Best 930 quotes in «economics quotes» category

On the whole, however, it was accepted that money not only talked, but governed. All the industrialist had to get to be accepted among the governors of society was enough money.

Or how does it happen that trade, which after all is nothing more than the exchange of products of various individuals and countries, rules the whole world through the relation of supply and demand—a relation which, as an English economist says, hovers over the earth like the fate of the ancients, and with invisible hand allots fortune and misfortune to men, sets up empires and overthrows empires, causes nations to rise and to disappear—while with the abolition of the basis of private property, with the communistic regulation of production (and implicit in this, the destruction of the alien relation between men and what they themselves produce), the power of the relation of supply and demand is dissolved into nothing, and men get exchange, production, the mode of their mutual relation, under their own control again?

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.

Our knowledge of dynamic processes is necessarily inferior to our ability to describe stationary conditions.

Our market-intensive societies measure material progress by the increase in the volume and variety of commodities produced. And taking our cue from this sector, we measure social progress by the distribution of access to these commodities. Economics has been developed as propaganda for the takeover by large-scale commodity producers.

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.

Our obsession with scarcity makes us take for granted the very things that our survival depends on—air, water, climate, food, safety or even relationships. It’s only when something critically important becomes scarce and hence expensive that the human mind begins to acknowledge its value.

Our problem is not to trace the emergence of a world market, of a sufficiently active class of private entrepreneurs, or even (in England) of a state dedicated to the proposition that the maximization of private profit was the foundation of government policy...By the 1780s we can take the existence of all these for granted...

Our society gives its economy priority over health, love, truth, beauty, sex and salvation; over life itself. Whatsoever is given precedence over life will take precedence over life, and will end in eliminating life. Since economics, at its most abstract level, is the religion of our people, no noneconomic happening, not even one as potentially spectacular as the Second Coming, can radically alter the souls of our people.

OUR SOCIETY IS CONTROLLED BY LAWYERS AND FINANCIERS "PROBLEM MAKERS WE NEED TO EVOME TO A SOCIETY LEAD BY CREATORS, ENGINEERS, SCIENTISTS PROBLEM SOLVERS. SURELY WE WILL HAVE MORE INGENUITY COOPERATION AND PEACE

Parents are not alone in focusing their expectations on success at the graduation exam: The whole education system colludes with them. The curriculum and organization of schools often date back to a colonial past, when schools were meant to train a local elite to be the effective allies of the colonial state, and the goal was to maximize the distance between them and the rest of the populace.

People above the line of bare subsistence in this age, and in all earlier ages, do not use the surplus which society has given them primarily for useful purposes. They do not seek to expand their lives, to live more wisely, intelligently, understandingly, but to impress other people with the fact that they have a surplus.

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

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.

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

...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.

Poverty in western Mexico is an Unconditional Sentence.

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.

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.

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

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.

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.

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

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.

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

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

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?

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.

Rich or poor it’s nice to have money

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.

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.)

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

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.

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.

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.

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.

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

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!

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...

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.

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.

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.

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

Socialism is politicized envy.

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.