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Economics Quotes

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Economics Quotes

“The change began with John Stuart Mill and the Utopians . When Mill pointed out that economics had no ultimate solution to the problem of distribution , that society might do with the fruits of its toil as it saw fit, he introduced into the mechanical calculus of the market a conflicting calculus of moral judgment.”

Problem Might Moral Saws Fit Judgment Solutions Economics Ultimate Fruit Toil Distribution Mills Calculus Moral Judgment

Author:Robert Heilbroner

“Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.”

Two Problem Wisdom Politics Results Economy Clear Economic Economics Labor Income Factors Liberalism Productive Thinker Distribution Economic Problems

Author:Louis O. Kelso

“Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.”

Wisdom Politics Economy Modern Economics Accepted Income Analysis Liberalism Distribution Fads Cranky

Author:Paul Samuelson

“Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.”

Done Economics Method Income Saving Distribution

Book:Essay on Marxian Economics

Source: Essay on Marxian Economics

“Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.”

Littles Shows Interest Economy Issues Fields Particular Economics Fundamentals Income Distribution Sweeping Revolving Income Distribution

Author:Thomas Sowell

“The capitalist workplace is one of the most profoundly undemocratic institutions on the face of the Earth. Workers have no say over decisions affecting them. If workers sat on the board of directors of democratically operated self-managed enterprises, they wouldn't vote for the wildly unequal distribution of profits to benefit a few and for cutbacks for the many.”

“Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.”

Philosophy Facts Political Literature Cold Economics Prosperity Income Despite Distribution Fervent Income Distribution

Author:Thomas Sowell

“Do you realize that the 850 billion dollar bank bailout, that sum of money is greater than the entire 50 year running budget of NASA. And so when someone says, 'We don't have enough money for this space probe.' No, it's not that you don't have enough money. It's that the distribution of money that you're spending is warped in some way that you are removing the only thing that gives people something to dream about tomorrow.”

“Movements have narratives. They tell stories, because they are not just about rearranging economics and politics. They also rearrange meaning. And they're not just about redistributing the goods. They're about figuring out what is good.”

Stories Political Change Society Movement Goodness Economics Determine Meaningful Narrative Goods Distribution Wordplay Rearranging

Author:Marshall Ganz

“The more one considers the matter, the clearer it becomes that redistribution is in effect far less a redistribution of free income from the richer to the poorer, as we imagined, than a redistribution of power from the individual to the State.”

Matter States Government Individual Wealth Poor Power Economy Rich Clear Imagine Effects Becoming Economics Income Wealthy Considering Distribution

Book:The Ethics of Redistribution

Source: The Ethics of Redistribution

“For what will it profit men that a more prudent distribution and use of riches make it possible for them to gain even the whole world, if thereby they suffer the loss of their own souls? What will it profit to teach them sound principles in economics, if they permit themselves to be so swept away by selfishness, by unbridled and sordid greed, that hearing the commandments of the Lord, they do all things contrary.”

Source: On Social Reconstruction: Encyclical Letter

“Economics is not politics. One is a science, concerned with the immutable and constant laws of nature that determine the production and distribution of wealth; the other is the art of ruling.”

Art Law Wealth Society Concerned Economics Constant Determine Productions Distribution Ruling Laws Of Nature Distribution Of Wealth

Book:The Rise & Fall of Society

Source: The Rise & Fall of Society