Quotes about marketer
page 6

“In fact, of all hoodoos in Wall Street I think the resolve to induce the stock market to act as a fairy godmother is the busiest and most persistent.”

Edwin Lefèvre book Reminiscences of a Stock Operator

Source: Reminiscences of a Stock Operator (1923), Chapter XII, p. 149

Thinking

“I've always doubted that the socialists had a leg to stand on intellectually. They have improved their argument somehow, but once you begin to understand that prices are an instrument of communication and guidance which embody more information than we directly have, the whole idea that you can bring about the same order based on the division of labor by simple direction falls to the ground. Similarly, the idea [that] you can arrange for distributions of incomes which correspond to some conception of merit or need. If you need prices, including the prices of labor, to direct people to go where they are needed, you cannot have another distribution except the one from the market principle. I think that intellectually there is just nothing left of socialism.”

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

Interview with Thomas W. Hazlett in May of 1977, as published in " The Road to Serfdom, Forseeing the Fall", in Reason magazine (July 1992) http://reason.com/archives/1992/07/01/the-road-from-serfdom 1960s–1970s

People, Communication, Idea, Understanding

“LABOUR, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labour is that price which is necessary to enable the labourers, on with another, to subsist and to perpetuate their race, without either increase or diminution.”

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

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter V, On Wages, p. 52

Nature

“I think [Britney Spears] is a perfect example of an artificial construct -- someone with a decent voice and a very marketable image, that producers and business people turned into a pop star. Unfortunately, I think it took a toll on her, mentally, and I feel bad for the trouble that success has brought onto her. However, her music is pretty disposable, and she doesn't have the intelligence and cultural impact of someone like, say, Madonna.”

Andrew Sega (1975) musician from America

Andrew Sega Shrine interview, 2011

People, Music, Feeling, Star

“THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.”

John Kenneth Galbraith book The New Industrial State

Source: The New Industrial State (1967), Chapter XXXI, Section 1, p. 354

“I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.”

Joseph E. Stiglitz (1943) American economist and professor, born 1943.

Autobiographical Essay (2001)

“Marketing has long known how to exploit fads and how to develop trends.”

Geoffrey Moore book Crossing the Chasm

Source: Crossing the Chasm, 1991, p. 6

“BlackBerry isn't getting out of the hardware business. It stands alone as the only smartphone company exclusively focused on business, security and traditional communication. Until someone else steps up to meet this need, there continues to be a market for its hardware …”

Rob Enderle (1954) American financial analyst

BlackBerry Misinformation and the Smartphone Security Crisis http://itbusinessedge.com/blogs/unfiltered-opinion/blackberry-misinformation-and-the-smartphone-security-crisis.html in IT Business Edge (8 July 2016)

Communication, Business

“There is no. man, there is no people, without a God. That God may be a visible idol, carved of wood or stone, to which sacrifice is offered in the forest, in the temple, or in the market-place; or it may be an invisible idol, fashioned in a man's own image and worshipped ardently at his own personal shrine. Somewhere in the universe there is that in which each individual has firm faith, and on which he places steady reliance. The fool who says in his heart "There is no God" really means there is no God but himself. His supreme egotism, his colossal vanity, have placed him at the center of the universe which is thereafter to be measured and dealt with in terms of his personal satisfactions. So it has come to pass that after nearly two thousand years much of the world resembles the Athens of St. Paul's time, in that it is wholly given to idolatry; but in the modern case there are as many idols as idol worshippers, and every such idol worshipper finds his idol in the looking-glass. The time has come once again to repeat and to expound in thunderous tones the noble sermon of St. Paul on Mars Hill, and to declare to these modern idolaters "Whom, therefore, ye ignorantly worship, Him declare I unto you."
There can be no cure for the world's ills and no abatement of the world's discontents until faith and the rule of everlasting principle are again restored and made supreme in the life of men and of nations. These millions of man-made gods, these myriads of personal idols, must be broken up and destroyed, and the heart and mind of man brought back to a comprehension of the real meaning of faith and its place in life. This cannot be done by exhortation or by preaching alone. It must be done also by teaching; careful, systematic, rational teaching, that will show in a simple language which the uninstructed can understand what are the essentials of a permanent and lofty morality, of a stable and just social order, and of a secure and sublime religious faith.
Here we come upon the whole great problem of national education, its successes and its disappointments, its achievements and its problems yet unsolved. Education is not merely instruction far from it. It is the leading of the youth out into a comprehension of his environment, that, comprehending, he may so act and so conduct himself as to leave the world better and happier for his having lived in it. This environment is not by any means a material thing alone. It is material of course, but, in addition, it is intellectual, it is spiritual. The youth who is led to an understanding of nature and of economics and left blind and deaf to the appeals of literature, of art, of morals and of religion, has been shown but a part of that great environment which is his inheritance as a human being. The school and the college do much, but the school and the college cannot do all. Since Protestantism broke up the solidarity of the ecclesiastical organization in the western world, and since democracy made intermingling of state and church impossible, it has been necessary, if religion is to be saved for men, that the family and the church do their vital cooperative part in a national organization of educational effort. The school, the family and the church are three cooperating educational agencies, each of which has its weight of responsibility to bear. If the family be weakened in respect of its moral and spiritual basis, or if the church be neglectful of its obligation to offer systematic, continuous and convincing religious instruction to the young who are within its sphere of influence, there can be no hope for a Christian education or for the powerful perpetuation of the Christian faith in the minds and lives of the next generation and those immediately to follow. We are trustees of a great inheritance. If we abuse or neglect that trust we are responsible before Almighty God for the infinite damage that will be done in the life of individuals and of nations…. Clear thinking will distinguish between men's different associations, and it will be able to render unto Caesar the things which are Caesar's, and to render unto God the things which are God's.”

Nicholas Murray Butler (1862–1947) American philosopher, diplomat, and educator

Making liberal men and women : public criticism of present-day education, the new paganism, the university, politics and religion https://archive.org/stream/makingliberalmen00butluoft/makingliberalmen00butluoft_djvu.txt (1921)

Life, Men, God, People

“For starters, the emerging zero marginal cost economy radically changes our notion of the economic process. The old paradigm of owners and workers, and of sellers and consumers, is beginning to break down. Consumers are becoming their own producers, eliminating the distinction. prosumers will increasingly be able to produce, consume, and share their own goods and services with one another on the Collaborative Commons at diminishing marginal costs approaching zero, bringing to the fore new ways of organizing economic life beyond the traditional capitalist market model.”

Jeremy Rifkin (1945) American economist

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

Life, Way, Change

“Given the current financial crisis and the widespread belief that the 21st century will belong to China, is free trade really making global markets more efficient? Is it promoting our values and making America stronger? Or is it simply strengthening our adversaries and creating a world where countries who abuse the system - such as China - are on the road to economic and military dominance? If Mr. Trump’s potential campaign does nothing more than force a real debate on those questions, it will have done a service to both the Republican Party and the country.”

Robert Lighthizer (1947) US Trade Representative

LIGHTHIZER: Donald Trump is no liberal on trade http://www.washingtontimes.com/news/2011/may/9/donald-trump-is-no-liberal-on-trade/ (May 9, 2011)

World, Question, Country

“Any account of the development of the international monetary system is also necessarily an account of the development of international capital markets.”

Barry Eichengreen Introduction

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

“It is clear that the images and other representations which we have in the houses of worship have caused the risk of idolatry. Therefore they should not be allowed to remain there, nor in your chambers, nor in the market-place, nor anywhere else where one does them honor. Chiefly they are not to be tolerated in the churches, for all that is in them should be worthy o our respect. If anyone desires t put historical representations on the outside of the churches that may be allowed, so long as they do not incite to their worship. But when one begins to bow before these images and to worship them, then they are not to be tolerated anywhere in the wide world; for that is the beginning of idolatry, nay, is idolatry itself.”

Huldrych Zwingli (1484–1531) leader of the Protestant Reformation in Switzerland, and founder of the Swiss Reformed Churches

Letter, Nov 17 1523, ibid, p.208

World, Housing

“There is nothing economically unsound in increasing temporarily and artificially the demand for labour during a period of temporary and artificial contraction. There is a plain need of some averaging machinery to regulate and even-up the general course of the labour market. … by every step in that direction you would free thousands of your fellow-countrymen from undeserved agony and ruin.”

Winston S. Churchill (1874–1965) Prime Minister of the United Kingdom

The People's Rights [1909] (London: Jonathan Cape, 1970), pp. 133-134
Early career years (1898–1929)

“Conventional economic theory is built is built on the assumption of diminishing returns. Economic actions engender a negative feedback that leads to a predictable equilibrium for prices and market shares. Such feedback tends to stabilize the economy because any major changes will be offset by the very reactions they generate. The high oil prices of the 1970s encouraged energy conservation and increased oil exploration, precipitating a predictable drop in prices by the early 1980s. According to conventional theory, the equilibrium marks the “best” outcome possible under the circumstances: the most efﬁcient use and allocation of resources.”

W. Brian Arthur (1946) American economist

Source: Increasing Returns and Path Dependence in the Economy, (1994), p. 1: Chapter 1. Positive feedback in economics

Change

“All change is disruptive. We have seen that the specter of terrorism is enough to cast stable democracies into turmoil. Climate change will have even more dramatic consequences. Men and women will be thrown back upon the resources of the state. They will look to their political leaders and representatives to protect them: open societies will once again be urged to close in upon themselves, sacrificing freedom for ‘security’. The choice will no longer be between the state and the market, but between two sorts of state. It is thus incumbent upon us to re-conceive the role of government. If we do not, others will.”

Tony Judt (1948–2010) British historian

Ill Fares the Land (2010), Introduction

Women, Men, Democracy, Freedom

“The contemporary scene of labor and production, we will explain, is being transformed under the hegemony of immaterial labor, that is, labor that produces immaterial products, suchs as information, knoledges, ideas, images, relationships, and affects. This does not mean that there is no more industrial working class whose calloused hands toil with machines or that there ae no more agricultural workers who till the soil. It does not even mean that the numbers of such workers have decreased globally. In fact, workers involved primarily in immaterial production are a small minority of the gloval whole. What it means, rather, is that the qualities and characteristics of immaterial production are tending to transform the other forms of labor and indeed society as a whole. Some of these new characteristics are decidedly unwelcome. When our ideas and affects, or emotions, are put to work, for insance, and when they thus become subject in a way to the command of the boss, we often experience new and intense forms of violation or alienation. Furthermore, the contractual and material conditions of immaterial labor that tend to spread to the entire labor market are making the position of labor in general more precarious. The is one tendency, for example, in various forms of immaterial labor to blur the distinction between work time and nonwork time, extending the working day indefinietly to fill all of life, and another tendency for immaterial labor to function without stable long-term contracts, and thus to adopt the precarious position of becoming flexible (to accomplish several tasks) and mobile (to move continually among locations). […] The production of ideas, knowledges, and affects, for example, does not merely create means by which society is formed and maintained; such immaterial labor also directly produces social relationships. […] immaterial labor tends to take the social form of network based on communication.”

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

65-66
Multitude: War and Democracy in the Age of Empire

Life, Way, Communication, Idea

“The cumulative development of a medium of exchange on the free market — is the only way money can become established. … government is powerless to create money for the economy; it can only be developed by the processes of the free market.”

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

What Has Government Done to Our Money? (1980)

Money, Way

“By The middle of The 1920s General Motors had accomplished some things, but apart from survival and reorganization, they were more in the realm of the mind than of reality. We knew, as I have related, the strategy with which we proposed to approach the car business, how we proposed to manage the enterprise financially, and the relationships we wanted to establish among persons in different roles. But by the end of 1924 little of this was reﬂected in Our activities in the automobile market. That our volume of business had increased after the slump of 1921 — and especially in 1923 — could be attributed less to our own wits than to the improvement in the general economy and the rising demand for automobiles. While internally we had made much progress, externally we had marked time. But the time had come to act.”

Alfred P. Sloan (1875–1966) American businessman

Source: My Years with General Motors, 1963, p. 149

Cars, Business, Reality, Time

“A state that does not plan does not, by default turn this function over to the market. Even if the market is perfectly efficient, it still suffers from two ineradicable defects. The first relates to the distribution of income and power: the market conveys signals only in relation to the purchasing power of the individuals transmitting them. The poor do not matter to the market. The second relates to representation: people not yet born do not turn up at the stores. They send no market signals at all”

James K. Galbraith (1952) economist

Source: The Predatory State, 2008, p. 116 ; Quoted in: Trevor Manuel. " Address by the Minister in The Presidency: National Planning Commission, Trevor Manuel, at the Wits Graduate School of Public Development Management; Donald Gordon Auditorium, 26 October 2009 http://www.thepresidency.gov.za/pebble.asp?relid=1565" at thepresidency.gov.za, 2014.

People, Suffering

“The question is: can they now be prevented from taking back into their own hands the decision about their identity and their form of government which truly was theirs all along? I do not believe they can be prevented: for they are now, at a general election, provided with a clear, definite and practicable alternative, namely, a fundamental renegotiation directed to regain free access to world food markets and recover or retain the powers of Parliament, a renegotiation to be followed in any event by a specific submission of the outcome to the electorate, a renegotiation protected by an immediate moratorium or stop on all further integration of the UK into the Community. This alternative is offered, as such an alternative must be in our parliamentary democracy, by a political party capable of securing a majority in the House of Commons and sustaining a Government.”

Enoch Powell (1912–1998) British politician

Speech in Birmingham advising people to vote Labour (23 February 1974), quoted in Reflections of a Statesman. The Writings and Speeches of Enoch Powell (London: Bellew, 1991), p. 458
1970s

World, Food, Democracy, Communication

“Jabir reported that the Messenger of Allah, may Allah bless him and grant him peace, went through the market with people on both sides of him. He passed the dead body of a deformed sheep, took it by its ear and then said, "Which of you would like to have this for a dirham?" They said, "We would not like to have it for anything. What would we do with it?" He said, "Would you like to have it?" They said, "By Allah, even if it was alive, it would be defective since it is deformed, and now it is dead."”

Muhammad (570–632) Arabian religious leader and the founder of Islam

He said, "By Allah, this world has less value with Allah than this has with you." Riyadh-as-Saliheen by Imam Al-Nawawi, 464 https://bewley.virtualave.net/riyad3.html Sunni Hadith

People, World, Peace, Dead

“Conditions became intolerable by the time of Shahjahan when, according to Manucci, peasants were compelled to sell their women and children to meet the revenue demand. Manrique writes that the peasants were “carried off… to various markets and fairs, (to be sold) with their poor unhappy wives behind them carrying their small children all crying and lamenting…” Bernier too affirms that the unfortunate peasants who were incapable of discharging the demands of their rapacious lords, were bereft of their children, who were carried away as slaves. Here was also confirmation, if not actually the beginning, of the practice of bonded labour in India.”

Shah Jahan (1592–1666) 5th Mughal Emperor

Manucci, II, p. 451.,Manrique II, p. 272., Bernier, p.205., quoted from Lal, K. S. (1992). The legacy of Muslim rule in India. New Delhi: Aditya Prakashan. Chapter 7

Women, Children, Time, Cry

“The most barbarous fact in all christendom is the labor market. The mere term sufficiently expresses the animalism of commercial civilization.
They who buy and they who sell in the labor market are alike dehumanized by the inhuman traffic in the brains and blood and bones of human beings.”

Eugene V. Debs (1855–1926) American labor and political leader

The Socialist Party and the Working Class (1904)

Animals

“In the 1850s and 18605 the modern commodity dealer who purchased directly from the farmer and sold directly to the processor took over the marketing and distribution of agricultural products. In the same years the full-line, full-service wholesaler began to market most standardized consumer goods. Then in the 1 870s and 188os the modern mass retailer — the department store, the mail-order house, and the chain store — started to make inroads on the wholesaler's markets.”

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

Source: The Visible Hand (1977), p. 209.

Housing

“The inductive-reasoning system I have described above consists of a multitude of “elements” in the form of belief-models or hypotheses that adapt to the aggregate environment they jointly create. Thus it qualifies as an adaptive complex system. After some initial learning time, the hypotheses or mental models in use are mutually co-adapted. Thus we can think of a consistent set of mental models as a set of hypotheses that work well with each other under some criterion—that have a high degree of mutual adaptedness. Sometimes there is a unique such set, it corresponds to a standard rational expectations equilibrium, and beliefs gravitate into it. More often there is a high, possibly very high, multiplicity of such sets. In this case we might expect inductive reasoning systems in the economy—whether in stock-market speculating, in negotiating, in poker games, in oligopoly pricing, in positioning products in the market—to cycle through or temporarily lock into psychological patterns that may be non-recurrent, path-dependent, and increasingly complicated. The possibilities are rich.”

W. Brian Arthur (1946) American economist

Source: Inductive Reasoning and Bounded Rationality (The El Farol Problem) (1994), p. 8

Game, Thinking, Learning, Time

“Political skepticism is the source of so many of our dilemmas. Even if free markets worked as advertised, it would be hard to claim that they constituted a sufficient basis for the well-lived life. So what precisely is it that we find lacking in unrestrained financial capitalism, or ‘commercial society’ as the 18th century had it? What do we find instinctively amiss in our present arrangements and what can we do about them? What is it that offends our sense of propriety when faced with unfettered lobbying by the wealthy at the expense of everyone else? What have we lost?
We are all children of the Greeks. We intuitively grasp the need for a sense of moral direction: it is not necessary to be familiar with Socrates to feel that the unexamined life is not worth much. Natural Aristotelians, we assume that a just society is one in which justice is habitually practiced; a good society one in which people behave well. But in order for such an implicitly circular account to convince, we need to agree on the meaning of ‘just’ or ‘well’.”

Tony Judt (1948–2010) British historian

Ill Fares the Land (2010), Ch. 5 : What Is to be Done?

Life, Children, People, Justice

“If markets were truly efficient, then you shouldn't be able to make any money rebalancing.”

William J. Bernstein (1948) economist

Source: The Four Pillars of Investing (2002), Chapter 14, Getting Started, Keeping It Going, p. 290.

Money

“The generally accepted image of international trade is one in which a number of trading communities… are engaged in striving each to win for itself, and at the expense of the others, the largest possible share of a strictly limited objective—the world market. … So far as world or international trade is rightly presented as a competitive process, that competition takes place not between America, Britain, Germany, but between a number of separate American, British, German, firms. The immediate interests of these firms is not directed along political lines.”

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

The Morals of Economic Irrationalism (1920)

World, Communication

“We have been living in an ideological bubble — one of market fundamentalism.From the trauma of the Great Depression to 1973, there was a broad consensus across the democratic world that markets were absolutely essential to generate wealth, but they will also cause all sorts of problems if they are left unregulated. Economists like JM Keynes and JK Galbraith taught us that if you abolish markets, you get starvation; but if you abolish all the democratic checks and balances on markets, you get a system that eats itself. Unregulated businesses will cause unsustainable levels of pollution and inequality, and ultimately start pursuing unhinged business models that cause the whole system to collapse.”

Johann Hari (1979) British journalist

"Has Market Fundamentalism Had Its Day?" http://www.johannhari.com/archive/article.php?id=1269, The Independent (2008-03-20).

World, Business, Problem, Wealth

“The Capitalist system is a highly adaptable entity. And so it isn't surprising that alternative spaces and forms of living provided interesting ideas that could be milked and marketed. So certain structural features of these "indie" movement outputs were suddenly highly acclaimed, applied and copy-pasted into capitalist developing laboratories. These qualities fit best into the tendency in which -- by the end of the seventies -- bourgeois society started to update and re-launch using the experiences gained through countercultural projects. Mainstream harvested the knowledge that was won in these projects and used it. Normalizing dissent.”

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

Grenzfurther, J. and Schneider, F.: 'Hacking the Spaces' http://www.monochrom.at/hacking-the-spaces/, 2009

Idea, Knowledge, Past

“The true investor scarcely ever has to sell his shares, and at all other times he is free di disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons mistakes of judgement.”

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. 40

Books, Time, Personality

“The movie stars Michelle Pfeiffer as LouAnne Johnson… [h]er teaching methods are inventive. She bribes them with candy bars and free trips to amusement parks, and involves them in the words of that important poet, Bob Dylan (the Tambourine Man might have been a drug dealer!). Soon they're in the school library, finding connections between Bob Dylan and Dylan Thomas… [w]hat, exactly, will these disadvantaged inner-city kids accomplish by being bribed with candy bars and the "relevancy" of Bob Dylan? Can they read and write? Can they compete in the job market? An educational system that has brought them to the point we observe in the first classroom scene has already failed them so miserably that all of Miss Johnson's karate lessons are not going to be much help.”

Roger Ebert (1942–2013) American film critic, author, journalist, and TV presenter

Review of http://www.rogerebert.com/reviews/dangerous-minds-1995 Dangerous Minds (11 August 1995) Reviews, One-and-a-half star reviews

Education, School, Star, Reading

“People Who Get Higher Pay Require Less Security. ITEM. It's 2004. I am presenting Why Men Earn More to the sales and marketing teams of my publisher (AMACOM). To illustrate financial risk as one of the ways to higher pay, I ask everyone in the room who is paid by commission to stand up. Eight men stand; no women. I then ask those paid by salary to stand: About equal numbers of men and women stand.”

Warren Farrell (1943) author, spokesperson, expert witness, political candidate

Source: Why Men Earn More (2005), p. 107.

Women, Men, People, Way

“Among the vices of the Anglo-Saxons may be reckoned their propensity to gaming, and especially with the dice, which they derived from their ancestors; for Tacitus assures us that the ancient Germans could not only hazard all their wealth, but even stake their liberty, upon the turn of the dice; "and he who loses," says the author, "submits to servitude, though younger and stronger than his antagonist, and patiently permits himself to be bound, and sold in the market; and this madness they dignify by the name of honour."”

Joseph Strutt (1749–1802) British engraver, artist, antiquary and writer

pg. xx
The Sports and Pastimes of the People of England (1801), Dice

Game, Madness, Wealth

“In his (Barack Obama's) distorted understanding of economics, when anyone, but especially the rich get a tax break or pay less in taxes, someone else has to pay the difference or the supposed shortfall adds to the debt. His assumption, typical of most Democrats and Republicans, is the government is “owed” a portion of the fruits of our labor. It never occurs to him that perhaps the government has no business taking money from people who earn it in the first place. He never thinks that the solution is to stop government spending and stop robbing Peter to pay Paul.He and other members of the ruling elite can only see the economy as a pie, with only so much to go around. If one person gets “more,” someone has to do with “less.” It never occurs to them that the free market is like a bakery that can produce many pies, and bigger pies, and different kinds of pies so that everyone has their fill.”

R. Lee Wrights (1958–2017) American gubernatorial candidate

2012, " The State of the Union is Still a State of War http://www.libertyforall.net/?p=7189"

Money, People, Understanding, Business

“The marketing people don't care about the elegance and perfection that impresses the engineers' peers. They think engineers are impractical cuckoos who would just as soon bankrupt the company by pursuing perfectionist pipe dreams.”

Howard S. Becker (1928) American sociologist

Source: Writing for Social Scientists (1986), p. 159.

People, Dreams, Thinking, Perfection

“While there is an occasional bad apple, the public market rewards companies with revenue growth and sustainable profits.”

Steve Blank (1953) American businessman

Steve Blank, Not All Who Wander Are Lost, K&S Ranch, 2010, p. 54.

“One reason for the primacy of the market in shaping the modern world is that it forces a reorganization of society in order to make the market work properly. When a market comes into existence, as Marx fully appreciated, it becomes a potent force driving social change.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 19

World, Change

“Apple's fans are more interested in spending money than they are with facts. … That the lackluster iPhone 4S can sell so well in a market dominated by more capable Android handsets (not to mention Windows Phones) only bolsters that notion.”

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

Apple Sells 4 Million iPhone 4S Handsets at Launch http://windowsitpro.com/windows/apple-sells-4-million-iphone-4s-handsets-launch in Windows IT Pro (17 October 2011)

Money

“Advanced planning is another area which the private sector has excelled, but not government. However, today's changing market conditions, increasing demands, shrinking budgets and even globalization force us to look at the way we provide our judicial services in a different light. It is no longer enough that we do our job, we now have to do it with a greater sense of purpose and accountability every step of the way.”

Federico Hernández Denton (1944) American judge

Discussing needed changes to the Puerto Rico Judicial System, in an interview with Caribbean Business (May 17, 2007)

Way, Sense, Light, Change

“My interest had been in a broad class of situations, broader than the advanced industrial market economies, including situations in third world countries, and in countries attempting to have some kind of socialist approach to their problems. I have been interested in how one can construct efficient mechanisms that have the decentralization features similar to a market but that do not necessarily resemble a market. For this purpose, I formulated the notion of an informationally-decentralized economy in which perfect competition was just a very special case…”

Leonid Hurwicz (1917–2008) Russian-American economist and mathematician

Source: David Warsh, " The Road to a System that Works (Without Shooting People) http://www.economicprincipals.com/issues/2007.10.21/69.html" at economicprincipals.com, October 21, 2007.

World, Problem, Perfection, Country

“It is in the highest degree likely that the North will not be able to subdue the south, and it is no doubt certain that if the Southern union is established as an independent state it would afford a valuable and extensive market for British manufactures but the operations of the war have as yet been too indecisive to warrant an acknowledgement of the southern union.”

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

Letter to Sir Austen Henry Layard (20 October 1861) on the American Civil War, quoted in Jasper Ridley, Lord Palmerston (London: Constable, 1970), p. 552.
1860s

War, Indecision

“In order to create the appropriate material conditions, Lenin was prepared to make recourse not only to market arrangements, but to international capitalism as well. Not only was private property, private enterprise, and private profit largely restored in Lenin’s Russia, but Lenin appealed to international capitalism for assistance as well. He was prepared to offer generous concessions to foreign capitalism.”

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

Source: Marxism, Fascism & Totalitarianism: Chapters in the Intellectual History of Radicalism, (2008), p. 55

“A major social problem we face today is how to control the political process that is eroding the free enterprise market system. Although I am pessimistic that we will in fact ever resolve this problem completely, we will surely never solve it unless we develop a viable positive theory of the political process. Such a political theory will not be complete until we also have developed a theory that explains why we get the results we do out of the mass media.”

Michael Jensen (1939) American economist

Michael C. Jensen, 'Toward a Theory of the Press,' in Economics and Social Institutions, Karl Brunner, Editor (Martinus Nijhoff Publishing Company, 1979).

Problem

“There is little doubt that the observation that quality may depend on price (productivity on wages; default probability on interest rates) has provided a rich mine for economic theorists: A simple modification of the basic assumptions results in a profound alteration of many of the basic conclusions of the standard paradigm. The Law of Supply and Demand has been repealed. The Law of the Single Price has been repealed. The Fundamental Theorem of Welfare Economics has been shown not to be valid.
More than that, the theories that we describe here provide the basis of progress toward a unification of macroeconomics and microeconomics. They pro vide an explanation of unemployment and credit rationing, derived from basic microeconomic principles. It is a theory in which the extensive idleness that periodically confronts society's resources, human and capital, is seen as but the most obvious example of market failures that prevasively and persistently distort the allocation of resources.”

Joseph E. Stiglitz (1943) American economist and professor, born 1943.

"The Causes and Consequences of The Dependence of Quality on Price", Journal of Economic Literature, Vol. 25, No. 1 (Mar., 1987)

Law, Failure, Dependency

“In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e. g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money at all.”

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

The Case Against the Fed (5 June 2009) http://mises.org/daily/3480.

Money, People

“We have not invested well in marketing ourselves. It is partly because of my trait. I believe that if my conviction is right, I will not need to go and explain myself to anyone. I believed that ultimately everyone will figure out what you are. We are changing this approach.”

Mukesh Ambani (1957) Indian business magnate

Mukesh Ambani on retail and SEZ plans

Change

“The Information Age is unfolding just as predicted by many of the sociological prognosticators of this century. Information issues are on everyone’s mind and on multitudes of lips. It is hard to pick up a newspaper or current affairs magazine without seeing a feature on the internet, web pages, e-mail, television terminals or some other new technology. In fact, technology innovation is relentless and escalating and technology stocks continually drive the stock market to high after high. There is no field of human endeavor that is exempt from the onslaught of information technology.”

John Zachman (1934) American computer scientist

Source: Enterprise Architecture: The Issue of The Century, 1997, p. 1

Age

“An efficient marriage market develops ‘‘shadow’’ prices to guide participants to marriages that will maximize their expected well-being. These prices, central to the analysis in this chapter and the subsequent one, are responsible for the more powerful implications found in these chapters than in traditional discussions of marriage. Some other approaches are evaluated in Chapter 4.”

Gary S. Becker book A Treatise on the Family

Source: A Treatise on the Family, 1981, p. 39

Marriage

“The present estimated margin between public receipts and expenditures for this fiscal year is very small. Perhaps the most important work that this session of the Congress can do is to continue a policy of economy and further reduce the cost of government, in order that we may have a reduction of taxes for the next fiscal year. Nothing is more likely to produce that public confidence which is the forerunner and the mainstay of prosperity, encourage and enlarge business opportunity with ample opportunity for employment at good wages, provide a larger market for agricultural products, and put our country in a stronger position to be able to meet the world competition in trade, than a continuing policy of economy. Of course necessary costs must be met, proper functions of the Government performed, and constant investments for capital account and reproductive effort must be carried on by our various departments. But the people must know that their Government is placing upon them no unnecessary burden.”

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, World, Confidence, Business

“Last week I watched the Trooping the Colour and our young Queen riding at the head of her Guards. … Certainly no one of British race could contemplate such a spectacle without pride. But no thinking man or woman could escape the terrible question: on what does it all stand? It does indeed seem hard that the traditions and triumphs of a thousand years should be challenged by the ebb and flow of markets and commercial and financial transactions…and that we have to watch from month to month the narrow margins upon which our solvency and consequently our reputation and influence depend. But fifty million islanders growing food for only thirty millions, and dependent for the rest upon their exertions, their skill and their genius, present a problem which has not been seen or at least recorded before. In all history there has never been a community so large, so complex, so sure of its way of life, posed at such dizzy eminence and on so precarious a foundation.”

Winston S. Churchill (1874–1965) Prime Minister of the United Kingdom

Speech at the Savoy Hotel, London (11 June 1952), quoted in Winston Churchill, Stemming the Tide: Speeches 1951 and 1952 (London: Cassell & Co, 1953), pp. 298-299
Post-war years (1945–1955)

Life, Food, Way, History

“In the last 21 months, if you've learnt anything, it's that the state is back. If the free market fails, it's not because it's been defeated by state capitalism; the only people that can defeat the free market is us, we're the only ones who can destroy it.”

Ian Bremmer (1969) American political scientist

"The West Should Fear the Growth of State Capitalism," http://www.telegraph.co.uk/finance/economics/7883061/The-West-should-fear-the-growth-of-state-capitalism-Ian-Bremmer.html The Daily Telegraph (July 10, 2010).

People

“The size of a firm influences its competitive policies in a number of ways. In the first place the scale of its purchases and sales relative to the total volume of transactions in the firm's market is one indication of the extent of its market control. Taken in conjunction with other data it may throw a good deal of light on price and production policies. Certain authorities, on the other hand, brush aside figures on the relative size of firms as irrelevant and emphasize the decisive importance of the elasticity of the firm's demand curve. 3 It would no doubt be extremely convenient if economists knew the shape of individual demand and cost curves and could proceed forthwith, by comparisons of price and marginal cost, to conclusions regarding the existing degree of monopoly power. The extent to which the monopoly theorists, however, refrain from an empirical application of their formulae is rather striking.”

Edward S. Mason (1899–1992) American economist

Source: "Price and production policies of large-scale enterprise," 1939, p. 62

Way, Decision, Light

“Trusting souls who accept economic assurances that markets are efficient are unlikely to fare any better this time when the Bull gives way to the Bear.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 215

Way, Soul, Time

“The hidden hand of the market will never work without a hidden fist. McDonald's cannot flourish without McDonnell Douglas, the designer of the F-15. And the hidden fist that keeps the world safe for Silicon Valley's technologies to flourish is called the US Army, Air Force, Navy and Marine Corps.”

Thomas Friedman (1953) American journalist and author

A Manifesto for the Fast World, New York Times, March 28, 1999, 2010-06-28 http://www.nytimes.com/1999/03/28/magazine/a-manifesto-for-the-fast-world.html, http://www.globalpolicy.org/component/content/article/172/29945.html

World

“We shouldn’t push it away. As it is a huge market over there in mainland China, it behooves Taiwan to maintain friendly, smooth economic relations.”

Lin Chuan (1951) Taiwanese politician

“Left to its own devices the market is capable of the most miraculous of inventions and the silliest of self-delusions. It is an extreme romantic. It also has a real purpose — the same one it has always had. That is to organize the supply and exchange of goods or to finance the production of goods — thus facilitating and financing the economy. But the market cannot achieve in a regular and lasting manner its own purpose because it is only an unconscious and abstract mechanism. The factor which must be added in order to create the restraint, balance, and consciousness necessary for long-term prosperity is human leadership. That leadership takes the form of effective regulation.”

John Ralston Saul The Doubter's Companion

"Marketplace"
The Doubter's Companion (1994)

““This task, in fact, requires a new type of politics. The left and right have been as bad as each other. The left has allowed its distrust of markets and endless faith in government to obscure the importance of civil society. The right has been so focused on replacing the state with markets that it has forgotten how to cultivate a trusting society.””

Mark Latham (1961) Australian politician

Unsourced

Faith

“In those days you didn't have to deal with the black market. You could go to your physician and just say, 'Listen, I want to gain some weight, and I want to take something.' Then the physician would say, 'Do it six weeks before competition, then it will be safe.' And that's what you would do. The dosage that was taken then versus taken now is not even 10 percent. It's probably 5 percent.”

Arnold Schwarzenegger (1947) actor, businessman and politician of Austrian-American heritage

1992
Attributed

“Europe is to be turned into a banana republic by taxing labor – not finance, insurance or real estate (FIRE). Governments are to impose heavier employment and sales taxes while cutting back pensions and other public spending. … The financial privatization and credit-creation monopoly that governments have relinquished to banks is now to really pay off – at the price of breaking up Europe. … The unelected members of the European Central Bank have taken over planning power from elected governments. Beholden to its financial constituency, the ECB has convinced the EU commission to back the new oligarchic power grab. … In sum, the Neoliberal Revolution seeks to achieve in Europe what the United States has achieved since real wages stopped rising in 1979: doubling the share of wealth enjoyed by the richest 1%. This involves reducing the middle class to poverty, breaking union power, and destroying the internal market as a precondition.”

Michael Hudson (economist) (1939) American economist

Who Wins? http://michael-hudson.com/2010/10/who-wins/ (October 3, 2010) Michael-Hudson.com, 1998-

Wealth

“The more money to be made gaming the financial markets, the more people would decide they were put on earth to game the financial markets – and create romantic narratives to explain to themselves why a life spent gaming the financial markets is a purposeful life.”

Michael Lewis book Flash Boys

Source: Flash Boys (2014), p. 266

Life, Money, People, Game

“All the consumer market mojo is with Apple and to a lesser extent BlackBerry. And yet, the real market momentum with operators and the real market momentum with device manufacturers seems to primarily be with Windows Mobile and Android.”

Steve Ballmer (1956) American businessman who was the chief executive officer of Microsoft

Ballmer sees Mac as a main competitor, iPhone as just buzz http://appleinsider.com/articles/09/02/24/ballmer_sees_mac_as_a_main_competitor_iphone_as_just_buzz.html in AppleInsider (24 February 2009) 2000s

“The idea that a country's economic fortunes are largely determined by its success on world markets is a hypothesis, not a necessary truth; and as a practical, empirical matter, that hypothesis is flatly wrong. That is, it is simply not the case that the world's leading nations are to any important degree in economic competition with each other, or that any of their major economic problems can be attributed to failures to compete on world markets.”

Paul Krugman (1953) American economist

Pop Internationalism (1996), Competitiveness: A Dangerous Obsession (1994)

Truth, World, Idea, Failure

“It can be very expensive to try to convince the markets you are right.”

Ed Seykota (1946) American commodities trader

Source: Covel, Trend Following, page 59

“What is a club in any case? Not the buildings or the directors or the people who are paid to represent it. It’s not the television contracts, get-out clauses, marketing departments or executive boxes. It’s the noise, the passion, the feeling of belonging, the pride in your city. It’s a small boy clambering up stadium steps for the very first time, gripping his father’s hand, gawping at that hallowed stretch of turf beneath him and, without being able to do a thing about it, falling in love.”

Bobby Robson (1933–2009) English association football player and manager

Source: " It's the noise, the passion, the feeling of belonging": What does NUFC mean to you? http://www.chroniclelive.co.uk/sport/football/football-news/sir-bobby-robson-quote-tell-6260751" at Evening Chronicle, November 1, 2013.

Love, People, Feeling, Boy

“What land is this? Yon pretty town
Is Delft, with all its wares displayed:
The pride, the market-place, the crown
And centre of the Potter's trade.”

Henry Wadsworth Longfellow (1807–1882) American poet

Kéramos http://www.worldwideschool.org/library/books/lit/poetry/TheCompletePoeticalWorksofHenryWadsworthLongfellow/chap22.html, line 66; reported in Hoyt's New Cyclopedia Of Practical Quotations (1922), p. 187.

“Socialism, wherever it actually had the means to plan a society, to pursue efficaciously its vision of the abolition of private property, economic inequality, and the allocation of capital and goods by free markets, culminated in the crushing of individual, economic, religious, associational, and political liberty. Its collectivization of agriculture alone led to untold suffering, scarcity, and contempt for property as the fruit of labor.”

Alan Charles Kors (1943) American academic

2000s, Can There Be an "After Socialism"? (2003)

Suffering

“[S]ocialism was to reap the cultural, scientific, creative, and communal rewards of abolishing private property and free markets, and to end human tyranny. Using the command of the state, Communism sought to create this socialist society. What in fact occurred was the achievement of power by a group of inhumane despots: Lenin, Stalin, Mao Tse-tung, Kim Il Sung, Ho Chi Minh, Pol Pot, Castro, Mengistu, Ceausescu, Hoxha, and so on, and so on.”

Alan Charles Kors (1943) American academic

2000s, Can There Be an "After Socialism"? (2003)

Communication

“Market capitalism is the best thing that ever happened to the common man. The rich have always had access to entertainment, often in the comfort of their palaces and mansions. The rich have never had to experience the drudgery of having to beat out carpets, iron their clothing or slave over a hot stove all day in order to have a decent dinner. They could afford to hire people. Capitalism's mass production and marketing have made radios and televisions, vacuum cleaners, wash-and-wear clothing and microwave ovens available and well within the means of the common man; thus, sparing him of the boredom and drudgery of the past. Today, the common man has the power to enjoy much (and more) of what only the rich could afford yesteryear.”

Walter E. Williams (1936) American economist, commentator, and academic

2010s, Markets, Governments, and the Common Good

People, Past, Clothes

“While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists, respectively, and in terms of their contrasting philosophical orientations, neither vision takes into account the workings or failings of the market mechanisms within the investment aggregate.Austrian macroeconomics is set apart from both Keynesianism and monetarism by its attention to the differential effects of interest rate changes within the investment sector, or—using the Austrian terminology—within the economy's structure of production.”

Roger Garrison (1944) American economist

Page 136.
"Is Milton Friedman a Keynesian?" (1992)

Change

“Free-market economics and tolerance for Chinese violations of trade and commercial protocols did not result in either the liberalization or the democratization of China. Over the past two decades, we have been told that the Japanese, the European Union, and the Chinese successively would eclipse America with their respective superior paradigms.”

Victor Davis Hanson (1953) American military historian, essayist, university professor

2010s, The Deflation of the Academic Brand (2018)

Success, Past

“Hayek may still have lessons to teach us. The policies he recommended during the Great Depression may have been badly flawed but his insight that prosperity cannot be restored by unending expansion of debt may have some value at a time when the limits of “Keynesian” quantitative easing are becoming clear. It is in any case far from obvious that Keynes would have supported a continuation of QE once a disastrous collapse had been averted. “Keynesianism” is a confection of Keynes’s more mechanical disciples, not an indication of how this mercurially brilliant mind would have responded to our present dilemmas. Again, Hayek’s claim that nothing can be done to mitigate the impact of free markets on social cohesion was dangerously misguided. But he was right to point out that capitalism cannot be remodelled to fit some conception of an ideally fair distribution of resources. Whether any kind of social democracy can be reconciled with the anarchic energies of global markets is an open question.”

John Gray (1948) British philosopher

The Friedrich Hayek I knew, and what he got right - and wrong (2015)

Democracy, Question, Support, Time

“As part of the spring ritual of National Poetry Month, poets are symbolically dragged into the public square in order to be humiliated with the claim that their product has not achieved sufficient market penetration and must be revived by the Artificial Resuscitation Foundation (ARF) lest the art form collapse from its own incompetence, irrelevance, and as a result of the general disinterest among the broad masses of the American People. The motto of ARF's National Poetry Month is: "Poetry's not so bad, really."”

Charles Bernstein (1950) American writer

" Against National Poetry Month As Such http://www.press.uchicago.edu/Misc/Chicago/044106.html", from My Way: Speeches and Poems, 1999, University Of Chicago Press, ISBN 0226044092

People, Art, Spring, Parting

“The widespread use of the market reduces the strain on the social fabric by rendering conformity unnecessary with respect to any activities it encompasses. The wider the range of activities covered by the market, the fewer are the issues on which explicitly political decisions are required and hence on which it is necessary to achieve agreement. In turn, the fewer the issues on which agreement is necessary, the greater is the likelihood of getting agreement while maintaining a free society.”

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

Source: (1962), Ch. 2 The Role of Government in a Free Society, p. 24

Decision

“The difficulties which Arkwright encountered in organizing his factory system, were much greater than is commonly imagined. In the first place, he had to train his work-people to a precision in assiduity altogether unknown before, against which their listless and restive habits rose in continual rebellion; in the second place, he had to form a body of accurate mechanics, very different from the rude hands which then satisfied the manufacturer; in the third, he had to seek a market for his yarns; and in the fourth, he had to resist competition in its most odious forms. From the concurrence of these circumstances, we find that so late as the year 1779, ten years after the date of his first patent, his enterprise was regarded by many as a doubtful novelty.”

Andrew Ure (1778–1857) Scottish doctor and chemist

Source: The Cotton Manufacture of Great Britain, 1836, p. 234

People, Imagination, Training

“The change began with John Stuart Mill and the Utopians. When Mill pointed out that economics had no ultimate solution to the problem of distribution, that society might do with the fruits of its toil as it saw fit, he introduced into the mechanical calculus of the market a conflicting calculus of moral judgment.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter XI, Beyond the Economic Revolution, p. 307

Problem, Change

“I do not mean that selling is ignored. Far from it. But selling, again, is not marketing. As already pointed out, selling concerns it with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs. The customer is somebody "out there" who, with proper cunning, can be separated from his loose change.”

Theodore Levitt (1925–2006) American economist and professor at Harvard Business School

Source: Marketing Myopia, 1960, p. 19

People, Business, Effort, Change

“A lot of joblessness in the black community doesn't seem to be reachable through fiscal and monetary policies. People have not been drawn into the labor market even during periods of economic recovery. Our study clearly shows that employers would rather not hire a lot of workers from the inner city. They feel people from the inner city are not job-ready, that the kids have been poorly educated, that they can't read, they can't write, they can't speak.”

William Julius Wilson (1935) American sociologist

Interview with Mother Jones magazine, September/October 1996 issue. http://www.motherjones.com/news/qa/1996/09/early.html.

People, Education, Feeling, Communication

“One of the first things they teach stockbrokers is to stay out of the stock market. Brokers make their pile from selling advice, and from commissions on stock transactions. They can't predict the market, and few risk their own money. They, at least, only affect their clients' fortunes. Economists, though, can ruin the lot of us with their advice — yet if no science can predict a relatively closed system like the stock market, how the devil are you going to 'fine tune' something a large as the American economy? I'd think it arrogant to try; as arrogant as the man with three illiterate drug-addicted spoiled brats writing a book on parenting.”

Jerry Pournelle (1933–2017) American science fiction writer and journalist

"The Voodoo Sciences" http://www.jerrypournelle.com/science/voodoo.html, 1988 Assorted

Money, Books, Thinking, Parent

“Britain, as a relatively large economy which exports more to non-EU than to EU markets, would be better off trading freely with the single market than belonging to it.”

Daniel Hannan (1971) British politician

http://www.conservativehome.com/thecolumnists/2016/09/daniel-hannan-repeat-after-me-single-market-membership-and-single-market-access-are-not-the-same-thing.html 2010s

“Magic isn't real. There has to be a logical reason explanation for the effect of Ivory Tower achievement on Real World success. And here it is: despite the chasm between what students learn and what workers do, academic success is a strong signal of worker productivity. The labor market doesn't pay you for the useless subjects you master; it pays for preexisting traits you reveal by mastering them.”

Bryan Caplan (1971) American political scientist

[The Case against Education, 13, https://books.google.com/books?id=Mws8DwAAQBAJ&pg=PA13]
The Case against Education (2018)

World, Strong, Learning, Success

“The entire history of Wall Street was the story of scandals, it now seemed to him, linked together tail to trunk like circus elephants. Every systemic market injustice arose from some loophole in a regulation created to correct some prior injustice.”

Michael Lewis book Flash Boys

Source: Flash Boys (2014), p. 101

History

“Capitalism puts higher and higher demands on people to be able to improvise, to adapt to the constant changes of the market, to interact with each other and communicate in an effective way, to be ready at any time for the worse. There is a strong correlation between the importance of constant innovation in capitalism and in improvisation, and we cannot avoid that there is a strong relationship between the two. … The more open you are to experimentation, the more you would be likely to open up new avenues for capitalism to produce value.”

Mattin (1977) Spanish musician

Interview (May 2007)

People, Way, Communication, Strong

“Milk is a highly perishable commodity, which is in short supply in summer and in excess supply in winter. The market can not contract and expand according to supply, therefore, you need balancing facilities. And once you have these balancing facilities, which you enable to carry forward the winter production and capture the market, procurement falls into your laps. This was the objective and methodology of Operation Flood.”

Verghese Kurien (1921–2012) Indian founder of dairy-cooperative Amul

In p. 85
Quote, Our Leaders

Winter, Summer

“There is much evidence that people are not rational, in the economist’s sense; nor do they take into account expectation, in the precise interpretation of that word. As a result economic theory often does not correspond with what happens in the market. Some would argue that we need descriptive economics. I would argue that all should be taught about probability, utility, and MEU (maximization of expected utility) and act accordingly.”

Dennis Lindley (1923–2013) British statistician

2. Stylistic Questions. p. 22.
Understanding Uncertainty (2006)

People, Sense

“At another level, market crashes constitute beautiful examples of events that we would all like to forecast. The arrow of time is inexorably projecting us toward the undetermined future. Predicting the future captures the imagination of all and is perhaps the greatest challenge.”

Didier Sornette (1957) French scientist

Preface, p. xvi.
Why Stock Markets Crash - Critical Events in Complex Systems (2003)

Beauty, Imagination, Time, Future

“Markets are fundamentally volatile. No way around it. Your prolem is not in the math. There is no math to get you out of having to experience uncertainty.”

Ed Seykota (1946) American commodities trader

Source: Covel, Trend Following, page 59

Way

“I use the metaphor "markets as politics" to create a sociological view of action in markets. I develop a conceptual view of the social institutions that comprise markets, discuss a sociological model of action in which market participants try to create stable worlds and find social solutions to competition, and discuss how markets and states are intimately linked. From these foundations, I generate propositions about how politics in markets work during various stages of market development-- formation, stability, and transformation. At the formation of markets, when actors in firms are trying to create a status hierarchy that enforces noncompetitive forms of competition, political action resembles social movements. In stable markets, incumbent firms defend their positions against challengers and invaders. During periods of market transformation, invaders can reintroduce more fluid social-movement-like conditions.”

Neil Fligstein (1951) American sociologist

Source: Markets as politics: A political-cultural approach to market institutions, 1996, p. 656; Abstract

World

“In a nutshell, Blue Ocean Strategy proposes that strategy can shape industry structure, whereas competitive strategy sees strategy as choosing the right position under given structural constraints. The field of strategy has been long dominated by a structuralist view; in other words, the idea that the industry’s structure is fixed. Strategy, as commonly practiced, tees off with industry analysis and is conventionally about matching a company’s strengths and weaknesses to the opportunities and threats present in the existing industry. Here, strategy becomes a zero-sum game where one company’s gain is another company’s loss, as firms are bound by existing market space.”

W. Chan Kim (1951) South Korean economist

"Interview with W.Chan Kim & Renée Mauborgne," in: Blue Ocean Strategy http://centres.insead.edu/blue-ocean-strategy/documents/e-ibosi2015.pdf, INSEAD document, 2015.

Game, Idea, Loss

“The abolition of the market means not only that the consumers—that is all members of society—are robbed of virtually all choice of consumption and all influence over production; it also means that the information and communication are monopolized by the State, as they too need a vast material base in order to operate. The abolition of the market means, then, that both material and intellectual assets would be totally rationed. To say nothing of the inefficiency of production convincingly demonstrated in the history of communism, this economy requires an omnipotent police state. Briefly: the abolition of the market means a gulag society.”

Leszek Kolakowski (1927–2009) Philosopher, historian of ideas

"The Self-Poisoning of the Open Society"

History, Communication

“Intensive research in recent years into the sources of economic growth among both developing and developed nations generally point to a number of important factors: the state of knowledge and skill of a population; the degree of control over indigenous natural resources; the quality of a country's legal system, particularly a strong commitment to a rule of law and protection of property rights; and yes, the extent of a country's openness to trade with the rest of the world. For the United States, arguably the most important factor is the type of rule of law under which economic activity takes place. When asked abroad why the United States has become the most prosperous large economy in the world, I respond, with only mild exaggeration, that our forefathers wrote a constitution and set in motion a system of laws that protects individual rights, especially the right to own property. Nonetheless, the degree of state protection is sometimes in dispute. But by and large, secure property rights are almost universally accepted by Americans as a critical pillar of our economy. While the right of property in the abstract is generally uncontested in all societies embracing democratic market capitalism, different degrees of property protection do apparently foster different economic incentives and outcomes.”

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

Alan Greenspan (2004) The critical role of education in the nation's economy.
2000s

World, Law, Nature, Knowledge

“Through me the energy policy of the whole Common Market is being held up. Without opening old wounds, it pleases me no end.”

Tony Benn (1925–2014) British Labour Party politician

On not attending an EEC meeting in order to attend a Labour rally (12 December 1975), quoted in 'Mr Benn delays EEC meeting', The Times (13 December, 1975), p. 1
1970s

“To give the monopoly of the home-market to the produce of domestic industry, in any particular art or manufacture, is in some measure to direct private people in what manner they ought to employ their capitals, and must, in almost all cases, be either a useless or a hurtful regulation.”

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

Source: (1776), Book IV, Chapter II, p. 489.

People, Art, Home, Hurt

“Visson has said, "Today's profits are yesterday's good will ripened," and though friendship is no basis for Business yet Business is an excellent basis for lasting friendship. To cement this friendship the Businessman recalls the fact that the memory of quality remains long after the price is forgotten, and keeps Buskin's dictum in mind that there is nothing in this world that cannot be made a little worse and sold a little cheaper. While it is equally true that men will make a beaten path to your door to acquire a better quality article even if it be a mouse trap. Nevertheless, a man is known by the Company he floats, or the Secretaries he employs, though the latter fluctuate more than the market, especially if of the gentler sex!”

Peter de Noronha (1897–1970) Indian businessman

The Pageant of Life (1964), Businessmen

Men, Friendship, World, Sex

“The movie stars six teenage characters who have been marketed on TV and in toy stores. They have names, but no discernible personalities. None of them ever says anything more interesting than "You guys!" As teenagers, they are skilled in-line skaters and karate fighters, but they don't get their real powers until they turn into faceless clones in Power Rangers uniforms with plastic masks and helmets. Is that the message? Faceless conformity is the way to success? Certainly the Rangers are not individuals in or out of uniform, but I wonder if they don't represent a triumph of merchandising over creativity. Children's heroes have traditionally been individualistic and eccentric. The Rangers are not, properly speaking, even characters. They are color-coded products… Paging through the movie's press kit, I came across this quote attributed to Amy Jo Johnson, who plays Kimberly, the Pink Power Ranger: " `Mighty Morphin Power Rangers™: The Movie' is a mix between Star Wars and The Wizard of Oz. " I wonder if Amy Jo actually said "TM" when she was delivering that wonderfully fresh and spontaneous quote, which is so much more involved than anything she says in the movie. More to the point, I wonder if she has ever seen "Star Wars" or "The Wizard of Oz."”

Roger Ebert (1942–2013) American film critic, author, journalist, and TV presenter

Review http://www.rogerebert.com/reviews/mighty-morphin-power-rangers-the-movie-1995 of Mighty Morphin' Power Rangers: The Movie (30 June 1995) Reviews, Half-star reviews

War, Children, Color, Way

“John Stossel: Your party created a prescription drug program, you voted against it. Don't elderly people need these drugs?
Ron Paul: Yeah, that's why I voted against it, because these government programs failed to work. A lot of elderly were, and still are furious over that program, because it's so complex and difficult.
John Stossel: But a lot of people like it, hey, I'm getting my drugs paid for, they're free.
Ron Paul: You know who else likes it? The drug companies. They spent quite a few millions of dollars, they did the highest lobbying, the profiteers were the ones who really pushed that program. But the assumption shouldn't be made that if you didn't have it, people wouldn't get their drugs. The market is designed to lower prices, not raise prices.”

Ron Paul (1935) American politician and physician

20/20 unaired interview by John Stossel, December 7, 2007 http://www.abcnews.go.com/2020/Stossel/story?id=3970423 http://www.youtube.com/watch?v=xzvtQy_zKHk 2000s, 2006-2009

People