“If an economy in the doldrums could drift indefinitely, the price of government inaction might be graver by far than the consequences of bold unorthodoxy.” IfsGovernmentMightEconomyConsequenceInactionDoldrums Book:The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers Source: The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers
“The change began with John Stuart Mill and the Utopians . When Mill pointed out that economics had no ultimate solution to the problem of distribution , that society might do with the fruits of its toil as it saw fit, he introduced into the mechanical calculus of the market a conflicting calculus of moral judgment.” ProblemMightMoralSawsFitJudgmentSolutionsEconomicsUltimateFruitToilDistributionMillsCalculusMoral Judgment Author:Robert Heilbroner
“Very few of the heroes of the Golden Age of American finance had much interest in the solid realities of what underlay their structure of stocks and bonds and credits. Later on, a Henry Ford might introduce an era of intensely production-minded captains of industry, but the Harrimans, Morgans, Fricks, and Rockefellers were far more interested in the exciting manipulation of huge masses of intangible wealth than in the humdrum business of turning out goods.” RealityMightAgeInterestWealthHugeIndustryHeroMassCapitalismExcitingStructureProductionsCreditGoldenFinanceErasGoodsManipulationIntroducingCaptainsGolden AgeIntangibleHumdrumCaptains Of Industry Author:Robert Heilbroner
