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Economics Quotes

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Economics Quotes

“You know, if government were a product, selling it would be illegal. ... Government contains impure ingredients - as anybody who's looked at Congress can tell you. ... government practices deceptive advertising. And the merest glance at the federal budget is enough to convict the government of perjury, extortion, and fraud. ... in a nutshell: government should be against the law. Term limits aren't enough. We need jail.”

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Author:P. J. O'Rourke
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“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.”

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Author:Joseph Sobran
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“We must show that liberty is not merely one particular value but that it is the source and condition of most moral values. What a free society offers to the individual is much more than what he would be able to do if only he were free. We can therefore not fully appreciate the value of freedom until we know how a society of free men as a whole differs from one in which unfreedom prevails.”

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Author:Friedrich August von Hayek
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“We are talking about an awesome power. It is the power to weave illusions that appear real as long as they last. That is the very core of the Fed's power. Of course not everyone is instinctively against this illusion-weaving power, and many even welcome it. Tragically, the innocent who understand little about the complexity of the monetary system suffer the most, while those who are in the know reap great profit whether the market is going up or down.”

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Author:Ron Paul
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“Investors want to know how exposed a business is to climate change. The physical risks to Tesco are clear, but could be far-reaching. Freak weather in the past few months has disrupted our supply lines in Hungary, Bangladesh and Korea. Any responsible board of directors should be planning ahead, thinking through these risks, and presenting them in a clear, transparent way”

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Author:Terry Leahy
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“We should know that only replacing the economics of competition and greed with the economics of equitable cooperation will guarantee a globalization that takes advantage of potential efficiency gains in ways that also promote environmental protection, international equity, economic democracy, and variety.”

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Book:Panic rules!: everything you need to know about the global economy
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“The Gods did not reveal, from the beginning, all things to us, but in the course of time through seeking we may learn & know things better. But as for certain truth no man knows it, nor shall he know it, neither of the Gods nor yet of all things that I speak. For even if by chance he were to utter The Final Truth, he would himself not know it: for all is but a woven web of guesses.”

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Author:Xenophanes
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“Market forces have no intrinsically moral direction, which is why, before he wrote The Wealth of Nations, Adam Smith wrote The Theory of Moral Sentiments. Ethics should precede economics. But it doesn't have to. . . . We know this because we've seen the results of capitalism without conscience: the pollution of the air we breathe, the water we drink, and the food we eat; the endangerment of workers; and the sale of dangerous products - from cars to toys to drugs. All in pursuit of ever-greater profits.”

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Author:Arianna Huffington
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“We have always known that heedless self-interest was bad morals; we know now that it is bad economics. Out of the collapse of a prosperity whose builders boasted their practicality has come the conviction that in the long run economic morality pays.”

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Book:The Essential Franklin Delano Roosevelt
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“The only truly new ideas [the right] has come up with in the last twenty years are (1) supply side economics, which is a way of redistributing the wealth upward toward those who already have more than they know what to do with, and (2) creationism, which is a parallel idea for redistributing ignorance out from its fundamentalist strongholds to those who know more than they need to.”

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Book:WORST YEARS OF OUR LIVES
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“Science is the only news. When you scan a news portal or magazine, all the human interest stuff is the same old he-said-she-said, the politics and economics the same cyclical dramas, the fashions a pathetic illusion of newness; even the technology is predictable if you know the science behind it. Human nature doesn't change much; science does, and the change accrues, altering the world irreversibly”

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Author:Stewart Brand
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“As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.”

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Author:Charlie Munger
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“To be sure, mathematics can be extended to any branch of knowledge, including economics, provided the concepts are so clearly defined as to permit accurate symbolic representation. That is only another way of saying that in some branches of discourse it is desirable to know what you are talking about.”

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Book:The World of Mathematics
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“You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.”

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Author:Charlie Munger
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