Quotes by Economists - Page 17

If you go out into the real world, you cannot miss seeing that the poor are poor not because they are untrained or illiterate but because they cannot retain the returns of their labor. They have no control over capital, and it is the ability to control capital that gives people the power to rise out of poverty.
Muhammad Yunus
When we want to help the poor, we usually offer them charity. Most often we use charity to avoid recognizing the problem and finding the solution for it. Charity becomes a way to shrug off our responsibility. But charity is no solution to poverty. Charity only perpetuates poverty by taking the initiative away from the poor. Charity allows us to go ahead with our own lives without worrying about the lives of the poor. Charity appeases our consciences.
Muhammad Yunus
The fact that the poor are alive is clear proof of their ability.
Muhammad Yunus
Even today we don't pay serious attention to the issue of poverty, because the powerful remain relatively untouched by it. Most people distance themselves from the issue by saying that if the poor worked harder, they wouldn't be poor.
Muhammad Yunus
[representative government is] deciding once in three or six years which member of the ruling class was to misrepresent the people in Parliament,
Karl Marx
If nonsatiety were the natural state of human nature then aggressive want-stimulating advertising would not be necessary, nor would the barrage of novelty aimed at promoting dissatisfaction with last year's model. The system attempts to remake people to fit its own presuppositions. If people's wants are not naturally insatiable we must make them so, in order to keep the system going.
Herman E. Daly
There is treasure hidden beneath the entire land, but the problem is people are unwilling to dig it out.
Waqar Masood
If you meet a number of failures the causes of which are not known, look for something that is common for each failure and that is never present when there is a success.
Jon Stuart Mill
Nor should failure be considered a total loss.
Steven D. Levitt
David Lester, a psychology professor at Richard Stockton College in New Jersey, has likely thought about suicide longer, harder, and from more angles than any other human. In more than twenty-five-hundred academic publications, he has explored the relationship between suicide and, among other things, alcohol, anger, antidepressants, astrological signs, biochemistry, blood type, body type, depression, drug abuse, gun control, happiness, holidays, Internet use, IQ, mental illness, migraines, the moon, music, national-anthem lyrics, personality type, sexuality, smoking, spirituality, TV watching, and wide-open spaces. Has all this study led Lester to some grand unified theory of suicide? Hardly. So far he has one compelling notion. It’s what might be called the “no one left to blame” theory of suicide. While one might expect that suicide is highest among people whose lives are the hardest, research by Lester and others suggests the opposite: suicide is more common among people with a higher quality of life. “If you’re unhappy and you have something to blame your unhappiness on—if it’s the government, or the economy, or something—then that kind of immunizes you against committing suicide,” he says. “It’s when you have no external cause to blame for your unhappiness that suicide becomes more likely. I’ve used this idea to explain why African-Americans have lower suicide rates, why blind people whose sight is restored often become suicidal, and why adolescent suicide rates often rise as their quality of life gets better.
Steven D. Levitt
Confidence is this: Wearing your triumphs with humility, and wearing your scars with pride. Many of us do precisely the opposite.
Umair Haque
The prudent man always studies seriously and earnestly to understand whatever he professes to understand, and not merely to persuade other people that he understands it; and though his talents may not always be very brilliant, they are always perfectly genuine. He neither endeavours to impose upon you by the cunning devices of an artful impostor, nor by the arrogant airs of an assuming pedant, nor by the confident assertions of a superficial and imprudent pretender. He is not ostentatious even of the abilities which he really possesses. His conversation is simple and modest, and he is averse to all the quackish arts by which other people so frequently thrust themselves into public notice and reputation.
Adam Smith
To say that life is nothing but a property of certain peculiar combinations of atoms is like saying that Shakespeare's Hamlet is nothing but a property of a peculiar combination of letters.
Ernst F. Schumacher
We are born, we grow up, we live our lives as best we can. If we are thoughtful we are good parents and good partners. If we are wise we strive for integrity and intimacy. If we are fortunate we discover love and joy. If we are able, we make the world a little better than we found it. That is all there is for any of us.
Robert B. Reich
Most important, of course, we all care intensely for the narrative of our own life and very much want it to be a good story, with a decent hero.
Daniel Kahneman
Any factor that breeds polarization will worsen policy, and thus cause lower growth.
William Easterly
A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product." [in Nordhaus, William D. and James Tobin., "Is growth obsolete?" Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80]
James Tobin
Now, it’s true that some of the protesters are oddly dressed or have silly-sounding slogans, which is inevitable given the open character of the events. But so what? I, at least, am a lot more offended by the sight of exquisitely tailored plutocrats, who owe their continued wealth to government guarantees, whining that President Obama has said mean things about them than I am by the sight of ragtag young people denouncing consumerism.
Paul Krugman
The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities.
Adam Smith
No longer enslaved or made dependent by force of law, the great majority are so by force of poverty; they are still chained to a place, to an occupation, and to conformity with the will of an employer, and debarred, by the accident of birth both from the enjoyments, and from the mental and moral advantages, which others inherit without exertion and independently of desert. That this is an evil equal to almost any of those against which mankind have hitherto struggled, the poor are not wrong in believing. Is it a necessary evil? They are told so by, those who do not feel it---by those who have gained the prizes in the lottery of life. But it was also said that slavery, that despotism, that all the privileges of oligarchy, were necessary.
John Stuart Mill
A smaller government reflecting the needs of the middle class and poor is superior to a big government reflecting the needs of the privileged and powerful.
Robert B. Reich
It would be an instructive exercise for the skeptical reader to try to frame a definition of taxation which does not also include theft. Like the robber, the State demands money at the equivalent of gunpoint; if the taxpayer refuses to pay, his assets are seized by force, and if he should resist such depredation, he will be arrested or shot if he should continue to resist.
Murray N. Rothbard
To attempt to increase the wealth of any country, either by introducing or by detaining in it an unnecessary quantity of gold and silver, is as absurd as it would be to attempt to increase the good cheer of private families by obliging them to keep an unnecessary number of kitchen utensils.
Adam Smith
Despite widespread misconceptions in the United States today that the institution of slavery was based on race, for most of the thousands of years in which slavery existed around the world, it was based on whoever was vulnerable to enslavement and within striking distance. Thus Europeans enslaved other Europeans, just as Asians enslaved other Asians and Africans enslaved other Africans, while Polynesians enslaved other Polynesians and the indigenous peoples of the Western Hemisphere enslaved other indigenous peoples of the Western Hemisphere. The very word “slave" derived from the word for Slavs, who were enslaved by fellow Europeans for centuries before Africans began to be brought in chains to the Western Hemisphere. Africans were not singled out by a race for ownership by Europeans, they were resorted to after the rise of nation-states with armies and navies in other parts of the world which reduced the number of places that could be raided for slaves without great costs and risks. Slave-raiding continued in Africa, primarily by Africans enslaving other Africans and then, in West Africa, selling some of their slaves to whites to take to the Western Hemisphere. Meanwhile, the growing range of ships and the growing wealth of nations eventually made economically feasible the transportation of vast numbers of slaves from one continent to another, creating racial differences between the enslaved and their owners as a dominant pattern in the Western Hemisphere. Such a pattern was by no means limited to Europeans owning non-Europeans, however. There were many examples of the reverse, quite aside from vast regions of the earth where neither the slaves nor their owners were either black or white.
Thomas Sowell
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money-motive at its true value. The love of money as a possession — as distinguished from the love of money as a means to the enjoyments and realities of life — will be recognized for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease.
John Maynard Keynes
Measurement aside, there are two reasons aggregate growth might matter. The first is to create jobs to assimilate the unemployed and anticipate increases in population. The second is to improve living standards. Economic logic does not require overall expansion to achieve either of these objectives. An expanding labour force can be accommodated if hours of work fall. And it's productivity growth, rather than the overall size of the economy, that drives improvements in living standards. Getting bigger doesn't necessarily yield wealth; improving productivity does.
Juliet Schor
No paint or dye can give so splendid a colour as gilding. The merit of their beauty is greatly enhanced by their scarcity. With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches, which in their eye is never so complete as when they appear to possess those decisive marks of opulence which nobody can possess but themselves. In their eyes the merit of an object which is in any degree either useful or beautiful is greatly enhanced by its scarcity, or by the great labour which it requires to collect any considerable quantity of it, a labour which nobody can afford to pay but themselves.Book I, Chapter 11 - Rent of Land, part II
Adam Smith
...Material goods have gained an increasing and finally inexorable power over the lives of men as at no previous period in history.
Max Weber
Most of us have no sympathy with the rich idler who spends his life in pleasure without ever doing any work. But even he fulfills a function in the life of the social organism. He sets an example of luxury that awakens in the multitude a consciousness of new needs and gives industry the incentive to fulfill them.
Ludwig von Mises
We now in the United States have more security guards for the rich than we have police services for the poor districts. If you're looking for personal security, far better to move to the suburbs than to pay taxes in New York.
John Kenneth Galbraith
An attitude to life which seeks fulfilment in thesingle-minded pursuit of wealth - in short, materialism - does not fit into thisworld, because it contains within itself no limiting principle, while theenvironment in which it is placed is strictly limited.
Ernst F. Schumacher
We need to defend the interests of those whom we've never met and never will.
Jeffrey D. Sachs
Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.
Thomas Sowell
Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.
John Kenneth Galbraith
History is written by the rich, and so the poor get blamed for everything.
Jeffrey D. Sachs
Since the state must necessarily provide subsistence for the criminal poor while undergoing punishment, not to do the same for the poor who have not offended is to give a premium on crime.
John Stuart Mill
It is infinitely better to rely on the pursuit of economic interest by landowners or street companies than to depend on the dubious “altruism” of bureaucrats and government officials.
Murray N. Rothbard
Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me.
Daniel Kahneman
The 'Instagram Generation' now experiences the present as an anticipated memory.
Daniel Kahneman
Let it be emphasized once more, and especially to anyone inclined to a personally rewarding skepticism in these matters: for practical purposes, the financial memory should be assumed to last, at a maximum, no more than 20 years. This is normally the time it takes for the recollection of one disaster to be erased and for some variant on previous dementia to come forward to capture the financial mind. It is also the time generally required for a new generation to enter the scene, impressed, as had been its predecessors, with its own innovative genius.
John Kenneth Galbraith
The only way we could remember would be by constant re-reading, for knowledge unused tends to drop out of mind. Knowledge used does not need to be remembered; practice forms habits and habits make memory unnecessary. The rule is nothing; the application is everything.
Henry Hazlitt
The conventional view serves to protect us from the painful job of thinking.
John Kenneth Galbraith
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
There is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system...
Milton Friedman
A firm's income statement may be, likened to a bikini-what it reveals is interesting but what it conceals is vital.
Burton G. Malkiel
Even the richest person, provided the riches comes from mutually beneficial exchange, does not need to give anything "back" to the community, because this person took nothing out of the community. Indeed, the reverse is true: Enterprises give to the community. Their owners take huge risks, and front the money for investment, precisely with the goal of serving others. Their riches are signs that they have achieved their aims.
Jeffrey Tucker
Because the bulk of a platform's value is created by its community of users, the platform business must shift its focus from internal activities to external activities. In the process the firm inverts-it turns inside out, with functions from marketing to information technology to operations to strategy all increasingly centering on people, resources, and functions that exist outside the business, complementing or replacing those that exists inside a traditional business.
Geoffrey G. Parker
Social responsibility is a fundamentally subversive doctrine" in a free society, and have said that in such a society, "there is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Milton Friedman
Bureaucracy develops the more perfectly, the more it is 'dehumanized', the more completely it succeeds in eliminating from business love, hatred, and all purely personal, irrational, and emotional elements which escape calculation.
Max Weber
There are three basic flavours of incentive: economic, social and moral.
Steven D. Levitt
Between the Great Depression and the 1970s, private business was viewed with suspicion even in most capitalist economies.Businesses were, so the story goes, seen as anti-social agents whose profit-seeking needed to be restrained for other, supposedly loftier, goals, such as justice, social harmony, protection of the weak and even national glory.
Ha-Joon Chang
Once poverty is gone, we'll need to build museums to display its horrors to future generations. They'll wonder why poverty continued so long in human society - how a few people could live in luxury while billions dwelt in misery, deprivation and despair.
Muhammad Yunus
Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist.
Kenneth E. Boulding
The interest of [businessmen] is always in some respects different from, and even opposite to, that of the public ... The proposal of any new law or regulation of commerce which comes from this order ... ought never to be adopted, till after having been long and carefully examined ... with the most suspicious attention. It comes from an order of men ... who have generally an interest to deceive and even oppress the public
Adam Smith
Men have more to lose than their chains .
Heidi Hartmann
In a useful conversation... there is a double coincidence of wants. You have to be interested in what I have to say; I have to be interested in what you have to say. This is an important reason why people with conventional interests seem more socially intelligent. Even if they don't check whether their audience cares, it probably does.
Bryan Caplan
The landscape of the mind, against which our thoughts and expectations move, when the wind of the imagination is active, changes as quickly as the clouds; and indeed it consists often of several landscapes, semi-transparent and showing through one another.
William Hurrell Mallock
The great source of both the misery and disorders of human life, seems to arise from over-rating the difference between one permanent situation and another...
Adam Smith
Screaming at children over their grades, especially to the point of the child's tears, is child abuse, pure and simple. It's not funny and it's not good parenting. It is a crushing, scarring, disastrous experience for the child. It isn't the least bit funny.
Ben Stein
There must be some atom of our life hidden here, lingering in this quiet somewhere.
Sonali Deraniyagala