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Economic Quotes

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Economic Quotes

“But the system of prices ruling the market not only transmits information in the light of which economic agents can mutually adjust their actions, it also provides them with an incentive to exercise economy in terms of money.”

Light Action Term Economy Economic Information Exercise Agents Ruling Incentives Transmit

Book:The Republic of Science, Its Political and Economic Theory: A Lecture Delivered at Roosevelt University, January 11, 1962

Source: The Republic of Science, Its Political and Economic Theory: A Lecture Delivered at Roosevelt University, January 11, 1962

“Repealing drug laws would remove the risks involved with producing and distributing drugs, bringing 'street prices' crashing down (it's estimated that a 'spoon' of heroin would cost about a quarter in the free market), thereby eradicating any incentive that criminals might have to compete with legitimate businesses, and greatly reducing if not eliminating altogether any economic reason to 'push' drugs on children.”

Ifs Children Reason Might Law Risk Economic Streets Involved Cost Drug Criminals Remove Quarters Free Market Incentives Reducing Heroin Spoons Eliminating Drug Laws Repealing Crashing Down

Author:L. Neil Smith

“The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.”

States Results Economic Miracle Clever Incentives Mixtures Korean Pragmatic

Book:Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Source: Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

“There are fundamental tensions between the biological reality of the planet and the economic reality. To some extent you can adapt the economy, create a new set of rules and incentives to send it down a better track, but finally people in the first world are going to have to consume a whole lot less.”

People World Firsts Whole Reality Economy Economic Planets Fundamentals Track Tension Incentives

Author:Michael Pollan

“People in the political world have every incentive to say things that lead voters away from a clear economic understanding of issues. What has happened more and more is that organized groups have more and more reasons to say things that don't make any economic sense.”

People World Reason Political Understanding Issues Clear Happened Groups Economic Organized Voters Incentives

Author:Thomas Sowell

“Five centuries from now - barring unimaginable catastrophe - the moon will be developed real estate. There's economic incentive to exploit the moon - the helium-3 will be useful in powering fusion reactors, and the rare earth elements could supplant the limited terrestrial supply of these materials.”

Real Earth Five Economic Century Materials Moon Elements Estates Catastrophe Incentives Exploits Unimaginable Fusion Helium

Author:Seth Shostak

“The left's inability to understand the most basic economic fact - that people need an incentive to produce - has caused the unnecessary deaths of tens of millions of people - mostly poor - in the last 75 years. But thanks to a politically corrupted media and educational system, their pigheaded pursuit of socialist fantasies goes on.”

People Needs Years Facts Lasts Left Poor Millions Fantasy Economic Media Produce Goes On Educational Pursuit Thanks Socialist Unnecessary Inability Incentives Educational System

Author:David Horowitz

“I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.”

“A different set of incentives from rising in an economic establishment where the rewards system, again, the reinforcement, comes from being a truffle hound. That's what Jacob Viner, the great economist called it: the truffle hound - an animal so bred and trained for one narrow purpose that he wasn't much good at anything else, and that is the reward system in a lot of academic departments.”

Different Purpose Animal Economic Rewards Rising Department Establishment Academic Economist Incentives Jacob Hounds Reinforcement Truffles

Author:Charlie Munger

“Historically speaking, religious and conservative groups always wanted the control over the private sphere that impacts women most, as reflected by family law and women's access to resources and mobility. And often secular groups traded this for economic incentives and trade.”

Wanted Law Religious Groups Economic Resources Trade Impact Conservative Access Spheres Secular Incentives Mobility Family Law

Author:Zainab Salbi

“All the forms of double taxation in the current system are punitive and self-destructive because they are literally destroying people's incentive to provide that seed corn for future economic growth.”

People Self Form Growth Economic Currents Seeds Destructive Destroying Taxation Incentives Corn Economic Growth Self Destructive

Author:Daniel J. Mitchell

“Our present tax system ... exerts too heavy a drag on growth ... It reduces the financial incentives for personal effort, investment, and risk-taking ... The present tax load ... distorts economic judgments and channels an undue amount of energy into efforts to avoidtaxliabilities.”

Energy Growth Effort Risk Economic Amount Taxes Judgment Investment Financial Heavy Drag Load Incentives Risk-taking Tax System

Author:John F. Kennedy