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Economics Quotes

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Economics Quotes

“Man has existed for about a million years. He has possessed writing for about 6,000 years, agriculture somewhat longer, but perhaps not much longer. Science, as a dominant factor in determining the belief of educated men, has existed for about 300 years; as a source of economic technique, for about 150 years. In this brief period it has proved itself an incredibly powerful revolutionary force. When we consider how recently it has risen to power, we find ourselves forced to believe that we are at the very beginning of its work in transforming human life.”

“My biggest surprise of the year does involve Donald Trump and it involves his money. And I am one of the prominent disbelievers of his claims of wealth and how rich he was. He put out a press release before he did his financial disclosure form saying he made over $200 million from a TV show.If you know about the economics of televisions, that sounds impossible. I don`t believe it.”

“NAFTA, supported by the Secretary cost, us 800,000 jobs nationwide, tens of thousands of jobs in the Midwest. Permanent normal trade relations with China cost us millions of jobs. Look, I was on a picket line in early 1990's against NFATA because you didn't need a PhD in economics to understand that American workers should not be forced to compete against people in Mexico making 25 cents an hour.”

“There are millions of white Americans today who still can barely bring themselves to acknowledge that the Civil War, with its twin Americas locked in a death match, was about slavery. They'll argue it was about economics, and they're right only because one of those economies was a slave economy. They'll argue it was about culture, and they're right only because one of those cultures was a slave culture.”

“As long as we place millions of Indians at the canter of our thought process, as long as we think of their welfare, their future, their opportunities for self realization we are on the right track. For India can grow, prosper, flourish only if they grow, prosper, flourish. We cannot grow by any esoteric strategies. Our purchasing power, our economic strength, our marketplace all depends on the prosperity of our people.”

“The worst thing that will probably happen-in fact is already well underway-is not energy depletion, economic collapse, conventional war, or the expansion of totalitarian governments. As terrible as these catastrophes would be for us, they can be repaired in a few generations. The one process now going on that will take millions of years to correct is loss of genetic and species diversity by the destruction of natural habitats. This is the folly our descendants are least likely to forgive us.”

“Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion - the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals - the technique of the marketplace.”

“Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.”

“What we call the market is really a democratic process involving millions, and in some markets billions, of people making personal decisions that express their preferences. When you hear someone say that he doesn't trust the market, and wants to replace it with government edicts, he's really calling for a switch from a democratic process to a totalitarian one.”

“Republican leaders have made clear they have no plans to use the power of government to stimulate the economy, invest in job creation and spur job growth. The Fed's plan is to give banks more money to finance the private sector job creation. But banks have ample cash now; they aren't lending, and the private sector is not creating the jobs. That is why we have 15 million people unemployed.”

“Taking a look back, one big reqret is, I left Harvard with no real awareness of the awful inequities in the world. The appalling disparities of health and wealth and opportunity that condemned millions of people to the lives of despair. I learned a lot here at Harvard about new ideas and economics, and politics. I got great exposure to the advances being made in the sciences. But humanities greatest advances are not in its discoveries, but in how those discoveries are applied to reduce inequity.”