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Quote by Jim Stanford

“Capitalism, in contrast, has existed for fewer than 300 years. If the entire history of Homo sapiens was a 24-hour day, then capitalism has existed for two minutes.”

Quote by Jim Stanford

Book:Economics for everyone: a short guide to the economics of capitalism

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Economics for everyone: a short guide to the economics of capitalism

This book provides a clear and accessible introduction to the fundamental aspects of capitalism, covering topics such as market dynamics, supply and demand, and the role of government in economic policy. more

Author

Jim Stanford is an economist born on March 3, 1961. He has made significant contributions to the field of economics, particularly in labor economics and macroeconomic policy. more

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“Economic systems come, and economic systems go. No economic system lasts forever. Capitalism is not likely to last forever, either.”

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Book:Economics for everyone: a short guide to the economics of capitalism

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“Proving that profit is economically and morally justifiable, rather than the result of exploitation, has been a central preoccupation of neoclassical economists.”

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“Employers crave the power to fire workers whose performance is judged inferior-not just to get rid of those particular workers, but more importantly to motivate and discipline the rest of the workforce.”

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Book:Economics for everyone: a short guide to the economics of capitalism

Source: Economics for everyone: a short guide to the economics of capitalism

“I think the most productive thing to do during times of change is to be your best self, not the best version of someone else.”

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“Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.”

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Book:Economics for everyone: a short guide to the economics of capitalism

Source: Economics for everyone: a short guide to the economics of capitalism

“Apart from their work and production, households perform other important economic functions. Most CONSUMPTION occurs within the household. ... In developed capitalist economies, private consumption spending accounts for half or more of GDP.”

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Book:Economics for everyone: a short guide to the economics of capitalism

Source: Economics for everyone: a short guide to the economics of capitalism

“Like a forensic accountant trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds.”

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Book:Economics for everyone: a short guide to the economics of capitalism

Source: Economics for everyone: a short guide to the economics of capitalism

“Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism.”

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Book:Economics for everyone: a short guide to the economics of capitalism

Source: Economics for everyone: a short guide to the economics of capitalism

“We know that investment causes growth. But it is also true that growth causes investment.”

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Book:Economics for everyone: a short guide to the economics of capitalism

Source: Economics for everyone: a short guide to the economics of capitalism

“This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked.”

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Author:Jim Stanford