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Economy Quotes

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Economy Quotes

“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.”

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Book:Left at the post
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“Kelso's proposals do promise to free us from our morbid dependency on economic health through armament manufacture; they promise a way out of the welfare mess, out of foodstamps and ship subsidies, out of perpetual inflation, and they suggest a means of doing these things without being too disruptive of the wealth of five percent of the population who own the rest of us.”

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Author:Nicholas von Hoffman
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“Liberalism is a force truly of the spirit proceeding from the deep realization that economic freedom cannot be sacrificed if political freedom is to be preserved.”

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Book:Herbert Hoover: Containing the Public Messages, Speeches, and Statements of the President
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“The party should stand for a constantly wider diffusion of property. That is the greatest social and economic security that can come to free men. It makes free men. We want a nation of proprietors, not a state of collectivists. That is attained by creating a national wealth and income, not by destroying it. The income and estate taxes create an orderly movement to diffuse swollen fortunes more effectively than all the quacks.”

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Book:Addresses Upon the American Road
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“We supported the cooperative movement among farmers. The movement was still young and stubbornly opposed to the commercial distributors. I believed it to be one of the most helpful undertakings, for according to my social theories any organization run by citizens for their own welfare is preferable to the same action by the government.”

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Author:Herbert Hoover
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“Capital, and the question of who owns it and therefore reaps the benefit of its productiveness, is an extremely important issue that is complementary to the issue of full employment... I see these as twin pillars of our economy: Full employment of our labor resources and widespread ownership of our capital resources. Such twin pillars would go a long way in providing a firm underlying support for future economic growth that would be equitably shared.”

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Author:Hubert H. Humphrey
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“One of the proven ways of getting workers more involved with their jobs is by dovetailing employee profit-sharing and stock ownership plans with greater responsibility sharing... Trade unions in this country should... consider these arrangements much more carefully than they have up to now... Expanded employee profit participation and stock ownership would provide workers with a greater measure of economic and social independence, thus stimulating increased productivity.”

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Author:Jacob K. Javits
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“At the time we were funding our national debt, we heard much about "a public debt being a public blessing"; that the stock representing it was a creation of active capital for the aliment of commerce, manufactures and agriculture. This paradox was well adapted to the minds of believers in dreams.”

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Book:The writings of Thomas Jefferson: being his autobiography, correspondence, reports, messages, addresses, and other writings, official and private : published by the order of the Joint Committee of Congress on the Library, from the original manuscripts, deposited in the Department of State
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“The banks themselves were doing business on capitals three-fourths of which were fictitious. This fictitious capital... is now to be lost, and to fall on somebody; it must take on those who have property to meet it, and probably on the less cautious part, who, not aware of the impending catastrophe, have suffered themselves to contract, or to be in debt, and must now sacrifice their property of a value many times the amount of the debt. We have been truly sowing the wind, and are now reaping the whirlwind.”

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Author:Thomas Jefferson
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“We are overdone with banking institutions, which have banished the precious metals, and substituted a more fluctuating and unsafe medium... These have withdrawn capital from useful improvements and employments to nourish idleness... These are evils more easily to be deplored than remedied.”

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Book:The Writings of Thomas Jefferson: Correspondence, cont
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“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.”

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Book:The Works of Thomas Jefferson: Correspondence and Papers, 1808-1816
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“The late rebellion in Massachusetts has given more alarm than I think it should have done. Calculate that one rebellion in thirteen states in the course of eleven years, is but one for each state in a century and a half. No country should be so long without one. Nor will any degree of power in the hands of government prevent insurrections.”

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Book:Memoirs, Correspondence and Private Papers of Thomas Jefferson, Late President of the United States
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“God forbid we should ever be twenty years without such a rebellion... We have had thirteen States independent for eleven years. There has been one rebellion. That comes to one rebellion in a century and a half, for each State. What country before ever existed a century and a half without a rebellion.”

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Book:Memoirs, Correspondence and Private Papers of Thomas Jefferson, Late President of the United States
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“The commotions that have taken place in America, as far as they are yet known to me, offer nothing threatening. They are a proof that the people have liberty enough, and I could not wish them less than they have. If the happiness of the mass of the people can be secured at the expense of a little tempest now and then, or even of a little blood, it will be a precious purchase. 'Malo libertatem periculosam quam quietem servitutem.' Let common sense and common honesty have fair play, and they will soon set things to rights.”

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Book:Correspondence
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“The tumults in America I expected would have produced in Europe an unfavorable opinion of our political state. But it has not. On the contrary, the small effect of these tumults seems to have given more confidence in the firmness of our governments. The interposition of the people themselves on the side of government has had a great effect on the opinion here in Europe.”

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Book:Jefferson: Political Writings
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“In our time, in particular, there exists another form of ownership which is becoming no less important than land: the possession of know-how, technology and skill. The wealth of the industrialized nations is based much more on this kind of ownership than on natural resources.”

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Author:Pope John Paul II
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“Economic activity, especially the activity of a market economy, cannot be conducted in an institutional, juridical or political vacuum. On the contrary, it presupposes sure guarantees of individual freedom and private property, as well as a stable currency and efficient public services.”

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Book:The Encyclicals of John Paul II
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“On the basis of his work each person is fully entitled to consider himself a part owner of the great workbench at which he is working with everyone else. A way toward that goal could be found by associating labor with the ownership of capital joint ownership of the means of work, sharing by the workers in the management and/or profits of businesses, so-called shareholding by labor, etc.”

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Author:Pope John Paul II
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“All this plan does is make everybody a capitalist. I know that the New York Stock Exchange says there are 25 million shareholders in the United States, but let me tell you something: about 15 million of those people could save their dividends for 10 years and maybe buy a new suit. That's not what I call capitalism.”

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Author:Louis O. Kelso
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“Full employment is a socially hazardous goal. In effect, it aspires to restore through political expedients the pre-industrial state of toil that science, engineering, technology and modern management are pledged to overcome.”

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Book:Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals
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“If capital produces most of the economy's wealth and income is distributed on the basis of productive input, the individual can hardly reach his goal - an affluent level of income - solely by means of his labor.”

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Book:Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals
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“No Keynesian has ever proposed a measure designed to make the individual more productive; for that would require institutional means for enabling him to acquire ownership of the nonhuman factor of production: capital.”

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Book:Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals
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“Private property works like circuitry in electronics, or piping in hydraulics. It conveys wages to the owners of labor power, as well as the various forms of nonwage property income to the owners of capital. In itself, it is no more responsible for maldistribution of purchasing power than the science of bookkeeping is responsible for bankruptcy.”

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Author:Louis O. Kelso
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“Rather than providing him with economic opportunity, the Act of that name seems designed to make the poor man do penance all his life for the sin of being born into a non-capital-owning family... One searches it in vain for measure designed to provide economic opportunity to the capital owner. But nobody proposes to educate, train, or rehabilitate either him or his children, even when their "unemployment" is notorious.”

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Author:Louis O. Kelso
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