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Economics Quotes

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Economics Quotes

“.......the poor of the world cannot be made rich by redistribution of wealth. Poverty can't be eliminated by punishing people who've escaped poverty, taking their money and giving it as a reward to people who have failed to escape. Economic leveling doesn't work. Whether we call it Marxism, Progressive Reform, or Clintonomics, the result is the same slide into the stygian pit. Communists worship Satan; socialists think perdition is a good system run by bad men; and liberals want us to go to hell because it's warm there in the winter.”

“It is your mind that matters economically, as much or more than your mouth or hands. In the long run, the most important economic effect of population size and growth is the contribution of additional people to our stock of useful knowledge. And this contribution is large enough in the long run to overcome all the costs of population growth.”

“Like many another romance, the romance of the family turns sour when the money runs out. If we really cared about families, we would not let 'born again' patriarchs send up moral abstractions as a smokescreen for the scandal of American family economics.”

“When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.”

“As a child, I had no idea that I would end up in the film industry. My ambitions changed from wanting to join the army like my grandfather to taking up merchant navy as a career to running for India, and finally, investment banking while I was a student of economics honour. But during my college days, I began to get offers for modelling.”

“It's unwise to pay too much, but it's worse to pay too little. When you pay too much, you lose a little money - that's all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot - it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.”

“Public education is the key civil rights issue of the 21st century. Our nation's knowledge-based economy demands that we provide young people from all backgrounds and circumstances with the education and skills necessary to become knowledge workers. If we don't, we run the risk of creating an even larger gap between the middle class and the poor. This gap threatens our democracy, our society and the economic future of America.”

“Unlike the Marxists, the Nazis did not advocate public ownership of the means of production. They did demand that the government oversee and run the nation's economy. The issue of legal ownership is secondary; what counts is the issue of control. Private citizens, therefore, may continue to hold titles to property-so long as the state res...erves to itself the unqualified right to regulate the use of their property.”

“The trouble with conspiracies, even those that are to everybody's advantage in the long run, is that they are open to abuse. If manipulators really had the powers claimed, they could win the lottery every week. I prefer to point out that they could also win a Nobel Prize for discovering fundamental physical forces hitherto unknown to science.”

“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.”

“The New Capitalism (arising from the global economic downturn)...those running our biggest commercial businesses will have to be more visible. They'll have to manifest a genuine understanding not only of the anxieties of their employees but of all taxpayers. Those chief executives who succeed will be those who imbue in their businesses very simple, commonsense standards of decency”

“Do you realize that the 850 billion dollar bank bailout, that sum of money is greater than the entire 50 year running budget of NASA. And so when someone says, 'We don't have enough money for this space probe.' No, it's not that you don't have enough money. It's that the distribution of money that you're spending is warped in some way that you are removing the only thing that gives people something to dream about tomorrow.”

“Republicans don't have to accept evolution, economics, climatology, or human sexuality, but I just watched a week of their national convention, and I need them to admit the historical existence of George W. Bush. If your party can run the nation for eight years and then have a national convention and not invite Bush, Cheney, Rumsfeld, Colin Powell, Karl Rove, or Tom DeLay, you're not a political movement, you're the witness protection program.”

“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.”

“Our popular economics writers, however, are not in the business of giving their readers a ringside seat on the research action; with no exception I can think of, they use their books to do an end run around the normal structure of scholarship, to preach ideas that few serious economists share. Often, these ideas are not just at odds with the professional consensus; they are demonstrably wrong, and sometimes terminally silly. But they sound good to the unwary reader.”

“The relation of eugenics to British psychiatry bears examination. The primary controlling body for psychiatry in England is the British National Association for Mental Health (NAMH), formed in 1944, and initially run by the mentally unstable Montagu Norman, previously of the Bank of England. The group originally met at Norman's London home, where he and Nazi Economics Minister Hjalmar Schacht had met in the 1930s to arrange financing for Hitler.”