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Economic Quotes

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Economic Quotes

“Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.”

May Economic Theory Development Method Observation Defined Analysis Related Appropriate Inference Econometrics

Author:Paul Samuelson

“Money is not a part of the visible sector of the economy; people do not consume money. Money is not a physical factor of production, but rather a yardstick for measuring economic input, economic outtake and the relative values of the real goods and services of the economic world. Money provides a method of measuring obligations, rights, powers and privileges. It provides a means whereby certain individuals can accumulate claims against others, or against the economy as a whole, or against many economies.”

Source: Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals

“Taxation has its limitations as a method of achieving better economic distribution since for this purpose it is essentially remedial. We must also take a positive approach by finding new ways to spread ownership of future capital growth more broadly in our society.”

Source: The second American revolution: some personal observations

“It means that we must abandon the method of civil disobedience, non-cooperation and satyagraha. When there was no way left for constitutional methods for achieving economic and social objectives, there was a great deal of justification for unconstitutional methods. But where constitutional methods are open, there can be no justification for these unconstitutional methods. These methods are nothing but the Grammar of Anarchy and the sooner they are abandoned, the better for us.”

Source: Selected speeches of Dr. B. R. Ambedkar: (1927 - 1956)

“Even if the constants which economists wish to determine were less numerous, and the method of experiment more accessible, we should still be faced with the fact that the constants themselves are different at different times. The gravitation constant is the same always. But the economic constants-these elasticities of demand and supply-depending, as they do, upon human consciousness, are liable to vary. The constitution of the atom, as it were, and not merely its position, changes under the influence of environment.”

“The greatness of America has grown out of a political and social system and a method of control of economic forces distinctly its own - our American system.”

America Political Force Social History Economic Greatness Method Social Systems Greatness Of America

Book:Herbert Hoover: Containing the Public Messages, Speeches, and Statements of the President

Source: Herbert Hoover: Containing the Public Messages, Speeches, and Statements of the President

“I am not interested in dry economic socialism. We are fighting against misery, but we are also fighting against alienation. One of the fundamental objectives of Marxism is to remove interest, the factor of individual interest, and gain, from people's psychological motivations. Marx was preoccupied both with economic factors and with their repercussions on the spirit. If communism isn't interested in this too, it may be a method of distributing goods, but it will never be a revolutionary way of life.”

“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

“Interventionism cannot be considered as an economic system destined to stay. It is a method for the transformation of capitalism into socialism by a series of successive steps.”

Steps Economic Capitalism Transformation Method Series Socialism Destined Economic Systems Interventionism

Book:Middle of the Road Policy Leads to Socialism

Source: Middle of the Road Policy Leads to Socialism

“The middle-of-the-road policy is not an economic system that can last. It is a method for the realization of socialism by installments.”

Lasts Economic Middle Policy Method Socialism Realization Economic Systems Middle Of The Road

Book:Planning for freedom, and sixteen other essays and addresses

Source: Planning for freedom, and sixteen other essays and addresses