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Economic Growth Quotes

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Economic Growth Quotes

“Economic growth doesn't mean the growth of disparity, it means the end of disparity. And we can never end disparity from our society unless we cut off all ties with luxury, preferably by individual accountability, if not, then by means of policy.”

“But if today's low-income countries are to move from poverty to an incipient affluence... then none of those factors could make a difference without the rising consumption of fuels and electricity: a decoupling of economic growth and energy consumption during early stages of modern economic development would defy the laws of thermodynamics." (p. 350, italics added)”

“Just like how most if not all poor boys look up to and aspire to someday be rich men, most if not all underdeveloped and developing countries look up to and aspire to someday be developed countries.”

“Perhaps the answer is that it is necessary to slow down, finally giving up on economistic fanaticism and collectively rethink the true meaning of the word “wealth.” Wealth does not mean a person who owns a lot, but refers to someone who has enough time to enjoy what nature and human collaboration place within everyone’s reach. If the great majority of people could understand this basic notion, if they could be liberated from the competitive illusion that is impoverishing everyone’s life, the very foundations of capitalism, would start to crumble (p. 169).”

“For their never-ending endeavours to obtain or retain wealth, countries desperately need companies, because they—unlike most human beings—have the means of production, and human beings, because they—unlike all companies—have the means of reproduction.”

“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.”

“Disparity, Education and Economy Every dollar spent on luxury is a dollar of disparity. Citizens of earth could force big tech to pay their employees fair wages tomorrow, if they just stop buying their fancy, overpriced products and go for humbler alternatives unless the companies bring down their disparities in salary. The CEO may enjoy certain benefits of their position, but not until those working at the bottom can afford the fundamentals of life for their family. I'll say it to you plainly. An employee wronged is a company wronged. You see, trying to build a disparity-free economy pursuing revenue is like trying to achieve pregnancy through vasectomy. So long as greed drives the economy, it's not economy, but catastrophe. So long as greed drives the industries, it's not industrialization, it is vandalization. Ambition to climb the ladder of status so that you could be on the affluent side of disparity, is no ambition of a civilized human, it's the ambition of a caveman. So, before you pursue an ambition in life, educate yourself on a civilized definition of ambition. Yet the situation in our world is so pathetic that that's exactly the kind of ambition educational institutes sell. Schools and universities don't teach you to build a civilized society free from disparity, they teach you clever tactics to be on the affluent side of disparity. This is not education, this is castration. Concern for the society should be the bedrock of education - collective welfare should be the bedrock of economy - if not, we might as well start living as hobos on the streets, because with greed as the driving principle of education and economy, sooner or later all of us will end up on the streets.”

“The general economic growth of the quarter of a century that followed World War II not surprisingly created many illusions. In the West, people thought that they had found in Keynesianism the definitive solution to the problem of crises and unemployment. It was thus thought that the world had entered into an era of perpetual prosperity and definitive mastery of the business cycle. In the socialist world, it was also thought that the model formula for even higher growth had been discovered which enabled Khruschev to announce victoriously that by 1980 the USSR would have overtaken the united States "in every domain." In the third world of Africa and Asia, the national liberation movements which had seized political independence, also had a battery of prescriptions which, in a mix of capitalist and socialist recipes, in doses that varied from case to case, would enable these movements to overcome "underdevelopment" in "interdependence.”

“If the Sun is the source of flow in the economy of nature, what is the “Sun” of a human gift economy, the source that consonantly replenishes the flow of gifts? Maybe it is love.”