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Economics Quotes

“No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems - of which getting elected and re-elected are number one and number two. Whatever is number three is far behind.”

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Book:Dismantling America and Other Controversial Essays (Large Print 16pt)
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“What would you think of a person who earned $24,000 a year but spent $35,000? Suppose on top of that, he was already $170,000 in debt. You'd tell him to get his act together - stop spending so much or he'd destroy his family, impoverish his kids and wreck their future. Of course, no individual could live so irresponsibly for long. But tack on eight more zeroes to that budget and you have the checkbook for our out-of-control, big-spending federal government.”

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Author:John Stossel
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“Probably the only people left who think that economics deserves a Nobel Prize are economists. It confirms their conceit that they're doing 'science' rather than the less tidy task of observing the world and trying to make sense of it. This, after all, is done by mere historians, political scientists, anthropologists, sociologists, and (heaven forbid) even journalists. Economists are loath to admit that they belong in such raffish company.”

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Author:Robert J. Samuelson
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“Who then would not like to see these benefits flow upon the world from the law, as from an inexhaustible source? But is it possible? Whence does the State draw those resources that it is urged to dispense by way of benefits to individuals? Is it not from the individuals themselves? How, then, can these resources be increased by passing through the hands of a parasitic and voracious intermediary?”

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Author:Frederic Bastiat
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“[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.”

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Author:John C. Calhoun
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“The intellectual's hostility to the businessman presents no mystery, as the two have, by function, wholly different standards. While the businessman's motto is the customer is always right, the intellectual's task is to preserve his perceived standards against the weight of popular opinion.”

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Author:Bertrand de Jouvenel
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“Socialist thought owes its appeal to the young largely to its visionary character; the very courage to indulge in Utopian thought is in this respect a source of strength for socialism which traditional liberalism sadly lacks. Speculation about general principles provides an opportunity for the play of the imagination of those who are unencumbered by much knowledge of the facts of present-day life. Their ideas suffer from inherent contradictions, and any attempt to put them into practice must produce something utterly different from what they expect.”

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Author:Friedrich August von Hayek
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“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.”

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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.”

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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.”

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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.”

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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.”

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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.”

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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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