Quotes by Economists

Most economic histories of the "world" not only omit most extra-European production and exchange (even most of that outside West Europe or even northwest Europe); they neglect the participation of the productive and exchange activities of extra-European countries in the European, not to say world, process of accumulation and development. Moreover, they disregard the part that these productive and exchange relations played in the developing world system.
André Gunder Frank
I have always preferred the contemplative to the active life. I prefer the freedom to see matters from several viewpoints, to appreciate ironies, and indeed to change my opinion as I learn something new. To be politically active means to surrender this freedom. I say nothing against activism for others. It is only through the committed that necessary changes come. But each to his own path. [A Cautious Case for Socialism, Dissent Magazine, 1978]
Kenneth J Arrow
All Nazi champions insist again and again that Marxism and Bolshevism are the quintessence of the Jewish mind, and that it is the great historic mission of Nazism to root out this pest. It is true that this attitude did not prevent the German nationalists either from coöperating with the German communists in undermining the Weimar Republic, or from training their black guards in Russian artillery and aviation camps in the years 1923–1933, or— in the period from August, 1939, until June, 1941—from entering into a close political and military complicity with Soviet Russia. Nevertheless, public opinion supports the view that Nazism and Bolshevism are philosophies—Weltanschauungen—implacably opposed to each other.
Ludwig von Mises
Consider the situation: Money that was provided because of social networks rather than need; a project designed for prestige rather than to be used; a lack of monitoring and accountability; and an architect appointed for show by somebody with little interest in the quality of the work. The outcome is hardly surprising: a project that should never have been built was built, and built badly.
Tim Harford
Socialism and Communism have failed, but now Capitalism is failing us.
Jo M. Sekimonyo
The sum of productive forces, capital funds and social forms of intercourse, which every individual and generation finds in existence as something given, is the real basis of what the philosophers have conceived as "substance" and "essence of man," and what they have deified and attacked: a real basis which is not in the least disturbed, in its effect and influence on the development of men, by the fact that these philosophers revolt against it as "self-consciousness" and the "Unique.
Karl Marx
Desperation is the best innovator
Tony Cleaver
To cut 1930s jobless, FDR taxed corps and rich. Govt used money to hire many millions. Worked then; would now again. Why no debate on that?
Richard D. Wolff
What most of these doomsday scenarios have gotten wrong is the fundamental idea of economics: people respond to incentives. If the price of a good goes up, people demand less of it, the companies that make it figure out how to make more of it, and everyone tries to figure out how to produce substitutes for it. Add to that the march of technological innovation (like the green revolution, birth control, etc.). The end result: markets figure out how to deal with problems of supply and demand.
Steven D. Levitt
In each case, the relative cost of postponing the purchase for buyer and seller determines the intensity of competition between the [past and future] selves of the seller. If the buyer has a lower cost of postponing the purchase (delay, making do with an interior model) than the seller (inventory, staff salaries) the buyer has the bargaining power.
Rakesh V. Vohra
The Constitution, the National Assembly, the dynastic parties, the blue and the red republicans, the heroes of Africa, the thunder from the platform, the sheet lightning of the daily press, the entire literature, the political names and the intellectual reputations, the civil law and penal code, the liberté, égalité, fraternité and the second of May 1852—all have vanished like a phantasmagoria before the spell of a man whom even his enemies do not make out to be a magician. Universal suffrage seems to have survived only for a moment, in order that with its own hand it may make its last will and testament before the eyes of all the world and declare in the name of the people itself: Everything that exists has this much worth, that it will perish.
Karl Marx
These people live in many lands, speak different languages, practice different religions, may even hate one another- yet none of these differences prevented them from cooperating to produce a pencil. How did it happen? Adam Smith gave us the answer two hundred years ago.
Milton Friedman
Had history been democratic in its ways, there would have been no farming and no industrial revolution. Both leaps into the future were occasioned by unbearably painful crises that made most people wish they could recoil into the past.
Yanis Varoufakis
The form of association, however, which if mankind continue to improve, must be expected in the end to predominate, is not that which can exist between a capitalist as chief, and work-people without a voice in the management, but the association of the labourers themselves on terms of equality, collectively owning the capital with which they carry on their operations, and working under managers elected and removable by themselves.
John Stuart Mill
For the greater good":the phrase that always precedesthe greatest evil.
Jakub Bożydar Wiśniewski
Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.
Thomas Sowell
Regular crises perpetuate the past by reinvigorating cycles which started long ago. In contrast, (capital-C) Crises are the past's death knell. They function like laboratories in which the future is incubated. They have given us agriculture and the industrial revolution, technology and the labour contract, killer germs and antibiotics. Once they strike, the past ceases to be a reliable predictor of the future and a brave new world is born.
Yanis Varoufakis
An anarchist is someone who rejects the curious notion that crimes become virtues as they grow in size.
Jakub Bożydar Wiśniewski
Libertarianism holds that the only proper role of violence is to defend person and property against violence, that any use of violence that goes beyond such just defense is itself aggressive, unjust, and criminal
Murray N. Rothbard
The most urgent necessity is, not that the State should teach, but that it should allow education. All monopolies are detestable, but the worst of all is the monopoly of education.
Frédéric Bastiat
Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. It is a compulsory seizure of the property of the State’s inhabitants, or subjects.
Murray N. Rothbard
Every step which leads from capitalism toward planning is necessarily a step nearer to absolutism and dictatorship.
Ludwig von Mises
When avarice takes the lead in a state, it is commonly the forerunner of its fall.
Alexander Hamilton
To be GOVERNED is to be watched, inspected, spied upon, directed, law-driven, numbered, regulated, enrolled, indoctrinated, preached at, controlled, checked, estimated, valued, censured, commanded, by creatures who have neither the right nor the wisdom nor the virtue to do so. To be GOVERNED is to be at every operation, at every transaction noted, registered, counted, taxed, stamped, measured, numbered, assessed, licensed, authorized, admonished, prevented, forbidden, reformed, corrected, punished. It is, under pretext of public utility, and in the name of the general interest, to be place under contribution, drilled, fleeced, exploited, monopolized, extorted from, squeezed, hoaxed, robbed; then, at the slightest resistance, the first word of complaint, to be repressed, fined, vilified, harassed, hunted down, abused, clubbed, disarmed, bound, choked, imprisoned, judged, condemned, shot, deported, sacrificed, sold, betrayed; and to crown all, mocked, ridiculed, derided, outraged, dishonored. That is government; that is its justice; that is its morality."General Idea of the Revolution in the Nineteenth Century, translated by John Beverly Robinson (London: Freedom Press, 1923), pp. 293-294.
Pierre-Joseph Proudhon
No one can be a great thinker who does not recognize that as a thinker it is his first duty to follow his intellect to whatever conclusions it may lead.
John Stuart Mill
Every civilisation has had its irrational but reassuring myth. Previous civilisations have used their culture to sing about it and tell stories about it. Ours has used its mathematics to prove it.
David Fleming
Or how does it happen that trade, which after all is nothing more than the exchange of products of various individuals and countries, rules the whole world through the relation of supply and demand—a relation which, as an English economist says, hovers over the earth like the fate of the ancients, and with invisible hand allots fortune and misfortune to men, sets up empires and overthrows empires, causes nations to rise and to disappear—while with the abolition of the basis of private property, with the communistic regulation of production (and implicit in this, the destruction of the alien relation between men and what they themselves produce), the power of the relation of supply and demand is dissolved into nothing, and men get exchange, production, the mode of their mutual relation, under their own control again?
Karl Marx
To be an ethical leader is indeed to be different. This kind of leader acknowledges the complexity of running a responsible business, yet tries to do it anyway.
Andrew Leigh
A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate — these are the folks who reap the largest rewards. The only way for even a putative meritocracy to hope to pass ethical muster, to be considered fair, is if those who are the luckiest in all of those respects also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others.
Ben S. Bernanke
Thus the aristocracy took their revenge by singing lampoons on their new master, and whispering in his ears sinister prophecies of coming catastrophe.In this way arose feudal Socialism; half lamentation, half lampoon; half echo of the past, half menace of the future, at times by its bitter, witty and incisive criticism, striking the bourgeoisie to the very heart's core, but always ludicrous in its effects, through total incapacity to comprehend the march of modern history.
Karl Marx
UN studies conducted in more than forty developing countries show that the birth rate falls as women gain equality... I believe income-earning opportunities that empower poor women ... will have more impact on curbing population growth that the current system of "encouraging" family planning practices through intimidation tactics.. Family planning should be left to the family.
Muhammad Yunus
All told, over the period 1932-1980, nearly half a century, the top federal income tax rate in the United States averaged 81 percent.
Thomas Piketty
A funny thing happened to the First Amendment on its way to the public forum. According to the Supreme Court, money is now speech and corporations are now people. But when real people without money assemble to express their dissatisfaction with the political consequences of this, they’re treated as public nuisances and evicted.
Robert B. Reich
When Republicans recently charged the President with promoting 'class warfare,' he answered it was 'just math.' But it's more than math. It's a matter of morality.Republicans have posed the deepest moral question of any society: whether we're all in it together. Their answer is we're not.President Obama should proclaim, loudly and clearly, we are.
Robert B. Reich
Let the ruling classes tremble at a Communistic revolution. The proletarians have nothing to lose but their chains. They have a world to win.Workingmen of all countries unite!
Karl Marx
In the natural sciences, some checks exist on the prolonged acceptance of nutty ideas, which do not hold up well under experimental and observational tests and cannot readily be shown to give rise to useful working technologies. But in economics and the other social studies, nutty ideas may hang around for centuries. Today, leading presidential candidates and tens of millions of voters in the USA embrace ideas that might have been drawn from a 17th-century book on the theory and practice of mercantilism, and multitudes of politicians and ordinary people espouse notions that Adam Smith, David Ricardo, and others exploded more than two centuries ago. In these realms, nearly everyone simply believes whatever he feels good about believing.
Robert Higgs
It's WW2 and there are wage controls in place. Instead of health care, companies decide to offer employees shoes. Having absorbed those costs, they later lobby for every company to be required to offer shoes. That calls forth regulation and monopolization of the shoe industry. Shoes are heavily subsidized. Every shoe must be approved. Producers must be domestic. They must adhere to a certain quality. They can't discriminate based on foot size or individual need. Prices rise, and some people lack shoes, so the Affordable Shoe Act forces everyone to buy into an official shoe plan or pay a fee. Here we have a perfect plan for making shoes egregiously expensive. The entire country would be consumed with the fear of being shoeless if they lose their job. The left wing calls for a single shoe provider to offer universal shoes and the right wing meekly suggests that shoe makers be permitted to sell across state lines.Meanwhile, libertarians suggest that we just forget the whole thing and let the market make and deliver shoes of every quality to anyone from anyone. Everyone screams that this is an insane and dangerous idea.
Jeffrey Tucker
I’d volunteer to go to prison, as long as there are books. Because with books I am free.
Mohammad Hatta
Human beings, viewed as behaving systems, are quite simple. The apparent complexity of our behavior over time is largely a reflection of the complexity of the environment in which we find ourselves.
Herbert A. Simon
Human beings, viewed as behaving systems, are quite simple. The apparent complexity of our behavior over time is largely a reflection of the complexity of the environment in which we find ourselves.
Herbert A. Simon
The foundation of irreligious criticism is: Man makes religion, religion does not make man. Religion is, indeed, the self-consciousness and self-esteem of man who has either not yet won through to himself, or has already lost himself again. But man is no abstract being squatting outside the world. Man is the world of man – state, society. This state and this society produce religion, which is an inverted consciousness of the world, because they are an inverted world...Religious suffering is, at one and the same time, the expression of real suffering and a protest against real suffering. Religion is the sigh of the oppressed creature, the heart of a heartless world, and the soul of soulless conditions. It is the opium of the people.The abolition of religion as the illusory happiness of the people is the demand for their real happiness. To call on them to give up their illusions about their condition is to call on them to give up a condition that requires illusions. The criticism of religion is, therefore, in embryo, the criticism of that vale of tears of which religion is the halo.Criticism has plucked the imaginary flowers on the chain not in order that man shall continue to bear that chain without fantasy or consolation, but so that he shall throw off the chain and pluck the living flower. The criticism of religion disillusions man, so that he will think, act, and fashion his reality like a man who has discarded his illusions and regained his senses, so that he will move around himself as his own true Sun. Religion is only the illusory Sun which revolves around man as long as he does not revolve around himself.
Karl Marx
Laissez faire laissez passer.
François Quesnay
Wisdom, itself, is often an abstraction associated not with fact or reality but with the man who asserts it and the manner of its assertion.
John Kenneth Galbraith
The creed which accepts as the foundation of morals, Utility, or the Greatest-Happiness Principle, holds that actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness. By happiness is intended pleasure, and the absence of pain; by unhappiness, pain, and the privation of pleasure.
John Stuart Mill
...[G]reat progress was evident in the last Congress of the American 'Labour Union' in that among other things, it treated working women with complete equality. While in this respect the English, and still more the gallant French, are burdened with a spirit of narrow-mindedness. Anybody who knows anything of history knows that great social changes are impossible without the feminine ferment. Social progress can be measured exactly by the social position of the fair sex (the ugly ones included).
Karl Marx