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Economy Quotes

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Economy Quotes

“I think of the old slavery, and of the way The Economy has now improved upon it. The new slavery has improved upon the old by giving the new slaves the illusion that they are free. The Economy does not take people's freedom by force, which would be against its principles, for it is very humane. It buys their freedom, pays for it, and then persuades its money back again with shoddy goods and the promise of freedom. "Buy a car," it says, "and be free. Buy a boat and be free." Is this not the raw material of bad dreams? Or is it maybe the very nightmare itself?”

“I don't mean to imply that we are in imminent danger of being wiped off the face of the earth - at least, not on account of global warming. But climate change does confront us with profound new realities. We face these new realities as a nation, as members of the world community, as consumers, as producers, and as investors. And unless we do a better job of adjusting to these new realities, we will pay a heavy price. We may not suffer the fate of the dinosaurs. But there will be a toll on our environment and on our economy, and the toll will rise higher with each new generation.”

“Since it is to the advantage of the wage-payer to pay as little as possible, even well-paid labor will have no more than what is regarded in a particular society as the reasonable level of subsistence. The lower ranks of labor will commonly have less, and if public relief were afforded even up to the wage-level of the lowest ranks of labor, that relief would compete in the labor market; check or dry up the supply of wage-labor. It would tend to render the performance of work by the wage-earner redundant.”

“We preach free enterprise capitalism. We believe in it, we give our lives in war for it, but the closest most of us come to profiting from it are a few miserable shares of stock in a company that doesn't pay large enough dividends to keep a small mouse in cheese. The truth is, most of us are job serfs. At a time when invested capital returns 20 to 30 percent, we have no capital. We only have our wages and salaries, and a debt so high that something like 20c on every dollar we earn is spent to pay off what we owe.”

“We shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves; and consequently within what may be deemed the period of a generation, or the life of the majority.”

“The purpose of finance is to enable business to acquire the ownership of capital instruments before it has saved the funds to buy and pay for them. The logic used by business in investing is things that will pay for themselves is not today available to the 95% born without capital. Most of us owe instead of own. And the less the economy needs our labor, the less able we are to "save" our way to capital ownership.”

“In Harlem, for instance, all of the stores are owned by white people, all of the buildings are owned by white people. The black people are just there - paying rent, buying the groceries; but they don't own the stores, clothing stores, food stores, any kind of stores; don't even own the homes that they live in. They are all owned by outsiders, and for these run-down apartment dwellings, the black man in Harlem pays more money than the man down in the rich Park Avenue section.”

“Of the land which the Romans gained by conquest from their neighbours, part they sold publicly, and turned the remainder into common; this common land they assigned to such of the citizens as were poor and indigent, for which they were to pay only a small acknowledgment into the public treasury. But when the wealthy men began to offer larger rents, and drive the poorer people out, it was enacted by law that no person whatever should enjoy more than five hundred acres of ground.”

“Many of the deficiencies of our economic system could be alleviated if ways were found to broaden the ownership of the means of production... This has happened in some companies through ESOPs. Successful approaches of this sort would pay dividends in terms of employee commitment and morale. And they would not deprive anyone of his present holdings since they are based on future growth.”

“All those who, since Adam Smith, have turned their attention to Political Economy, agree that in reality we do not buy articles of consumption with money, the circulating medium with which we pay for them. We must in the first instance have bought this money itself by the sale of our produce.”

“We love a world in which the people in the white hats get rewarded and the people in the black hats pay the price. And that I have to say doesn't happen very often, particularly in a very complex economy. We're in a time of panic where people have lost trust in what the banks are doing, what the investment firms are doing - lost trust beyond a level of reasonableness, to be honest. And, it's got to be stopped.”

“There is a wise old saying 'Eat it up, wear it out, make it do, or do without'. Thrift is a practice of not wasting anything. Some people are able to get by because of the absence of expense. They have their shoes resoled, they patch, they mend, they sew, and they save money. They avoid installment buying, and make purchases only after saving enough to pay cash, thus avoiding interest charges. Frugality means to practice careful economy.”

“You must, to get through life well, practice industry with economy, never create a debt for anything that is not absolutely necessary, and if you make a promise to pay money at a day certain, be sure to comply with it. If you do not, you lay yourself liable to have your feelings injured and your reputation destroyed with the just imputation of violating your word.”

“The backlash against women's rights would be just one of several powerful forces creating a harsh and painful climate for women at work. Reagonomics, the recession, and the expansion of a minimum-wage service economy also helped, in no small measure, to slow and even undermine women's momentum in the job market. But the backlash did more than impede women's opportunities for employment, promotions, and better pay. Its spokesmen kept the news of many of these setbacks from women. Not only did the backlash do grievous damage to working women C it did on the sly.”

“And having thoughtlessly polluted our streams and rivers, we have seen in recent years a rapidly growing market for bottled drinking water. I am sure that some will say that a rapidly growing market for water is "good for the economy," and most of us are still affluent enough to pay the cost. Nevertheless, it is a considerable cost that we are now paying for drinkable water, which we once had in plentiful supply at little cost or none at all. And the increasing of the cost suggests that the time may come when the cost will be unaffordable.”

“The other way that you democratize the food movement is through the public school system. If you can pay enough for the school lunch system so that it can actually be cooked and not just microwaved, so that these schools can buy local food, fresh food, because right now it's all frozen and processed, you will improve the health of the students, you will improve the health of the local economy, and you will have better performing students.”

“There is no reason products and services could not be swapped directly by consumers and producers through a system of direct exchange – essentially a massive barter economy. All it requires is some commonly used unit of account and adequate computing power to make sure all transactions could be settled immediately. People would pay each other electronically, without the payment being routed through anything that we would currently recognize as a bank. Central banks in their present form would no longer exist – nor would money.”

“Ninety-seven percent of the CEOs of the Fortune 500 are white men, and what they do radiates all the way down into poor areas and cities around our country. Like predatory lending and misallocation of municipal services. These guys get municipal service, poor areas don't. So they run the economy into the ground, and who suffers the most? The poor pay more and they die earlier.”

“When you talk about the security and safety of average Americans it doesn't do average Americans a lot of good to expand America's military footprint if the daily lives of average Americans are being undermined by the fact that we're no longer able to compete in a global economy. I think that's the kind of human security we have to pay more attention to.”

“My solutions are to include Africa in the global economy, and not African charity, AIDS research, but African infrastructure development. And I think that Africa can import and needs everything the whole world can manufacture. And they have got enough money to pay for it. It's just that the money is in the ground.”