Economics Quotes

... economists recognize that, other things equal, cuts in tax rates reduce tax revenues in percentage terms by less than the tax-rate reductions. Similarly, tax-rate increases do not raise tax revenues by as much in percentage terms as the tax-rate increases. This is true because changes in marginal tax rates alter taxpayer behavior and thus affect taxable income.

Campbell R. McConnell

Savings, remember, is the prerequisite of investment.

Campbell R. McConnell

In the lean approach, companies are taught that prices are set by the market and that one way to improve profit margin is to reduce costs. This thinking flies in the face of "cost plus" thinking, where we look first at our own costs and set prices based on our desired profit margin. The reality is that most companies whether manufacturers or hospitals, do not have market power to set prices as they wish.

Mark Graban

the euro, it seems, is stuck in a political no man's land – trapped between two opposing world views. And the battleground is not economics, but ethics.

Martin Cohen

Life is like a curve, horizontally or vertically, we are at origin point

Estiana Cahyawati

Every time you spend money, you're casting a vote for the kind of world you want.

Anna Lappé

We must realize that growth is but an adolescent phase of life which stops when physical maturity is reached. If growth continues in the period of maturity it is called obesity or cancer. Prescribing growth as the cure for the energy crisis has all the logic of prescribing increasing quantities of food as a remedy for obesity.

Albert A. Bartlett

Overborrowing or overlending? Lenders encourage indebtedness because it is profitable. Developing country governments are sometimes even pressured to overborrow ... Even without corruption, it is easy to be influenced by Western businessmen and financiers ... Countries that aren't sure that borrowing is worth the rist are told how important it is to establis a credit rating: borrow even if you really don't need the money.

Joseph E. Stiglitz

Complexity is not an aesthetic criterion. It is a quality associated only with division and organization of labor.

Christopher Caudwell

[Economics] is all about observing the world with genuine curiosity and admitting that it is full of mysteries

Steven E. Landsburg

I became convinced that the advanced industrial countries, through international organizations like the International Monetary Fund (IMF), the World Trade Organization (WTO), and the World Bank, were not only not doing all that they could to help these [developing] countries but were sometimes making their life more difficult. IMF programs had clearly worsened the East Asian crisis, and the "shock therapy" they had pushed in the former Soviet Union and its satellites played an important role in the failure of the transition.

Joseph E. Stiglitz

Thirty years ago [written 2009], over-regulation, over-taxation, mis-regulation, statism, state corporatism, and economic folly, cosiness and regulatory capture, and a crescent ideological enemy without, who were assisted by enemies – both fifth columnists and useful fools – within, had led to a crisis of confidence in the West, and in all lands that – and amongst all peoples, particularly those who were oppressed in their own lands, who – loved and desired liberty. Of course, thirty years ago, Britain had Margaret Thatcher to turn to.

G.M.W. Wemyss

The trouble is, nobody knows exactly how the world really works. We are all fallible people with limited knowledge. It is only through Biblical revelation from the One who knows how the world really works because He made it and actively sustains it that anyone can come to a competent understanding of the world.

Gary North

The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government’s market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were ‘really just as good as the Treasury’ and were in any case ‘too big to [be let] fail’: which, as it happens, was untrue. Similarly, this moronic mantra of ‘too big to fail’ was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk.

G.M.W. Wemyss

The experience of history should lead us to hope and strive to make the world better, not to despair and resign ourselves to fate.

Alan Beattie

ECONOMICS IS HAUNTED by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine—the special pleading of selfish interests.

Henry Hazlitt

We must achieve both security and solvency. In fact, the foundation of military strength is economic strength,

Dwight D. Eisenhower

... toxic derivatives were underpinned by toxic economics, which, in turn, were no more than motivated delusions in search of theoretical justification; fundamentalist tracts that acknowledged facts only when they could be accommodated to the demands of the lucrative faith. Despite their highly impressive labels and technical appearance, economic models were merely mathematized versions of the touching superstition that markets know best, both at times of tranquility and in periods of tumult.

Yanis Varoufakis

The economics we need is of the "seminar room" variety, not the "rule-of-thumb" kind. It is an economics that recognizes its limitations and caveats and knows that the right message depends on the context. The fine print is what economists have to contribute.

Dani Rodrik

As if it were Injustice to sell dearer than we buy; or to give more to a man than he merits. The value of all things contracted for, is measured by the Appetite of the Contractors: and therefore the just value, is that which they be contented to give.

Thomas Hobbes

...The reason why we’re strippers, is invariably more boring, more grounded in nonexistential needs like money—and pragmatic concerns, like money.

Ruth Fowler

It is a curious thought that the earliest description of the steam-engine in antiquity describes its use for the magic opening of the temple doors, when the priests lit the fires on the altars, to deceive the populace into ascribing to a deity what was the work of the engineer. In much the same way today, the almost boundless fecundity of the creative scientific discoveries and inventions of the age are being appropriated for the purpose of the mysterious opening of doors into the holy of holies of the temples of mammon by a hierarchy of imposters and humbugs, whom it is the first task of a sane civilization to expose and clear out.

Frederick Soddy

Ideology follows the money.""Governments don't protect people, people protect governments.""To accept the legitimacy of the state is to embrace the necessity for war.

Lawrence Samuels

Be they pharaohs or freeholders, barons or farmers, landowners have been the most capable, most intrepid, and most assertive members of civilized society.

David Marusek

The financial markets are not to be trusted. They expect to be given free reign to make huge profits while the sun is shining, but hasten to the shelter of the state when the skies darken.

Peter Stalker

If the bringing of children into the world is today an economic burden, it is because the social system is inadequate; and not because God’s law is wrong. Therefore the State should remove the causes of that burden. The human must not be limited and controlled to fit the economic, but the economic must be expanded to fit the human.

Fulton J. Sheen

When we must pay the true price for the depletion of nature’s gifts, materials will become more precious to us, and economic logic will reinforce, and not contradict, our heart’s desire to treat the world with reverence and, when we receive nature’s gifts, to use them well.

Charles Eisenstein

In the social production of their existence, men inevitably enter into definite relations, which are independent of their will, namely relations of production appropriate to a given stage in the development of their material forces of production. The totality of these relations of production constitutes the economic structure of society, the real foundation, on which arises a legal and political superstructure and to which correspond definite forms of social consciousness. The mode of production of material life conditions the general process of social, political and intellectual life. It is not the consciousness of men that determines their existence, but their social existence that determines their consciousness. At a certain stage of development, the material productive forces of society come into conflict with the existing relations of production or – this merely expresses the same thing in legal terms – with the property relations within the framework of which they have operated hitherto. From forms of development of the productive forces these relations turn into their fetters. Then begins an era of social revolution. The changes in the economic foundation lead sooner or later to the transformation of the whole immense superstructure.

Karl Marx

Economic development is something much wider and deeper than economics, let alone econometrics. Its roots lie outside the economic sphere, in education, organisation, discipline and, beyond that, in political independence and a national consciousness of self-reliance.

Ernst F. Schumacher

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

The artificial primacy of defense among our national priorities is a constant unearned windfall for some, but it's privation for the rest of America; it steals from what we could be and can do. In Econ 101, they teach that the big-picture fight over national priorities is guns versus butter. Now it's butter versus margarine—guns get a pass.Overall, we're weaker for it, and at enormous cost.

Rachel Maddow

(1) Use mathematics as shorthand language, rather than as an engine of inquiry. (2) Keep to them till you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life (5) Burn the mathematics. (6) If you can’t succeed in 4, burn 3. This I do often.

Alfred Marshall

Modern prophets say that our economics have failed us. No! It is not our economics which have failed; it is man who has failed-man who has forgotten God. Hence no manner of economic or political readjustment can possibly save our civilization; we can be saved only by a renovation of the inner man, only by a purging of our hearts and souls; for only by seeking first the Kingdom of God and His Justice will all these other things be added unto us.

Fulton J. Sheen

All love is socioeconomic. It’s the gradients in status that make arousal possible.

Gary Shteyngart

Politicians have often declared that unbridled competition among financial intermediaries promotes failures that will harm the public. Although the evidence that competition does this is extremely weak, it has not stopped the state and federal governments from imposing many restrictive regulations.

Frederic S. Mishkin

Ask five economists and you'll get five different answers - six if one went to Harvard.

Edgar Fiedler

Here’s the solution. We need a CO2 tax, revenue-neutral, to replace taxation on employment, which was invented by Bismarck — and some things have changed since the 19th Century.

Al Gore

Debts are subject to the laws of mathematics rather than physics. Unlike wealth, which is subject to the laws of thermodynamics, debts do not rot with old age and are not consumed in the process of living. On the contrary, they grow at so much per cent per annum, by the well-known mathematical laws of simple and compound interest ... It is this underlying confusion between wealth and debt which has made such a tragedy of the scientific era.

Frederick Soddy

In this century, we are about to enter interplanetary civilization.In order to survive, we need to go beyond neoclassical economics definition.We define it as interplanomics.

Toba Beta

A good accountant is someone who told you yesterday what the economists forcast for tomorrow

Miles Thomas

Praxeology is a theoretical and systematic, not a historical, science. Its scope is human action as such, irrespective of all environmental, accidental, and individual circumstances of the concrete acts. Its cognition is purely formal and general without reference to the material content and the particular features of the actual case. It aims at knowledge valid for all instances in which the conditions exactly correspond to those implied in its assumptions and inferences. Its statements and propositions are not derived from experience. They are, like those of logic and mathematics, a priori. They are not subject to verification or falsification on the ground of experience and facts.

Ludwig von Mises

We could manage to survive without money changers and stockbrokers. We should find it harder to do without miners, steel workers and those who cultivate the land

Aneurin Bevan

Goods are traded, but services are consumed and produced in the same place. And you cannot export a haircut. But we are coming close to exporting a haircut, the appointment part. What kind of haircut do you want? Which barber do you want? All those things can and will be done by a call center far away.

Thomas L. Friedman

The bubble logic driving tulipomania has since acquired a name: “the greater fool theory.” Although by any conventional measure it is folly to pay thousands for a tulip bulb (or for that matter an Internet stock), as long as there is an even greater fool out there willing to pay even more, doing so is the most logical thing in the world.

Michael Pollan

it was Greenspan who through some excessive deregulation prepared the monetary ground for the rise of the subprime mortgage companies: a lending market that specialises in high-risk mortgages and loans.'Innovation', said Greenspan in April 2005, 'has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants'.It is almost touching to find out that Greenspan cares so much about immigrants.

Gilad Atzmon

Greenspan advised the American people to buy - he repeated the old mantra: 'spending is patriotic'. He also managed to convince them that if they did not have the money, that shouldn't stop them. They would 'pay later'. To a certain extent he was correct, we are all having to 'pay later'... we may even never stop paying.

Gilad Atzmon

The overall U.S. homeownership rate increased from 64 percent in 1994 to a peak in 2004 with an all-time high of 69.2 percent. Real estate had become the leading business in America, more and more speculators invested money in the business. During 2006, 22 percent of homes purchased (1.65 million units) were for investment purposes, with an additional 14 percent (1.07 million units) purchased as vacation homes.These figures led Americans to believe that their economy was indeed booming. And when an economy is booming nobody is really interested in foreign affairs, certainly not in a million dead Iraqis. But then the grave reality dawned on the many struggling, working class Americans and immigrants, who were failing to pay back money they didn't have in the first place.Due to the rise in oil prices and the rise of interest rates, millions of disadvantaged Americans fell behind. By the time they drove back to their newly purchased suburban dream houses, there was not enough money in the kitty to pay the mortgage or elementary needs. Consequently, within a very short time, millions of houses were repossessed. Clearly, there was no one around who could afford to buy those newly repossessed houses. Consequently, the poor people of America became poorer than ever.Just as Wolfowitz's toppled Saddam, who dragged the American Empire down with him, the poor Americans, that were set to facilitate Wolfowitz's war, pulled down American capitalism as well as the American monetary and banking system. Greenspan's policy led an entire class to ruin, leaving America's financial system with a hole that now stands at a trillion dollars.

Gilad Atzmon

Unlike old-fashioned Britain, where Tony Blair recruited Lord Levy to encourage his 'Friends of Israel' to donate their money to a party that was just about to launch a criminal war, in America Alan Greenspan provided his president with an astonishing economic boom. It seems that the prosperous conditions at home divert the attention from the disastrous war in Iraq.Greenspan is not an amateur economist, he knew what he was doing. He knew very well that as long as Americans were doing well, buying and selling homes, his President would be able to continue implementing the 'Wolfowitz doctrine' and PNAC philosophy, destroying the 'bad Arabs' in the name of 'democracy', 'liberalism', 'ethics', and even 'women's rights'.

Gilad Atzmon

Much else than liberalization has happened in the nineties (in India)

Jean Drèze

All of us—employers, parents, schools, government agencies, and interns themselves—are complicit in the devaluing of work, the exacerbation of social inequality, and the disillusionment of young people in the workplace that are emerging as a result of the intern boom. Informal, barely studied, and little regulated, internships demand our scrutiny. We need a view of the entire sprawling system and its history, a glimpse of its curious blend of privilege and exploitation; we need to hear from interns themselves, and also from those who proffer internships, the people who sell them, the few who work to improve them, an the many who are unable to access them at all. only then can we consider ethical, legal alternatives to a system that is broken, a practice that is often poisonous.

Ross Perlin

Why do we need so many people on Earth? I ask you. What are they good for? They live out ludicrous lives of pointless desperation. Ninety-nine percent of the human population is so much wasted resources. Stubborn vermin, we humans are.Granted, in the past, the unwashed masses were necessary. We needed them to till our fields and fight our wars. We needed them to labor in our factories making consumer crap that we flipped back at them at a handsome profit.Alas, those days are gone. We live in a boutique economy now. Energy is abundant and cheap. Mentars and robotic labor make and manage everything. So who needs people? People are so much dead white. They eat up our profits. They produce nothing but pollution and social unrest. They drive us crazy with their pissing and moaning. I think we can all agree that Corporation Earth is in need of a serious downsizing....The boutique economy has no need of the masses, so let's get rid of them. But how, you ask? Not with wars, surely, or disease, famine, or mass murder. Despots have tried all these methods through the millennia, and they're never a permanent solution.No, all we need to do is buy up the ground from under their feet -- and evict them. We're buying up the planet, Bishop, fair and square. We're turning it into the most exclusive gated community in history. Now, the question is, in two hundred years, will you be a member of the landowners club, or will you be living in some tin can in outer space drinking recycled piss?

David Marusek

The genuine object of debate raised by the [2008 financial] crisis ought to be how to overcome the short-termism to which we have been led by a consumerism intrinsically destructive of all genuine investment in the future, a short-termism which has systematically, and not accidentally, been translated into decomposition of investment into speculation.

Bernard Stiegler

Mathematics brought rigor to economics. Unfortunately it also brought mortis.

Kenneth E. Boulding

If economics were only about profit maximization, it would be just another name for business administration. It is a social discipline, and society has other means of cost accounting besides market prices.

Dani Rodrik

War prosperity is like the prosperity that an earthquake or a plague brings.

Ludwig von Mises

There are sufficient resources in the world for the needs of everybody, but not enough for the greed of even a significant minority.

Millard Fuller

It seems then that instead of consumers' willingness to pay influencing market prices, the causality is somewhat reversed and it is market prices themselves that influence consumers' willingness to pay.

Dan Ariely

An essential pedagogic step here is to relegate the teaching of mathematical methods in economics to mathematics departments. Any mathematical training in economics, if it occurs at all, should come after students have at the very least completed course work in basic calculus, algebra and differential equations (the last being one about which most economists are woefully ignorant). This simultaneously explains why neoclassical economists obsess too much about proofs and why non-neoclassical economists, like those in the Circuit School, experience such difficulties in translating excellent verbal ideas about credit creation into coherent dynamic models of a monetary production economy.

Steve Keen

From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single utility-maximizing individual blessed with perfect knowledge of the future.Fortunately, behavioral economics provides the beginnings of an alternative vision of how individuals operate in a market environment, while multi-agent modelling and network theory give us foundations for understanding group dynamics in a complex society. These approaches explicitly emphasize what neoclassical economics has evaded: that aggregation of heterogeneous individuals results in emergent properties of the group, which cannot be reduced to the behavior of any "representative individual." These approaches should replace neoclassical microeconomics completely.

Steve Keen

Government in and of itself is the foremost agent for destroying order and imposing chaos.""To accept the legitimacy of the state is to embrace the necessity for war.""Political theory would be fine in a perfect world, but in an uncertain one, it is a dangerous gamble.

L.K. Samuels

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