Best 930 quotes in «economics quotes» category

America isn't breaking apart at the seams. The American dream isn't dying. Our new racial and ethnic complexion hasn't triggered massive outbreaks of intolerance. Our generations aren't at each other's throats. They're living more interdependently than at any time in recent memory, because that turns out to be a good coping strategy in hard times. Our nation faces huge challenges, no doubt. So do the rest of the world's aging economic powers. If you had to pick a nation with the right stuff to ride out the coming demographic storm, you'd be crazy not to choose America, warts and all.

Americans “are stuck in a society that ensures none of the fundamental opportunities that people need to achieve even basic middle-class comforts. This condemns Americans to an anxiety-ridden battle where a person had better be special, because the alternative is not succeeding at all.

A micro-task is best described as a task which is simple, repetitive or highly algorithmic in nature. Each executed task lasts between a few minutes to a few hours, and this short life-cycle ensures that a task can be contracted, completed and paid for expeditiously, often within the transaction window itself

Americans were happy to celebrate their super-rich and, at least sometimes, worry about their poor. But putting those two conversations together and talking about economic inequality was pretty much taboo.

An artist that makes art merely to meet a demand is a slave to what his patrons wants to see, or, hear.

And yet all the gold is in England, it is dug up from Portuguese and Spanish mines, but it flows by some occult power of attraction to the Tower of London.” “Flows,” Caroline repeated. “Flows, like a current.” Sophie nodded. “And the English have grown so used to this that they use ‘currency’ as a synonym for money, as if no distinction need be observed between them.

An ever growing part of our major institutions’ functions is the cultivation and maintenance of three sets of illusions which turn the citizen into a client to be saved by experts...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. This illusion is due to an educated blindness to the worth of use-values in the total economy. In none of the economic models serving as national guidelines is there a variable to account for non-marketable use-values any more than there is a variable for nature's perennial contribution.

Apart from the economic value, money does have high moral value.

A person's right to a job is as specious as his boss' right to success in business. There is no right to a minimum wage, just as there is no right to success in self-employment.

A religious theory of society necessarily regards with suspicion all doctrines which claim a large space for the unfettered play of economic self-interest. To the latter the end of activity is the satisfaction of desires, to the former the felicity of man consists in the discharge of obligations imposed by God. Viewing the social order as the imperfect reflection of a divine plan, it naturally attaches a high values to the arts by which nature is harnessed to the service of mankind. But, more concerned with ends than with means, it regards temporal goods as at best instrumental to a spiritual purpose, and its standpoint is that of Bacon, when he spoke of the progress of knowledge as being sought for ‘the glory of the Creator and the relief of man’s estate.

Arguing that the only problem with a free market is lack of competition, is like arguing that that the only problem with prostitution is that there aren't enough pimps.

As Thorstein Veblen correctly surmised over a century ago, the failure of economics to become an evolutionary science is the product of the optimizing framework of the underlying paradigm, which is inherently antithetical to the process of evolutionary change. This is the primary reason why the neoclassical mantra that the economy must be perceived as the outcome of the decisions of utility-maximizing individuals must be squarely rejected.

A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society.

A specter is haunting the modern world, the specter of crypto anarchy. Computer technology is on the verge of providing the ability for individuals and groups to communicate and interact with each other in a totally anonymous manner. Two persons may exchange messages, conduct business, and negotiate electronic contracts without ever knowing the true name, or legal identity, of the other. Interactions over networks will be untraceable, via extensive rerouting of encrypted packets and tamper-proof boxes which implement cryptographic protocols with nearly perfect assurance against any tampering. Reputations will be of central importance, far more important in dealings than even the credit ratings of today. These developments will alter completely the nature of government regulation, the ability to tax and control economic interactions, the ability to keep information secret, and will even alter the nature of trust and reputation.

As the war progresses, and as population increases to an even more intolerable level stretching resources to impossible lengths, the strong will begin fighting for their very survival. That’s what we’re seeing right now. Society will become more and more stratified into the people who aren’t buying the bullshit in society and those who blindly follow where they are led. Satanists, freethinkers, are a burgeoning minority cause. We have an illness that needs to be recognized just like alcoholism, handicaps, addictive behaviors and AIDS. We suffer from a disease called independence — a pathological aversion to regimentation and institutionalism — which prevents us from getting ‘regular’ jobs and living a ‘normal’ life.

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.

As times change and social mechanisms evolve, it seems to me, different survival instincts come into play. In social terms the Cultural Revolution was a simple era whereas today's society is complex and chaotic. One of Mao Zedong's remarks sums up a basic characteristic of the Cultural Revolution. 'We should support whatever the enemy opposes,' he said. 'and oppose whatever the enemy supports.' The Cultural Revolution was an era when everything was painted in black and white, when the eney was always wrong and we were always right; nobody had the courage to suggest that the enemy might sometimes be right and we might be sometimes be wrong. Deng Xiaoping, in turn, said something that captures the zeitgeist of our current age: 'A cat that catches the mouse is a good cat, no matter whether it is black or white.' In so saying, he overturned Mao's system of values and pointed out a fact long evident in Chinese society: right and wrong often coexist in a single phenomenon and interact in a dynamic of mutual displacement. At the same time, his comment put an end to the argument about where socialism and capitalism belong in China's economic development. So China moved from Mao Zedong's monochrome era of politics-in-command to Deng Xiaoping's polychrome era of economics above all.

As the saying goes, ‘he who has a hammer sees everything as a nail’. If you approach a problem from a particular theoretical point of view, you will end up asking only certain questions and answering them in particular ways. You might be lucky, and the problem you are facing might be a ‘nail’ for which your ‘hammer’ is the most appropriate tool. But, more often than not, you will need to have an array of tools available to you. You are bound to have your favourite theory. There is nothing wrong with using one or two more than others — we all do. But please don’t be a man (or a woman) with a hammer — still less someone unaware that there are other tools available. To extend the analogy, use a Swiss army knife instead, with different tools for different tasks.­

As times change and social mechanisms evolve, it seems to me, different survival instincts come into play. In social terms the Cultural Revolution was a simple era whereas today's society is complex and chaotic. One of Mao Zedong's remarks sums up a basic characteristic of the Cultural Revolution. 'We should support whatever the enemy opposes,' he said. 'and oppose whatever the enemy supports.' The Cultural Revolution was an era when everything was painted in black and white, when the enemy was always wrong and we were always right; nobody had the courage to suggest that the enemy might sometimes be right and we might be sometimes be wrong. Deng Xiaoping, in turn, said something that captures the zeitgeist of our current age: 'A cat that catches the mouse is a good cat, no matter whether it is black or white.' In so saying, he overturned Mao's system of values and pointed out a fact long evident in Chinese society: right and wrong often coexist in a single phenomenon and interact in a dynamic of mutual displacement. At the same time, his comment put an end to the argument about where socialism and capitalism belong in China's economic development. So China moved from Mao Zedong's monochrome era of politics-in-command to Deng Xiaoping's polychrome era of economics above all.

As UC Berkeley economics professor Brad DeLong put it to me: You get famine if the price of food spikes far beyond that of some people's means. This can be because food is short, objectively. This can be because the rich have bid the resources normally used to produce food away to other uses. You also get famine when the price of food is moderate if the incomes of large groups collapse.... In all of this, the lesson is that a properly functioning market does not seek to advance human happiness but rather to advance human wealth. What speaks in the market is money: purchasing power. If you have no money, you have no voice in the market. The market acts as if it does not know you exist and does not care whether you live or die. DeLong describes a marketplace that leaves people to die - not out of malice , but out of indifference.

At the same time, however, the necessity for economic change in our countries has led us to conceive laws and accept traditions often at the expense of the individual person. Just when many are becoming conscious of the fundamental heritage of the Judeo-Christian tradition to respect each human person, friend or foe, within the actual structure of our society to apply this truth. The very efficiency demanded by our technocratic industrial society renders the life of the old, the unstable and the handicapped almost impossible. as the values of efficiency, individualism, and wealth become the only motivations, they tend to stifle the profound aspirations of man so that little by little he loses all sense of fellowship and community.

At times there's something so precise and mathematically chilling about nationalism. Build a dam to take away water AWAY from 40 million people. Build a dam to pretend to BRING water to 40 million people. Who are these gods that govern us? Is there no limit to their powers?

Autumn is a momentum of the natures golden beauty…, so the same it’s time to find your momentum of life

A valid contract requires voluntary offer, acceptance, and consideration.

A wealth of research confirms the importance of face-to-face contact. One experiment performed by two researchers at the University of Michigan challenged groups of six students to play a game in which everyone could earn money by cooperating. One set of groups met for ten minutes face-to-face to discuss strategy before playing. Another set of groups had thirty minutes for electronic interaction. The groups that met in person cooperated well and earned more money. The groups that had only connected electronically fell apart, as members put their personal gains ahead of the group’s needs. This finding resonates well with many other experiments, which have shown that face-to-face contact leads to more trust, generosity, and cooperation than any other sort of interaction. The very first experiment in social psychology was conducted by a University of Indiana psychologist who was also an avid bicyclist. He noted that “racing men” believe that “the value of a pace,” or competitor, shaves twenty to thirty seconds off the time of a mile. To rigorously test the value of human proximity, he got forty children to compete at spinning fishing reels to pull a cable. In all cases, the kids were supposed to go as fast as they could, but most of them, especially the slower ones, were much quicker when they were paired with another child. Modern statistical evidence finds that young professionals today work longer hours if they live in a metropolitan area with plenty of competitors in their own occupational niche. Supermarket checkouts provide a particularly striking example of the power of proximity. As anyone who has been to a grocery store knows, checkout clerks differ wildly in their speed and competence. In one major chain, clerks with differing abilities are more or less randomly shuffled across shifts, which enabled two economists to look at the impact of productive peers. It turns out that the productivity of average clerks rises substantially when there is a star clerk working on their shift, and those same average clerks get worse when their shift is filled with below-average clerks. Statistical evidence also suggests that electronic interactions and face-to-face interactions support one another; in the language of economics, they’re complements rather than substitutes. Telephone calls are disproportionately made among people who are geographically close, presumably because face-to-face relationships increase the demand for talking over the phone. And when countries become more urban, they engage in more electronic communications.

A woman's income appeal is a bell-shaped curve: men do not want to date low-earning women, but once a woman starts earning too much, they seem to be scared off.

Ban privileges. The rules of the game should be the same to all players, regardless of their size, location, or any other criteria

Because we bump into reinforcing loops so often, it is handy to know this shortcut: The time it takes for an exponentially growing stock to double in size, the “doubling time,” equals approximately 70 divided by the growth rate (expressed as a percentage). Example: If you put $100 in the bank at 7% interest per year, you will double your money in 10 years (70 ÷ 7 = 10). If you get only 5% interest, your money will take 14 years to double.

best practices are useful reference points, but they must come with a warning label : The more you rely on external intelligence, the less you will value an internal idea. And this is the age of the idea

Be they pharaohs or freeholders, barons or farmers, landowners have been the most capable, most intrepid, and most assertive members of civilized society.

Billions of dollars, trying unsuccessfully to keep drugs out of the world’s most porous border? One-tenth of the anti-drug budget going into education and treatment, nine-tenths of those billions into interdiction? And not enough money from anywhere going into the root causes of the drug problem itself. And the billions spent keeping drug offenders locked up in prison, the cells now so crowded we have to give early release to murderers. Not to mention the fact that two-thirds of all the “non-drug” offenses in America are committed by people high on dope or alcohol. And our solutions are the same futile non-solutions—build more prisons, hire more police, spend more and more billions of dollars not curing the symptoms while we ignore the disease. Most people in my area who want to kick drugs can’t afford to get into a treatment program unless they have blue-chip health insurance, which most of them don’t. And there’s a six-month-to-two-year waiting list to get a bed in a subsidized treatment program. We’re spending almost $2 billion poisoning cocaine crops and kids over here, while there’s no money at home to help someone who wants to get off drugs. It’s insanity.

Both political parties have moved to the right during the neoliberal period. Today’s New Democrats are pretty much what used to be called “moderate Republicans.” The “political revolution” that Bernie Sanders called for, rightly, would not have greatly surprised Dwight Eisenhower. The fate of the minimum wage illustrates what has been happening. Through the periods of high and egalitarian growth in the ‘50s and ‘60s, the minimum wage—which sets a floor for other wages—tracked productivity. That ended with the onset of neoliberal doctrine. Since then, the minimum wage has stagnated (in real value). Had it continued as before, it would probably be close to $20 per hour. Today, it is considered a political revolution to raise it to $15.

Bullshit jobs proliferate today in large part because of the peculiar nature of managerial feudalism that has come to dominate wealthy economiesーbut to an increasing degree, all economies. They cause misery because human happiness is always caught up in a sense of having effects on the world; a feeling which most people, when they speak of their work, express through a language of social value. Yet at the same time they are aware that the greater the social value produced by a job, the less one is likely to be paid to do it.

But a progressive policy needs more than just a bigger break with the economic and moral assumptions of the past 30 years. It needs a return to the conviction that economic growth and the affluence it brings is a means and not an end. The end is what it does to the lives, life-chances and hopes of people. Look at London. Of course it matters to all of us that London's economy flourishes. But the test of the enormous wealth generated in patches of the capital is not that it contributed 20%-30% to Britain's GDP but how it affects the lives of the millions who live and work there. What kind of lives are available to them? Can they afford to live there? If they can't, it is not compensation that London is also a paradise for the ultra-rich. Can they get decently paid jobs or jobs at all? If they can't, don't brag about all those Michelin-starred restaurants and their self-dramatising chefs. Or schooling for children? Inadequate schools are not offset by the fact that London universities could field a football team of Nobel prize winners.

But the purpose of agriculture is quite different from that of a factory. It has to provide food in order that the race may flourish and persist. The best results are obtained if the food is fresh and the soil is fertile. Quality is more important than weight of produce. Farming is therefore a vital matter for the population and ranks with the supply of drinking water, fresh air, and protection from the weather. Our water supplies do not always pay their way; the provision of green belts and open spaces does not yield a profit; our housing schemes are frequently uneconomic. Why, then, should the quality of the food on which still more depends than water, oxygen, or warmth be looked at in a different way? The people must be fed whatever happens. Why not, then, make a supreme effort to see that they are properly fed? [...] The financial system, after all, is but a secondary matter. Economics therefore, in failing to insist on these elementary truths, has been guilty of a grave error of judgement.

But the economy's out of control. Money just doesn't need human beings anymore. Most of us only get in the way.

But this is your home' 'Not any longer, my poppet. Women make nests but men make bequests and scatter them. Heigh-ho!

By and large, the poor do not want some small life. They don't want to game the system or eke out an existence; they want to thrive and contribute.

By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.

Calvin did for the bourgeoisie of the sixteenth century what Marx did for the proletariat of the nineteenth.

Campaign donors buy a get out of jail pass... essentially, fraud has been decriminalized.

Capitalism is not a form of government. Capitalism is a symptom of freedom. It is the result of individual rights, which include property rights.

Can we actually suppose that we are wasting, polluting, and making ugly this beautiful land for the sake of patriotism and the love of God? Perhaps some of us would like to think so, but in fact this destruction is taking place because we have allowed ourselves to believe, and to live, a mated pair of economic lies: that nothing has a value that is not assigned to it by the market; and that the economic life of our communities can safely be handed over to the great corporations. (from 'Compromise, Hell!' published in the November/December 2004 issue of ORION magazine)

Deleting welfare didn't eliminate poverty itself. We might as well have expected to conquer aging by overturning Social Security.

Don't you know there's another bubble as well? An expectations bubble. Bigger houses, private planes, yachts... stupid salaries and bonuses. People come to desire these things and expect them. But the expectations bubble will burst as well, as all bubbles do.

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.

Economic crises breed war.

Economics also has to become a fundamentally monetary discipline—from the consideration of how individuals make market decisions through to our understanding of macroeconomics. The myth of "the money illusion" (which can only be true in a world without debt) has to be immediately dispelled, while our macroeconomics have to reflect a monetary economy in which nominal magnitudes matter, precisely because they are the link between the value of current output and the financing of accumulated debt. The dangers of excessive debt and deflation simply cannot be comprehended from a neoclassical perspective. The discipline must also become fundamentally empirical, in contrast to the faux empiricism of econometrics. By this I mean basing itself on the economic and financial data first and foremost—the collection and interpretation of which has been the hallmark of contributions by econophysicists—and by respecting economic history, a topic which has been systematically expunged from economics departments around the world.

Economics is a science with excellent tools for gaining answers but a serious shortage of interesting questions.

Economics is only considered the dismal science because economists are so often called on to clean up after innumerate politicians.