Quotes by Economists - Page 10

Advertising may be described as the science of arresting the human intelligence long enough to get money from it.

Lost rights are never regained by appeals to the conscience of the usurpers, but by relentless struggle.... Goats are used for sacrificial offerings and not lions.

We can never be sure that the opinion we are endeavouring to stifle is a false opinion; and if we were sure, stifling it would be an evil still.

The fallacy that dynamic processes must be modeled as if the system is in continuous equilibrium is probably the most important reason for the intellectual failure of neoclassical economics. Mathematics, science and engineering developed tools long ago to model outside of equilibrium processes. This dynamic approach to thinking about the economy should become second nature to economists.

Economic history shows us a continual increase in the demand for money. The characteristic feature of the development of the demand for money is its intensification; the growth of division of labour and consequently of exchange transactions, which have constantly become more and more indirect and dependent on the use of money, have helped to bring this about, as well as the increase of population and prosperity.

Someone asked me the other day if I believe in conspiracies. Well, sure. Here's one. It is called the political system. It is nothing if not a giant conspiracy to rob, trick and subjugate the population.

The mind can never foresee its own advance

There has been much talk about the alleged exploitation of the debtor nations by the creditor nations. But if the concept of exploitation is to be applied to these relations, it is rather an exploitation of the investing by the receiving nations. These loans and investments were not intended as gifts. The loans were made upon solemn stipulation of payment of principal and interest. The investments were made in the expectation that property rights would be respected. With the exception of the bulk of the investments made in the United States, in some of the British dominions, and in some smaller countries, these expectations have been disappointed. Bonds have been defaulted or will be in the next few years. Direct investments have been confiscated or soon will be. The capital-exporting countries can do nothing but wipe off their balances.

If all else fails, immortality can always be assured by spectacular error.

The conventional view serves to protect us from the painful job of thinking.

I would plead into the darkness, where are they, bring them back

Property is theft.

Only stilted pedants can conceive the idea that there are absolute norms to tell what is beautiful and what is not. They try to derive from the works of the past a code of rules with which, as they fancy, the writers and artists of the future should comply. But the genius does not cooperate with the pundit.

Christian morality (so called) has all the characters of a reaction; it is, in great part, a protest against Paganism. Its ideal is negative rather than positive; passive rather than action; innocence rather than Nobleness; Abstinence from Evil, rather than energetic Pursuit of Good: in its precepts (as has been well said) 'thou shalt not' predominates unduly over 'thou shalt.

Money is not indefinitely divisible. Even with the assistance of money-substitutes for expressing fractional sums that for technical reasons cannot conveniently be expressed in the actual monetary material (a method that has been brought to perfection in the modern system of token coinage), it seems entirely impossible to provide commerce with every desired fraction of the monetary unit.

To be moral, an act must be free.

The very principle of democracy is founded on the possibility of making alternative choices. There is no longer a need for democracy, since ideology made the idea that "there is no alternative" acceptable. Adherence to a meta-social principle of superior rationality allows for the elimination of the necessity and possibility of choosing. The so-called principle of the rationality of "markets" exactly fills this function in the ideology of obsolescent capitalism. Democratic practice is thus emptied of all content in the way is open to what I have called "low-intensity democracy" - that is, to electoral buffooneries where parades of majorettes take the place of programs, to the society of the spectacle. Delegitimized by these practices, politics is undone, begins to drift and loses its potential power to give meaning and coherence to alternative societal projects.

What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention, and a need to allocate that attention efficiently among the overabundance of information sources that might consume it.

If something cannot go on forever, it will stop.

Every emancipation is a restoration of the human world and of human relationships to a man himself.

If you ask me, my ideal would be the society based on liberty, equality and fraternity. An ideal society should be mobile and full of channels of conveying a change taking place in one part to other parts.

The bourgeoisie, wherever it has got the upper hand, has put an end to all feudal, patriarchal, idyllic relations. It has pitilessly torn asunder the motley feudal ties that bound man to his 'natural superiors,' and has left remaining no other nexus between man and man than naked self-interest, callous 'cash payment.' It has drowned the most heavenly ecstasies of religious fervor, of chivalrous enthusiasm, of philistine sentimentalism, in the icy water of egotistical calculation. It has resolved personal worth into exchange value, and in place of the numberless indefeasible chartered freedoms, has set up that single, unconscionable freedom—Free Trade. In one word, for exploitation, veiled by religious and political illusions, it has substituted naked, shameless, direct, brutal exploitation.The bourgeoisie has stripped of its halo every occupation hitherto honored and looked up to with reverent awe. It has converted the physician, the lawyer, the priest, the poet, the man of science, into its paid wage laborers.The bourgeoisie has torn away from the family its sentimental veil, and has reduced the family relation to a mere money relation.

As these contrasts show, capitalism has undergone enormous changes in the last two and a half centuries. While some of Smith’s basic principles remain valid, they do so only at very general levels.For example, competition among profit-seeking firms may still be the key driving force of capitalism, as in Smith’s scheme. But it is not between small, anonymous firms which, accepting consumer tastes, fight it out by increasing the efficiency in the use of given technology. Today, competition is among huge multinational companies, with the ability not only to influence prices but to redefine technologies in a short span of time (think about the battle between Apple and Samsung) and to manipulate consumer tastes through brand-image building and advertising.

The emancipation of the working class can only be achieved by the working class itself — without the assistance of governments.

80s music sounds so 80s now. But in the 80s, it just sounded like music.

They did not understand that by liberalizing imports, the government was also promoting exports.

When the government makes loans or subsidies to business, what it does is to tax successful private business in order to support unsuccessful private business.

The human experience of weakness is God's blueprint for calling attention to the supremacy of his Son. When miserably failing people continue to belong to, believe in, and worship Jesus, God is happy.

No people and no part of a people shall be held against its will in a political association that it does not want.

The equal right of all men to the use of land is as clear as their equal right to breathe the air - it is a right proclaimed by the fact of their existence. For we cannot suppose that some men have a right to be in this world and others no right.

There is in all of us a strong disposition to regard what is lawful as legitimate, so much so that many falsely derive all justice from law. It is sufficient, then, for the law to order and sanction plunder, that it may appear to many consciences just and sacred. Slavery, protection, and monopoly find defenders, not only in those who profit by them, but in those who suffer by them. If you suggest a doubt as to the morality of these institutions, it is said directly—“You are a dangerous experimenter, a utopian, a theorist, a despiser of the laws; you would shake the basis upon which society rests.

Learn to think continentally.

Born in inquity and conceived in sin the spirit of nationalism has never ceased to bend human institutions to the service of dissension and distress.

The greatest danger to the State is independent intellectual criticism.

I've learned only that you never say never.

It is the beginning of the 'demonetization' of the notes. The process is hastened by its panic-like character. It may be possible once, twice, perhaps even three or four times, to allay the fears of the public; but eventually the affair must run its course and then there is no longer any going back. Once the depreciation is proceeding so rapidly that sellers have to reckon with considerable losses even if they buy again as quickly as is possible, then the position of the currency is hopeless.

The great source of both the misery and disorders of human life, seems to arise from over-rating the difference between one permanent situation and another...

Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.

The law is guilty of the evils it is supposed to punish.

It doesn't matter how smart you are unless you stop and think.

Creativity always comes as a surprise to us; therefore we can never count on it and we dare not believe in it until it has happened... Hence, the only way in which we can bring our creative resources fully into play is by misjudging the nature of the task, by presenting it to ourselves as more routine, simple, undemanding of genuine creativity than it will turn out to be... We are apparently on the trail here of some sort of invisible or hidden hand that beneficially hides difficulties from us.

Far from being Eurocentric, my analysis "exoticizes" Europe. Europe is historically aberrant. In some ways this was a historical accident, not entirely Europe's fault. But, in any case, it is nothing about which Europe should boast. Perhaps Europe and the world will one day be cured of this terrible malady with which Europe (and through Europe the world) has been afflicted.

History is nothing if not far-fetched.

Please do not think that I am accusing socialists of insincerity or that I wish to hold them up to scorn either as bad democrats or as unprincipled schemers and opportunists. I fully believe, in spite of the childish Machiavellism in which some of their prophets indulge, that fundamentally most of them always have been as sincere in their professions as any other men. Besides, I do not believe in insincerity in social strife, for people always come to think what they want to think and what they incessantly profess. As regards democracy, socialist parties are presumably no more opportunists than are any others; they simply espouse democracy if, as, and when it serves their ideals and interests and not otherwise. Lest readers should be shocked and think so immoral a view worthy only of the most callous of political practitioners, ...

I have a hundred times heard him say, that all ages and nations have represented their gods as wicked, in a constantly increasing progression; that mankind have gone on adding trait after trait till they reached the most perfect conception of wickedness which the human mind could devise, and have called this God, and prostrated themselves before it.

The final result of political action often, no regularly, stands in completely inadequate and often even paradoxical relation to its original meaning.

Restrictionistic ideas have never met with any measure of popular sympathy except after a time of monetary depreciation when it has been necessary to decide what should take the place of the abandoned inflationary policy.

It is not in the power of governments to increase the supply of one commodity without a corresponding restriction in the supply of other commodities more urgently demanded by consumers. The authority may reduce the price of one commodity only by raising the prices of others.

I have always considered David Hume as approaching as nearly the idea of a perfectly wise and virtuous man as perhaps the nature of human frailty will allow.

A firm's income statement may be, likened to a bikini-what it reveals is interesting but what it conceals is vital.

What is Science Fiction? It is the absence of governance and political arrangements in worlds where advanced technology marches onwards. Petty politics and primal instincts continue to dominate while scientific advancement continues. This is our problem today as well: our brightest minds devote themselves to science but shun governance and politics. So as in each catastrophe conjured and contemplated in science fiction, we run the risk of cosmic destruction, lest our greatest minds turn to resolving the outstanding problems of politics and governance first.

The increase in value of the world of things is directly proportional to the decrease in value of the human world.

Some people believe labor-saving technological change is bad for the workers because it throws them out of work. This is the Luddite fallacy, one of the silliest ideas to ever come along in the long tradition of silly ideas in economics. Seeing why it's silly is a good way to illustrate further Solow's logic.The original Luddites were hosiery and lace workers in Nottingham, England, in 1811. They smashed knitting machines that embodied new labor-saving technology as a protest against unemployment (theirs), publicizing their actions in circulars mysteriously signed "King Ludd." Smashing machines was understandable protection of self-interest for the hosiery workers. They had skills specific to the old technology and knew their skills would not be worth much with the new technology. English government officials, after careful study, addressed the Luddites' concern by hanging fourteen of them in January 1813.The intellectual silliness came later, when some thinkers generalized the Luddites' plight into the Luddite fallacy: that an economy-wide technical breakthrough enabling production of the same amount of goods with fewer workers will result in an economy with - fewer workers. Somehow it never occurs to believers in Luddism that there's another alternative: produce more goods with the same number of workers. Labor-saving technology is another term for output-per-worker-increasing technology. All of the incentives of a market economy point toward increasing investment and output rather than decreasing employment; otherwise some extremely dumb factory owners are foregoing profit opportunities. With more output for the same number of workers, there is more income for each worker.Of course, there could very well be some unemployment of workers who know only the old technology - like the original Luddites - and this unemployment will be excruciating to its victims. But workers as a whole are better off with more powerful output-producing technology available to them. Luddites confuse the shift of employment from old to new technologies with an overall decline in employment. The former happens; the latter doesn't. Economies experiencing technical progress, like Germany, the United Kingdom, and the United States, do not show any long-run trend toward increasing unemployment; they do show a long-run trend toward increasing income per worker.Solow's logic had made clear that labor-saving technical advance was the only way that output per worker could keep increasing in the long run. The neo-Luddites, with unintentional irony, denigrate the only way that workers' incomes can keep increasing in the long-run: labor-saving technological progress.The Luddite fallacy is very much alive today. Just check out such a respectable document as the annual Human Development Report of the United Nations Development Program. The 1996 Human Development Report frets about "jobless growth" in many countries. The authors say "jobless growth" happens whenever the rate of employment growth is not as high as the rate of output growth, which leads to "very low incomes" for millions of workers. The 1993 Human Development Report expressed the same concern about this "problem" of jobless growth, which was especially severe in developing countries between 1960 and 1973: "GDP growth rates were fairly high, but employment growth rates were less than half this." Similarly, a study of Vietnam in 2000 lamented the slow growth of manufacturing employment relative to manufacturing output. The authors of all these reports forget that having GDP rise faster than employment is called growth of income per worker, which happens to be the only way that workers "very low incomes" can increase.

We can learn so much from nature by simply observing how it works through a flower. The flower knows it is part of nature' we have forgotten that.

The foundation of irreligious criticism is: Man makes religion, religion does not make man. Religion is, indeed, the self-consciousness and self-esteem of man who has either not yet won through to himself, or has already lost himself again. But man is no abstract being squatting outside the world. Man is the world of man – state, society. This state and this society produce religion, which is an inverted consciousness of the world, because they are an inverted world...Religious suffering is, at one and the same time, the expression of real suffering and a protest against real suffering. Religion is the sigh of the oppressed creature, the heart of a heartless world, and the soul of soulless conditions. It is the opium of the people.The abolition of religion as the illusory happiness of the people is the demand for their real happiness. To call on them to give up their illusions about their condition is to call on them to give up a condition that requires illusions. The criticism of religion is, therefore, in embryo, the criticism of that vale of tears of which religion is the halo.Criticism has plucked the imaginary flowers on the chain not in order that man shall continue to bear that chain without fantasy or consolation, but so that he shall throw off the chain and pluck the living flower. The criticism of religion disillusions man, so that he will think, act, and fashion his reality like a man who has discarded his illusions and regained his senses, so that he will move around himself as his own true Sun. Religion is only the illusory Sun which revolves around man as long as he does not revolve around himself.

It is so true, that the Socialists look upon mankind as a subject for social experiments, that if, by chance, they are not quite certain of the success of these experiments, they will request a portion of mankind, as a subject to experiment upon. It is well known how popular the ideaof trying all systems is, and one of their chiefs has been known seriously to demand of the Constituent Assembly a parish, with all its inhabitants, upon which to make his experiments. It is thus that an inventor will make a small machine before he makes one of the regular size. Thus the chemist sacrifices some substances, the agriculturist some seed and corner of his field, to make trial of an idea. But think of the difference between the gardener and his trees, between the inventor and his machine, between the chemist and his substances, between the agriculturist and his seed! The Socialist thinks, in all sincerity, that there is the same difference between himself and mankind. No wonder the politicians of the nineteenth century look upon society as an artifical production of the legislator's genius. This idea, the result of a classical education, has taken possession of all the thinkers and great writers of our country. To all these persons, the relations between mankind and the legislator appear to be the same as those that exist between the clay and the potter.

Voting, the be all and end all of modern democratic politicians, has become a farce, if indeed it was ever anything else. By voting, the people decide only which of the oligarchs preselected for them as viable candidates will wield the whip used to flog them and will command the legion of willing accomplices and anointed lickspittles who perpetrate the countless violations of the people’s natural rights. Meanwhile, the masters soothe the masses by assuring them night and day that they — the plundered and bullied multitudes who compose the electorate — are themselves the government.

No action can be virtuous unless it is freely chosen.

There are two principles between which there can be no compromise—liberty and coercion.

That the principle which regulates the existing social relations between the two sexes -- the legal subordination of one sex to the other -- is wrong in itself, and now one of the chief hindrances to human improvement; and that it ought to be replaced by a principle of perfect equality, admitting no power or privilege on the one side, nor disability on the other.