Economics Society Quotes

The impact of the internet on economic development is shifting in two important directions. First, given the aging population and near-saturated market penetration in the advanced economies, most of the expansion of the internet related market will take place in developing countries like Pakistan, India, and Bangladesh. Secondly, the globalization of the internet is expected to increase the share of developing countries in the internet economy presenting a historic opportunity for the young and poor in Pakistan to improve their economic condition.

History shows that where ethics and economics come in conflict, victory is always with economics. Vested interests have never been known to have willingly divested themselves unless there was sufficient force to compel them.

We all know that 97% of the money in the world doesn't exist and that's thanks to Fractional Reserve Banking, or should I say fictional reserve banking." He grinned at his own joke, his smile partly hidden by his hair, "Money is no longer attached to the Gold Standard, therefore, it isn't based on anything. So when it says, 'I promise to pay the bearer on demand ten pounds,' I have to ask, ten pounds of what?" Silence. "The world is owned by the rich shareholder, the rich superstar, the rich industrialist, the rich aristocracy." He was now marching around the stage, "It doesn't matter who or what they are, if they're rich then they own a part of the world, but they only own it because they've got lots of money. Which means they own part of the 97% of the world’s fictional money, the pretend money that only exists on a computer." He stopped abruptly and stared out at the audience, "Which means that if they cashed in their fictional nonexistent money they'd get something like this ten pound note offering to pay the bearer the sum of ten pounds of nothing." He held the note aloft, "Which means the rich have managed to buy the entire world with paper nothing that has a value of nothing and we've let them do it.

Oil may run out, liquidity may dry up, but as long as ink flows freely, the next chapter of Life will continue to be written.

Civilizations have always been pyramidal in structure. As one climbs toward the apex of the social edifice, there is increased leisure and increasing opportunity to pursue hapiness. As one climbs, one finds also fewer and fewer people to enjoy this more and more. Invariably, there is a preponderance of the dispossessed. And remember this, no matter how well off the bottom layers of the pyramid might be on an absolute scale, they are always dispossessed in comparison with the apex.

It [economics] facilitates our understanding of the well-being of societies and the challenges they face; it explains many of the daily interactions between individuals, companies and governments, and it offers a guide to understanding political and social trends that are shaping our world.

Greg Ip

The mistake you make, don't you see,is in thinking one can live in a corrupt society without being corrupt oneself. After all, what do you achieve by refusing to make money? You're trying to behave as though one could stand right outside our economic system. But one can't. One's got to change the system, or one changes nothing. One can't put things right in a hole-and-corner way, if you take my meaning.

If the surprise outcome of the recent UK referendum - on whether to leave or remain in the European Union - teaches us anything, it is that supposedly worthy displays of democracy in action can actually do more harm than good. Witness a nation now more divided; an intergenerational schism in the making; both a governing and opposition party torn to shreds from the inside; infinitely more complex issues raised than satisfactory solutions provided. It begs the question 'Was it really all worth it' ?

If we do not fix education in Africa, we are heading for monumental economic disaster.

Institutionalized rejection of difference is an absolute necessity in a profit economy which needs outsiders as surplus people.