Best economics & effects Quotes | Short & Famous Sayings

“Most of the energy of political work is devoted to correcting the effects of mismanagement of government.”

Government Political Energy Effects Economics Cynical Devoted Correcting Mismanagement

“Few can believe that suffering, especially by others, is in vain. Anything that is disagreeable must surely have beneficial economic effects.”

Believe Suffering Economy Economic Effects Economics Vain Beneficial Disagreeable

Author:John Kenneth Galbraith

“It is your mind that matters economically, as much or more than your mouth or hands. In the long run, the most important economic effect of population size and growth is the contribution of additional people to our stock of useful knowledge. And this contribution is large enough in the long run to overcome all the costs of population growth.”

“[U]nemployment is ... a side effect of the cure for inflation.”

Sides Effects Economics Investing Cures Inflation Side Effects

Author:Milton Friedman

“The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.”

Source: Economic heresies: some old-fashioned questions in economic theory

“Just as a poetic discussion of the weather is not meteorology, so an issuance of moral pronouncements or political creeds about the economy is not economics. Economics is a study of cause-and-effect relationships in an economy.”

Political Causes Moral Economy Study Effects Economics Weather Discussion Poetic Creeds Cause And Effect Meteorology

Book:Basic Economics

Source: Basic Economics

“When we liberate the economic potential of women, we elevate the economic performance of communities, nations, and the world... There is a stimulative and ripple effect that kicks in when women have greater access to jobs and the economic lives of our countries: Greater political stability. Fewer military conflicts. More food. More educational opportunity for children... By harnessing the economic potential of all women, we boost opportunity for all people.”

“One of the main effects (I will not say purposes) of orthodox traditional economics was ... a plan for explaining to the privileged class that their position was morally right and was necessary for the welfare of society.”

Purpose Class Plans Effects Position Economics Traditional Welfare Orthodox Privileged Explaining

Author:Joan Robinson

“We recognize the force of the argument that the effects of war under modern conditions may be felt in the economy for years and years, and that if the war power can be used in days of peace to treat all the wounds which war inflicts on our society, it may not only swallow up all other powers of Congress but largely obliterate the Ninth and the Tenth Amendments as well.”

Ifs Years Wells May War Used Force Felt Power Economy Modern Conditions Effects Economics Argument Treats Constitution Congress Wounds Our Society Amendments Effects Of War

Author:William O. Douglas

“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.”

“The liberal reward of labor, therefore, as it is the necessary effect, so it is the natural symptom of increasing national wealth. The scanty maintenance of the laboring poor, on the other hand, is the natural symptom that things are at a stand, and their starving condition that they going backwards fast.”

Hands Natural Wealth Poor Conditions Effects Economics Labor Rewards Backwards Symptoms Starving Maintenance

Book:The Wealth of Nations: Representative Selections

Source: The Wealth of Nations: Representative Selections

“Economics as a discipline has in effect become the study of capitalism. The two are taken as the same subject.”

Two Study Taken Subjects Effects Discipline Capitalism Economics

Author:John Lanchester

“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

“Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest.”

Made Bigs Numbers Virtue Effects Honest Economics Vices Arguing Made It Uncomfortable Economist Monk Columns Entry Bookkeeping

Author:Charlie Munger

“I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.”

“And one of the worst effects was that by suppressing critical thought, it also suppressed critical thought in the field of economics and hampered the development of economics - and the country would fall back further and further in the economic competition with the West.”

Country Fall Economic Worst Effects Fields Development Economics Competition West Critical Fall Back Suppressing Economic Competition

Author:Stefan Heym

“In terms of the economics, yes obviously the rise of e-books and how people choose to read books has a big effect on the economics of the game. But whether people are buying them on paper or downloading them there's still some poor wretch in a room who is trying to write a poem, write a story, write a novel. And so my job doesn't change. It's just how people receive it and economic conditions on the ground change, but that doesn't affect what I write.”

People Writing Trying Stills Book Stories Bigs Jobs Games Term Poor Rooms Novel Economic Conditions Effects Paper Economics Buying

Author:Colson Whitehead

“[Donald] Trump and all the Republicans believe in the theory of trickle down economics which is a theory discredited even by the author himself David Stockton. The theory suggests that if we take care of the people at the top, if we cut taxes for the wealthy, if we make sure they are doing really well, then the investments that they make in the economy and the jobs that will create, will make everything grow and it will have a trickle down effect on the rest of us.”

People Ifs Believe Wells Care Jobs Grows Economy Cutting Effects Theory Trump Republican Taxes Economics Investment Take Care Wealthy Trickle Down Trickle Down Economics

Author:Debbie Wasserman Schultz

“One of the profound effects of economics in our day is that the people with the money and the power have embraced the guilt-free, external-less, everything-will-turn-out-okay-in-the-end philosophy of economics in order to justify their own evil works. And the economists, for the most part, have sucked up to that money.”

People Ends Philosophy Order Turns Evil Effects Economics Okay Guilt Profound Justify Economist Guilt Free

Author:Jane Smiley

“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

“In raising the price of commodities, the rise of wages operates in the same manner as simple interest does in the accumulation of debt. Our merchants and master manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods, both at home and abroad. They say nothing concerning the bad effects of high profits; they are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.”

People Doe Philosophy Political Interest Simple Effects Masters Gains Economics Regard Silent Profit Complaining Goods Commodity Wages Compounds Merchants Pernicious Compound Interest

Author:Adam Smith

“Children are prepared for democracy by being led to discuss current events without first learning the systematic subjects (politics, economics, history) which are necessary in order to discuss them. The Mole effect is to substitute slogans and superficial opinion for considered individual thought. And the opinion is that of the lowest common denominator of the group.”

“No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.”

Liberty Greater Economic Effects Needed Economics Tasks Ill Seeds Remedy Very Deep Grasping Sowing

Book:The Theory of Money and Credit

Source: The Theory of Money and Credit

“People who create things nowadays can expect to be prosecuted by highly moralistic people who are incapable of creating anything. There is no way to measure the chilling effect on innovation that results from the threats of taxation, regulation and prosecution against anything that succeeds. We'll never know how many ideas our government has aborted in the name protecting us.”

“Conservatives and liberals are kindred spirits as far as government spending is concerned. First, let's make sure we understand what government spending is. Since government has no resources of its own, and since there's no Tooth Fairy handing Congress the funds for the programs it enacts, we are forced to recognize that government spending is no less than the confiscation of one person's property to give it to another to whom it does not belong - in effect, legalized theft.”

“The investigation of causal relations between economic phenomena presents many problems of peculiar difficulty, and offers many opportunities for fallacious conclusions. Since the statistician can seldom or never make experiments for himself, he has to accept the data of daily experience, and discuss as best he can the relations of a whole group of changes; he cannot, like the physicist, narrow down the issue to the effect of one variation at a time. The problems of statistics are in this sense far more complex than the problems of physics.”

Nations Interest Hurt Results Liberty Impossible Effects Economics Privilege Analysis Economist Demonstration

Author:Ludwig von Mises

“[The taxing power of the state] divides the community into two great classes: one consisting of those who, in reality, pay the taxes and, of course, bear exclusively the burden of supporting the government; and the other, of those who are the recipients of their proceeds through disbursements,and who are, in fact, supported by the government; or, in fewer words, to divide it into tax-payers and tax-consumers. But the effect of this is to place them in antagonistic relations in reference to the fiscal action of the government and the entire course of policy therewith connected.”

Two States Philosophy Facts Reality Government Action Political Courses Community Pay Class Effects Policy Bears Taxes Economics Relation Burden Connected Consumers Divides Fewer

Author:John C. Calhoun

“Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.”

Source: CourseSmart E-Book for Macroeconomics: A PDF-style E-Book

“It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run on aggregate demand and depending in the long run on the natural rate of unemployment, with microeconomic policies like tariffs having little net effect. Trade policy should be debated in terms of its impact on efficiency, not in terms of phoney numbers about jobs created or lost.”

“Tax increases appear to have a very large sustained and highly significant negative impact on output. Since most of our exogenous tax changes are in fact reductions, the more intuitive way to express this result is that tax cuts have very large and persistent positive output effects”

Way Philosophy Facts Political Results Cutting Effects Taxes Negative Economics Increase Impact Significant Intuitive Persistent Reduction Tax Cuts Output Tax Increases

Author:Christina Romer

“Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.”

“The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.”

Order Sides Cases Economy Cutting Mystery Effects Source Demand Economics Bases Spending Producers Finance Collapse Severe Ongoing Buyers Side Effects Deflation

Author:Ben Bernanke

“There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.”

“A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.”

Ifs Doe Causes White Economy Streets Effects Wall Economics Investing Collapse Crash Knuckles Main Street Stock Price

Author:Ben Bernanke

“This is the welfare generation, and that is incredibly sad. That will be judged in history as being far worse, I believe, than the stolen generation, because we are literally losing thousands and thousands of our indigenous brothers and sisters to the effects of welfare – drugs, gunja, low morale, alcoholism. I see it everyday and it can stop. The solution is education, training and a guaranteed opportunity.”

“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

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