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Economics Quotes

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Economics Quotes

“The direction of all economic affairs is in the market society a task of the entrepreneurs. Theirs is the control of production. They are at the helm and steer the ship. A superficial observer would believe that they are supreme. But they are not. They are bound to obey unconditionally the captain's orders.”

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

“You know, if government were a product, selling it would be illegal. ... Government contains impure ingredients - as anybody who's looked at Congress can tell you. ... government practices deceptive advertising. And the merest glance at the federal budget is enough to convict the government of perjury, extortion, and fraud. ... in a nutshell: government should be against the law. Term limits aren't enough. We need jail.”

“The Tenth Commandment sends a message to socialists, to egalitarians, to people obsessed with fairness, to American presidential candidates in the year 2000 - to everyone who believes that wealth should be redistributed. And that message is clear and concise: Go to Hell.”

“Communism and socialism is [sic] seductive. It promises us that people will contribute according to ability and receive according to needs. Everybody is equal. Everybody has a right to decent housing, decent food and affordable medical care. History should have taught us that when we hear people talk this stuff - watch out!”

“... what we should be looking for is fresh ideas of how we make moral decisions about our dealings with one another, economic, social, cultural. Economic determinism is an objectionable creed where men and women espouse it in its communist or capitalist form because it treats human beings as economic units and not as responsible persons.”

“The danger of tautological propositions is considerable in discussions of the concept of normal profits. Because supernormal profits seem to invite newcomers to an industry and sub-normal profits seem to drive away those who are in an industry, some writers are inclined to define normal profits as the earnings of the fixed resources in an industry which neither grows nor declines in size or number of firms. It should be clear that such a definition is useless: it muddles together attractiveness and actual afflux, desirbility of entry and ease of entry, zero profits and monopoly rents.”

“Home economics should find its way into the curriculum of every school because the scientific study of a problem pertaining to food, shelter or clothing... raises manual labor that might be drudgery to the plane of intelligent effort that is always self-respecting...Home economics is not one department, in the sense in which dairying or entomology or soils is a department. It is not a single speciality... Many technical and educational departments will grow out of it as time goes on.”

“Home-making today should have a background of scientific training because only in this way can real efficiency be achieved. The average girl wants to be able to keep her house with the least possible strain, and in order to do this she must have good training. This can best be achieved by taking a good course in home economics.”

“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.”

“Government should be good for the liberty of the governed, and that is when it governs to the least possible degree. It should be good for the wealth of the nation, and that is when it acts as little as possible upon the labor that produces it and when it consumes as little as possible. It should be good for the public security, and that is when it protects as much as possible, provided that the protection does not cost more than it brings in.... It is in losing their powers of action that governments improve. Each time that the governed gain space there is progress.”

“My position is that I am personally opposed to abortion, but I don't think I have a right to impose my view on the rest of society. I've thought a lot about it, and my position probably doesn't please anyone. I think the government should stay out completely. I will not vote to overturn the Court's decision. I will not vote to curtail a woman's right to choose abortion. But I will also not vote to use federal funds to fund abortion.”

“It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society.”

“I've never believed protectionism of that kind will lead us anywhere. I think you can have certain specific rules for engaging with India.. for example, not allowing mineral resources to be taken out of the country.. but there is not a shred of doubt in my mind that when you open an economy you should do it in totality. Foreign investment adds a sense of competition; we should see this as a wake-up call to modernise and upgrade. Companies that do not will undoubtedly die.”

“Investors want to know how exposed a business is to climate change. The physical risks to Tesco are clear, but could be far-reaching. Freak weather in the past few months has disrupted our supply lines in Hungary, Bangladesh and Korea. Any responsible board of directors should be planning ahead, thinking through these risks, and presenting them in a clear, transparent way”

“By government giveaway programs, individuals are often hurt far more than they are helped. The recipients of these programs become dependent on the government and their dignity is destroyed. Is it compassionate to enslave more and more people by making them a part of the government dependency cycle? I think compassion should be measured by how many people no longer need it. Helping people to become self-sufficient is much more compassionate than drugging them with the narcotic of welfare.”

“If we can implant in our people the Christian virtues which we sum up in the word character, and, at the same time, give them a knowledge of the line which should be drawn between voluntary action and governmental compulsion in a democracy, and of what can be accomplished within the stern laws of economics, we will enable them to retain their freedom, and at the same time, make them worthy to be free.”

“We should know that only replacing the economics of competition and greed with the economics of equitable cooperation will guarantee a globalization that takes advantage of potential efficiency gains in ways that also promote environmental protection, international equity, economic democracy, and variety.”

“Market forces have no intrinsically moral direction, which is why, before he wrote The Wealth of Nations, Adam Smith wrote The Theory of Moral Sentiments. Ethics should precede economics. But it doesn't have to. . . . We know this because we've seen the results of capitalism without conscience: the pollution of the air we breathe, the water we drink, and the food we eat; the endangerment of workers; and the sale of dangerous products - from cars to toys to drugs. All in pursuit of ever-greater profits.”

“The first commandment of economics is: Grow. Grow forever. Companies get bigger. National economies need to swell by a certain percent each year. People should want more, make more, earn more, spend more - ever more. The first commandment of the Earth is: enough. Just so much and no more. Just so much soil. Just so much water. Just so much sunshine. Everything born of the Earth grows to its appropriate size and then stops.”

“I think the team that successfully puts together an economic and social policy framework for global full employment in decent working conditions based on local development, that would command the support of all stakeholders and all international organizations concerned, should be awarded the [Nobel] prize. I am sure they would get it not just for economics, but also for peace in the world.”

“Early ecologists soon realised that, since humans are organisms, ecology should include the study of the relationship between humans and the rest of the biosphere. ... We don't often tend to think about the social sciences (history, economics and politics) as subcategories of ecology. But since people are organisms, it is apparent that we must first understand the principles of ecology if we are to make sense of the events in the human world.”

“Everyone in the United States is so intense about maintaining a separation between Church and State when the real concern should be about keeping a separation between Corporations and State--because in America (and most of the rest of the Western World, for that matter) economics is the real religion.”