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Economics Quotes

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Economics Quotes

“In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.”

“He is led by an invisible hand to promote an end which was no part of his intention”

Ends Hands Nations Ignorance Economics Intention Invisible Adam Self Interest Public Interest Protectionism Invisible Hand Wealth Of Nations Unintended Consequences

Author:Adam Smith

“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”

“No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”

Source: An inquiry into the nature and causes of the wealth of nations

“We have always known that heedless self interest was bad morals, we now know that it is bad economics.”

Knows Self Interest Business Known Moral Economics Greed Self Interest

Author:Franklin D. Roosevelt

“How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it.”

Source: Delphi Complete Works of Adam Smith (Illustrated)

“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”

“We cannot doubt that self-interest is the mainspring of human nature. It must be clearly understood that this word is used here to designate a universal, incontestable fact, resulting from the nature of man, and not an adverse judgment, as would be the word selfishness.”

Men Humans Self Facts Would Be Used Interest Liberty Doubt Economic Human Nature Judgment Understood Economics Universal Selfishness Self Interest Adverse Nature Of Man

Author:Frederic Bastiat

“The greatest productive force is human selfishness.”

Humans Force Liberty Economics Libertarian Selfishness Productive Libertarianism Self Interest Great Libertarian Selfish Interest

Book:Time Enough for Love

Source: Time Enough for Love

“Competition is like experimentation in science, a discovery process, and it must rely on the self interest of producers, it must allow them to use their knowledge for their purposes, because nobody else possesses the information”

Self Use Purpose Process Interest Information Discovery Economics Competition Producers Rely Self Interest Experimentation

Author:Friedrich August von Hayek

“Opportunism is self interest seeking with guile often involving subtle forms of deceit, especially calculated efforts to mislead, distort, disguise, obfuscate, or otherwise confuse. This vastly complicates the problems of economic organisation. Plainly if it were not for opportunism all behaviour could be rule governed”

Ifs Self Problem Form Interest Effort Economic Economics Seeking Subtle Deceit Behaviour Disguise Self Interest Mislead Involving Organisation Guile Opportunism

Author:Oliver E. Williamson

“Our nation has both an obligation and self-interest in facing head-on the serious environmental, economic and national security threat posed by global warming.”

Self Nations Interest Economy Environment Economic Security Serious Economics Threat Environmental Obligation Global Warming National Security Self Interest

Author:John McCain

“A commercial civilization is money-oriented, profit-oriented. Commercial values always tend to wrench a society free of tradition.Economics from education to public service is being reorganized on the self-destructive basis of self-interest.”

Self Values Interest Civilization Capitalism Economics Tradition Bases Profit Destructive Self Interest Public Service Self Destructive Wrenches

Author:John Ralston Saul

“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.”

Knows Long Self Running Political Interest Pay Known Moral Economic Morality Economics Prosperity Conviction Collapse Long Runs Self Interest Builder Practicality

Book:The Essential Franklin Delano Roosevelt

Source: The Essential Franklin Delano Roosevelt

“Adam Smith had one overwhelmingly important triumph: he put into the center of economics the systematic analysis of the behavior of individuals pursuing their self-interest under conditions of competition.”

Important Self Individual Interest Conditions Behavior Economics Competition Triumph Analysis Adam Self Interest Systematic

Author:George Stigler