Economics Quotes - Page 8

Ban privileges. The rules of the game should be the same to all players, regardless of their size, location, or any other criteria
Miguel Reynolds Brandao
Copyright law has got to give up its obsession with 'the copy.' The law should not regulate 'copies' or 'modern reproductions' on their own. It should instead regulate uses--like public distributions of copies of copyrighted work--that connect directly to the economic incentive copyright law was intended to foster.
Lawrence Lessig
An environment of infinite economic expansion is unsustainable in a world of finite resources.
Bryant McGill
People used to make money, but somewhere along the way, it started making us.
Trevor D. Richardson
The employment equation used to be built on a foundation of two-way loyalty. The world has changed. Today, successful employment relationships can only be sustained on a foundation of two-way honesty
Gyan Nagpal
Careers increasingly come with a reboot button, and companies that realize this early possess a competitive talent advantage
Gyan Nagpal
In recent years a smaller share of young adults has been employed than at any time since the Bureau of Labor Statistics started tracking such trends in 1948. So it's not surprising that this generation of youthful protesters has a different focus for their grievances: the economy, stupid. But notice the targets they've chosen to demonize. It's all about class, not age. It's 1% versus 99%, not young versus old. Occupy Wall Street, not Occupy Leisure World.
Pew Research Center
Most of us are pseudo-scholars...for we are a very large and quite a powerful class, eminent in Church and State, we control the education of the Empire, we lend to the Press such distinction as it consents to receive, and we are a welcome asset at dinner-parties.Pseudo-scholarship is, on its good side, the homage paid by ignorance to learning. It also has an economic side, on which we need not be hard. Most of us must get a job before thirty, or sponge on our relatives, and many jobs can only be got by passing an exam. The pseudo-scholar often does well in examination (real scholars are not much good), and even when he fails he appreciates their inner majesty. They are gateways to employment, they have power to ban and bless. A paper on King Lear may lead somewhere, unlike the rather far-fetched play of the same name. It may be a stepping-stone to the Local Government Board. He does not often put it to himself openly and say, "That's the use of knowing things, they help you to get on." The economic pressure he feels is more often subconscious, and he goes to his exam, merely feeling that a paper on King Lear is a very tempestuous and terrible experience but an intensely real one. ...As long as learning is connected with earning, as long as certain jobs can only be reached through exams, so long must we take the examination system seriously. If another ladder to employment were contrived, much so-called education would disappear, and no one be a penny the stupider.
E.M. Forster
All governments stress an employment-intensive force of production, but are unwilling to recognize that jobs can also destroy the use-value of free time. They all stress a more objective and complete professional definition of people's needs, but are insensitive to the consequent expropriation of life.
Ivan Illich
He who makes $25,000 annually through passive income is more enviable than he who earns $100,000 annually through a salary.
Mokokoma Mokhonoana
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
Fearful of wasting a second, we hoard time as if it were money.
Sharon Salzberg
The use of market values and technology as a social barometer has devalued the worth of individuals, rendered irrelevant the quality of their lives, and stunted their creativity.
Sulak Sivaraksa
In a system of full capitalism, there should be (but, historically, has not yet been) a complete separation of state and economics, in the same way and for the same reasons as the separation of state and church.
Ayn Rand
It might be worthwhile to take a familiar question—why is there so much crime in modern society?—and stand it on its head: why isn't there a bit more crime?After all, every one of us regularly passes up opportunities to main, steal, and defraud. The chance of going to jail—thereby losing your job, your house, and your freedom, all of which are essentially economic penalties—is certainly a strong incentive. But when it comes to crime people also respond to moral incentives (they don't want to do something they consider wrong) and social incentives (they don't want to be seen by others as doing something wrong).
Steven D. Levitt
The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.
John Kenneth Galbraith
It was the American middle class. No one's house cost more than two or three year's salary, and I doubt the spread in annual wages (except for the osteopath) exceeded more than five thousand dollars. And other than the doctor (who made house calls), the store managers, the minister, the salesman, and the banker, everyone belonged to a union. That meant they worked a forty-hour week, had the entire weekend off (plus two to four weeks' paid vacation in the summer), comprehensive medical benefits, and job security. In return for all that, the country became the most productive in the world and in our little neighborhood it meant your furnace was always working, your kids could be dropped off at the neighbors without notice, you could run next door anytime to borrow a half-dozen eggs, and the doors to all the homes were never locked -- because who would need to steal anything if they already had all that they needed?
Michael Moore
It was mid-November 2008. There were pirates taking ships with impunity in African waters, terrorists punching holes in Indian security, China sinking towards depression because Americans were afraid to buy cheap goods for Christmas, and the richest nation in the history of the world was talking about how to keep a budget.
Walter Mosley
When did a free country start to mean free enterprise? Who sold Democracy out for a golden calf we got to idolize?
Trevor D. Richardson
[Walmart]s largest innovation consists in getting rid of the central Fordist principle of paying the workers enough so that they can afford to buy what they manufacture. Instead, WalMart has pioneered the inverse principle: paying the workers so little that they cannot afford to shop anywhere other than at WalMart. It might even be said, not too hyperbolically, that WalMart has singlehandedly preserved the American economy from total collapse, in that their lowered prices are the only thing that has allowed millions of the “working poor” to retain the status of consumers at all, rather than falling into the “black hole” of total immiseration. WalMart is part and parcel of how the “new economy” has largely been founded upon transferring wealth from the less wealthy to the already-extremely-rich.
Steven Shaviro
[I]n communism, you'd threaten a dog into compliance, while in capitalism, obedience is obtained through bribes.
Adam Johnson
Look, America is no more a democracy than Russia is a Communist state. The governments of the U.S. and Russia are practically the same. There's only a difference of degree. We both have the same basic form of government: economic totalitarianism. In other words, the settlement to all questions, the solutions to all issues are determined not by what will make the people most healthy and happy in the bodies and their minds but by economics. Dollars or rubles. Economy uber alles. Let nothing interfere with economic growth, even though that growth is castrating truth, poisoning beauty, turning a continent into a shit-heap and riving an entire civilization insane. Don't spill the Coca-Cola, boys, and keep those monthly payments coming.
Tom Robbins
A limited state with free economic systems is the soil where the liberty tree blossoms.
Orrin Woodward
The law-abiding citizen by his labor serves both himself and his fellow man and thereby integrates himself peacefully into the social order. The robber, on the other hand, is intent, not on honest toil, but on the forcible appropriation of the fruits of others' labor.
Ludwig von Mises
Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure. A centrally planned totalitarian state represents a complete defeat for the civilized world, while a totally voluntary society represents its ultimate success.
Mark Skousen
Some say it's wrong to profit from the misfortune of others. I ask my students whether they'd support a law against doing so. But I caution them with some examples. An orthopedist profits from your misfortune of having broken your leg skiing. When there's news of a pending ice storm, I doubt whether it saddens the hearts of those in the collision repair business. I also tell my students that I profit from their misfortune—their ignorance of economic theory.
Walter E. Williams
In arguing against free enterprise capitalism, the collectivist always adopts the false assumption of a fixed number of jobs in that system. Conversely, in arguing for collectivism, he always assumes that there will be as many jobs as there are workers. The government will make the jobs.
Isabel Paterson
War has been the necessary and inevitable consequence of the establishment of a monopoly on security.
Gustave de Molinari
Ultimately, we need to take control over the money supply out of the hands of our governments and make the production of money again subject to the principle of free association. The first step to endorsing and promoting this strategy is to realize that governments do not—indeed cannot—fulfill any positive role whatever through the control of our money.
Jörg Guido Hülsmann
The disdain of profit is due to ignorance, and to an attitude that we may if we wish admire in the ascetic who has chosen to be content with a small share of the riches of this world, but which, when actualised in the form of restrictions on profits of others, is selfish to the extent that it imposes asceticism, and indeed deprivations of all sorts, on others.
Friedrich A. Hayek
In spite of its alluring name, the welfare state stands or falls by compulsion. It is compulsion imposed upon us with the state’s power to punish noncompliance. Once this is clear, it is equally clear that the welfare state is an evil the same as every restriction of freedom.
Wilhelm Röpke
Honoring the value of competence and steadfastness requires a generosity of spirit and a curbing of the passion for envy, traits that few people value and fewer still cultivate and acquire. Not until there is more of Smith and less of Hobbes in the human heart, will the majority of people prefer peaceful and boring market relations to the violent and exciting relations between coercer and coerced, predator and victim
Thomas Szasz
Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.
Carl Menger
Here's something I still can't get over. Amazes and thrills me every time. I'm sitting here and want a certain book. So I search, click, and then I have the book. Every time, my heart does a little leap of joy. What a beautiful world the market is making.
Jeffrey Tucker
The profit of the one is the profit of the other.
Frédéric Bastiat
To appreciate how income taxation reduces prosperity form what it could be, imagine a 100 percent tax on incomes. We wouldn't expect much prosperity in such a society. People would have no incentive to earn money. They would devote resources to hiding the little they did earn. No investments would be made. No savings would exist to increase living standards. People's activities would be grossly influenced by the tax. If we lower the rate from 100 percent, the principle does not change. . . If you want less of something, tax it.
Sheldon Richman
Jean-Baptiste Say may have coined the term 'entrepreneur' but he totally missed the opportunity to put it on a t-shirt and sell it.
Ryan Lilly
Romanticism is man's revolt against reason, as well as against the condition under which nature has compelled him to live.
Ludwig von Mises
There's a way that money is freedom, but it isn't money, it's that money stands for having a choice.
Jo Walton
It is a choice, and therefore within the province of economics.
Jason Potts
Given greater freedom about where to send their children, parents of a kind would flock together and so prevent a healthy intermingling of children from decidedly different backgrounds.
Milton Friedman
Economists have a singular method of procedure. There are only two kinds of institutions for them, artificial and natural. The institutions of feudalism are artificial institutions, those of the bourgeoisie are natural institutions. In this, they resemble the theologians, who likewise establish two kinds of religion. Every religion which is not theirs is an invention of men, while their own is an emanation from God. When the economists say the present-day relations--the relations of bourgeois production--are natural, they imply that these are the relations in which wealth is created and productive forces developed in conformity with the laws of nature. These relations therefore are themselves natural laws independent of the influence of time. They are eternal laws which must always govern society. Thus, there has been history, but there is no longer any. There has been history, since there were institutions of feudalism, and in these institutions of feudalism we find quite different relations of production from those of bourgeois society, which the economists try to pass off as natural and, as such, eternal.
Karl Marx
Programmers have a saying: "garbage in, garbage out.
Paul Krugman
If a theory of justice is to guide reasoned choice of policies, strategies or institutions, then the identification of fully just social arrangements is neither necessary nor sufficient.
Amartya Sen
People and their values are almost infinitely diverse, and people will never agree on many elements of social arrangements that might be subjected to uniform rules of governance. Hence, the greater the scope of strictly individual self-determination, the lesser the scope of governance, and the greater the tolerance with which people live and let live among their fellows, the more peaceful and flourishing society will be
Robert Higgs
The poor man is called a socialist if he believes that the wealth of the rich should be divided among the poor, but the rich man is called a financier if he devises a plan by which the pittance of the poor can be converted to his use.
William Jennings Bryan
What I'm saying to you this morning is that Communism forgets that life is individual. Capitalism forgets that life is social, and the Kingdom of Brotherhood is found neither in the thesis of Communism nor the antithesis of capitalism but in a higher synthesis.
Martin Luther King Jr.
Rather than justice for all, we are evolving into a system of justice for those who can afford it. We have banks that are not only too big to fail, but too big to be held accountable.
Joseph E. Stiglitz
And one day we must ask the question, "Why are there forty million poor people in America?" And when you begin to ask that question, you are raising questions about the economic system, about a broader distribution of wealth. When you ask that question, you begin to question the capitalistic economy.
Martin Luther King Jr.
Failure to recognize the historical specificity of the bourgeois conception of rights and duties leads to serious errors. It is for this reason that Marx registers...a vigorous indictment of the anarchist Proudhon... Proudhon in effect took the specifics of bourgeois legal and economic relations and treated them as universal and foundational for the development of an alternative, socially just economic system. From Marx's standpoint, this is no alternative at all since it merely re-inscribes bourgeois conceptions of value in a supposedly new form of society. This problem is still with us, not only because of the contemporary anarchist revival of interest in Proudhon's ideas but also because of the rise of a more broad-based liberal human rights politics as a supposed antidote to the social and political ills of contemporary capitalism. Marx's critique of Proudhon is directly applicable to this contemporary politics. The UN Universal Declaration of Human Rights of 1948 is a foundational document for a bourgeois, market-based individualism and as such cannot provide a basis for a thoroughgoing critique of liberal or neoliberal capitalism. Whether it is politically useful to insist that the capitalist political order live up to its own foundational principles is one thing, but to imagine that this politics can lead to a radical displacement of a capitalist mode of production is, in Marx's view, a serious error.
David Harvey
As the several items can be exchanged, they must be equal; but in what terms? Not in pounds, yards, or hours; they are equal in value. Then what is wanted is a unit of value to reckon by.
Isabel Paterson
What is a price? It is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. Past prices represent deals done in history. Current prices represent possible deals in the future. Prices embed vast information about perceived realities: resource availability, consumer demand, cultural biases and habits, speculations about the future. The price is also an amazing tool. It provides an objective basis for accounting and the assessment of profit and loss. Without prices, real prices rooted in real market experience, we’d been lost.
Jeffrey Tucker
When I discussed the nature of value, I observed that value is nothing inherent in goods and that it is not a property of goods. But neither is value an independent thing. There is no reason why a good may not have value to one economizing individual but no value to another individual under different circumstances. The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts. What one person disdains or values lightly is appreciated by another, and what one person abandons is often picked up by another.
Carl Menger
The first enslaving illusion is the idea that people are born to be consumers and that they can attain any of their goals by purchasing goods and services....What people do or make but will not or cannot put up for sale is as immeasurable and as invaluable for the economy as the oxygen they breathe.
Ivan Illich
If you bake a cupcake, the world has one more cupcake. If you become a circus clown, the world has one more squirt of seltzer down someone's pants. But if you win an Olympic gold medal, the world will not have one more Olympic gold medalist. It will just have you instead of someone else.
Steven E. Landsburg
To try to cure unemployment by inflation rather than by adjustment of specific wage-rates is like trying to adjust the piano to the stool rather than the stool to the piano.
Henry Hazlitt
Rights" are something made up by governments to make you feel like you're buying something with your taxes.
Stefan Molyneux
Income inequality has no necessary connection with poverty, the lack of material resources for a decent life, such as adequate food, shelter, and clothing. A society with great income inequality may have no poor people, and a society with no income inequality may have nothing but poor people.
Robert Higgs
The desire for an increase of wealth can be satisfied through exchange, which is the only method possible in a capitalist economy, or by violence and petition as in a militarist society, where the strong acquire by force, the weak by petitioning.
Ludwig von Mises
The demoralization that the debase­ment of the currency left in its wake played a major role in bring­ing Adolf Hitler into power in 1933.
Henry Hazlitt

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