Quotes by Economists - Page 14

Much will have to change in Canada if the country is to stay the same.
Abraham Rotstein
If I find the constitution being misused, I shall be the first to burn it.
B.R. Ambedkar
At work here is that powerful WYSIATI ("what you see is all there is") rule. You cannot help dealing with the limited information you have as if it were all there is to know. You build the best possible story from the information available to you, and if it is a good story, you believe it. Paradoxically, it is easier to construct a coherent story when you know little, when there are fewer pieces to fit into the puzzle. Our comforting conviction that the world makes sense rests on a secure foundation: our almost unlimited ability to ignore our ignorance.
Daniel Kahneman
Power is the recognition of necessity.
Abraham Rotstein
The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule.
Friedrich A. Hayek
Reality does not go away when it is ignored.
Thomas Sowell
The only common good is the common liberty to pursue individual goods.
Jakub Bożydar Wiśniewski
History is written by the rich, and so the poor get blamed for everything.
Jeffrey D. Sachs
A bitter thing cannot be made sweet. The taste of anything can be changed. But poison cannot be changed into nectar.
B.R. Ambedkar
It is clearly absurd to limit the term 'education' to a person's formal schooling.
Murray N. Rothbard
It is an adherent condition of human affairs that no intention, however sincere, of protecting the interests of others can make it safe or salutary to tie up their own hands. Still more obviously true is it, that by their own hands only can any positive and durable improvement of their circumstances in life be worked out.
John Stuart Mill
The economic interpretation of history does not necessarily mean that all events are determined solely by economic forces. It simply means that economic facts are the ever recurring decisive forces the chief points in the process of history.
Edward Bernstein
A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product." [in Nordhaus, William D. and James Tobin., "Is growth obsolete?" Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80]
James Tobin
Entrepreneurship is the use of self-interest in the service of others. Politics is the use of others in the service of self-interest.
Jakub Bożydar Wiśniewski
In reality, the laborer belongs to capital before he has sold himself to capital. His economic bondage is both brought about and concealed by the periodic sale of himself, by his change of masters, and by the oscillation in the market price of labor power. Capitalist production, therefore, under its aspect of a continuous connected process, of a process of reproduction, produces not only commodities, not only surplus value, but it also produces and reproduces the capitalist relation; on the one side the capitalist, on the other the wage-laborer.
Karl Marx
Beautiful, seamless upgrade from Twitter today, making functionality smoother and cooler. We didn't have to lobby, didn't have to beg, didn't have to elect a new leader, didn't have to push or protest. Progress is built in to the structure of the mechanism itself: this company exists to please you and me. This is a far better system than any political system on earth.
Jeffrey Tucker
The poor stay poor here because they do not save enough.
Abhijit V. Banerjee
...poor countries are poor because those who have power make choices that create poverty. They get it wrong not by mistake or ignorance but on purpose. To understand this, you have to go beyond economics and expert advice on the best thing to do and, instead, study how decisions actually get made, who gets to make them, and why those people decide to do what they do.
Daron Acemoglu
When the solution to a given problem doesn’t lay right before our eyes, it is easy to assume that no solution exists. But history has shown again and again that such assumptions are wrong. This is not to say the world is perfect. Nor that all progress is always good. Even widespread societal gains inevitably produce losses for some people. That’s why the economist Joseph Schumpeter referred to capitalism as “creative destruction.” But humankind has a great capacity for finding technological solutions to seemingly intractable problems, and this will likely be the case for global warming. It isn’t that the problem isn’t potentially large. It’s just that human ingenuity—when given proper incentives—is bound to be larger. Even more encouraging, technological fixes are often far simpler, and therefore cheaper, than the doomsayers could have imagined. Indeed, in the final chapter of this book we’ll meet a band of renegade engineers who have developed not one but three global-warming fixes, any of which could be bought for less than the annual sales tally of all the Thoroughbred horses at Keeneland auction house in Kentucky.
Steven D. Levitt
An epistemic methodology that sees the pursuit of knowledge as entirely congruent with the search for power is a great deal more cunning than wise. It can needlessly undermine the value of knowledge in satisfying curiosity and interest it significantly weakens one of the profound characteristics of human beings.
Amartya Sen
Nearly all libertarians were once conservatives or progressives or independent statists of some stripe. But scarcely any conservatives, progressives, or independent statists were once libertarians. This asymmetry in the direction of ideological migration is interesting and perhaps informative.
Robert Higgs
God is triune, and all reality is structured in terms of Him. A brief definition of the Trinity might be this: One God without division in a plurality of Persons, and three Persons without confusion in a unity of essence. God is not 'basically' One, with the individual Persons being derived from the oneness; nor is God 'basically' Three, with the unity of the Persons being secondary. God is One, and God is Three. There are not three Gods; there is only one God. Yet each of the Persons is Himself God — and They are distinct, individual Persons. But there is only one God. "To put it in more philosophical language, God’s unity (oneness) and diversity (threeness, individuality) are equally ultimate. God is 'basically' One and 'basically' Three at the same time. And the same goes for all of creation. Both unity and diversity are important – equally important. Neither aspect of reality has priority over the other.
David H. Chilton
Suppose a country starts its independence with the three economic characteristics that globally make a country prone to civil war: low income, slow growth, and dependence upon primary commodity exports. It is playing Russian roulette. That is not just an idle metaphor: the risk that a country in the bottom billion falls into civil war in any five-year period is nearly one in six, the same risk facing a player of Russian roulette.
Paul Collier
Emergencies” have always been the pretext on which the safeguards of individual liberty have eroded.
Friedrich A. Hayek
Is distinctive black culture the cause of economic disparity between whites and blacks or merely the reflection of it?
Steven D. Levitt
Politics determines who has the power, not who has the truth.
Paul Krugman
What is ominous is the ease with which some people go from saying that they don't like something to saying that the government should forbid it. When you go down that road, don't expect freedom to survive very long.
Thomas Sowell
There will always exist inequalities which will appear unjust to those who suffer from them, disappointments which will appear unmerited, and strokes of misfortune which those hit have not deserved. But when these things occur in a society which is consciously directed, the way in which people will react will be very different from what it is when they are nobody's conscious choice.
Friedrich A. Hayek
Clowns to the left of me, jokers to the right, here I am -- not stuck in the middle, but hovering above the entire farcical spectrum, weeping as I behold my fellow man's devotion to political illusion and self-destruction.
Robert Higgs
We see but one aspect of our neighbor, as we see but one side of the moon; in either case there is also a dark half, which is unknown to us. We all come down to dinner, but each has a room to himself.
Walter Bagehot
Some years ago I read a book that brought Einstein's theory of relativity down to an eighth grade level. This convinced me that any subject can be made easy. In other words, always beware of anyone who tells you a topic is above you or better left to experts. This person may, for some reason, be trying to shut you out. You CAN understand almost anything.
Richard J. Maybury
How long will it be necessary to pay City men so entirely out of proportion to what other servants of society commonly receive for performing social services not less useful or difficult?
John Maynard Keynes
If you want peace, prepare for ideological war with those who want others to prepare for physical war.
Jakub Bożydar Wiśniewski
... Whenever the man of science introduces his personal value judgment, a full understanding of the facts ceases.
Max Weber
It is true that the virtues which are less esteemed and practiced now--independence, self-reliance, and the willingness to bear risks, the readiness to back one's own conviction against a majority, and the willingness to voluntary cooperation with one's neighbors--are essentially those on which the of an individualist society rests. Collectivism has nothing to put in their place, and in so far as it already has destroyed then it has left a void filled by nothing but the demand for obedience and the compulsion of the individual to what is collectively decided to be good.
Friedrich A. Hayek
Hatred and anger are the greatest poison to the happiness of a good mind. There is, in the very feeling of those passions, something harsh, jarring, and convulsive, something that tears and distracts the breast, and is altogether destructive of that composure and tranquillity of mind which is so necessary to happiness, and which is best promoted by the contrary passions of gratitude and love.
Adam Smith
It’s hard not to empathize with the mayor’s anger, given the injustices he’d suffered, but righteous anger rarely leads to wise policy.
Edward L. Glaeser
How much does it cost to treat leprosy? One $3 dose of antibiotic will cure a mild case; a $20 regimen of three antibiotics will cure a more severe case. The World Health Organization even provides the drugs free,but India‘s health care infrastructure is not good enough to identify the afflicted and get them themedicine they need.So, more than 100,000 people in India are horribly disfigured by a disease that costs $3 to cure.That is what it means to have a per capita GDP of $2,900.
Charles Wheelan
The social function of economic science consists precisely in developing soundeconomic theories and in exploding the fallacies of vicious reasoning. In the pursuit ofthis task the economist incurs the deadly enmity of all mountebanks and charlatanswhose shortcuts to an earthly paradise he debunks. The less these quacks are able toadvance plausible objections to an economist’s argument, the more furiously do theyinsult them.
Ludwig von Mises
As man seeks justice in equality, so society seeks order in anarchy
Pierre-Joseph Proudhon
Libertarians are not supposed to be egalitarians… And yet there it is: egalitarianism has become the unspoken but very real driving force in the current Official movement. Once group egalitarianism becomes the norm, other groups than blacks will clamor for the privileges of ‘victim status.’ Sure enough, that jostling for victim privilege is now the major hallmark of American politics.The Official libertarians have so far not displayed enormous affinity for Latino or disabled ‘rights,’ but they are highly enthusiastic about the ‘rights’ of women and feminism generally. And in particular, libertarians have displayed great fervor for gay ‘rights’ and stress the evils of ‘discrimination’ against gays. So ardently are libertarians devoted to gay rights that the word ‘libertarian’ in the public press has now become almost a code word for champion of gay rights.Only his pro-gay agenda accounts for the ardor of Republican libertarians toward Massachusetts Governor Weld, whom they embrace as, in the current slogan, ‘fiscally conservative but socially tolerant.’ (The ‘fiscally conservative’ refers to a one-time budget cut followed, the next time around, by a compensatory budget increase.) ’Socially tolerant,’ in the current atmosphere, means a devotion to the entire Left cultural agenda, from gay rights to compulsory multicultural propaganda and condomization in the public schools.
Murray N. Rothbard
We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.
Milton Friedman
Communism is the riddle of history solved, and it knows itself to be this solution.
Karl Marx
Lose an hour in the morning and you will be all day hunting for it.
Richard Whately
War prosperity is like the prosperity that an earthquake or a plague brings.
Ludwig von Mises
bermimpilah setingginya. impian besar akan menghapus impian kecil..
Muzaf Ahmad
Nor let us be resentful when others differ from us. For all men have hearts, and each heart has its own leanings. Their right is our wrong, and our right is their wrong.
Amartya Sen
..things are never as complicated as they seem. It is only our arrogance that prompts us to find unnecessarily complicated answers to simple problems.
Muhammad Yunus
Our democratic societies rest on a meritocratic worldview, or at any rate a meritocratic hope, by which I mean a belief in a society in which inequality is based more on merit and effort than on kinship and rents. This belief and this hope play a very crucial role in modern society, for a simple reason: in a democracy, the professed equality of rights of all citizens contrasts sharply with the very real inequality of living conditions, and in order to overcome this contradiction it is vital to make sure that social inequalities derive from rational and universal principles rather than arbitrary contingencies. Inequalities must therefore be just and useful to all, at least in the realm of discourse and as far as possible in reality as well.
Thomas Piketty
The social displacements that occur as consequences of variations in the value of money result solely from the circumstance that this assumption never holds good. In the chapter dealing with the determinants of the objective exchange-value of money it was shown that variations in the value of money always start from a given point and gradually spread out from this point through the whole community.
Ludwig von Mises
While we cannot live without history, we need not live within it either.
Amartya Sen
In order to stand well in the eyes of the community it is necessary to come up to a certain somewhat indefinite conventional standard of wealth.
Thorstein Veblen
It is a fact of history that those who seek to withdraw from its great experiments usually end up being overwhelmed by them.
Barbara Ward
In the midst of a culture that is rationally organized for a vocational workaday life, there is hardly any room for the cultivation of acosmic brotherliness, unless it is among strata who are economically carefree. Under the technical and social conditions of rational culture, an imitation of the life of Buddha, Jesus, or Francis seems condemned to failure for purely external reasons.
Max Weber
If the rules make such a difference, then it becomes very important who gets to make them.
Abhijit V. Banerjee
Journalists need experts as badly as experts need journalists.
Steven D. Levitt
For the greater good":the phrase that always precedesthe greatest evil.
Jakub Bożydar Wiśniewski
To cut 1930s jobless, FDR taxed corps and rich. Govt used money to hire many millions. Worked then; would now again. Why no debate on that?
Richard D. Wolff
Politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can’t bother about where they’re going.
Joseph Alois Schumpeter
When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.
Frédéric Bastiat