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Economic Quotes

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Economic Quotes

“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.”

“In 1988, when democracy was restored, the military establishment was still very powerful. The extremist groups were still there. And when the aid and assistance to Pakistan was cut, we had to adopt harsh economic policies. So in a way, it showed that democracy doesn't pay, and the military was able to reassert itself.”

“Everyone has an equal and absolute right to sovereignty over his own body, his own property, and his own life, and to pursue his own happiness in any way that he chooses. No one has the authority to grant rights to anyone else, because human beings already possess all natural rights at birth. These rights include both personal and economic freedoms, and the only way they can be lost is if someone takes them away by force. The only right that an individual does not naturally possess is the right to violate someone else's liberty.”

“For the moment a lot of attention is given to economic concerns, and these problems at hand easily eclipse all others. But the remedies proposed for these problems all come out of outmoded ways of thinking... The remedy? Compassion. The logical feeling that we find in ourselves if we search deeply enough that has to be exercised toward all other living creatures.”

“Things economic and social move by their own momentum and the ensuing situations compel individuals and groups to behave in certain ways whatever they may wish to do-not indeed by destroying their freedom of choice but by shaping the choosing mentalities and by narrowing the list of possibilities from which to choose.”

“It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.”

“It [the free market] is an organizational way of doing things, featuring openness, which enables millions of people to cooperate and compete without demanding a preliminary clearance of pedigree, nationality, color, race, religion, or wealth. It demands only that each person abide by voluntary principles, that is, by fair play. The free market means willing exchange; it is impersonal justice in the economic sphere and excludes coercion, plunder, theft, protectionism, and other anti-free market ways by which goods and services change hands.”

“The truth is that capitalism has not only multiplied population figures, but at the same time, improved the people's standard of living in an unprecedented way. Neither economic thinking nor historical experience suggests that any other social system could be as beneficial to the masses as capitalism. The results speak for themselves. The market economy needs no apologists and propagandists. It can apply to itself the words of Sir Christopher Wren's epitaph in St. Paul's: Si monumentum requires, circumspice.”

“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.”

“Economic systems work better when there's an extreme reliability ethos. And the traditional way to get a reliability ethos, at least in past generations in America, was through religion. The religions instilled guilt. ... And this guilt, derived from religion, has been a huge driver of a reliability ethos, which has been very helpful to economic outcomes for man.”

“My belief in free competitive economic enterprise does not rest solely or even mainly on arguments of economic efficiency, though, heaven knows, these are cogent enough. It rests essentially on the view that the free market is the only safe way of ensuring that productive effort is directed towards supplying what individuals actually want, and in a way which secures the dignity and independence of the worker.”

“The dynamic ideal we call democracy, gradually growing up in the human heart for two-thousand five hundred years, at least, has now every opportunity to found the natural democratic state in these United States of America by way of natural economic order and a natural, or organic, architecture.”

“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.”

“I was 25 years old and pursuing my doctorate in economics when I was allowed to spend six months of postgraduate studies in Naples, Italy. I read the Western economic textbooks and also the more general work of people like Hayek. By the time I returned to Czechoslovakia, I had an understanding of the principles of the market. In 1968, I was glad at the political liberalism of the Dubcek Prague Spring, but I was very critical of the Third Way they pursued in economics.”

“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.”

“Chile has done a lot to rid itself of poverty, especially extreme poverty, since the return to democracy. But we still have a ways to go toward greater equity. This country does not have a neoliberal economic model anymore. We have put in place a lot of policies that will ensure that economic growth goes hand in hand with social justice.”

“It is thus hardly surprising that so many of the great minds in recent history have concerned themselves with economic matters. Indeed, they have come to regard economic theory in precisely the same way the ancient philosophers viewed the heavens - as the key to understanding and controlling our fate.”

“Obamacare is the nation's biggest job killer and stands in the way of our country's economic growth and prosperity. It should be defunded and repealed. President Obama should hear the pleas from the untold number of Americans who are losing their jobs, wages, and healthcare plans, and Congress should act immediately to stop Obamacare from inflicting any more damage on the country on our hard-working citizens.”

“My hope is to get young people to think about ways that they can translate hip-hop's great cultural movement into political power that can change the conditions for America's young, so that young people upon graduating from high school who don't have economic means to go to college can realize other options beyond joining the military and fighting in wars that enrich corporations like Halliburton which should feel guilty about profiteering off of a war that is being fought on the backs of those locked out of America's mainstream economy.”

“These events are swirling around them. In the white community, people felt like they had no control over their neighborhoods, their destiny. In the black community, centuries of government and economic forces were pushing on them. I went in with a kind of arrogance, maybe, that came from living in a very intellectual family, and I left knowing that there was a lot about the way people lived that I didn't know about.”

“The best way to deal with AIDS is through education. So we need a really widespread AIDS education program. In fact, what we need in Burma is education of all kinds - political, economic, and medical. AIDS education would be just part of a whole program for education, which is so badly needed in our country.”

“There is no difference in a country between military, economic, and political affairs. It's useful for Business Insider to divide things that way. That's useful for a college program. But a country is a country. How do you understand China's economy without China's army? If you take these all into account you're ready to explain a question like, "How come the US doesn't have a debt problem?"”

“I think we have reached a stage now where we need to find solutions to economic injustice in the same place and in the same ways that we find solutions to sustainability. Sustainability on environmental grounds and justice in terms of everyone having a place in the production and consumption system - these are two aspects of the same issue. They have been artificially separated and have to be put back again in the Western way of thinking.”

“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.”

“An EU without Britain, without 1 of Europe's strongest powers, a country which in many ways invented the single market, and which brings real heft to Europe's influence on the world stage which plays by the rules and which is a force for liberal economic reform would be a very different kind of European Union.”

“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.”

“What was really interesting in his speech, which, by the way, had (inaudible) footnotes - the written version of it - which might be a personal record for Donald Trump - the source of a lot of his numbers on the free trade section of the speech came from an organization called the Economic Policy Institute, which was a think tank or is a think tank that was founded by labor unions to promote the labor unions' point of view on free trade agreements.”

“Sometimes people say to me, 'Well, what was the difference between Kosovo, which was a successful intervention, and Iraq and Afghanistan that have been so difficult?' And the answer is perfectly simple. In Kosovo, you have, after the removal of the loss of its regime, you had a process of political and economic reconstruction that took its part without the intervention of terrorism. If you had the intervention of terrorism, by the way, it would have been extremely difficult there - but we didn't.”