Quotes by Economists - Page 4

Obtaining sought skills is critical in gaining an advantage over others (competitors), but being fluent in English could enable you to leap into the next level of success in international business.
John Taskinsoy
I do not think that illegal plunder, such as theft or swindling — which the penal code defines, anticipates, and punishes — can be called socialism. It is not this kind of plunder that systematically threatens the foundations of society. Anyway, the war against this kind of plunder has not waited for the command of these gentlemen. The war against illegal plunder has been fought since the beginning of the world. Long before the Revolution of February 1848 — long before the appearance even of socialism itself — France had provided police, judges, gendarmes, prisons, dungeons, and scaffolds for the purpose of fighting illegal plunder. The law itself conducts this war, and it is my wish and opinion that the law should always maintain this attitude toward plunder.
Frédéric Bastiat
We now in the United States have more security guards for the rich than we have police services for the poor districts. If you're looking for personal security, far better to move to the suburbs than to pay taxes in New York.
John Kenneth Galbraith
All index-number systems, so far as they are intended to have a greater significance for monetary theory than that of mere playing with figures, are based upon the idea of measuring the utility of a certain quantity of money. The object is to determine whether a gramme of gold is more or less useful to-day than it was at a certain time in the past. As far as objective use-value is concerned, such an investigation may perhaps yield results. We may assume the fiction, if we like, that, say, a loaf of bread is always of the same utility in the objective sense, always comprises the same food value. It is not necessary for us to enter at all into the question of whether this is permissible or not.
Ludwig von Mises
All that has been said of the importance of individuality of character, and diversity in opinions andmodes of conduct, involves, as of the same unspeakable importance, diversity of education. A general State education is a mere contrivance for moulding people to be exactly like one another: and as the mould in which it casts them is that which pleases the predominant power in the government, whether this be a monarch, a priesthood, an aristocracy, or the majority of the existing generation; in proportion as it is efficient and successful, it establishes a despotism over the mind, leading by natural tendency to one over the body. An education established andcontrolled by the State should only exist, if it exist at all, as one amongmany competing experiments, carried on for the purpose of example and stimulus, to keep the others up to a certain standard of excellence.
John Stuart Mill
Created by wars that required it, the machine now created the wars it required.
Joseph Alois Schumpeter
It is natural that the appearance of pollution should have taken by surprise an economic science which has delighted in playing around with all kinds of mechanistic models. Curiously, even after the event economics gives no signs of acknowledging the role of natural resources in the economic process. Economists still do not seem to realize that, since the product of the economic process is waste, waste is an inevitable result of that process and ceteris paribus increases in greater proportion than the intensity of economic activity.
Nicholas Georgescu-Roegen
Big variations in the value of money give rise to the danger that commerce will emancipate itself from the money which is subject to State influence and choose a special money of its own. But without matters going so far as this it is still possible for all the consequences of variations in the value of money to be eliminated if the individuals engaged in economic activity clearly recognize that the purchasing power of money is constantly sinking and act accordingly. If in all business transactions they allow for what the objective exchange-value of money will probably be in the future, then all the effects on credit and commerce are finished with. In proportion as the Germans began to reckon in terms of gold, so was further depreciation rendered incapable of altering the relationship between creditor and debtor or even of influencing trade. By going over to reckoning in terms of gold, the community freed itself from the inflationary policy of the government. Thus it checkmated this inflationary policy, and eventually even the government was obliged to acknowledge gold as a basis of reckoning.
Ludwig von Mises
What the working man sells is not directly his labour, but his labouring power, the temporary disposal of which he makes over to the capitalist. this is so much the case that I do not know whether by the English Laws, but certainly by some Continental Laws, the maximum time is fixed for which a man is allowed to sell his labouring power. If allowed to do so for any indefinite period whatever, slavery would be immediately restored. Such a sale, if it comprised his lifetime, for example, would make him at once the lifelong slave of his employer.
Karl Marx
To me, the poor are like Bonsai trees. When you plant the best seed of the tallest tree in a six-inch deep flower pot, you get a perfect replica of the tallest tree, but it is only inches tall. There is nothing wrong with the seed you planted; only the soil-base you provided was inadequate.Poor people are bonsai people. There is nothing wrong with their seeds. Only society never gave them a base to grow on.
Muhammad Yunus
How will the remaining portion of the community like to have the amusements that shall be permitted to them regulated by the religious and moral sentiments of the stricter Calvinists and Methodists? Would they not, with considerable peremptoriness, desire these intrusively pious members of society to mind their own business? This is precisely what should be said to every government and every public, who have the pretension that no person shall enjoy any pleasure which they think wrong.
John Stuart Mill
Individual liberty may be unable to solve every social problem, but collective violence is unable to solve any social problem.
Jakub Bożydar Wiśniewski
The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society's legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand. This faith will be confirmed. I, Pencil, seemingly simple though I am, offer the miracle of my creation as testimony that this is a practical faith, as practical as the sun, the rain, a cedar tree, the good earth.
Leonard Edward Read
need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.
Henry Hazlitt
Capital is dead labor that vampirelike lives only by sucking living labor and lives the more the more labor it suck.
Karl Marx
If men were like ants, there would be no interest in human freedom. If individual men, like ants, were uniform, inter changeable, devoid of specific personality traits of their own, then who would care whether they were free or not? Who, indeed, would care if they lived or died? The glory of the human race is the uniqueness of each individual, the fact that every person, though similar in many ways to others, possesses a completely individuated personality of his own. It is the fact of each person’s uniqueness—the fact that no two people can be wholly interchangeable—that makes each and every man irreplaceable and that makes us care whether he lives or dies, whether he is happy or oppressed. And, finally, it is the fact that these unique personalities need freedom for their full development that constitutes one of the major arguments for a free society.
Murray N. Rothbard
What is thus improperly regarded as profit, instead of as part of capital, is consumed by the entrepreneur or passed on either to the consumer in the form of price-reductions that would not otherwise have been made or to the labourer in the form of higher wages, and the government proceeds to tax it as income or profits. In any case, consumption of capital results from the fact that monetary depreciation falsifies capital accounting.
Ludwig von Mises
the larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax burden grows beyond a bearable size, the problem of devising taxes that will not discourage and disrupt production becomes insoluble.
Henry Hazlitt
I became convinced that the advanced industrial countries, through international organizations like the International Monetary Fund (IMF), the World Trade Organization (WTO), and the World Bank, were not only not doing all that they could to help these [developing] countries but were sometimes making their life more difficult. IMF programs had clearly worsened the East Asian crisis, and the "shock therapy" they had pushed in the former Soviet Union and its satellites played an important role in the failure of the transition.
Joseph E. Stiglitz
Morality in the general is well enough known by men, but the particular refinements of virtue are unknown by most persons; thus the majority of parents, without knowing it and without intending it, give very bad examples to their children.
Anne-Robert-Jacques Turgot
When the value of money is increased, then those are enriched who at the time possess credit money or claims to credit money. Their enrichment must be paid for by debtors, among them the State (i.e., the tax-payers). Yet those who are enriched by the increase in the value of money are not the same as those who were injured by the depreciation of money in the course of the inflation; and those who must bear the cost of the policy of raising the value of money are not the same as those who benefited by its depreciation. To carry out a deflationary policy is not to do away with the consequences of inflation. You cannot make good an old breach of the law by committing a new one.
Ludwig von Mises
The emotional pattern seems to be something like, “[Karl] Polanyi, a person of the left like me, says many true things, beautifully. Therefore his tales about what happened in economic history must be true.” Marx before him got similar treatment. Lately the more eloquent of the environmentalists, such as Wendell Berry, get it too. People want to believe that beauty is truth. A supporting emotional frame on the left arises from the very idea of historical progress: “We must be able to do so much better than this wretched capitalism.” It is not true, but it motivates.
Deirdre N. McCloskey
It is in war that the State really comes into its own: swelling in power, in number, in pride, in absolute dominion over the economy and the society.
Murray N. Rothbard
To recapitulate: the exchange-ratio subsisting between commodities and money is everywhere the same. But men and their wants are not everywhere the same, and neither are commodities. Only if these distinctions are ignored is it possible to speak of local differences in the purchasing power of money or to say that living is dearer in one place than in another.
Ludwig von Mises
And here it becomes evident that the bourgeoisie is unfit any longer to be the ruling class in society and to impose its conditions of existence upon society as an over-riding law. It is unfit to rule because it is incompetent to assure an existence to its slave within his slavery, because it cannot help letting him sink into such a state that it has to feed him instead of being fed by him. Society can no longer live under this bourgeoisie; in other words, its existence is no longer compatible with society.The essential condition for the existence, and for the sway of the bourgeois class, is the formation and augmentation of capital; the condition for capital is wage-labor. Wage-labor rests exclusively on competition between the laborers. The advance of industry, whose involuntary promoter is the bourgeoisie, replaces the isolation of the laborers, due to competition, by their revolutionary combination, due to association. The development of modern industry, therefore, cuts from under its feet the very foundation on which the bourgeoisie produces and appropriates products. What the bourgeoisie therefore produces, above all, are its own grave diggers. Its fall and the victory of the proletariat are equally inevitable.
Karl Marx
There is no room at all for independent enterprise under any variety of State Socialism. Prices are to be regulated authoritatively; authority is to fix what is to be produced, and how, and in what quantities. There is to be no speculation, no 'excessive' profit, no loss. There is to be no innovation unless it be decreed by authority. The official is to direct and supervise everything.
Ludwig von Mises
Labor in the white skin can never free itself as long as labor in the black skin is branded.
Karl Marx
There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations.
John Kenneth Galbraith
Active scholars are uniquely attracted by a high-quality graduate school of arts and sciences. Faculty members consider the teaching and training of new generations of graduate students as their highest calling. They believe that working with graduate students maintains and develops their professional skills more effectively than any other activity. It may be the main reason for the great attraction of academic jobs. Laboratory scientists have told me that the opportunity to work with graduate students keeps them in the university. For them, other options would center on research in commercial laboratories, but there the principal investigator would be assisted by technicians, and that is considered a far less creative interaction.
Henry Rosovsky
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.
John Stuart Mill
The process of breaking down fear was always my greatest challenge and it was made easier by the careful work and gentle voices of my female workers.
Muhammad Yunus
When Republicans recently charged the President with promoting 'class warfare,' he answered it was 'just math.' But it's more than math. It's a matter of morality.Republicans have posed the deepest moral question of any society: whether we're all in it together. Their answer is we're not.President Obama should proclaim, loudly and clearly, we are.
Robert B. Reich
It seems to be almost a law of human nature that it is easier for people to agree on a negative programme, on the hatred of an enemy, on the envy of those better off, than on any positive task. The contrast between the "we" and the "they", the common fight against those outside the group, seems to be an essential ingredient in any creed which will solidly knit together a group for common action. It is consequently always employed by those who seek, not merely support of a policy, but the unreserved allegiance of huge masses. From their point of view it has the great advantage of leaving them greater freedom of action than almost any positive programme.
Friedrich A. Hayek
Man does not know most of the rules on which he acts and even what we call his intelligence is largely a system of rules which operate on him but which he does not know.
Friedrich A. Hayek
Capital is dead labour, which, vampire-like, lives only by sucking living labour, and lives the more, the more labour it sucks.
Karl Marx
Science does not give us absolute and final certainty. It only gives us assurance within the limits of our mental abilities and the prevailing state of scientific thought.
Ludwig von Mises
private loans will utilize existing resources and capital far better than government loans. Government loans will waste far more capital and resources than private loans. Government loans, in short, as compared with private loans, will reduce production, not increase it.
Henry Hazlitt
The government enforces a monopoly over the production and distribution of its alleged 'services' and brings violence to bear against would-be competitors. In so doing, it reveals the fraud at the heart of its impudent claims and gives sufficient proof that it is not a genuine protector, but a mere protection racket.
Robert Higgs
...it happens that "society is saved" as often as the circle of its ruling class is narrowed, as often as a more exclusive interest asserts itself over the general. Every demand for the most simple bourgeois financial reform, for the most ordinary liberalism, for the most commonplace republicanism, for the flattest democracy is forthwith punished as an "assault upon society" and is branded as "Socialism.
Karl Marx
Take the example of our spinner. We have seen that, to daily reproduce his labouring power, he must daily reproduce a value of three shillings, which he will do by working six hours daily. But this does not disable him from working ten or twelve or more hours a day. But by paying the daily or weekly value of the spinner's labouring power the capitalist has acquired the right of using that labouring power during the whole day or week. He will, therefore, make him work say, daily, twelve hours. Over and above the six hours required to replace his wages, or the value of his labouring power, he will, therefore, have to work six other hours, which I shall call hours of surplus labour, which surplus labour will realize itself in a surplus value and a surplus produce. If our spinner, for example, by his daily labour of six hours, added three shillings' value to the cotton, a value forming an exact equivalent to his wages, he will, in twelce hours, add six shillings' worth to the cotton, and produce a proportional surplus of yarn. As he has sold his labouring power to the capitalist, the whole value of produce created by him belongs to the capitalist, the owner pro tem. of his labouring power. By advancing three shillings, the capitalist will, therefore, realize a value of six shillings, because, advancing a value in which six hours of labour are crystallized. By repeating this same process daily, the capitalist will daily advance three shillings and daily pocket six shillings, one half of which will go to pay wages anew, and the other half of which will form surplus value, for which the capitalist pays no equivalent. It is this sort of exchange between capital and labour upon which capitalistic production, or the wages system, is founded, and which must constantly result in reproducing the working man as a working man, and the capitalist as a capitalist.
Karl Marx
Here lies the partner's salvation: if you, as his intimate, wish to sever your relationship with the narcissist, stop providing him with what he needs. Do not adore, admire, approve, applaud, or confirm anything he does or says. Disagree with his views belittle him, reduce him to size, compare him to others, tell him he is not unique, criticize him, give unsolicited advice, and offer him help. In short, deprive him of the grandiose and fantastic illusions, which holds his personality together.The narcissist is a delicately attuned piece of equipment. At the first sign of danger to his inflated False Self, he will quit and disappear on you.
Sam Vaknin
Journalism has already come to be the first power in the land.
Samuel Bowles
Whenever one feels like saying “the money that billionaire spent on his fleet of yachts could have been used better by the "public sector”“, one should ask oneself when was the last time one heard of a billionaire buying an army of tanks and a set of nuclear weapons.
Jakub Bożydar Wiśniewski
UN studies conducted in more than forty developing countries show that the birth rate falls as women gain equality... I believe income-earning opportunities that empower poor women ... will have more impact on curbing population growth that the current system of "encouraging" family planning practices through intimidation tactics.. Family planning should be left to the family.
Muhammad Yunus
There are many who consider as an injury to themselves any conduct which they have a distaste for, and resent it as an outrage to their feelings; as a religious bigot, when charged with disregarding the religious feelings of others, has been known to retort that they disregard his feelings, by persisting in their abominable worship or creed. But there is no parity between the feeling of a person for his own opinion, and the feeling of another who is offended at his holding it; no more than between the desire of a thief to take a purse, and the desire of the right owner to keep it. And a person's taste is as much his own peculiar concern as his opinion or his purse. It is easy for any one to imagine an ideal public, which leaves the freedom and choice of individuals in all uncertain matters undisturbed, and only requires them to abstain from modes of conduct which universal experience has condemned. But where has there been seen a public which set any such limit to its censorship? or when does the public trouble itself about universal experience. In its interferences with personal conduct it is seldom thinking of anything but the enormity of acting or feeling differently from itself; and this standard of judgment, thinly disguised, is held up to mankind as the dictate of religion and philosophy, by nine tenths of all moralists and speculative writers. These teach that things are right because they are right; because we feel them to be so. They tell us to search in our own minds and hearts for laws of conduct binding on ourselves and on all others. What can the poor public do but apply these instructions, and make their own personal feelings of good and evil, if they are tolerably unanimous in them, obligatory on all the world?
John Stuart Mill
Everything we get, outside of the free gifts of nature, must in some way be paid for. The world is full of so- called economists who in turn are full of schemes for getting something for nothing. They tell us that the government can spend and spend without taxing at all; that it can continue to pile up debt without ever paying it off, because "we owe it to ourselves.
Henry Hazlitt
In the long run we are all dead.
John Maynard Keynes
To a great experience one thing is essential - an experiencing nature.
Walter Bagehot
Modern bourgeois society with its relations of production, of exchange, and of property, a society that has conjured up such gigantic means of production and of exchange, is like the sorcerer, who is no longer able to control the powers of the nether world whom he has called up by his spells.
Karl Marx
Society as a whole is more and more splitting up into two great hostile camps
Karl Marx
When politics and home life have become one and the same, when economic problems have been solved in such a way that individual and collective interests are identical – all constraints having disappeared – it is evident that we will be in a state of total liverty or anarchy.
Pierre-Joseph Proudhon
The risk-bearing role of the rich cannot be performed so well by anyone else. The benefits of capitalism still depend on capitalists. The other groups on the pyramid of wealth should occasionally turn from the spectacles of consumption long enough to see the adventure on the frontiers of the economy above them - an adventure not without its note of nobility...
George Gilder
Even in recent times, the empirical evidence does not support the claim that trade liberalization or incentive neutrality leads to faster growth. It is true that higher manufacturing growth rates have been typically associated with higher export growth rates (mostly in countries where export and import shares to GDP grew), but there is no statistical relation between either of these growth rates or degree of trade restrictions. Rather, almost all of successful export-oriented growth has come with selective trade and industrialization policies. In this regard, stable exchange rates and national price levels seem to be considerably more important than import policy in producing successful export-oriented growth
Anwar Shaikh
Private property is redundant. "Public property" is an oxymoron. All legit property is private. If property isn't private it's stolen.
Gustave de Molinari
All women are brought up from the very earliest years in the belief that their ideal of character is the very opposite to that of men; not self-will,and government by self-control, but submission and yielding to the control of others. All the moralities tell them that it is their nature to live fir others;to make complete abnegation of themselves,and to have no life but in their affections.
John Stuart Mill
technology leads to lower costs when it replaces workers' salaries. It does the opposite when it requires more highly-trained workers to utilize that technology. Higher education, medicine, dentistry and the legal profession all provide examples.
Robert B. Archibald
Men make their own history, but they do not make it as they please.
Karl Marx
You must abolish your slavery yourselves. Do not depend for its abolition upon god or a superman. Remember that it is not enough that a people are numerically in the majority. They must be always watchful, strong and self-respecting to attain and maintain success.We must shape our course ourselves and by ourselves.
B.R. Ambedkar
("A Free Market in Education: The Answer to Prayer, And Other Issues")No matter where you are on the issue, there is no solution to it within a government school context, only perpetual conflict. The answer involves choice, competition and private alternatives. If you don't like what a business offers, you don't argue endlessly about it; you walk across the street. Why is this principle so complicated for some people?
Lawrence W. Reed
...the incarnation is the complete refutation of every human system and institution that claims to control, possess, and distribute God. Whatever any church or religious leader may claim in regard to their particular access to God or control over your experience of God, the incarnation is the last word: God loves the world. God came into the world in the form of the people he created, the human race (including you and me), who bear his image. God's creation of humanity in his image gives hints of who he is, since we all are marked by his fingerprints.But as flawed humans, we give only a vague hint of God. Our broken reflection of God's image is easily drowned out by our broken humanity. then, two thousand years ago, God came in his fullness. He came to all of us in Jesus. The incarnation is not owned, trademarked, or controlled by any church. It belongs to every human being. The incarnation is not something that requires a distributor or middleman. It is a gracious gift to every person everywhere, religious or not. God gave himself to us in Jesus.
Michael Spencer