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Economics Quotes

“I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investments.”

LongStatesPhilosophyPoliticalSocialViewsResponsibilityGreaterPositionAdvantageEconomicsBasesInvestmentGoodsEfficiency
Book:Keynes and Public Policy After Fifty Years: Theories and method
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“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.”

PhilosophyHelpingGovernmentPoliticalSidesNaturalEffectsPolicyBenefitsEconomicsIncreaseWorkersRateGenerousUnemploymentSide EffectsUndesirableGovernment PolicyUnemployment Benefits
Book:CourseSmart E-Book for Macroeconomics: A PDF-style E-Book
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“Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better idea is to have the government subsidize low-wage employment. The earned-income tax credit for low-income workers - which has been the object of proposed cuts by both President Clinton and congressional Republicans - has been a positive step in this direction.”

Has BeensIdeasPhilosophyGovernmentPoliticalPresidentStepsCuttingObjectsHigherRepublicanTaxesLowsEconomicsOrganizationTradeUnionsClintonWorkersCreditIncomeEmploymentBarriersMinimumUnemploymentIncome TaxMinimum WagePresident ClintonLow IncomeTrade Offs
Author:Paul Krugman
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“I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.”

NeedsGivingLongHas BeensEnoughPhilosophyFactsFacesPoliticalInterestCuttingPolicyEconomicsMovedInvestmentRateExcuseAlternativesMakersBubblesAlways BelieveMomentumRecessionsInterest RateCentral BanksPolicy MakersDownturn
Author:Paul Krugman
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“Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group pressures. The kinds of interventions that new trade theory suggests can raise national income will typically raise the welfare of small, fortunate groups by large amounts, while imposing costs on larger, more diffuse groups.”

KindPhilosophyGovernmentPoliticalInterestGroupsTheoryAmountCostEconomicsPressureRaisesTradeIncomeFortunateWelfareInterventionImposingNational InterestsInterest GroupsMicroeconomics
Author:Paul Krugman
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“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.”

ShouldLittlesLongPhilosophyRunningJobsPoliticalLostTermNaturalLevelsNumbersIssuesEffectsPolicyStudentsDemandEconomicsTradeImpactRateEmploymentLong RunsEfficiencyUnemploymentTariffsMacroeconomicsMicroeconomics
Author:Paul Krugman
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“Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household.”

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Book:Economic freedom and interventionism: an anthology of articles and essays
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“The main propoganda trick of supporters of the allegedly "progressive" policy of government control is to blame capitalism for all that is unsatisfactory in present-day conditions and to extol the blessings of socialism. They have never attempted to prove their fallacious dogmas, all they did was to call their adversaries names and cast suspicion upon their motives. And, unfortunately, the average citizen cannot see through these stratagems. The liars must be afraid of the truth and are therefore driven to suppress its pronouncement.”

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Author:Ludwig von Mises
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“Tariffs, government contracts, naval and military spending, nationalized industries, tax policy, social welfare, the legal privileging of labor unions were among the means at the disposal of the governing class to exploit the public at large for the benefits of its various clienteles.”

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Author:Ralph Raico
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“Liberalism is, in fact, the ideology of the capitalist revolution that prodigiously raised the living standards of the mass of people; a doctrine gradually elaborated over several centuries, which offered a new concept of social order, encompassing freedom in the only form suited to the modern world. Step by step, in practice and theory, the various sectors of human activity were withdrawn from the jurisdiction of coercive authority and given over to the voluntary action of self-regulating society.”

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Author:Ralph Raico
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“The slaves of socialism are slaves, but they are no one's property and therefore no one's loss.”

PhilosophyPoliticalLossEconomicsPropertySlaveSocialismEugenics
Book:The Government Against the Economy: The Story of the U.S. Government's On-going Destruction of the American Economic System Through Price Controls
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“What is the use of freedom of the press if the government is in possession of all the printing presses, what does freedom of assembly avail if all the meeting places belong to the government? In a society in which there is no more personal and economic freedom, even the freest form of the state cannot make political independence possible.”

IfsDoeStatesPhilosophyUseGovernmentFormPoliticalEconomicEconomicsIndependencePressesMeetingsPossessionAssemblyPrintingFreedom Of The PressPrinting PressEconomic FreedomFreedom Of AssemblyPolitical Independence
Author:Eugen Richter
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