Economics Quotes - Page 13

[Voltaire] theoretically prefers a republic, but he knows its flaws: it permits factions which, if they do not bring on civil war, at least destroy national unity; it is suited only to small states protected by geographic situation, and as yet unspoiled and untorn with wealth; in general "men are rarely worthy to govern themselves." Republics are transient at best; they are the first form of society, arising from the union of families; the American Indians lived in tribal republics, and Africa is full of such democracies. but differentiation of economic status puts an end to these egalitarian governments; and differentiation is the inevitable accompaniment of development.
Will Durant
Our minds become slaves to those we see as having total power to control us and to cause pain to us. We are quick to give up control of ourselves to those who have the power to rule us as long as they also have the power to feed us. This is the fundamental construct of a feudal society.
Majid Kazmi
The world I grew up in was a brutal one. The murder rate was once seven people for every hundred thousand. The average American on minimum wage could barely afford to keep themselves alive on canned food. Millions died over private oil fortunes. Wealthy men and women ran the world for profit. Fools and charlatans got into our Parliaments and set the world on fire. We had everything on paper - checks, balances, freedom, democracy - and yet to live was to be a slave.
Yudhanjaya Wijeratne
...poor countries are poor because those who have power make choices that create poverty. They get it wrong not by mistake or ignorance but on purpose. To understand this, you have to go beyond economics and expert advice on the best thing to do and, instead, study how decisions actually get made, who gets to make them, and why those people decide to do what they do.
Daron Acemoglu
Economics is a political argument. It is not – and can never be – a science; there are no objective truths in economics that can be established independently of political, and frequently moral, judgements. Therefore, when faced with an economic argument, you must ask the age-old question ‘Cui bono?’ (Who benefits?), first made famous by the Roman statesman and orator Marcus Tullius Cicero.
Ha-Joon Chang
What these men represented was not 'The West' but what was for this century a relatively new kind of monied class in America, a group devoid of social responsibilities because their ties to any one place had been so attenuated.
Joan Didion
In 1980 candidate Reagan asked whether we were better off than we had been 4 years earlier. In 1992 we will be asked whether we expect our children to live better than we do.
Frank Levy
The social function of economic science consists precisely in developing soundeconomic theories and in exploding the fallacies of vicious reasoning. In the pursuit ofthis task the economist incurs the deadly enmity of all mountebanks and charlatanswhose shortcuts to an earthly paradise he debunks. The less these quacks are able toadvance plausible objections to an economist’s argument, the more furiously do theyinsult them.
Ludwig von Mises
One simple answer is that there has been a massive rise in the incidence of sanctimony and smugness among the successful that has nothing to do with any change in the underlying reality. Rather, it has been stimulated by politicians who have realized that it is possible to win power by recruiting the most economically successful forty per cent or so of the population in a crusade to roll back the gains made by their fellow citizens in the previous forty years. And how better to rationalize this than to tell people that they deserve the incomes that the market generates?
Brian M. Barry
People must learn that the accumulation of wealth by the successfulconduct of business is the corollary of the improvement of their own standard ofliving and vice versa. They must realize that bigness in business is not an evil, but both the cause and effect of the fact that they themselves enjoy all those amenitieswhose enjoyment is called the “American way of life.
Ludwig von Mises
In the market economy the consumers are supreme. Consumers determine, by theirbuying or abstention from buying, what should be produced, by whom and how, ofwhat quality and in what quantity. The entrepreneurs, capitalists, and landowners whofail to satisfy in the best possible and cheapest way the most urgent of the not yetsatisfied wishes of the consumers are forced to go out of business and forfeit theirpreferred position. In business offices and in laboratories the keenest minds are busyfructifying the most complex achievements of scientific research for the production ofever better implements and gadgets for people who have no inkling of the scientifictheories that make the fabrication of such things possible. The bigger an enterprise is,the more it is forced to adjust its production activities to the changing whims andfancies of the masses, its masters. The fundamental principle of capitalism is massproduction to supply the masses. It is the patronage of the masses that makesenterprises grow into bigness. The common man is supreme in the market economy.He is the customer “who is always right.
Ludwig von Mises
Considering what is at stake politically, economically and technically for most organizations; usually justifying IT governance deployment based on one viewpoint narrows suitability and expected benefits.
Robert E. Davis
The great weakness of the West is that it has nothing with which to inspire loyalty except wealth. But what is wealth? Another washing machine, a bigger car, a nicer house to live in? Not much to feed the spirit in all that.
John Burdett
Anyone who objects to any government whatsoever as a form of socialism ought not to pull that socialist lever in their home, the one that makes their waste disappear in a whirlpool into the socialized sewage treatment plant.
John Médaille
It takes a pillage.
Nomi Prins
Europe, it is true, is a geographical and, within certain limits, an historical cultural conception. But the idea of Europe as an economic unit contradicts capitalist development in two ways. First of all there exist within Europe among the capitalist States – and will so long as these exist – the most violent struggles of competition and antagonisms, and secondly the European States can no longer get along economically without the non-European countries. ... At the present stage of development of the world market and of world economy, the conception of Europe as an isolated economic unit is a sterile concoction of the brain. ...And if the idea of a European union in the economic sense has long been outstripped, this is no less the case in the political sense.....Only were one suddenly to lose sight of all these happenings and manoeuvres, and to transfer oneself back to the blissful times of the European concert of powers, could one say, for instance, that for forty years we have had uninterrupted peace. This conception, which considers only events on the European continent, does not notice that the very reason why we have had no war in Europe for decades is the fact that international antagonisms have grown infinitely beyond the narrow confines of the European continent, and that European problems and interests are now fought out on the world seas and in the by-corners of Europe.
Rosa Luxemburg
Social security isn’t a ponzi scheme. It’s not bankrupting us. It’s not an outrage. It is working.
Rachel Maddow
The rich control our politics to a huge extend. In return they get tax cuts and deregulation. It's been and is an amazing ride for the rich.
Jeffrey D. Sachs
There are few genuine conservatives within the U.S. political system, and it is a sign of the intellectual corruption of the age that the honorable term 'conservatism' can be appropriated to disguise the advocacy of a powerful, lawless, aggressive and violent state, a welfare state for the rich dedicated to a lunatic form of Keynesian economic intervention that enhances state and private power while mortgaging the country's future.
Noam Chomsky
I do not intend to defend capitalism or capitalists. They, like everything human, have their defects. I only say their possibilities of usefulness are not ended.Capitalism has borne the monstrous burden of the war and today still has the strength to shoulder the burdens of peace. ... It is not simply and solely an accumulation of wealth, it is an elaboration, a selection, a co-ordination of values which is the work of centuries. ... Many think, and I myself am one of them, that capitalism is scarcely at the beginning of its story.
Benito Mussolini
The ICC [Interstate Commerce Commission] illustrates what might be called the natural history of government intervention. A real or fancied evil leads to demands to do something about it. A political coalition forms consisting of sincere, high-minded reformers and equally sincere interested parties. The incompatible objectives of the members of the coalition (e.g., low prices to consumers and high prices to producers) are glossed over by fine rhetoric about “the public interest,” “fair competition,” and the like. The coalition succeeds in getting Congress (or a state legislature) to pass a law. The preamble to the law pays lip service to the rhetoric and the body of the law grants power to government officials to “do something.” The high-minded reformers experience a glow of triumph and turn their attention to new causes. The interested parties go to work to make sure that the power is used for their benefit. They generally succeed. Success breeds its problems, which are met by broadening the scope of intervention. Bureaucracy takes its toll so that even the initial special interests no longer benefit. In the end the effects are precisely the opposite of the objectives of the reformers and generally do not even achieve the objectives of the special interests. Yet the activity is so firmly established and so many vested interests are connected with it that repeal of the initial legislation is nearly inconceivable. Instead, new government legislation is called for to cope with the problems produced by the earlier legislation and a new cycle begins.
Milton Friedman
What should have died along with communism is the belief that modern societies can be run on a single principle, whether that of planning under the general will or that of free-market allocations.
Charles Taylor
Inequality of wealth and incomes is an essential feature of the market economy. It is the implement that makes the consumers supreme in giving them the power to force all those engaged in production to comply with their orders. It forces all those engaged in production to the utmost exertion in the service of the consumers. It makes competition work. He who best serves the consumers profits most and accumulatesriches.
Ludwig von Mises
Therefore it is not arrogance or narrow-mindedness that leads the economist to discuss these things from the standpoint of economics. No one, who is not able to form an independent opinion about the admittedly difficult and highly technical problem of calculation in the socialist economy, should take sides in the question of socialism versus capitalism. No one should speak about interventionism who has not examined the economic consequences of interventionism. An end should be put to the common practice of discussing these problems from the standpoint of the prevailing errors, fallacies, and prejudices. It might be more entertaining to avoid the real issues and merely to use popular catchwords and emotional slogans. But politics is a serious matter. Those who do not want to think its problems through to the end should keep away from it.
Ludwig von Mises
Without exception all political parties promise their supporters a higher real income. There is no difference in this respect between nationalists and internationalists and between the supporters of a market economy and the advocates of either socialism or interventionism. If a party asks its supporters to make sacrifices for its cause, it always explains these sacrifices as the necessary temporary means for the attainment of the ultimate goal, the improvement of the material well-being of its members. Each party considers it as an insidious plot against its prestige and its survival if somebody ventures to question the capacity of its projects to make the group members more prosperous. Each party regards with a deadly hatred the economists embarking upon such a critique.
Ludwig von Mises
At a conservative estimate, there are probably a million men and women in their twenties and thirties who would happily work long hours doing what most needs to be done, if they were paid something for it.
Philip Slater
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
The decline of geography in academia is easy to understand: we live in an age of ever-increasing specialization, and geography is a generalist's discipline. Imagine the poor geographer trying to explain to someone at a campus cocktail party (or even to an unsympathetic adminitrator) exactly what it is he or she studies. "Geography is Greek for 'writing about the earth.' We study the Earth.""Right, like geologists.""Well, yes, but we're interested in the whole world, not just the rocky bits. Geographers also study oceans, lakes, the water cycle...""So, it's like oceanography or hydrology.""And the atmosphere.""Meteorology, climatology...""It's broader than just physical geography. We're also interested in how humans relate to their planet.""How is that different from ecology or environmental science?""Well, it encompasses them. Aspects of them. But we also study the social and economic and cultural and geopolitical sides of--""Sociology, economics, cultural studies, poli sci.""Some geographers specialize in different world regions.""Ah, right, we have Asian and African and Latin American studies programs here. But I didn't know they were part of the geography department.""They're not."(Long pause.)"So, uh, what is it that do study then?
Ken Jennings
All varieties of the producers' policy are advocated on the ground of their alleged ability to raise the party members' standard of living. Protectionism and economic self-sufficiency, labor union pressure and compulsion, labor legislation, minimum wage rates, public spending, credit expansion, subsidies, and other makeshifts are always recommended by their advocates as the most suitable or the only means to increase the real income of the people for whose votes they canvass. Every contemporary statesman or politician invariably tells his voters: My program will make you as affluent as conditions may permit, while my adversaries' program will bring you want and misery.
Ludwig von Mises
These people look upon inequality as upon an evil. They do not assert that a definitedegree of inequality which can be exactly determined by a judgment free of anyarbitrariness and personal evaluation is good and has to be preserved unconditionally.They, on the contrary, declare inequality in itself as bad and merely contend that alower degree of it is a lesser evil than a higher degree in the same sense in which asmaller quantity of poison in a man’s body is a lesser evil than a larger dose. But ifthis is so, then there is logically in their doctrine no point at which the endeavorstoward equalization would have to stop. Whether one has already reached a degree ofinequality which is to be considered low enough and beyond which it is not necessaryto embark upon further measures toward equalization is just a matter of personaljudgments of value, quite arbitrary, different with different people and changing in thepassing of time. As these champions of equalization appraise confiscation and“redistribution” as a policy harming only a minority, viz., those whom they considerto be “too” rich, and benefiting the rest—the majority—of the people, they cannotoppose any tenable argument to those who are asking for more of this allegedlybeneficial policy. As long as any degree of inequality is left, there will always bepeople whom envy impels to press for a continuation of the equalization policy.Nothing can be advanced against their inference: If inequality of wealth and incomesis an evil, there is no reason to acquiesce in any degree of it, however low;equalization must not stop before it has completely leveled all individuals’ wealth andincomes.
Ludwig von Mises
It is true that some secluded intellectuals in their esoteric circles talk differently. They proclaim the priority of what they call eternal absolute values and feign in their declamations—not in their personal conduct—a disdain of things secular and transitory. But the public ignores such utterances. The main goal of present-day political action is to secure for the respective pressure group memberships the highest material well-being. The only way for a leader to succeed is to instill in people the conviction that his program best serves the attainment of this goal.
Ludwig von Mises
But there is merit even in the mentally retarded legislator. He asks the questions that everyone is afraid to ask for fear of seeming simple.
John Kenneth Galbraith
State ownership! It leads only to absurd and monstrous conclusions; state ownership means state monopoly, concentrated in the hands of one party and its adherents, and that state brings only ruin and bankruptcy to all.
Benito Mussolini
Government succeeds by failing.
L.K. Samuels
All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include among the ignorant themselves as well as the wisest. Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that the most ignorant individual can deliberately employ is comparatively insignificant.
Friedrich A. Hayek
To me, the conclusion that the public has the ultimate responsibility for the behavior of even the biggest businesses is empowering and hopeful, rather than disappointing. My conclusion is not a moralistic one about who is right or wrong, admirable or selfish, a good guy or a bad guy. My conclusion is instead a prediction, based on what I have seen happening in the past. Businesses have changed when the public came to expect and require different behavior, to reward businesses for behavior that the public wanted, and to make things difficult for businesses practicing behaviors that the public didn't want. I predict that in the future, just as in the past, changes in public attitudes will be essential for changes in businesses' environmental practices.
Jared Diamond
Clearly, only very unequal intellectual and moral standing could justify having equality imposed, whether the people want it or not, as Dworkin suggests, and only very unequal power would make it possible.
Thomas Sowell
The fields were fruitful, and starving men moved on the roads.
John Steinbeck
The media are desperately afraid of being accused of bias. And that's partly because there's a whole machine out there, an organized attempt to accuse them of bias whenever they say anything that the Right doesn't like. So rather than really try to report things objectively, they settle for being even-handed, which is not the same thing. One of my lines in a column—in which a number of people thought I was insulting them personally—was that if Bush said the Earth was flat, the mainstream media would have stories with the headline: 'Shape of Earth—Views Differ.' Then they'd quote some Democrats saying that it was round.
Paul Krugman
These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.Wait—Texas? Wasn't Texas supposed to be thriving even as the rest of America suffered? Didn't its governor declare, during his re-election campaign, that 'we have billions in surplus'? Yes, it was, and yes, he did. But reality has now intruded, in the form of a deficit expected to run as high as $25 billion over the next two years.And that reality has implications for the nation as a whole. For Texas is where the modern conservative theory of budgeting—the belief that you should never raise taxes under any circumstances, that you can always balance the budget by cutting wasteful spending—has been implemented most completely. If the theory can't make it there, it can't make it anywhere.
Paul Krugman
When I applied to graduate school many years ago, I wrote an essay expressing my puzzlement at how a country that could put a man on the moon could still have people sleeping on the streets. Part of that problem is political will; we could take a lot of people off the streets tomorrow if we made it a national priority. But I have also come to realize that NASA had it easy. Rockets conform to the unchanging laws of physics. We know where the moon will be at a given time; we know precisely how fast a spacecraft will enter or exist the earth's orbit. If we get the equations right, the rocket will land where it is supposed to--always. Human beings are more complex than that. A recovering drug addict does not behave as predictably as a rocket in orbit. We don't have a formula for persuading a sixteen-year-old not to drop out of school. But we do have a powerful tool: We know that people seek to make themselves better off, however they may define that. Our best hope for improving the human condition is to understand why we act the way we do and then plan accordingly. Programs, organizations, and systems work better when they get the incentives right. It is like rowing downstream.
Charles Wheelan
There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.
Warren Buffett
I was quite depressed two weeks ago when I spent an afternoon at Brentano's Bookshop in New York and was looking at the kind of books most people read. Once you see that you lose all hope.
Friedrich A. Hayek
What nature hath joined together, multiple regression analysis cannot put asunder.
Richard E. Nisbett
Economics is extremely useful as a form of employment for economists.
John Kenneth Galbraith
It's unwise to pay too much, but it's worse to pay too little. Whenyou pay too much, you lose a little money - that's all. When you paytoo little, you sometimes lose everything, because the thing youbought was incapable of doing the thing it was bought to do. Thecommon law of business balance prohibits paying a little and getting alot - it can't be done. If you deal with the lowest bidder, it is wellto add something for the risk you run, and if you do that you willhave enough to pay for something better.
John Ruskin
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
Free-market capitalism is a network of free and voluntary exchanges in which producers work, produce, and exchange their products for the products of others through prices voluntarily arrived at.
Murray N. Rothbard
Socialism is not really an option in the material world. There can be no collective ownership of anything materially scarce. One or another faction will assert control in the name of society. Inevitably, the faction will be the most powerful in society -- that is, the state. This is why all attempts to create socialism in scarce goods or services devolve into totalitarian systems of top-down planning.
Jeffrey Tucker
Socialism is an alternative to capitalism as potassium cyanide is an alternative to water.
Ludwig von Mises
Democracy is a pathetic belief in the collective wisdom of individual ignorance.
H.L. Mencken
As long as government has the power to regulate business, business will control government by funding the candidate that legislates in their favor. A free-market thwarts lobbying by taking the power that corporations seek away from government! The only sure way to prevent the rich from buying unfair government influence is to stop allowing government to use physical force against peaceful people. Whenever government is allowed to favor one group over another, the rich will always win, since they can "buy" more favors, overtly or covertly, than the poor.
Mary J. Ruwart
Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household. He is fully confident that this trend will prevail also in the future. He simply calls it the American way of life and does not give serious thought to the question of what made this continuous improvement in the supply of material goods possible.
Ludwig von Mises
Reconciliation means that those who have been on the underside of history must see that there is a qualitative difference between repression and freedom. And for them, freedom translates into having a supply of clean water, having electricity on tap; being able to live in a decent home and have a good job; to be able to send your children to school and to have accessible health care. I mean, what's the point of having made this transition if the quality of life of these people is not enhanced and improved? If not, the vote is useless.'-archbishop Desmond Tutu, chair of South Africa's Truth and Reconciliation Committee, 2001
Naomi Klein
It is because every individual knows little and, in particular, because we rarely know which of us knows best best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.
Friedrich A. Hayek
The rich run a global system that allows them to accumulate capital and pay the lowest possible price for labour. The freedom that results applies only to them. The many simply have to work harder, in conditions that grow ever more insecure, to enrich the few. Democratic politics, which purports to enrich the many, is actually in the pocket of those bankers, media barons and other moguls who run and own everything.
Charles Moore
Our faith in freedom does not rest on the foreseeable results in particular circumstances but on the belief that it will, on balance, release more forces for the good than for the bad.
Friedrich A. Hayek
America is the greatest engine of innovation that has ever existed, and it can't be duplicated anytime soon, because it is the product of a multitude of factors: extreme freedom of thought, an emphasis on independent thinking, a steady immigration of new minds, a risk-taking culture with no stigma attached to trying and failing, a noncorrupt bureaucracy, and financial markets and a venture capital system that are unrivaled at taking new ideas and turning them into global products.
Thomas L. Friedman
It's almost hard to imagine anything more undemocratic than the view that political officials should not debate American wars in public, but only express concerns 'privately with the administration.' That's just a small sliver of Johnson's radicalism: replacing Feingold in the Senate with Ron Johnson would be a civil liberties travesty analogous to the economic travesty from, say, replacing Bernie Sanders with Lloyd Blankfein.
Glenn Greenwald
Information transforms and command the keys to uncommon destiny in life.ight information, whether social spiritual or physical remains the hub of every outstanding accomplishment on earth today.
Prince Akwarandu

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