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Economics Quotes

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Economics Quotes

“[A] private property regime makes people responsible for their own actions in the realm of material goods. Such a system therefore ensures that people experience the consequences of their own acts. Property sets up fences, but it also surrounds us with mirrors, reflecting back upon us the consequences of our own behavior.”

People Action Materials Behavior Consequence Economics Responsible Mirrors Property Realms Goods Surround Regimes Fence Reflecting Private Property Reflecting Back

Author:Tom Bethell

“Particularly when the war power is invoked to do things to the liberties of people, or to their property or economy that only indirectly affect conduct of the war and do not relate to the engagement of the war itself, the constitutional basis should be scrutinized with care. ... I would not be willing to hold that war powers may be indefinitely prolonged merely by keeping legally alive a state of war that had in fact ended. I cannot accept the argument that war powers last as long as the effects and consequences of war for if so they are permanent -- as permanent as the war debts.”

“I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on.”

Ifs Want Should Long Book Term Virtue Effects Possibility Scene Consequence Economics Raises Financial Practicals Instance Long Term Venice Entry Accounting Reminding Boost Heyday

Author:Charlie Munger

“If you're a realist, you know that people have different roles to play in politics, economics, and this is an important role, but I do think that there has to be an understanding of how what happens here on Wall Street has such broad consequences not just for the domestic but the global economy, so more thought has to be given to the process and transactions and regulations so that we don't kill or maim what works, but we concentrate on the most effective way of moving forward with the brainpower and the financial power that exists here.”

“Economics is a study of cause-and-effect relationships in an economy. It's purpose is to discern the consequences of various ways of allocating resources which have alternative uses. It has nothing to say about philosophy or values, anymore than it has to say about music or literature.”

Way Philosophy Use Purpose Values Literature Causes Economy Study Effects Consequence Resources Economics Various Alternatives Cause And Effect

Book:Basic Economics: A Citizen's Guide to the Economy

Source: Basic Economics: A Citizen's Guide to the Economy

“The right to vote is a consequence, not a primary cause, of a free social system - and its value depends on the constitutional structure implementing and strictly delimiting the voters' power; unlimited majority rule is an instance of the principle of tyranny.”

Source: The Ayn Rand Lexicon: Objectivism from A to Z

“Somehow, the fact that more poor people are on welfare, receiving more generous payments, does not seem to have made this country a nice place to live - not even for the poor on welfare, whose condition seems not noticeably better than when they were poor and off welfare. Something appears to have gone wrong; a liberal and compassionate social policy has bred all sorts of unanticipated and perverse consequences.”

Source: Neoconservatism: The Autobiography of an Idea

“Scholars today are under increasing pressure to publish. Consequences of this pressure are incentives to deviate from the truth”

Today Consequence Economics Pressure Scholar Economist Incentives Publish Deviate

Author:Bruno Frey

“Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.”

World Games Social Understanding Economic Modern Subjects Intellectual Consequence Economics Sick Mathematics Sake Practicals Economist Relevance Rigour

Author:Mark Blaug

“The consequences for human welfare involved in questions about human capital spillovers are simply staggering. Once one starts to think about them, it's hard to think of anything else”

Thinking Humans Hard Involved Consequence Economics Welfare Staggering

Author:Robert Lucas, Jr.

“It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions”

Decision Responsibility Protect Consequence Economics Appropriate Investors Lenders

Author:Ben Bernanke

“Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits-a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.”

Action Spirit Decision Animal Results Taken Benefits Consequence Economics Average Outcomes Urges Spontaneous Probability Inaction Days To Come Animal Spirits

Author:John Maynard Keynes

“Everyone must be clear that business as usual is not an option. Most of us live in buildings erected long before we were born and our successors will have to live with the environmental consequences of the buildings we construct today. It is vital that we minimise harmful impacts for those who come after us”

Long Today Born Business Clear Building Consequence Economics Management Impact Environmental Usual Constructs Successors

Author:Margaret Beckett

“A passion for continual learning, a refined, discerning ear for the moral and ethical consequences of their actions, and an understanding of the purposes of work and human organisations”

Humans Action Purpose Passion Understanding Business Moral Consequence Economics Ears Management Ethical Organisation Refined Discerning

Author:Warren G. Bennis

“Let us remember that the automatic machine is the precise economic equivalent of slave labor. Any labor which competes with slave labor must accept the economic consequences of slave labor.”

Remember Accepting Technology Economic Consequence Economics Labor Machines Slave Labour Mathematician Precise Competing Slave Labor

Book:The human use of human beings: cybernetics and society

Source: The human use of human beings: cybernetics and society