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Economics Quotes

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Economics Quotes

“During the last dozen years the tales of suppression of free assemblage, free press, and free speech, by local authorities or the State operating under martial law have been so numerous as to have become an old story. They are attacked at the instigation of an economically and socially powerful class, itself enjoying to the full the advantages of free communications, but bent on denying them to the class it holds within its power.”

“The main purpose of advertising is to undermine markets. If you go to graduate school and you take a course in economics, you learn that markets are systems in which informed consumers make rational choices. That's what's so wonderful about it. But that's the last thing that the state corporate system wants. It is spending huge sums to prevent that.”

“Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.”

“Violent resistance against the power of the state is the last resort of the minority in its effort to break loose from the oppression of the majority. ... The citizen must not be so narrowly circumscribed in his activities that, if he thinks differently from those in power, his only choice is either to perish or to destroy the machinery of state.”

“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.”

“All of the progress that the US has made over the last couple of centuries has come from unemployment. It has come from figuring out how to produce more goods with fewer workers, thereby releasing labor to be more productive in other areas. It has never come about through permanent unemployment, but temporary unemployment, in the process of shifting people from one area to another.”

“Unless we do change our whole way of thought about work, I do not think we shall ever escape from the appalling squirrel-cage of economic confusion in which we have been madly turning for the last three centuries or so, the cage in which we landed ourselves by acquiescing in a social system based upon Envy and Avarice. A society in which consumption has to be artificially stimulated in order to keep production going is a society founded on trash and waste.”

“The 'American dream' ... means an economy in which people who work hard can get ahead and each new generation lives better than the last one. The 'American dream' also means a democratic political system in which most people feel they can affect public decisions and elect officials who will speak for them. In recent years, the dream has been fading.”

“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 think there ought to be some serious discussion by smart people, really smart people, about whether or not proliferation of things like The Smoking Gun and TMZ and YouTube and the whole celebrity culture is healthy. We've switched from a culture that was interested in manufacturing, economics, politics - trying to play a serious part in the world - to a culture that's really entertainment-based. I mean, I know people who can tell you who won the last four seasons on American Idol and they don't know who their [bleeping] Representatives are.”

“I’ve been thinking about that proof I spoke of last time – that you’re where you’re supposed to be. And it occurred to me, can you prove you’d be better off somewhere else? If you’d have left the state, your relationship would have ended still. Maybe you’d have even blamed yourself, not knowing that it was doomed because of him, either way. Instead, you’re here. You got dumped, skipped class, and met the best econ tutor at the university! Who knows, maybe I’ll make you fall in love with economics.”

“Among the current discussions, the impact of new and sophisticated methods in the study of the past occupies an important place. The new 'scientific' or 'cliometric' history-born of the marriage contracted between historical problems and advanced statistical analysis, with economic theory as bridesmaid and the computer as best man-has made tremendous advances in the last generation.”

“Sometime in the last ten years the best brains of the Occident discovered to their amazement that we live in an Environment. This discovery has been forced on us by the realization that we are approaching the limits of something.”

“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.”

“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.”

“International order is not an evolution; it is an imposition. It is the domination of one vision over others- in this case, the domination of liberal free market principles of economics, democratic principles of politics, and a peaceful international system over other visions that other nations and peoples may have. It will last only as long as those who favor it retain the capacity to defend it.”

“A man may be a tough, concentrated, successful moneymaker and never contribute to his country anything more than a horrible example. A manager may be tough and practical, squeezing out, while the going is good, the last ounce of profit and dividend, and may leave behind him an exhausted industry and a legacy of industrial hatred. A tough manager may never look outside his own factory walls or be conscious of his partnership in a wider world. I often wonder what strange cud such men sit chewing when their working days are over, and the accumulating riches of the mind have eluded them.”