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Quote by Paul Samuelson

“Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.”

Quote by Paul Samuelson

Author

Paul Samuelson was an American economist renowned for his contributions to the field of economics. Born on May 15, 1915, and passing away on December 13, 2009, Samuelson was a significant figure in modern economics. His book 'Economics' has been widely used as a textbook in universities. more

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“All those who, since Adam Smith, have turned their attention to Political Economy, agree that in reality we do not buy articles of consumption with money, the circulating medium with which we pay for them. We must in the first instance have bought this money itself by the sale of our produce.”

Firsts Wisdom Reality Political Politics Pay Attention Economy Produce Agree Mediums Instance Liberalism Articles Adam Consumption Political Economy

Book:Letters to Thomas Robert Malthus on Political Economy and Stagnation of Commerce

Source: Letters to Thomas Robert Malthus on Political Economy and Stagnation of Commerce

“To a proprietor of a mine, the silver money is a produce with which he buys what he has occasion for. To all those through whose hands this silver afterwards passes, it is only the price of the produce which they themselves have raised by means of their property in land, their capitals, or their industry. In selling them they in the first place exchange them for money, and afterwards they exchange the money for articles of consumption.”

Firsts Mean Hands Politics Economy Land Produce Mines Industry Property Raised Selling Occasions Liberalism Silver Articles Consumption

Book:Letters to Thomas Robert Malthus on Political Economy and Stagnation of Commerce

Source: Letters to Thomas Robert Malthus on Political Economy and Stagnation of Commerce

“To the labor of man alone Smith ascribes the power of producing values. This is an error. A more exact analysis demonstrates... that all the values are derived from the operation of labor, or rather from the industry of man, combined with the operation of those agents which nature and capital furnish him.”

Men Values Politics Economy Industry Labor Errors Agents Operations Analysis Liberalism

Author:Jean-Baptiste Say

“The very foundation of private property and free contracting wears away in a nation in which its most vital, most concrete, most meaningful types of private property and free contracting disappear from the moral horizon of the people.”

People Politics Nations Moral Economy Type Foundation Property Disappear Meaningful Liberalism Horizon Concrete Private Property Most Meaningful Contracting

Book:Capitalism, Socialism and Democracy

Source: Capitalism, Socialism and Democracy

“There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.”

May Doe Form Politics Results Existence Economy Creation Development Logic Method Available Liberalism Strict Obtaining Purchasing Purchasing Power

Author:Joseph A. Schumpeter

“Access to the national dividend is usually to be had only on condition of some productive service previously rendered or of some product previously sold. This condition is, in this case, not yet fulfilled. It will be fulfilled only after the successful completion of the new combinations. Hence this credit will in the meantime affect the price level.”

Politics Levels Cases Economy Successful Conditions Products Credit Access Combination Liberalism Productive Fulfilled Completion Dividends

Book:The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle

Source: The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle

“The banker, therefore, is not so much primarily a middleman in the commodity "purchasing power" as a producer of this commodity. However, since all reserve funds and savings today usually flow to him, and the total demand for free purchasing power, whether existing or to be created, concentrates on him, he has either replaced private capitalists or become their agent; he has himself become the capitalist par excellence.”

Source: The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle

“It is not socialist, as some of our critics contend. It isn't purely capitalist, either. It is a new way. A third way. A more humane, trusting, productive, exhilarating, and, in every sense, rewarding way.”

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Author:Ricardo Semler

“There are a few men whom slavery holds fast, but there are many more who hold fast to slavery.”

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Author:Seneca the Younger

“No one can hold absolute power for long, controlled power endures.”

Long Wisdom Politics Economy Absolutes Endure Liberalism Controlled Absolute Power

Author:Seneca the Younger