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Economic Quotes

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Economic Quotes

“The notion that a society could be regulated entirely by market forces is a utopian fantasy: an impossible dream generated by imagining what the world would be like if everyone's behavior was utterly consistent with some abstract moral ideal-in this case, economic theories that assume all human action is based on calculating, systematic, (but scrupulously law-abiding), greed.”

“The most basic inherent constraint is that neither time nor wisdom are free goods available in unlimited quantity. This means that in social processes, as in economic processes, it is not only impossible to attain perfection but irrational to seek perfection- or even to seek the best possible result in each separate instance.”

Mean Social Process Results Impossible Economic Perfection Available Instance Goods Quantity Inherent Irrational Unlimited Constraints

Author:Thomas Sowell

“It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.”

Ifs Doe Facts Challenges Pay Attention Impossible Economic Economics Pay Attention Conceit

Book:Human Action

Source: Human Action

“It is impossible to understand the economic system in which we are living if we try to interpret it as a rational scheme.It has to be understood as an awkward phase in a continuing process of historical development.”

Ifs Trying Process Impossible Economic Development Understood Historical Rational Awkward Phases Schemes Continuing Economic Systems

Author:Edwin Arlington Robinson

“The excellence of metallic money in free circulation consists in the fact that it renders impossible the abuse of the power of the government to dispose of the possessions of its citizens by means of its monetary policy and thus serves as the solid foundation of economic liberty within each country and of free trade between one country and another.”

“...By combining a popular hatred of the class of entrepreneurs with the blow already given to social security by the violent and arbitrary disturbance of contract,... governments are fast rendering impossible a continuance of the social and economic order of the nineteenth century.”

Source: The Economic Consequences of the Peace: The classic text on the Treaty of Versailles and post war Europe

“I am sure the euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created.”

Impossible Economic Policy Crisis Instruments Introducing Propose Euro Economic Policy

Author:Romano Prodi

“For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible.”

Social Impossible Economic Theory Pure Structure Social Structure Economic Theory

Author:Ernest Mandel

“The stupidity of the average man will permit the oligarch, whether economic or political, to hide his real purposes from the scrutiny of his fellows and to withdraw his activities from effective control. Since it is impossible to count on enough moral goodwill among those who possess irresponsible power to sacrifice it for the good of the whole, it must be destroyed by coercive methods and these will always run the peril of introducing new forms of injustice in place of those abolished.”

Source: Moral Man and Immoral Society: A Study in Ethics and Politics

“It is impossible to manage the health care requirements of tens of millions of American citizens at the federal level. It is impossible to manage all of the permutations of people's economic aspirations and lives through a complex tax code. It is impossible to try to second-guess the market. It is impossible, from a managerial standpoint, for the federal government to do the things it is trying to do today.”

“No one can deny that a network (a world network) of economic and psychic affiliations is being woven at ever increasing speed which envelops and constantly penetrates more deeply within each of us. With every day that passes it becomes a little more impossible for us to act or think otherwise than collectively.”

Thinking World Littles Impossible Economic Deny Speed Psychics Penetrate Woven Affiliation

Book:THE FUTURE OF MAN

Source: THE FUTURE OF MAN

“We're obviously at the edge of something quite new in humanity's experience. That is this globalization process which isn't just economic or social, but involves the interpenetration of cultures, people moving to different places several times in their lifetime, traveling for business or pleasure, and marrying people of very different cultural backgrounds, all of which was almost impossible a hundred years ago.”

People Years Different Moving Humanity Culture Social Process Pleasure Impossible Economic Hundred Years Ago Lifetime Edges Backgrounds Time Travel Globalization Different Place Marrying

Author:Thomas Keating