Quotes by Economists - Page 12

What can be added to the happiness of man who is in health out of debt and has a clear conscience?
Adam Smith
A person whose desires and impulses are his own—are the expression of his own nature, as it has been developed and modified by his own culture—is said to have a character. One whose desires and impulses are not his own, has no character, no more than a steam-engine has character…
John Stuart Mill
Or how does it happen that trade, which after all is nothing more than the exchange of products of various individuals and countries, rules the whole world through the relation of supply and demand—a relation which, as an English economist says, hovers over the earth like the fate of the ancients, and with invisible hand allots fortune and misfortune to men, sets up empires and overthrows empires, causes nations to rise and to disappear—while with the abolition of the basis of private property, with the communistic regulation of production (and implicit in this, the destruction of the alien relation between men and what they themselves produce), the power of the relation of supply and demand is dissolved into nothing, and men get exchange, production, the mode of their mutual relation, under their own control again?
Karl Marx
To try to cure unemployment by inflation rather than by adjustment of specific wage-rates is like trying to adjust the piano to the stool rather than the stool to the piano.
Henry Hazlitt
In the common degree of the moral, there is no virtue. Virtue is excellence.
Adam Smith
One cannot have any respect or regard for men who take the position of the reformer and then refuse to see the logical consequences of that position, let alone following them out in action.
B.R. Ambedkar
In the natural sciences, some checks exist on the prolonged acceptance of nutty ideas, which do not hold up well under experimental and observational tests and cannot readily be shown to give rise to useful working technologies. But in economics and the other social studies, nutty ideas may hang around for centuries. Today, leading presidential candidates and tens of millions of voters in the USA embrace ideas that might have been drawn from a 17th-century book on the theory and practice of mercantilism, and multitudes of politicians and ordinary people espouse notions that Adam Smith, David Ricardo, and others exploded more than two centuries ago. In these realms, nearly everyone simply believes whatever he feels good about believing.
Robert Higgs
When I applied to graduate school many years ago, I wrote an essay expressing my puzzlement at how a country that could put a man on the moon could still have people sleeping on the streets. Part of that problem is political will; we could take a lot of people off the streets tomorrow if we made it a national priority. But I have also come to realize that NASA had it easy. Rockets conform to the unchanging laws of physics. We know where the moon will be at a given time; we know precisely how fast a spacecraft will enter or exist the earth's orbit. If we get the equations right, the rocket will land where it is supposed to--always. Human beings are more complex than that. A recovering drug addict does not behave as predictably as a rocket in orbit. We don't have a formula for persuading a sixteen-year-old not to drop out of school. But we do have a powerful tool: We know that people seek to make themselves better off, however they may define that. Our best hope for improving the human condition is to understand why we act the way we do and then plan accordingly. Programs, organizations, and systems work better when they get the incentives right. It is like rowing downstream.
Charles Wheelan
The ultimate foundation of spirituality is the recognition that there can't be such a thing as a purposeful life in a purposeless universe.
Jakub Bożydar Wiśniewski
Consider the situation: Money that was provided because of social networks rather than need; a project designed for prestige rather than to be used; a lack of monitoring and accountability; and an architect appointed for show by somebody with little interest in the quality of the work. The outcome is hardly surprising: a project that should never have been built was built, and built badly.
Tim Harford
...the characters are useful because of some quirks of our minds, yours and mine. A sentence is understood more easily if it describes what an agent (system 2) does than if it describes what something is, what properties it has.
Daniel Kahneman
A woman's income appeal is a bell-shaped curve: men do not want to date low-earning women, but once a woman starts earning too much, they seem to be scared off.
Steven D. Levitt
The history of all hitherto existing society is the history of class struggles.Freeman and slave, patrician and plebeian, lord and serf, guildmaster and journeyman, in a word, oppressor and oppressed, stood in constant opposition to one another, carried on an uninterrupted, now hidden, now open fight, that each time ended, either in the revolutionary reconstitution of society at large, or in the common ruin of the contending classes.
Karl Marx
What we prepare for is what we shall get.
William Graham Sumner
Had history been democratic in its ways, there would have been no farming and no industrial revolution. Both leaps into the future were occasioned by unbearably painful crises that made most people wish they could recoil into the past.
Yanis Varoufakis
Laissez faire (in its full true meaning) opens the way to the realization of the noble dreams of socialism.
Henry George
Man is everywhere in chains, and his chains will not be broken till he feels that it is degrading to be a bondsman, whether to an individual or to a State. The disease of civilization is not so much the material poverty of the many as the decay of the spirit of freedom and self-confidence. The revolt that will change the world will spring, not from the benevolence that breeds "reform", but from the will to be free. Men will act together in the full consciousness of their mutual dependence; but they will act for themselves. Their liberty will not be given them from above; they will take it on their own behalf.
G. D. H. Cole
Society does not consist of individuals, but expresses the sum of interrelations, the relations within which these individuals stand.
Karl Marx
Ultimately, the purpose of a certification is to establish a particular level of proficiency in a discipline. Unfortunately, “social media” in and of itself, is not a discipline. Digital crisis management, on the other hand, is. So are digital customer service and online community management. This means that a certification program that focuses on social media without addressing each specific business function adapted to social media won’t end up certifying anyone in much of anything.
Olivier J. Blanchard
Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.
John Kenneth Galbraith
You think with your body, not with your brain.
Daniel Kahneman
Depreciation of money can benefit debtors only when it is unforeseen. If inflationary measures and a reduction of the value of money are expected, then those who lend money will demand higher interest in order to compensate their probable loss of capital, and those who seek loans will be prepared to pay the higher interest because they have a prospect of gaining on capital account.
Ludwig von Mises
Racism does not have a good track record. It's been tried out for a long time and you'd think by now we'd want to put an end to it instead of putting it under new management.
Thomas Sowell
If there must be madness, something may be said for having it on a heroic scale
John Kenneth Galbraith
A great man is different from an eminent one in that he is ready to be the servant of the society.
B.R. Ambedkar
The welfare state is the oldest con game in the world. First you take people's money away quietly and then you give some of it back to them flamboyantly.
Thomas Sowell
Never waste any time you can spend sleeping.
Frank H. Knight
You should not measure your success by the amount of money you make or titles you have, instead measure it by how much value you create and the difference you make.
John Taskinsoy
Political figures who talk a lot about liberty and freedom invariably turn out to mean the freedom to not pay taxes and discriminate based on race; freedom to hold different ideas and express them, not so much.
Paul Krugman
In the Soviet Union we have a saying, a pessimist is someone who believes things can't get any worse. An optimist thinks maybe they can.
Abel Aganbegyan
Etatism, as a theory, is the doctrine of the omnipotence of the State, and, as a policy, the attempt to regulate all mundane affairs by authoritative commandment and prohibition. The ideal society of etatism is a particular sort of socialistic community; it is usual in discussions involving this ideal society to speak of State Socialism, or, in some connexions, of Christian Socialism.
Ludwig von Mises
One of the strangest phenomena of our time, and one that will probably be a matter of astonishment to our decedents, is that doctrine which is founded upon this triple hypothesis: the radical passiveness of mankind, -the omnipotence of the law, -the infallibility of the legislature: this is the sacred symbol of the party that proclaims itself exclusively democratic.
Frédéric Bastiat
I cannot possibly understand how fraternity can be legally enforced without liberty being legally destroyed...
Frédéric Bastiat
Nothing ever gets settled in this town (Washington). It's not like running a company or even a university. It's a seething debating society in which the debate never stops in which people never give up including me and that's the atmosphere in which you administer.
George P. Shultz
Understanding industry structure is also essential to effective strategic positioning P. 26
Michael E. Porter
...it is all the more clear what we have to accomplish at present: I am referring to ruthless criticism of all that exists, ruthless both in the sense of not being afraid of the results it arrives at and in the sense of being just as little afraid of conflict with the powers that be.
Karl Marx
His eminence was due to the flatness of the surrounding landscape.
John Stuart Mill
All social inequalities which have ceased to be considered expedient, assume the character not of simple inexpediency, but of injustice, and appear so tyrannical, that people are apt to wonder how they ever could have been tolerated; forgetful that they themselves perhaps tolerate other inequalities under an equally mistaken notion of expediency, the correction of which would make that which they approve seem quite as monstrous as what they have at last learnt to condemn. The entire history of social improvement has been a series of transitions, by which one custom or institution after another, from being a supposed primary necessity of social existence, has passed into the rank of a universally stigmatised injustice and tyranny. So it has been with the distinctions of slaves and freemen, nobles and serfs, patricians and plebeians; and so it will be, and in part already is, with the aristocracies of colour, race, and sex.
John Stuart Mill
Although the view that, once discovered, ideas can be imitated for free by anybody is pervasive, it is far from the truth. While it may occasionally be the case that an idea is acquired at no cost—ideas are generally difficult to communicate, and the resources for doing so are limited. It is rather ironic that a group of economists, who are also college professors and earn a substantial living teaching old ideas because their transmission is neither simple nor cheap, would argue otherwise in their scientific work. Most of the times imitation requires effort and, what is more important, imitation requires purchasing either some products or some teaching services from the original innovator, meaning that most spillovers are priced.
Michele Boldrin
The movement that I’m in favor of is a movement of libertarians who do not substitute whim for reason. Now some of them do, obviously, and I’m against that. I’m in favor of reason over whim. As far as I’m concerned, and I think the rest of the movement, too, we are anarcho-capitalists. In other words, we believe that capitalism is the fullest expression of anarchism, and anarchism is the fullest expression of capitalism. Not only are they compatible, but you can’t really have one without the other. True anarchism will be capitalism, and true capitalism will be anarchism.
Murray N. Rothbard
Democracy, we now know, is more than periodic elections in some countries, such elections have been used to legitimize essentially authoritarian regimes and deprive large parts of the citizenry of basic rights.
Joseph E. Stiglitz
You see, the thing about working with pirates is that they know what they are doing. They already know more than you do because they are sailing and raiding. They are the experts in your organization, and you need to get them on your side, not turn them against you. Here is how to deal with a pirate ship model in ten simple steps: 1. Respect the pirates. (They know how to execute.) 2. Invite the pirates to the table. Recognize their wins. 3. Ask the pirates to report on what they see and hear. 4. Ask the pirates to report on their wins and losses. 5. Ask the pirates how you can help them win more....
Olivier J. Blanchard
What, then, should you do? With an excellent hand, you should bet: You lose nothing if your opponent folds, while giving yourself a good chance of winning a big pot if he calls. But with a middling hand, you shouldn't bet: If he has a bad hand, he'll fold, and you'll win the ante, which is what you'd have won anyway by checking; but if he has a good hand, he'll call and win. It's heads he wins, tails you don't. You should check instead, and hope your middling hand wins the ante.What about with a terrible hand? Should you check or bet? The answer is surprising. Checking would be unwise, because the hands will be compared and you will lose. It actually makes more sense to bet with these bad hands, because the only way he might drop out is if you make a bet. Perversely, you are better off betting with awful cards than with mediocre ones, the quintessential (and rational) bluff. There's a second reason for you to bet with terrible cards rather than middling ones: Your opponent will have to call a little more often. Because he knows that your bets are sometimes very weak, he can't afford to fold too easily. That means that when you bet with a good hand, you are more likely to be called, and to win when you are. Because you are bluffing with bad cards, your good hands make more money.
Tim Harford
All students of man and society who possess that first requisite for so difficult a study, a due sense of its difficulties, are aware that the besetting danger is not so much of embracing falsehood for truth, as of mistaking part of the truth for the whole. It might be plausibly maintained that in almost every one of the leading controversies, past or present, in social philosophy, both sides were in the right in what they affirmed, though wrong in what they denied; and that if either could have been made to take the other’s views in addition to its own, little more would have been needed to make its doctrine correct.
John Stuart Mill
So far as variations in the objective exchange-value of money are foreseen, they influence the terms of credit transactions. If a future fall in the purchasing power of the monetary unit has to be reckoned with, lenders must be prepared for the fact that the sum of money which a debtor repays at the conclusion of the transaction will have a smaller purchasing power than the sum originally lent. Lenders, in fact, would do better not to lend at all, but to buy other goods with their money. The contrary is true for debtors. If they buy commodities with the money they have borrowed and sell them again after a time, they will retain a surplus over and above the sum that they have to pay back. The credit transaction results in a gain for them. Consequently it is not difficult to understand that, so long as continued depreciation is to be reckoned with, those who lend money demand higher rates of interest and those who borrow money are willing to pay the higher rates. If, on the other hand, it is expected that the value of money will increase, then the rate of interest will be lower than it would otherwise have been.
Ludwig von Mises
It is true that some secluded intellectuals in their esoteric circles talk differently. They proclaim the priority of what they call eternal absolute values and feign in their declamations—not in their personal conduct—a disdain of things secular and transitory. But the public ignores such utterances. The main goal of present-day political action is to secure for the respective pressure group memberships the highest material well-being. The only way for a leader to succeed is to instill in people the conviction that his program best serves the attainment of this goal.
Ludwig von Mises
It is wise to keep in mind that neither success nor failure is ever final.
Roger W. Babson
It is almost possible to sum up the whole process of thinking as the occurrence of suggestions for the solution of difficulties and the testing out of those suggestions. The suggestions or suppositions are tested by observation,memory, experiment.
Henry Hazlitt
Life is a compromise of what your ego wants to do, what experience tells you to do, and what your nerves let you do.
Walter Bagehot
Oscar Wilde was born in Dublin, on the 15th October, 1856, so that he is now about twenty-six years of age, but brief as has been his career, it has been full of promise for the future. The son of highly intellectual parents, he has had an exceptional education, has travelled much in wild and remote, through classic lands, and in the course of these journeys has learnt to appreciate the beauties of the old authors, in whose works whilst at college he attained exceptional proficiency. But his naturally enthusiastic temperament teaches him to hope for better in the future than has been achieved in the past, and to see how vast will be the influence of Art and Literature on the coming democracy of Intellect, when education and culture shall have taught men to pride themselves on what they have done, and not alone on the deeds of their ancestors.
Walter Hamilton
Powerlessness can be a self-fulfilling prophesy. There is much that is wrong with America. But it will only be made right only if we force change to occur.
Robert B. Reich
The profit of the one is the profit of the other.
Frédéric Bastiat
There is treasure hidden beneath the entire land, but the problem is people are unwilling to dig it out.
Waqar Masood
It has drowned the most heavenly ecstasies of religious fervour, 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 numberless indefeasible chartered freedoms, it 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.
Karl Marx
Too many economists excuse their practical failure by saying "the politicians (or bureaucrats) didn't do exactly what I recommended." Just as medical practitioners must allow for the fact that their patients may not take all the pills they prescribe, or follow all the advice they are given, so economics practitioners need to foresee political and administrative pressures and make their plans robust to changes that politicians, bureaucrats, and lobbyists are likely to impose.
Paul Klemperer
Both teachers and learners go to sleep at their post as soon as there is no enemy in the field.
John Stuart Mill
Policymakers cannot take the situation lightly, for at its worst, it speaks to “intergenerational inequity” – a breaking of the social contract between two generations.
Usman W. Chohan
The great misfortune of our generation is that the direction which by the amazing progress of the natural sciences has been given to its interests is not one which assists us in comprehending the larger process of which as individuals we form merely a part or in appreciating how we constantly contribute to a common effort without either directing it or submitting to orders of others.
Friedrich A. Hayek
To say that life is nothing but a property of certain peculiar combinations of atoms is like saying that Shakespeare's Hamlet is nothing but a property of a peculiar combination of letters.
Ernst F. Schumacher
In the Hindu religion, one can[not] have freedom of speech. A Hindu must surrender his freedom of speech. He must act according to the Vedas. If the Vedas do not support the actions, instructions must be sought from the Smritis, and if the Smritis fail to provide any such instructions, he must follow in the footsteps of the great men. He is not supposed to reason. Hence, so long as you are in the Hindu religion, you cannot expect to have freedom of thought
B.R. Ambedkar