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Modern Quotes

“Modern economics and the welfare state borrowed heavily on the future.”

States Modern Economics Welfare Borrowed Welfare State

Book:Timescape

Source: Timescape

“Economic analysis is the first principle of Marxism. Professors who were genuine leftists would have challenged the entire economics-driven machinery of American academe the wasteful multidepartmental structure, the divisive pedantry of overspecialization, the cronyism and sycophancy in recruitment and promotion, the boondoggling ostentation of pointless conferences, the exploitation of graduate students and part-time teachers, the subservience of faculty to overpaid administrators, the mediocrity and folly of the ruling cliques of the Modern Language Association.”

Source: Vamps & Tramps: New Essays

“Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.”

Wisdom Politics Economy Modern Economics Accepted Income Analysis Liberalism Distribution Fads Cranky

Author:Paul Samuelson

“Without evading the grimness of life in much of modern Africa, one can recognize that this continent is not yet sick as our continent is sick. Most Africans remain plugged into reality. In contrast we have become disconnected from it, reduced to compulsively consuming units, taught to worship 'economic growth' - the ultimate unreality in a finite world.”

World Reality Growth Economic Modern Taught Worship Economics Ultimate Sick Contrast Continents Units Finite Economic Growth Consuming Disconnected Unreality

Author:Dervla Murphy

“I think historically modern economics, capitalist economics, tends to erode moral categories... And this is where I think the right gets capitalism wrong. They kind of assume that there is a moral equivalence or moral valence to capitalism, but I tend to think that economics erodes all the kind of cultural taboos and inhibitions and values it comes into contact with.”

Thinking Kind Values Moral Modern Capitalism Economics Assuming Contact Categories Capitalist Taboo Inhibitions Erode

Author:Michael Pollan

“Pollution and overuse of resources stem directly from the failure of government to defend private property. If property rights were to be defended adequately, we would find that here, as in other areas of our economy and society, private enterprise and modern technology would come not as a curse to mankind but as its salvation.”

“We recognize the force of the argument that the effects of war under modern conditions may be felt in the economy for years and years, and that if the war power can be used in days of peace to treat all the wounds which war inflicts on our society, it may not only swallow up all other powers of Congress but largely obliterate the Ninth and the Tenth Amendments as well.”

Ifs Years Wells May War Used Force Felt Power Economy Modern Conditions Effects Economics Argument Treats Constitution Congress Wounds Our Society Amendments Effects Of War

Author:William O. Douglas

“Most conservatives know better than to promote the state funding of art. The result of such funding is the mess that modern art has become. Atonal music is to music what subsidized art is to art. ...The fact that cacophony has reigned almost supreme since 1900 is a testimony to Mises' original observation. Atonal music is to music what socialism is to economics: planned chaos.”

Knows Art States Facts Results Modern Music Is Art Is Economics Originals Chaos Supreme Socialism Observation Mess Testimony Funding Modern Art Cacophony

Author:Gary North

“Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.”

World Years Real Happens Opportunity Games Modern Changed Theory Return Cost Findings Economics Investment Compare Attractive Real World Portfolios Freshman Dreamland Opportunity Cost

Author:Charlie Munger

“The problem of the modern economy is not a failure of a knowledge of economics; it's a failure of a knowledge of history.”

Problem Economy Modern Economics

Author:John Kenneth Galbraith