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Fundamentals Quotes

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Fundamentals Quotes

“The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future.”

“Unless the fundamental categories of economics such as 'property' were to be redefined in a radically personal way the liberal rationalist curse which had established economics as a scientific discipline cut off from human interests would proliferate. Economic models ... have failed to incorporate any meaningful index of individual benefit other than the original utilitarian one, ... the index of increasing income or an increasing flow of commodities.”

“Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.”

“The basic issue of an American society which is fair, which is providing opportunity for all, is nowadays being replaced by the correct perception that we're living in a rigged economy - where it doesn't matter how hard you worked, the result will be all the income goes to the people at the very top. It's leading to a lot of frustration and anger, and people want some fundamental changes to the way we do economics and growth.”

“We can't build a safer world with honorable intentions and good will alone. Achieving the fundamental goals our nation seeks in world affairs - peace, human rights, economics progress national independence and international stability - means supporting our friends and defending our interests.”

“The fundamental flaw in Social Security and Medicare is that they violate the 'welfare principle' in economics. The welfare principle forms the fundamental basis of all charitable work in churches and other private organizations: assist those who need help, and equally important, don't assist individuals who can take care of themselves.”

“It is true that the welfare-statists are not socialists, that they never advocated or intended the socialization of private property, that they want to 'preserve' private property-with government control of its use and disposal. But that is the fundamental characteristic of fascism.”

“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.”

“Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.”