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Economic Quotes

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Economic Quotes

“Economists use the word consume to mean "utilize economic goods," but the Shorter Oxford Dictionary's definition is more appropriate to ecologists: "To make away with or destroy; to waste or to squander; to use up." The economies that cater to the global consumer society are responsible for the lion's share of the damage that humans have inflicted on common global resources.”

“A masterly analysis of how political interests, economic circumstances, development strategies, and local history have shaped what are surprisingly different versions of the welfare state across the developing world. The authors combine fine-grained country analyses with intelligent use of data, and explain and extend the theory and literature on the modern welfare state. The book is both scholarly and readable.”

“Under fascism, citizens retain the responsibilities of owning property, without freedom to act and without any of the advantages of ownership. Under socialism, government officials acquire all the advantages of ownership, without any of the responsibilities, since they do not hold title to the property, but merely the right to use it -- at least until the next purge. In either case, the government officials hold the economic, political and legal power of life or death over the citizens.”

“There is no economic policy. That's really important to say. The general modus operandi of the Bushies is that they don't make policies to deal with problems. They use problems to justify things they wanted to do anyway. So there is no policy to deal with the lack of jobs. There really isn't even a policy to deal with terrorism. It's all about how can we spin what's happening out there to do what we want to do.”

“I have been accused of being ignorant of economics (although I am the founder and Chairman of the Board of a company which publishes seven professional economic newsletters), of being ignorant of sociology (although I am trained in sociology and was C. Wright Mills' research assistant at Columbia), of being unable to use statistics (although I earned my living as a professional statistician for five years) and of ignoring political factors (although all my graduate training was in political science).”

“It has been the fashion to speak of the conflict between human rights and property rights, and from this it has come to be widely believed that the use of private property is tainted with evil and should not be espoused by rational and civilized men... the only dependable foundation of personal liberty is the personal economic security of private property. The Good Society.”

“Adam Smith's was a real universalism in intent. Laissez Faire was intended to establish a world community as well as a natural harmony of interests within each nation... But the "children of darkness" were able to make good use of his creed. A dogma which was intended to guarantee the economic freedom of the individual became the "ideology" of vast corporate structures of a later period of capitalism, used by them, and still used, to prevent a proper political control of their power.”

“Our economic assistance must be carefully targeted, and must make maximum use of the energy and efforts of the private sector... Economic freedom is the world's mightiest engine for abundance and social justice... Developing countries need to be encouraged to experiment with a growing variety of arrangements for profit sharing and expanded capital ownership.”

“The illegitimate use of a state by economic interests for their own ends is based upon a preexisting illegitimate power of the state to enrich some persons at the expense of others. Eliminate that illegitimate power of giving differential economic benefits and you eliminate or drastically restrict the motive for wanting political influence.”

“Our economy is at war with many forms of life on earth, including human life. What the climate needs to avoid collapse is a contraction of humanity's use of resources; what our economic model demands to avoid collapse is unfettered expansion. Only one of these sets of rules can be changed, and it's not the laws of nature”

“To undertake the direction of the economic life of people with widely divergent ideals and values is to assume responsibilities which commit one to the use of force; it is to assume a position where the best intentions cannot prevent one from being forced to act in a way which to some of those affected must appear highly immoral. This is true even if we assume the dominant power to be as idealistic and unselfish as we can possibly conceive. But how small is the likelihood that it will be unselfish, and how great are the temptations!”

“The use of the word royalty, as fee to a proprietor for the exploitation of a work or property, derives from the period when the sovereign assumed title to all wealth of the realm. It was the struggle for freedom from these encroachments of the state that chiefly marked the Nineteenth Century, and established everywhere constitutional regimes of limited authority. In the Twentieth Century, however, we have witnessed a gradual and almost unrestricted movement back to state authoritarianism, primarily in the economic sphere, accompanied by the spread of state monopoly and intervention.”

“Much of the pressure contemporary parents feel with respect to dressing children in designer clothes, teaching young children academics, and giving them instruction in sports derives directly from our need to use our children to impress others with our economic surplus. We find "good" rather than real reasons for letting our children go along with the crowd.”

“Everybody has a gas-guzzling car because people like SUVs. They would like SUVs if they were hybrid vehicles that had the same horsepower and used less gasoline. Instead, what the auto manufacturers are doing is building SUVs that are hybrid vehicles that use the same amount of gasoline because they up the horsepower. That's a decision that they make to market irresponsible economic behavior. The American people like the SUVs, they have kids, they, they need them, they get around in them, but we have options.”

“Economic progress means the discovery and application of better ways of doing things to satisfy our wants. The piping of water to a household that previously dragged it from a well, the growing of two blades of grass where one grew before, the development of a power loom that enables one man to weave ten times as much as he could before, the use of steam power and electric power instead of horse or human power - all these things clearly represent economic progress.”

“It would be naïve to suggest the Iranian regime will not continue to use its nuclear program, and any economic relief, to further destabilize the region, in the weeks ahead, Republicans and Democrats in Congress will continue to press the Obama administration on the details of these parameters and the tough questions that remain unanswered. We will stand strong on behalf of the American people and everyone in the Middle East who values freedom, security, and peace.”

“If the life-supporting ecosystems of the planet are to survive for future generations, the consumer society will have to dramatically curtail its use of resources - partly by shifting to high-quality, low-input durable goods and partly by seeking fulfillment through leisure, human relationships, and other nonmaterial avenues. We in the consumer society will have to live a technologically sophisticated version of the life-style currently practiced lower on the economic ladder.”

“An unfolding technology has increased our economic strength and added to the convenience of our lives. But that same technology-we know now-carries danger with it. From the great smoke stacks of industry and from the exhausts of motors and machines, 130 million tons of soot, carbon and grime settle over the people and shroud the Nation's cities each year. From towns, factories, and stockyards, wastes pollute our rivers and streams, endangering the waters we drink and use.”

“We can decide that the presence of cancer-causing substances in our air, water, and food is too expensive. A 2009 study, for example, has found that coal miners in Appalachia costs the region five times more in premature deaths, including from cancer, than it provides to the region in jobs, taxes, and economic benefits. In California, the production and use of hazardous chemicals cost the state $2.6 billion in 2004 alone in lost wages and health-care expenses to treat workers and children with pollution-linked diseases.”

“Draconian limits on economic growth and on the use of the automobile should not be necessary in order to give Americans clean air at levels they are willing to pay for, but it will require significant Federal, State, and local leadership and innovative approaches from government and industry.”

“The health of our home planet and the survival of our species will only be secured through the use of space resources and the expansion of Earth's economic sphere to the Moon and beyond. Creating an off-Earth economy and multi-planet civilization will safeguard the long term prospects of humanity.”

“The economic system that the United States has is an evil empire. It's an economic system that's not fair, not just, and it's not democratic. And it will fall just like communism fell. The richest 1 percent now own 50 percent of the wealth. It didn't use to be that way. The average CEO 20 years ago made 20 times as much as the average employee. Now they make 212 times as much.”

“A very high fraction of America's economic problems come not from our difficulties with education or globalization or competition with the Chinese or whatever. But they come from the fact that a small number of wealthy and powerful people who run dangerous and/or inefficient companies are able, through the use of money in the political process, to prevent the government from regulating them properly.”

“For out of this modern civilization economic royalists carved new dynasties. New kingdoms were built upon concentration of control over material things. Through new uses of corporations, banks and securities, new machinery of industry and agriculture, of labor and capital - all undreamed of by the Fathers - the whole structure of modern life was impressed into this royal service.”

“If, on the other hand, conservationists are willing to insist on having the best food, produced in the best way, as close to their homes as possible, and if they are willing to learn to judge the quality of food and food production, then they are going to give economic support to an entirely different kind of land use in an entirely different landscape. This landscape will have a higher ratio of caretakers to acres, of care to use. It will be at once more domestic and more wild than the industrial landscape.”

“The autobiographer looks at life through the lens of his or her own life and really uses herself or himself as the jumping-off place to examine the social mores and the economic and political climates. In a way, the autobiography becomes history as well as the story of one person, for it becomes the story of a family or the story of the state or nation.”

“One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them 'productively' because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies.”

“We should use our economic power in lots of different ways. I think we can use that in order to keep [Vladimir] Putin contained, because he is a one-horse show. Energy. And we have an abundance of energy, but we have archaic energy exportation rules. We need to get rid of those, allow ourselves to really make Europe dependent on us and other parts of the world dependent on us for energy. Put him back in his little box where he belongs.”

“If one writing contributed more than any other to the framework in which this work Sowell's Knowledge and Decisions developed, it would be an essay entitled 'The Use of Knowledge in Society,' published in the American Economic Review of September 1945, and written by F. A. Hayek . . In this plain and apparently simple essay was a deeply penetrating insight into the way societies function and malfunction, and clues as to why they are so often and so profoundly misunderstood.”

“We've got to be prepared to stop these guys if they ever try to use their economic power once again, to hurt the economy, and to hurt so many Americans. And my plan, Paul Krugman, Barney Frank, a lot of experts who understand what the new challenges might be, have said I am exactly on point, and the Wall Street guys actually know that.”

“Diligence means to be keen in matters of virtue and justice, but worldly people use diligence to solve their economic difficulties. Frugality means to have little desire for material goods, but worldly people use frugality as a cover for stinginess. Thus do watchwords of enlightened life turn into tools for the private business of small people. What a pity!”

“I think what Donald Trump is saying to people is that America has way more leverage at the negotiating table than America has used in the past. And whether you like it or not, the government and trade representatives have made the decision not to use that leverage. And it has had an economic impact on the lower and middle class.”

“When you look at police violence, over the last three or four years, whether you call it a social, economic or racial thing, these are the guys that we're supposed to trust. These are the guys who are given these guns and weapons to protect us. Not to use them upon us, but to protect us, and they can't even get it right. So, if they can't get it right, how can you fault a society for fearing them, and fearing them in a way that makes them want to take up arms and fight back.”