Best 930 quotes in «economics quotes» category

People used to make money, but somewhere along the way, it started making us.

People who have acquired academic degrees, without acquiring many economically meaningful skills, not only face personal disappointment and disaffection with society, but also have often become negative factors in the economy and even sources of danger, especially when they lash out at economically successful minorities and ethnically polarize the whole society they live in. . . . . In many places and times, soft-subject students and intellectuals have inflamed hostility, and sometimes violence, against many other successful groups.

Poverty in western Mexico is an Unconditional Sentence.

Populism offers the headless heart; ideology offers the heartless head.

Poverty was nature surviving in society; that the limitedness of food and the unlimitedness of men had come to an issue just when the promise of boundless increase of wealth burst in upon us made the irony only the more bitter.

Poverty can be brought about by law; it cannot be forbidden by law.

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.

Přestože byla většina opatření New Dealu později postupně zrušena, míra státních zásahů federální vlády do ekonomiky zůstala v USA od té doby již trvale na poměrně vysoké úrovni.

...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.

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.

Programmers have a saying: "garbage in, garbage out.

Preindustrial living standards are predictable based on knowledge of disease and environment. Differences in social energy across societies were muted by the Malthusian constraints. They had minimal impacts on living conditions. Since the Industrial Revolution, however, we have entered a strange new world in which economic theory is of little use in understanding differences in income across societies, or the future income in any specific society. Wealth and poverty are a matter of differences in local social interactions that are magnified, not dampened, by the economic system, to produce feast or famine.

Recognizing that the boundaries of the market are ambiguous and cannot be determined in an objective way lets us realize that economics is not a science like physics or chemistry, but a political exercise... If the boundaries of what you are studying cannot be scientifically determined, what you are doing is not a science.

Recent evidence confirms that retail prices of essential consumer goods in poor countries are not appreciably lower than in the United States or Western Europe. In fact, with deregulation and "free trade", the cost of living in many Third World cities is now higher than in the United States. My experience in Latin America and Haiti is that the prices of meat, fish and fresh vegetables are about the same as in the United States. Can you imagine eating on less than one dollar a day?

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

Recall that the minimum wage was initially conceived as a method to exclude undesirables from the workforce.

REJECTION is kind of your negative ILLUSION which has no value but it’s give you a CLUE to go for next level of your ACTION.

Rich or poor it’s nice to have money

Résumons en quatre mots le pacte social des deux états. Vous avez besoin de moi, car je suis riche et vous êtes pauvre ; faisons donc un accord entre nous : je permettrai que vous ayez l'honneur de me servir, à condition que vous me donnerez le peu qui vous reste pour la peine que je prendrai de vous commander.

Risk is one of the qualities of any good decision. This is so because, decision itself is a risk. Therefore, making a decision literally means, taking a risk... In tracing the histories of successful men and women, the first thing to notice in their lives is risk.

Rights" are something made up by governments to make you feel like you're buying something with your taxes.

Researchers may have some conscious or unconscious bias, either because of a strongly held prior belief or because a positive finding would be better for their career. (No one ever gets rich or famous by proving what doesn't cause cancer.)

Romanticism is man's revolt against reason, as well as against the condition under which nature has compelled him to live.

Rosamond, accustomed from her childhood to an extravagant household, thought that good housekeeping consisted simply in ordering the best of everything––nothing else 'answered;' and Lydgate supposed that 'if things were done at all, they must be done properly'–he did not see how they were to live otherwise. If each head of household expenditure had been mentioned to him beforehand, he would have probably observed that 'it could hardly come to much,' and if any one had suggested a saving on a particular article–for example, the substitution of cheap fish for dear–it would have appeared to him simply a penny-wise, mean notion.

Savers have to be punished so debtors can be saved. Why? Because if debtors are rescued, that makes it possible for more debts to be issued in the future. And why is that important? Because the banking system needs ever more loans in order to survive.

Save the trees! Return to the gold standard!

Seen from that future time, when every commodity the human mind could imagine would flow from the industrial horn of plenty in dizzy abundance, this would seem a scanty, shoddy, cramped moment indeed, choked with shadows, redeemed only by what it caused to be created. Seen from plenty, now would be hard to imagine. It would seem not quite real, an absurd time when, for no apparent reason, human beings went without things easily within the power of humanity to supply and lives did not flower as it was obvious they could.

Saying that you are moral because you believe in a god is like saying you are an economist because you play monopoly.

Rivera’s admiration for Stalin was equaled only by his admiration for Henry Ford. By the 1920s and ‘30s, nearly every industrial country in Europe and Latin America, as well as the Soviet Union, had adopted Ford’s engineering and manufacturing methods: his highly efficient assembly line to increase production and reduce the cost of automobiles, so that the working class could at least afford to own a car; his total control over all the manufacturing and production processes by concentrating them all in one place, from the gathering of raw materials to orchestrating the final assembly; and his integration, training, and absolute control of the workforce. Kahn, the architect of Ford’s factories, subsequently constructed hundreds of factories on the model of the Rouge complex in Dearborn, Michigan, which was the epicenter of Ford’s industrial acumen as well as a world-wide symbol of future technology. Such achievements led Rivera to regard Detroit’s industry as the means of transforming the proletariat to take the reins of economic production.

Setting a goal is like to set your destination point in your life GPS which could take you to your desire position as you dreamed about...

Since its appearance the view that prostitution is a product of capitalism has gained ground enormously. And as, in addition, preachers still complain that the good old morals have decayed, and accuse modern culture of having led to loose living, everyone is convinced that all sexual wrongs represent a symptom of decadence peculiar to our age.

Since 2000, we have seen a sharp decline in growth in output per person and its two components—growth in productivity and in hours of work per person—after corrections for the ups and downs of the business cycle. Because the basic data are unambiguous in registering a significant and deepening growth slowdown, the book’s title, The Rise and Fall of American Growth, has become a statement of fact.

Skillfully, and with calculation, the economic problems of Reconstruction were being changed by planters and capitalists to look like problems of politics and social recognition.

Socialism is politicized envy.

Socialism is an alternative to capitalism as potassium cyanide is an alternative to water.

Socialism and democracy are not identical, but they are simply different expressions of the same principle; they belong together, supplement each other, and one can never be incompatible with the other. Socialism without democracy is pseudo-socialism, just as democracy without socialism is pseudo-democracy. The democratic state is the only feasible form for a society organized on a socialist basis.

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.

Society has arisen out of the works of peace; the essence of society is peacemaking. Peace and not war is the father of all things. Only economic action has created the wealth around us; labor, not the profession of arms, brings happiness. Peace builds, war destroys.

Society is a hierarchy of rights and duties. Law exists to enforce the second, as much as to protect the first. Property is not a mere aggregate of economic privileges, but a responsible office. Its raison d’etre is not only income, but service. It is to secure its owner such means, and no more than such means, as may enable him to perform those duties, whether labour on the land, or labour in government, which are involved in the particular status which he holds in the system. He who seeks more robs his superiors, or his dependants, or both. He who exploits his property with a single eye to its economic possibilities at once perverts its very essence and destroys his own moral title, for he has ‘every man’s living and does no man’s duty.

Small differences in a system of great power can have enormous consequences. [Source: Al Jazeera 'Upfront' interview]

Social institutions assume a character which may almost be called sacramental, for they are the outward and imperfect expression of a supreme spiritual reality. Like the celestial order, of which it is the dim reflection, society is stable, because it is straining upwards.

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.

Socialism may be established by force, as in the Union of Soviet Socialist Republics—or by vote, as in Nazi (National Socialist) Germany. The degree of socialization may be total, as in Russia—or partial, as in England. Theoretically, the differences are superficial; practically, they are only a matter of time. The basic principle, in all cases, is the same.

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.

Some places will, however, be left behind. Not every city will succeed, because not every city has been adept at adapting to the age of information, in which ideas are the ultimate creator of wealth.

Sometimes he wondered if it wasn’t all a giant con, the gaggle of letters after his name, the dinners with Angela Merkel and Narendra Modi, the notes from Gordon Brown and Larry Summers. They were like those fake Oscar statues bought at ‘World’s Greatest Photocopier’ or ‘Best Lightbulb Changer in the Galaxy.’ When he died only his writing would remain, until it was rendered obsolete when oil and coal ran out and the species established its first settlement on Mars. Professor Chandra was the foremost trade economist in the world, could phone any finance minister in any country at any time and have them take his call. And yet, what if he had only convinced himself that the world envied him? What if, in reality, they felt sorry for him with his swollen ego and his Savile Row suits and his sculpted tri-continental accent?

So spoke the man whose importance originated in the golden harvest he had reaped with the resistless hand of force, from the the legal, but unfortunate possessors, in a far distant region, where the conviction of riches proves certain destruction to the hapless natives, and poverty is considered as the greatest crime their European plunderers can possibly be accused of.

Something needs to be said about the role of anonymity and digital pseudonyms. This is a topic for an essay unto itself, of course. Are true names really needed? Why are they asked for? Does the nation state have any valid reason to demand they be used? People want to know who they are dealing with, for psychological/evolutionary reasons and to better ensure traceability should they need to locate a person to enforce the terms of a transaction. The purely anonymous person is perhaps justifiably viewed with suspicion. And yet pseudonyms are successful in many cases. We rarely know whether someone who presents himself by some name is “actually” that person. Authors, artists, performers, etc., often use pseudonyms. What matters is persistence and nonforgeability. Crypto provides this.

Suppose that we believe that in 200 years, people would be prepared to pay a million dollars (that's in today's dollars, not inflated ones) to be able to have an unspoilt valley. Now imagine that today we can profit by cutting down the forest in the valley, which will never regrow. If we apply an annual discount rate of 5 percent, compounded exponentially, how big would that profit have to be to justify the loss of a million dollars in 2210? The answer, surprisingly, is just sixty dollars! That's all that a million dollars in 200 years is worth, at that rate of discount. Obviously, then, if we use a 5 percent discount rate, values gained one thousand years in the future scarcely count at all. This is not because of any uncertainty about whether there will be human beings or other sentient creatures inhabiting this planet at that time, but merely because of the compounding effect of the rate of return on money invested now.

Sustainability is no longer about doing less harm to our environment. It's about doing more good towards our Planet Earth, Humanity, and future generations (Andres Vicente Durandeau Lalanne, Founder of the Ubuntu Group Ltd.)