/watch?v=KnJX68ELbAY, Youtube (November 11, 2007) Youtube, Foundational Falsehoods of Creationism

Money, Lie, Books, Faith

“Then there are the phones designed for East Asian sensibilities. The same region that brought us the selfie stick also brought us Oppo, a company whose phone’s principal selling points include a high-quality camera and custom software that automatically airbrushes photos with faces in them. The ad campaigns emphasize a particularly performative form of femininity, since, in a nice touch, the software makes a guess about the gender of the subject—everyone gets smoother skin, but only the ladies get their lips reddened. Despite successful rollouts in Thailand and Korea, Oppo has not made much of a dent in markets outside East Asia. Their U. S. launch was a bust.”

Clay Shirky (1964) American technology writer

Little Rice: Smartphones, Xiaomi, and the Chinese Dream (2015)

Photo, Success

“Racism should be viewed as an intervening variable. You give me a set of conditions and I can produce racism in any society. You give me a different set of conditions and I can reduce racism. You give me a situation where there are a sufficient number of social resources so people don't have to compete for those resources, and I will show you a society where racism is held in check. If we could create the conditions that make racism difficult, or discourage it, then there would be less stress and less need for affirmative action programs. One of those conditions would be an economic policy that would create tight labor markets over long periods of time. Now does that mean that affirmative action is here only temporarily? I think the ultimate goal should be to remove it.”

William Julius Wilson (1935) American sociologist

Interview with Mother Jones.

People, Thinking, Time

“No more important development has taken place in the last year than the beginning of a restoration of agriculture to a prosperous condition. We must permit no division of classes in this country, with one occupation striving to secure advantage over another. Each must proceed under open opportunities and with a fair prospect of economic equality. The Government can not successfully insure prosperity or fix prices by legislative fiat. Every business has its risk and its times of depression. It is well known that in the long run there will be a more even prosperity and a more satisfactory range of prices under the natural working out of economic laws than when the Government undertakes the artificial support of markets and industries. Still we can so order our affairs, so protect our own people from foreign competition, so arrange our national finances, so administer our monetary system, so provide for the extension of credits, so improve methods of distribution, as to provide a better working machinery for the transaction of the business of the Nation with the least possible friction and loss. The Government has been constantly increasing its efforts in these directions for the relief and permanent establishment of agriculture on a sound and equal basis with other business.”

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)

People, Law, Business, Support

“We have long supported a carbon tax as the best policy of those being considered. Replacing the hodge-podge of current, largely ineffective regulations with a revenue-neutral carbon tax would ensure a uniform and predictable cost of carbon across the economy. It would allow market forces to drive solutions. It would maximize transparency, reduce administrative complexity, promote global participation and easily adjust to future developments in our understanding of climate science as well as the policy consequences of these actions.”

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

"The Path Forward in Today’s Energy Environment," http://corporate.exxonmobil.com/en/company/news-and-updates/speeches/the-path-forward-in-todays-energy-environment a speech made as Chairman and CEO of ExxonMobil, at the 37th Annual Oil and Money Conference in London on (19 October 2016).

Understanding, Support, Science, Future

“I know that some people in the U. S. associate the Nordic model with some sort of socialism… Therefore, I would like to make one thing clear. Denmark is far from a socialist planned economy. Denmark is a market economy… The Nordic model is an expanded welfare state which provides a high level of security to its citizens, but it is also a successful market economy with much freedom to pursue your dreams and live your life as you wish.”

Lars Løkke Rasmussen (1964) Danish politician

"Nordic Solutions and Challenges: A Danish Perspective" http://www.vox.com/2015/10/31/9650030/denmark-prime-minister-bernie-sanders (October 2015), speech to Harvard's Kennedy School of Government. 2010s, 2015

Life, People, Dreams, Freedom

“A system with greater organizational diversity has a higher probability of having in hand some form that does a reasonably satisfactory job of dealing with the changed environmental conditions. Adaptation in such a system means reallocating resources from one type of existing organization to another, either by command or by market mechanisms, rather than trying to identify and create appropriate organizational forms.”

Michael T. Hannan (1943) US-American sociologist of Stanford University

Source: Organizational ecology, 1989, p. 8

Change

“It’s not as if there’s infinite wealth. There are thousands of new luxury units coming on the market, and the question is, who will buy them? If people start losing jobs, who can afford to pay 2, 3, 4, 5 million dollars? Do you know 10,000 new investment bankers on Wall Street?”

Nouriel Roubini (1958) American economist

Quoted in S. Jhoanna Robledo, "The Descent," http://nymag.com/realestate/features/21675/ New York Magazine (2006-09-24).

People, Question, Wealth

“When laissez-faire creates instability, the move to a freer market can be something less than pure gain.”

Robert Kuttner (1943) American journalist

Source: The Economic Illusion (1984), Chapter 2, Capital, p. 85

“Once an activity has been socialized, it is impossible to point out, by concrete example, how men in a free market could better conduct it. How, for instance, can one compare a socialized post office with private postal delivery when the latter has been outlawed?”

Leonard E. Read (1898–1983) American academic

Excuse Me, Professor: Challenging the Myths of Progressivism https://books.google.com/books?id=W3MuCgAAQBAJ&pg=PT25&dq=Once+an+activity+has+been+socialized,+it+is+impossible+to+point+out,+by+concrete+example,+how+men+in+a+free+market+could+better+conduct+it.+How,+for+instance,+can+one+compare+a+socialized+post+office+with+private+postal+delivery+when+the+latter+has+been+outlawed?&hl=en&sa=X&ved=0ahUKEwilwZqz9PLTAhXGOyYKHSjJCk8Q6AEIJzAA#v=onepage&q=Once%20an%20activity%20has%20been%20socialized%2C%20it%20is%20impossible%20to%20point%20out%2C%20by%20concrete%20example%2C%20how%20men%20in%20a%20free%20market%20could%20better%20conduct%20it.%20How%2C%20for%20instance%2C%20can%20one%20compare%20a%20socialized%20post%20office%20with%20private%20postal%20delivery%20when%20the%20latter%20has%20been%20outlawed%3F&f=false Excuse Me, Professor: Challenging the Myths of Progressivism

Men

“The most important thing I have done is to combine something esoteric with a practical issue that affects many people. In this spirit, the stock market is one of the most attractive things imaginable. Stock-market data is abundant so I can check everything. Financial markets are very influential and I want to be part of this field now that it is maturing.”

Benoît Mandelbrot (1924–2010) Polish-born, French and American mathematician

New Scientist interview (2004)

People, Imagination, Parting

“I'm not sure what this means and if it can be replicated, but we did something very unique and none of it was planned. There wasn't a $20 million marketing budget designed to make this; it just happened. The audience took the movie for its own and decided to make it an event, and that's pretty awesome. And by the way, there were people who liked the movie so much they were defending the film against people who were thrashing it. Completely mind-blowing. I've never had that happen, either.”

Anthony C. Ferrante American film director

'Sharknado' Director on Secrets, Sequels and Success of the Social Media Sensation http://www.hollywoodreporter.com/live-feed/sharknado-director-secrets-sequels-success-social-media-sensation-584636 (July 12, 2013)

People, Way

“Apple no longer owns the tablet market, and will likely lose dominance this year or next. … this level of sustained dominance doesn't appear to recur with the same vendor even if it launched the category.”

Rob Enderle (1954) American financial analyst

Why Apple Can't Sustain Tablet Dominance http://digitaltrends.com/opinion/opinion-why-apple-cant-sustain-tablet-dominance in Digital Trends (28 July 2012)

Appearance

“You know that there’s been tremendous turmoil in our financial markets and Wall Street. And it is – it’s – people are frightened by these events. Our economy, I think, still, the fundamentals are – of our economy are strong, but these are very, very difficult times. And I promise you, we will never put America in this position again. We will clean up Wall Street. We will reform government.”

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

Speaking at Jacksonville, Florida the day after the collapse of Lehman Brothers and the sell-off of Merrill Lynch, 15 September 2007 http://news.mywebpal.com/partners/680/public/news925950.html http://www.nydailynews.com/blogs/dc/2008/09/economic-fundamentals-strong.html 2000s, 2008

People, Thinking, Strong, Time

“The stock market was created by the telegraph and the telephone, and its panics are engineered by carefully orchestrated stories in the press.”

Marshall McLuhan (1911–1980) Canadian educator, philosopher, and scholar-- a professor of English literature, a literary critic, and a …

Source: 1960s, Counterblast (1969), p. 106

“The social Commons is where we generate the good will that allows a society to cohere as a cultural entity. Markets and governments are an extension of a people’s social identity. Without the continuous replenishment of social capital, there would be insufficient trust to enable markets and governments to function, yet we pejoratively categorize the social Commons as “the third sector” as if it were less important than markets or governments.”

Jeremy Rifkin (1945) American economist

The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism (2014)

People

“Night City was like a deranged experiment in social Darwinism, designed by a bored researcher who kept one thumb permanently on the fast-forward button. Stop hustling and you sank without a trace, but move a little too swiftly and you'd break the fragile surface tension of the black market; either way, you were gone, with nothing left of you but some vague memory in the mind of a fixture like Ratz, though heart or lungs or kidneys might survive in the service of some stranger with New Yen for the clinic tanks.”

William Gibson book Neuromancer

Neuromancer (1984)

Way, Memory, Heart, Night

“• Detailed listing of the Farm-to-market road projects under the Department of Agriculture is now found in Volume II-A of the GAA. This is used to be a lump sum appropriation Mr. President both under the NEP and the GAB;”

Francis Escudero (1969) Filipino politician

2014, Speech: Sponsorship Speech for the FY 2015 National Budget

“This paper analyzes the relations between knowledge, control and organizational structure both in the market system as a whole and in private organizations. Limitations on the mental capacity of the human mind and the costs of producing and transferring knowledge means that knowledge relevant to all decisions can never be collected in the mind of a single individual or a small body of experts. This means that if the knowledge valuable to a particular decision is to be used in making that decision, there must be a system for partitioning out decision rights to individuals who already have the relevant knowledge and abilities or who can acquire or produce them at the lowest cost. Self interest on the part of individual decision-makers means a control system is required to motivate individuals with the decision rights and the relevant knowledge to use those decision rights appropriately. This control problem is solved in a capitalist economy by a system of alienable property rights.”

Michael Jensen (1939) American economist

Michael C. Jensen and William H. Meckling. "Specific and general knowledge and organizational structure." (1992).

Motivation, Knowledge, Problem, Decision

“The social structures of markets and the internal organisation of firms are best viewed as attempts to mitigate the effects of competition with other firms.”

Neil Fligstein (1951) American sociologist

Source: Markets as politics: A political-cultural approach to market institutions, 1996, p. 657

“Our performance, relatively, is likely to be better in a bear market than in a bull market … in a year when the general market had a substantial advance, I would be well satisfied to match the advance of the averages.”

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

Second annual letter to Limited Partners (1957) http://www.safalniveshak.com/wp-content/uploads/2013/12/Warren-Buffett-Berkshire-Letters-1957-2012.pdf Letters to Shareholders (1957 - 2012)

“Every day, to earn my daily bread
I go to the market where lies are bought
Hopefully
I take up my place among the sellers.”

Bertolt Brecht (1898–1956) German poet, playwright, theatre director

"Hollywood" (1942)
quoted in Poems, 1913-1956, p. 382
Poems, 1913-1956 (1976)

“Android continues to stomp its competition flat. Even the post-Jobs Apple can't stem the tide; it's pretty close to the 10% niche market share I predicted back in 2009 already, with no sign that trend will or can be reversed.”

Eric S. Raymond (1957) American computer programmer, author, and advocate for the open source movement

The Smartphone Wars: Nokia gives it up for Microsoft http://esr.ibiblio.org/?p=5039 in Armed and Dangerous (3 September 2013)

“…A government as large as the modern megastate cannot conceivably be controlled by a well-informed public, since it is literally impossible to be knowledgeable about even a fraction of the many complex matters modern governments are called upon to govern. … The attraction of free markets … is that they have self-correcting features that place far smaller demands on anyone’s knowledge than democracy does. Each person concerns herself with her own life and the system, supposedly, runs itself. Interpreted in this way, the literature on public ignorance could form the basis of the consequentialist argument the postwar free-market economists sought, but never found … against all government economic intervention: for even if it cannot be shown, on economic grounds, that every intervention hurts more than it helps, it might be shown, on political grounds, that by opening the door to helpful interventions, we begin sliding toward the unhelpful ones on a slope slippery with public ignorance.”

Jeffrey Friedman (political scientist) (1959) American political scientist

Source: “What’s wrong with Libertarianism”, p. 455

Life, Way, Democracy, Literature

“Talking about the definition of the niche, or niche market, I really have the completely opposite opinion. The people the other companies are targeting are very limited to those who are high-tech oriented, and core game players. They cannot expand beyond that population. We are trying to capture the widest possible audience all around the world. In other words, we are trying to capture the people who are even beyond the gaming population. So for that kind of company, we don't think the term 'niche' is appropriate.”

Satoru Iwata (1959–2015) Japanese video game programmer and businessman

Q&A: Video-game industry maverick promises a Revolution, 2007-03-03, Bishop, Todd, 2005-05-20, Seattle Post-Intelligencer http://seattlepi.nwsource.com/business/225097_e3iwata20.html, In response to Bill Gates' labeling Nintendo as a "niche player" in the seventh generation console wars

People, World, Game, Thinking

“Economics is a subject that really relates to core aspects of human well-being, and there’s a methodology for thinking about these things. This was a very appealing combination to me. Market systems are capable of massive breakdowns that can result in long, devastating periods of high unemployment. And I felt that economists had really learned something about how to address that.”

Janet Yellen (1946) American economist and professor

The Hand on the Lever (2014)

Thinking, Learning

“Managers who extensively plan the future get the timing wrong. Sometimes they arrive to market too early and so must wait for the demand to catch up. Sometimes they are too late and so must accelerate to rejoin the future.”

Shona Brown (1960) businessperson

Source: Competing on the Edge, 1998, p. 135

Time, Waiting, Future

“I want to mention the British Government's attitude to poorer countries in relation to 1992 and the EEC. There was a delegation here recently led by Mr. Julian Hunte from St. Lucia concerning the implications of the Single European Act for the survival of the Windward Islands. There is a problem because of the likelihood of the closure of markets for bananas and some of the smaller eastern Caribbean countries and the low price that the producers receive for them. It is necessary for the British Government to do something to protect the markets that those islands have traditionally enjoyed. If not, they will become seriously impoverished and further indebted. They will lose out because of Britain's obsession with moving deeper into the Common Market and accepting the Common Market's single economy rather than protecting those who have traditionally supplied goods to this country.”

Jeremy Corbyn (1949) British Labour Party politician

Speech http://hansard.millbanksystems.com/commons/1989/mar/17/overseas-development in the House of Commons (17 March 1989). 1980s

Problem, Country

“The technological landscape of the present day has enfranchised its own electorates — the inhabitants of the marketing zones in the consumer society, television audiences and news magazine readerships, who vote with money at the cash counter rather than with ballot paper at the polling boot. These huge and passive electorates are wide open to any opportunist using the psychological weaponry of fear and anxiety, elements that are carefully blanched out of the world of domestic products and consumer software.”

J. G. Ballard (1930–2009) British writer

"The Consumer Consumed", originally published in Ink (1971)
A User's Guide to the Millennium (1996)

Money, World, Fear

“We all felt happy and excited because it was Diwali. My mother had saved lot of small coins from her shopping and gave them to me to buy crackers Stuffed full with sweets and feeling that life was grand I ran towards the market. Then I saw a blind beggar. He sat in the hot sun by the edge of the unpaved road while gusts of wind raised clouds of dust and rubbish over him. ‘Andhalalya paisa dey, Bhagwan’, he kept on saying to the passers, ‘Give one paisa to this blind man, oh! Bhagwan.’ In front of him there was a rusty cigarette tin. It struck me alongside my bright happy world there was a world of misery and pain.”

Baba Amte (1914–2008) Indian freedom fighter, social worker

Baba Amte: A Vision of New India

Life, Pain, World, Feeling

“Ala’u ‘d-Din Khalji had 50.000 slaves. Flrozshah Tughluq came to have 1,80,000 slaves. Muhammad Tughluq sold thousands of slaves everyday at throw-away price. And so forth. Indeed, there was unprecedentedly brisk business in the slave markets in India and abroad, thanks to slave hunt under Muslim rule in India. And the slaves had perforce to embrace the religion of their masters. For instance, on the capture of Kalinjar in 1202, ‘fifty thousand kaniz- o ghulam, having suffered slavery, were rewarded with the honour of Islam.’ Muhammad Ghori is reported to have converted three to four hundred thousand Khokhars and Tirahias to Islam.”

Harsh Narain (1921–1995) Indian writer

Myths of Composite Culture and Equality of Religions (1990)

Religion, Business, Suffering

“The blessing that the market does not ask about birth is paid for in the exchange society by the fact that the possibilities conferred by birth are molded to fit the production of goods that can be bought on the market.”

Max Horkheimer (1895–1973) German philosopher and sociologist

E. Jephcott, trans., p. 9.
Dialektik der Aufklärung [Dialectic of Enlightenment] (1944)

Birth

“The resolution of our current account deficit and household debt burdens does not strike me as overly worrisome, but that is certainly not the case for our fiscal deficit, which, according to the Congressional Budget Office, will rise significantly as the baby boomers start to retire in 2008. Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances.”

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

March 10, 2005 http://www.federalreserve.gov/boarddocs/speeches/2005/20050310/default.htm. 2000s

Baby

“This difficulty — am I a mathematician because my degree says so? Am I an engineer because I'm interested in things? Am I a social scientist because I don't think there's a difference between the turbulence in stock markets in terms of unpredictability? At IBM I wouldn't have to worry about that. The names of departments were totally strange and totally meaningless, so it looked like a promising situation for a short time. As it turned out I was going to spend thirty-five years and twelve days at IBM, almost from the beginning to the day when IBM decided that successful research was no longer going to be carried on in that division.”

Benoît Mandelbrot (1924–2010) Polish-born, French and American mathematician

Segment 44
Peoples Archive interview

Thinking, Time, Success

“What caused the war? The greed of the Italian money bags and capitalists, who need new markets and new achievements for Italian imperialism. What kind of war was it? A perfected, civilised blood bath, the massacre of Arabs with the help of the “latest” weapons.”

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

"The End of the Italo-Turkish War" in Pravda, No. 129 (28 September 1912) http://www.marxists.org/archive/lenin/works/1912/sep/28.htm; Collected Works, Vol. 18. 1910s

Money, War, Help, Perfection

“Let's consider first Hayek's claim that prices in free market capitalism do not give people what they morally deserve. Hayek's deepest economic insight was that the basic function of free market prices is informational. Free market prices send signals to producers as to where their products are most in demand (and to consumers as to the opportunity costs of their options). They reflect the sum total of the inherently dispersed information about the supply and demand of millions of distinct individuals for each product. Free market prices give us our only access to this information, and then only in aggregate form. This is why centralized economic planning is doomed to failure: there is no way to collect individualized supply and demand information in a single mind or planning agency, to use as a basis for setting prices. Free markets alone can effectively respond to this information.
It's a short step from this core insight about prices to their failure to track any coherent notion of moral desert. Claims of desert are essentially backward-looking. They aim to reward people for virtuous conduct that they undertook in the past. Free market prices are essentially forward-looking. Current prices send signals to producers as to where the demand is now, not where the demand was when individual producers decided on their production plans. Capitalism is an inherently dynamic economic system. It responds rapidly to changes in tastes, to new sources of supply, to new substitutes for old products. This is one of capitalism's great virtues. But this responsiveness leads to volatile prices. Consequently, capitalism is constantly pulling the rug out from underneath even the most thoughtful, foresightful, and prudent production plans of individual agents. However virtuous they were, by whatever standard of virtue one can name, individuals cannot count on their virtue being rewarded in the free market. For the function of the market isn't to reward people for past good behavior. It's to direct them toward producing for current demand, regardless of what they did in the past.
This isn't to say that virtue makes no difference to what returns one may expect for one's productive contributions. The exercise of prudence and foresight in laying out one's production and investment plans, and diligence in carrying them out, generally improves one's odds. But sheer dumb luck is also, ineradicably, a prominent factor determining free market returns. And nobody deserves what comes to them by sheer luck.”

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

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

People, Way, Behavior, Exercises

“Multi-unit business enterprise replaced small traditional enterprise when administrative coordination permitted greater productivity, lower costs, and higher profits than coordination by market mechanisms.”

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

Source: The Visible Hand (1977), p. 6.

Business

“So the people using the Android operating system are now Motorola, Samsung, LG. And they are killing Apple: now, Android accounts for about 80 percent of the market.”

Clayton M. Christensen (1952–2020) Mormon academic

"Disruptive Genius" in Harvard Magazine (July-August 2014) http://harvardmagazine.com/2014/07/disruptive-genius 2010s

People

“In order for something to Catch On, it has to be standardized. Unfortunately, there is motivation for different companies to make their own little changes in order to restrict users to their own products. The best example of how to avoid this: Philips patented its audio cartridge [i. e. the standard audio "cassette"] to the teeth, but then granted everyone free use of the patent provided they adhered to the exact standard. The result has been the system's spectacular success, and Philips, rather than dominating a small market, has a share of a far larger market, and hence makes more money. That's a virtue-rewarded kind of story.”

Ted Nelson (1937) American information technologist, philosopher, and sociologist; coined the terms "hypertext" and "hypermedia"

Dream Machines
Computer Lib/Dream Machines (1974, rev. 1987)

Money, Motivation, Change, Success

“The essential feature of a capitalist world-economy… is production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.”

Immanuel Wallerstein (1930–2019) economic historian

Wallerstein (1979) The Capitalist World-Economy. p. 15.

Men, World, Way

“Back in the mid-1990s I was researching strategy in the global electronics industry. I interviewed 20 to 30 executives, CEOs, and division managers and asked fairly simple questions. Which company was the leader in their market? How did that company become the leader? What’s their own company’s strategy?
I saw an interesting pattern. Most executives easily explained how companies became market leaders: Some sort of window of opportunity opened, and the leader was the company that was the first to successfully jump through that window. Not exactly the first mover but the first to get it right.
But when I asked these same executives about their own strategies, I heard a lot about doorknob polishing. They were doing 360-degree feedback, forming alliances, outsourcing, cutting costs, and so on. None of them even mentioned taking a good position quickly when the industry changes.”

Richard Rumelt (1942) American economist

About strategy starts with identifying changes, and companies taking position (1)
"McKinsey Quarterly interview," 2007

Question, Change

“In the preface to the reissue of Risk, Uncertainty and Proﬁt, Frank Knight makes the penetrating observation that under the conditions envisaged above the velocity of circulation would become inﬁnite and so would the price level. This is perhaps an over-dramatic way of saying that nobody would hold money, and it would become a free good to go into the category of shell and other things which once served as money. We should expect too that it would not only pass out of circulation, but it would cease to be used as a conventional numeraire in terms of which prices are expressed. Interest bearing money would emerge. Of course, the above does not happen in real life, precisely because uncertainty, contingency needs, non-synchronization of revenues and outlay, transaction frictions, etc., etc., all are with us. But the abstract special case analyzed above should warn us against the facile assumption that the average levels of the structure of interest rates are determined solely or primarily by these differential factors. At times they are primary, and at other times, such as the twenties in this country, they may not be. As a generalization I should hazard the hypothesis that they are likely to be of great importance in an economy in which there is a “quasi-zero" rate of interest. I think by this hypothesis one can explain many of the anomalies of the United States money market in the thirties.”

Paul A. Samuelson book Foundations of Economic Analysis

Source: 1940s, Foundations of Economic Analysis, 1947, Ch. 5 : Theory of Consumer’s Behavior

Life, Money, Way, Thinking

“In recent weeks, we have taken bold steps to prevent a severe disruption of the American economy, which would have a devastating effect on other economies around the world. We've promoted stability in the markets by preventing the disorderly failure of major companies. The Federal Reserve has injected urgently needed liquidity into the system. And last week, I announced a decisive action by the federal government to address the root cause of much of the instability in our financial markets, by purchasing illiquid assets that are weighing down balance sheets and restricting the flow of credit. I can assure you that my administration and our Congress are working together to quickly pass legislation approving this strategy, and I'm confident we will act in the urgent time frame required.”

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

2000s, 2008, Address to the United Nations General Assembly (September 2008)

World, Confidence, Failure, Decision

“It does harm a great many other people, but primarily because it's prohibited. There are an enormous number of innocent victims now. You've got the people whose purses are stolen, who are bashed over the head by people trying to get enough money for their next fix. You've got the people killed in the random drug war. You've got the corruption of the legal establishment. You've got the innocent victims who are taxpayers who have to pay for more and more prisons, and more and more prisoners, and more and more police. You've got the rest of us who don't get decent law enforcement because all the law enforcement officials are busy trying to do the impossible.
And, last, but not least, you've got the people of Colombia and Peru and so on. What business do we have destroying and leading to the killing of thousands of people in Colombia because we cannot enforce our own laws? If we could enforce our laws against drugs, there would be no market for these drugs.”

Milton Friedman (1912–2006) American economist, statistician, and writer

America's Drug Forum interview (1991)

Money, War, People, Law

“I felt I wanted to talk about the Fed’s mission, and I wanted to do so in understandable terms, and to emphasize that unemployment is part of our mission. The recession has taken a particularly heavy toll on those who have less education and income—middle-income and low-income families—and the Fed’s concern with the job market is a theme I’ve wanted to get across. Why are we doing all these things that are in the newspapers all the time? I was trying to explain that we’re doing this to help American families who are struggling in the aftermath of the Great Recession.”

Janet Yellen (1946) American economist and professor

The Hand on the Lever (2014)

Education, Family, Understanding, Time

“What people "want" is a function of what they learn is available. If you wish to sell something, you'd better understand that you can't give people what they want in the market today, because what they want today is what they can already get. You have to discover what they really want, and find some way to give that physical shape.”

Erik Naggum (1965–2009) Norwegian computer programmer

Re: creation of lisp machine/lispOS http://groups.google.com/group/comp.lang.lisp/msg/c2fd86a7e43ac7aa (Usenet article). Usenet articles, Miscellaneous

People, Way, Understanding, Learning

“In the contemporary economy, however, and with the labor relations of post-Fordism, mobility increasingly defines the labor market as a whole, and all categories are tending toward the condition of mobility and cultural mixture common to the migrant. **133”

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

Multitude: War and Democracy in the Age of Empire

“Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.”

Michael Lewis book The Big Short

Source: The Big Short (2010), Chapter Three, " How Can A Guy Who Can't Speak English Lie?", p. 80

People, History, Change

“A market is not politically neutral; its existence creates economic power which one actor can use against another.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 23

“A priority for us is the creation of more jobs that will minimise poverty and provide for prosperity for all Sri Lankans. Towards this, we need to enhance our capacity to successfully compete in global markets while creating the necessary space for investments to come in.”

Ranil Wickremesinghe (1949) Former Prime Minister of Sri Lanka

On reducing poverty in SL (Sri Lanka), quoted on World Finance (February 16, 2016), "Sri Lanka has reduced poverty but challenges remain" http://www.worldfinance.com/home/sri-lanka-has-reduced-poverty-but-challenges-remain

“The firm as a relatively durable organizational structure is able to deal with the lack of knowledge about the future fruits of research and development and innovation. Its relative internal stability means that it can carry unquantifiable risks which would be eschewed in the volatility of the market. In particular large firms are able to set up and sustain R&D departments with their own funds. It is widely recognized that atomized, small-scale private enterprise is not well able to make such long-term commitments.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 213

Knowledge, Future

“Rap — so many words, so little said. What rap did that was impressive was to show there are so many tone-deaf people out there. All they need is a drum beat and somebody yelling over it and they're happy. There’s an enormous market for people who can't tell one note from another.”

Keith Richards (1943) British rock musician, member of The Rolling Stones

Reported in Jon Blistein, " Keith Richards: Rap Is for 'Tone-Deaf People' http://www.rollingstone.com/music/news/keith-richards-rap-is-for-tone-deaf-people-20150903", Rolling Stone (September 3, 2015).

People, Happiness

“What if I am an aficionado of bullfights and I think, contrary to the animal cruelty people, that they ennoble both beast and man. I would not be able to market videos showing people how exciting a bullfight.”

Antonin Scalia (1936–2016) former Associate Justice of the Supreme Court of the United States

The Human Sacrifice Channel? Crush-Video Arguments Get Creative http://blogs.wsj.com/law/2009/10/07/the-human-sacrifice-channel-crush-video-arguments-get-creative/ Wall Street Journal, (Oct, 2008). 2000s

People, Thinking, Animals

“Globalization need not work this way. Its benefits can be steered to all nations and to all levels in each nation in a more equitable manner. But a free-market, laissez-faire process will not do this automatically. It will require governmental regulatory action with guidelines and incentives that can best be established at the world level.”

Paul R. Lawrence (1922–2011) American business theorist

Excerpt from: " The Drive to Acquire’s Impact on Globalization http://hbswk.hbs.edu/item/the-drive-to-acquires-impact-on-globalization," at hbswk.hbs.edu, 23 august 2010. Driven to Lead: Good, Bad, and Misguided Leadership, 2010

World, Way

“The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.”

Nouriel Roubini (1958) American economist

"RGE Conference Call on the Economic and Financial Outlook... and why the Treasury TARP bailout is flawed," http://www.rgemonitor.com/roubini-monitor/253762/rge_conference_call_on_the_economic_and_financial_outlookand_why_the_treasury_tarp_bailout_is_flawed RGE Monitor (2008-09-26).

Money

“Never penalize those who work for us for mistakes or reward them for being right about markets. It will go to their heads, is counterproductive and, in any event, material compensation will not correlate with their ability to predict the future next time.”

Eugene Rotberg (1930)

“'The only perfect hedge is a Japanese garden': Speech to the National Association of Corporate Treasurers." http://www.generotberg.com/speeches/1990s/The%20Only%20Perfect%20Hedge%20is%20a%20Japanese%20Garden.pdf. (1990)

Time, Future

“Much empirical work on marketing organization has not distinguished between marketing units and sales units. Traditionally, sales has been conceptualized as a subunit of the marketing department that reports to a marketing executive (Ruekert, Walker, and Roering 1985; Weitz and Anderson 1981). For example, Ruekert and Walker (1987a, b) and Dastmalchian and Boag (1990) speak about marketing as one whole and barely mention the word sales. This view of M & S as one unit is challenged by qualitative reports (Piercy 1986).”

Christian Homburg (1962) German academic

Source: "Configurations of marketing and sales: a taxonomy", 2008, p. 134

“You can still fulfil your traditional obligations but the contradiction in the system between the communal approach and the free market approach needs to be addressed.”

Mahendra Chaudhry (1942) Fijian politician

Interview with Fiji Live, 22 August 2005

Communication

“If you're too stupid to understand that a philosophy that favors a federally structured republic, with numerous restraints on the scope and power of government to interfere with individual rights or the free market, is a lot different from an ethnic-nationalist, atheistic, and socialist program of genocide and international aggression, you should use this rule of thumb: If someone isn't advocating the murder of millions of people in gas chambers and a global Reich for the White Man you shouldn't assume he's a Nazi and you should know it's pretty damn evil to call him one.”

Jonah Goldberg (1969) American political writer and pundit

January 5, 2001 http://web.archive.org/web/20010105/www.nationalreview.com/goldberg/goldbergprint010501.html 2000s, 2001

People, Stupidity, Understanding, Evil

“I started watching reality shows and being horrified at people signing up to be humiliated in front of the entire country. … I saw one show, The Amazing Race, in which people were eating spicy soup and vomiting and crying. Why would you do that? Also, I was fascinated by these actors and actresses who would sign up to be followed around by cameras in their life. You become a celebrity, not because of your work or what you do, but because you have no privacy. I've been careful to keep my life separate because it's important to me to have privacy and for my life not to be a marketing device for a movie or a TV show. It's worth more than that. I'm worth more than that.”

Lisa Kudrow (1963) American actress

Guardian interview (2006)

Life, People, Reality, Cry

“Populism is the simple premise that markets need to be restrained by society and by a democratic political system. We are not socialists or communists, we are proponents of regulated capitalism and, I might add, people who have read American history.”

Molly Ivins (1944–2007) American journalist

I Told You So http://archive.is/1zUT5, May 30, 2002.

People, History, Reading

“Apple is a hugely successful company and its Mac business, even though it trails the wider PC market by a wide margin, is a great business, a very, very successful and desirable business. For Apple. Why anyone would care about that, other than employees of Apple, is unclear to me.”

Paul Thurrott (1966) American podcaster, author, and blogger

Market Share Matters http://winsupersite.com/blog/supersite-blog-39/commentary/market-share-matters-140372 in Paul Thurrott's Supersite For Windows (27 August 2011)

Business, Success

“A great measure of world poverty today and African poverty in particular is due to the continuing dependence on foreign markets for manufactured goods, which undermines domestic production and dams up domestic skills, apart from piling up unmanageable foreign debts. Gandhi's insistence on self-sufficiency is a basic economic principle that, if followed today, could contribute significantly to alleviating Third World poverty and stimulating development.”

Nelson Mandela (1918–2013) President of South Africa, anti-apartheid activist

2000s, The Sacred Warrior (2000)

World, Dependency

“Most human lives are forgotten after four generations. We build our splendid houses on the edge of the abyss then distract and dazzle ourselves with entertainers and sex while we slowly at first, then more rapidly, spin around the ever-thirsty plughole in the middle. My treasured possessions -- all the silly little mementoes and toys and special books I’ve carried with me for decades -- will wind up on flea market tables or rot on garbage heaps. Someone else will inhabit the rooms that were mine. Everything that was important to me will mean nothing to the countless generations that follow our own. In the grand sprawl of it all, I have no significance at all. I don’t believe a giant gaseous pensioner will reward or censure me when my body stops working and I don’t believe individual consciousness survives for long after brain death so I lack the consolations of religion. I wanted Annihilator to peek into that implacable moment where everything we are comes to an end so I had to follow the Black Brick Road all the way down and seriously consider the abject pointlessness of all human endeavours. I found these contemplations thrilling and I was drawn to research pure nihilism, which led me to Ray Brassier’s Nihil Unbound and back to Ligotti. I have a fundamentally optimistic and positive view of human existence and the future and I think it’s important to face intelligent, well-argued challenges to that view on a regular basis. While I agree with Ligotti that the universe is, on the face of it, a blind emergent process, driven by chance over billions of years of trial and error to ultimately produce creatures capable of little more than flamboyant expressions of the agonizing awareness of their own imminent deaths, I don’t share his slightly huffy disappointment at this state of affairs. If the universe is intrinsically meaningless, if the mindless re-arrangement of atomic debris into temporarily arising then dissipating forms has no point, I can only ask, why do I see meaning everywhere, why can I find a point in everything? Why do other human beings like me seem to see meaning in everything too? If the sun is only an apocalyptic series of hydrogen fusion reactions, why does it look like an angel and inspire poetry? Why does the flesh and fur-covered bone and jelly of my cat’s face melt my heart? Is all that surging, roaring incandescent meaning inside me, or is it out there? “Meaning” to me is equivalent to “Magic.” The more significance we bring to things, even to the smallest and least important things, the more special, the more “magical” they seem to become. For all that materialistic science and existential philosophy tells us we live in a chaotic, meaningless universe, the evidence of my senses and the accounts of other human beings seem to indicate that, in fact, the whole universe and everything in it explodes second-to-second with beauty, horror, grandeur and significance when and wherever it comes into contact with consciousness. Therefore, it’s completely down to us to revel in our ability to make meaning, or not. Ligotti, like many extreme Buddhist philosophers, starts from the position that life is an agonizing, heartbreaking grave-bound veil of tears. This seems to be a somewhat hyperbolic view of human life; as far as I can see most of us round here muddle through ignoring death until it comes in close and life’s mostly all right with just enough significant episodes of sheer joy and connection and just enough sh-tty episodes of pain or fear. The notion that the whole span of our lives is no more than some dreadful rehearsal for hell may resonate with the deeply sensitive among us but by and large life is pretty okay generally for most of us. And for some, especially in the developed countries, “okay” equals luxurious. To focus on the moments of pain and fear we all experience and then to pretend they represent the totality of our conscious experience seems to me a little effete and indulgent. Most people don’t get to be born at all, ever. To see in that radiant impossibility only pointlessness, to see our experience as malignantly useless, as Ligotti does, seems to me a bit camp.”

Grant Morrison (1960) writer

2014
http://www.blastr.com/2014-9-12/grant-morrisons-big-talk-getting-deep-writer-annihilator-multiversity
On life

Life, Death, Pain, People

Richard Rumelt (1942) American economist

Source: Strategy, structure, and economic performance. (1974), p. 29

Business

“In a society of employees dominated by the marketing mentality, it is inevitable that a personality market should arise. For in the great shift from manual skills to the art of 'handling', selling and servicing people, personal or even intimate traits of employees are drawn into the sphere of exchange and become commodities in the labor market.”

C. Wright Mills book White Collar: The American Middle Classes

White Collar: The American Middle Classes (1951)

People, Art, Personality

“At the center of market fundamentalism lies the general acceptance of the Walrasian general equilibrium model, or the neo-classical paradigm. Although many economists came to doubt the universal validity of such models in view of economies of scope, bounded rationality, asymmetric information, and other types of market imperfections and ventured into institutional analysis, the orthodoxy still remains the one which postulate some type of rationality of atomized individuals and the market which mediate among these atomized individuals and firms to reach some stable equilibrium.”

Eisuke Sakakibara (1941) Japanese economist and critic

The End of Market Fundamentalism (1999)

Universe

“We should embrace the disagreement that echoes in this chamber because this is the forum that the founders of our greatcountry envisioned. We should… no we are duty bound to enthusiastically avail ourselves it. This discourse is not idle chatter, but rather it is an adversarial system. It is a system that creates accountability in government. It creates a free market of ideas.”

Robert Agresta (1983)

Scribd:Robert Agresta Inauguration speech Quoted in Mayor & Council Meeting of January 2009 http://www.scribd.com/full/54569111?access_key=key-11gd71r31loly41co5n5

Idea

“In addition, a century or more of efforts to arrive at a feasible and politically acceptable mix of market and nonmarket elements has not produced a definitive, stable, or uniform solution.”

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

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

Effort

“[The Conservatives' Industry Act contains] the most comprehensive armoury of government control that has ever been assembled for use over private industry, far exceeding all the powers thought necessary by the last Labour government…Heath has performed a very important historical role in preparing for the fundamental and irreversible transfer in the balance of power and wealth which has to take place…The whole nature of the mixed economy operating on market forces has been transformed by this quiet revolution in a way that is not yet fully appreciated.”

Tony Benn (1925–2014) British Labour Party politician

'Heath's spadework for socialism', The Sunday Times (25 March 1973), p. 61
1970s

Way, Nature, Wealth

“If the question is when markets will recover, a first-pass answer is never.”

Paul Krugman (1953) American economist

Prediction in the aftermath of Donald Trump's presidential election victory. Markets recovered the following day. The Economic Fallout https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout (November 9, 2016) The New York Times Columns

Question

“Companies like Nike already use Graffiti as a standard variety in their marketing campaigns and the first people who read Naomi Klein's 'No Logo' were marketing gurus who wanted to know what they shouldn't do.”

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

talking about Guerilla Communication strategies in "Urban Hacking" http://www.transcript-verlag.de/ts1536/ts1536.php, transkript, p. 106

People, Reading

“Property rights develop to internalize externalities when the gains of internalization become larger than the cost of internalization. Increased internalization, in the main, results from changes in economic values, changes which stem from the development of new technology and the opening of new markets, changes to which old property rights are poorly attuned [G]iven a community's tastes… [for private versus state ownership], the emergence of new private or state-owned property rights will be in response to changes in technology and relative prices.”

Harold Demsetz (1930–2019) American economist

Harold Demsetz, (1967). "Toward a Theory of Property Rights." American Economic Review 57 (May, No. 2): 347-359. p. 350, as cited in Eggertsson (1990; 250)

Communication, Change

“We live, and move, and have our being in a consumer cosmos. The global economy and interconnection of markets and resources means every time we eat a meal, listen to music, put on clothing, or read a book, we are being consumers.”

Skye Jethani

The Divine Commodity: Discovering A Faith Beyond Consumer Christianity (2009, Zondervan)

Books, Music, Time, Reading

“Even in financial markets, the concept of market efficiency does not hold.”

Paul Ormerod book The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 176
The Death of Economics (1994)

“Dicaeopolis: Well, how are things at Megara?
Megarian: We are crying with hunger at our firesides.
Dicaeopolis: The fireside is jolly enough with a piper. But what else is doing at Megara, eh?
Megarian: What else? When I left for the market, the authorities were taking steps to let us die in the quickest manner.
Dicaeopolis: That is the best way to get you out of all your troubles.
Megarian: True.
Dicaeopolis: What other news of Megara? What is wheat selling at?
Megarian: With us it is valued as highly as the very gods in heaven!”

Aristophanés The Acharnians

tr. Athen. 1912, vol. 1, Perseus http://www.perseus.tufts.edu/hopper/text.jsp?doc=Aristoph.+Ach.+751 Acharnians, line 751-759 Acharnians (425 BC)

Hunger, God, Way, Cry

“A BOUNTY on the exportation of corn tends to lower its price to the foreign consumer, but it has no permanent effect on its price in the home market.”

David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXII, Bounties and Prohibitions, p. 201

Home

“Although it is obvious that the Keynesians were all wrong and interventionism and central economic planning don’t work, whom are we listening to for advice on getting us out of this mess? Unfortunately, it’s the Keynesians, the socialists, and big-government proponents. Who’s being ignored? The Austrian free-market economists — the very ones who predicted not only the Great Depression, but the calamity we’re dealing with today. If the crisis was predictable and is explainable, why did no one listen? It’s because too many politicians believed that a free lunch was possible and a new economic paradigm had arrived. But we’ve heard that one before — like the philosopher’s stone that could turn lead into gold. Prosperity without work is a dream of the ages.”

Ron Paul (1935) American politician and physician

The Austrians Were Right, November 20, 2008 http://www.house.gov/apps/list/speech/tx14_paul/statement_11_20_08.shtml http://www.youtube.com/watch?v=8PIEGK0IbA4 2000s, 2006-2009

Age, Dreams

“Well it seems to me absolutely scandalous to try to set wage levels which wipe out jobs. I mean these are people who are not on the dole. They want to work and if you price them out of the market its gonna be a lot worse for them and for the economy.”

Irwin Stelzer (1932) American economist and columnist

Newsnight debate (2010)

People

“As an actor, you can't be off the market for too long.”

Matt Dillon (1964) American actor

Justine Elias (April 26, 2003) "A seldom used welcome Matt", The Gold Coast Bulletin, p. 076.

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities—that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future—will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands.”

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

2000 Chairman's Letter http://www.berkshirehathaway.com/letters/2000.html Letters to Shareholders (1957 - 2012)

Money, Hate, People, Behavior

“Industrial marketing should be understood as a relationship-specific rather than a transaction-specific construct.”

Christian Homburg (1962) German academic

Christian Homburg, and Bettina Rudolph. "Customer satisfaction in industrial markets: dimensional and multiple role issues." Journal of Business Research 52.1 (2001): 15-33.

“A form of influence such as advertising sets out intentionally to insulate reactors (mindless consumers) from the more conscious and critical selves (potential abstainers) not by multiplying alternatives (as laisser-faire advocates of the market economy would like to believe) but by provoking dormant and partial desires in a way that circumvents the normal, conscious, rational process.”

Benjamin R. Barber (1939–2017) US political scientist

Source: Forced to be Free (1971), p. 69-70

Way

“The moral spectacle of capitalism still offends, as does American capitalism's implacable insistence that the market determine value even in the political, intellectual, and artistic spheres.”

William Pfaff (1928–2015) American journalist

Source: Barbarian Sentiments - How The American Century Ends (1989), Chapter 2, The Challenge of Europe, p. 31

“Specialization makes the welfare of the society vulnerable to the market and to political forces beyond national control.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter Five, The Politics Of International Trade, p. 189

“Dioxin is the outcome of the operations of markets. Does this mean that having dioxin in the environment is efficient?”

Harvey S. Rosen (1949) American economist

Source: Public Finance - International Edition - Sixth Edition, Chapter 5, Externalities, p. 79

“The claim "I deserve my income," as applied to an individual's pretax income in free market economies, has considerable intuitive force. If true, it suggests a powerful moral claim against taxation for redistributive purposes, on the intuitively plausible supposition that a just economic order ought to ensure that people get what they morally deserve.
But, however intuitive these claims may be, they are unjustified. In two of his important works of political economy, The Constitution of Liberty (see esp. ch. 6), and Law, Legislation, and Liberty (vol. 2), Hayek explained why free market prices cannot, and should not, track claims of individual moral desert.”

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

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

People, Law

Quotes about market page 5

Quotes about market
page 5