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Quote by Robert H. Frank

“Getting the economy back on its feet is properly viewed as an investment in future prosperity. When businesses and consumers confront attractive investment opportunities, often the only way to seize them is by borrowing. The same is true for government. Contrary to the pronouncements of critics of economic stimulus, these investments will not impoverish our grandchildren. Continuing to allow the economy to languish in recession is the surest way to impoverish them.”

Quote by Robert H. Frank

Author

Robert H. Frank

Robert H. Frank is a renowned economist born on January 2, 1945. He has conducted extensive research in various fields of economics, particularly in the areas of consumer choice, market behavior, and income distribution. Professor Frank is known for his profound insights into economics and his focus on social issues. more

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“Only the federal government has the power to spend beyond its current revenue. It shouldn't do that when the economy is at full employment. But it's an essential step for an economy mired in recession.”

Government Steps Economy Essentials Currents Employment Federal Government Revenue Recessions

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“As economists have long noted, the puzzle is not that so few people vote, it's that so many do. After all, no individual's vote has ever tipped the balance in a presidential election.”

People Long Individual Balance Vote Election Presidential Puzzles Economist Presidential Election

Author:Robert H. Frank

“Adam Smith's uncritically enthusiastic modern disciples portray his invisible hand theory as saying that market forces reliably harness selfish individuals to serve the common good. That's often true, but as Darwin recognized clearly, many traits that serve the interests of individual animals make life more difficult for larger groups.”

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“No society has ever succeeded without a decent government.”

Government Decent

Author:Robert H. Frank

“Unless we can act collectively, there would be no way to defend ourselves, no way to define or enforce property rights. We couldn't curb congestion or pollution or build and maintain public infrastructure.”

Way Would Be Rights Property Pollution Infrastructure Property Rights Curb Congestion

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“If government is inevitable, the challenge is to come up with the most effective one possible.”

Ifs Government Challenges Come Up Inevitable

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“John Stuart Mill believed that the only acceptable reason for government to limit a person's liberty was to prevent him from causing unacceptable harm to others. Mill was not a libertarian, but many libertarians are quick to cite this principle when arguing against a regulation that they oppose. And I believe most thoughtful libertarians are prepared to embrace something fairly close to Mill's harm principle. But accepting that principle implies accepting many of the institutions of the modern welfare state that libertarians have vigorously opposed in the past, such as safety regulation.”

“We've long known that firms can pay higher wages if they spend less on workplace safety enhancement. Libertarians ask, "If a worker is willing to accept higher wages in return for his agreement to exercise greater caution while performing his job, why should the government prevent him from making that choice?" It's a rhetorically powerful question, yet it overlooks the fact that the agreement in question will have adverse effects on others.”

“One reason that might motivate a worker to accept a riskier job at higher pay, for example, would be that doing so would enable him to bid more effectively for a house in a better school district. But if other workers did likewise, none would achieve the goal they were striving for.”

Ifs Reason Might Would Be School Jobs House Goal Pay Accepting Achieve Example Higher Strive Workers School Districts

Author:Robert H. Frank

“A good school is a relative concept, and the better schools are located in more expensive neighborhoods. But when everyone bids more for a house in a better school district, they succeed only in bidding up the prices of those houses. As before, 50 percent of all children will attend schools in the bottom half of the school quality distribution. As in the familiar stadium metaphor, all stand, hoping to get a better view, only to discover that no one sees better than if all had remained seated.”

Ifs Children School House Views Half Quality Succeed Percent Concepts Bottom Metaphor Familiar Expensive Neighborhood Relative Distribution Stadiums Bidding Good School School Districts

Author:Robert H. Frank