Quotes by Economists - Page 2

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.

Ludwig von Mises

Among the many other questions raised by the nebulous concept of “greed” is why it is a term applied almost exclusively to those who want to earn more money or to keep what they have already earned—never to those wanting to take other people’s money in taxes or to those wishing to live on the largesse dispensed from such taxation. No amount of taxation is ever described as “greed” on the part of government or the clientele of government.

Thomas Sowell

If the teachers and the parents do not believe that the child can cross the hump and get into the steep part of the S—curve, they may as well not try: The teacher ignores the children who have fallen behind and the parent stops taking interest in their education. But this behavior creates a poverty trap even where none exists in the first place.

Abhijit V. Banerjee

The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.

John Kenneth Galbraith

Income from labor [in the United States] is about as unequally distributed as has ever been observed anywhere.

Thomas Piketty

What is put into the hands of B cannot be put into the hands of A.

Henry Hazlitt

The fact that the poor are alive is clear proof of their ability.

Muhammad Yunus

No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable.

Adam Smith

While people will submit to suffering which may hit anyone, they will not so easily submit to suffering which is the result of the decision of authority. It may be bad to be just a cog in an impersonal machine; but it is infinitely worse if we can no longer leave it, if we are tied to our place and to the superiors who have been chosen for us. Dissatisfaction of everybody with his lot will inevitably grow with the consciousness that it is the result of deliberate human decision.

Friedrich A. Hayek

Commerce and manufactures can seldom flourish long in any state which does not enjoy a regular administration of justice, in which the people do not feel themselves secure in the possession of their property, in which the faith of contracts is not supported by law, and in which the authority of the state is not supposed to be regularly employed in enforcing the payment of debts from all those who are able to pay. Commerce and manufactures, inshort, can seldom flourish in any state in which there is not a certain degree of confidence in the justice of government.

Adam Smith

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

The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.

John Maynard Keynes

Communism deprives no man of the power to appropriate the products of society: all that it does is to deprive him of the power to subjugate the labor of others by means of such appropriation.It has been objected, that upon the abolition of private property all work will cease, and universal laziness will overtake us.According to this, bourgeois society ought long ago to have gone to the dogs through sheer idleness; for those of its members who work, acquire nothing, and those who acquire anything, do not work.

Karl Marx

Logic issues in tautologies, mathematics in identities, philosophy in definitions; all trivial, but all part of the vital work of clarifying and organising our thought.

Frank Plumpton Ramsey

In the social production of their existence, men inevitably enter into definite relations, which are independent of their will, namely relations of production appropriate to a given stage in the development of their material forces of production. The totality of these relations of production constitutes the economic structure of society, the real foundation, on which arises a legal and political superstructure and to which correspond definite forms of social consciousness. The mode of production of material life conditions the general process of social, political and intellectual life. It is not the consciousness of men that determines their existence, but their social existence that determines their consciousness. At a certain stage of development, the material productive forces of society come into conflict with the existing relations of production or – this merely expresses the same thing in legal terms – with the property relations within the framework of which they have operated hitherto. From forms of development of the productive forces these relations turn into their fetters. Then begins an era of social revolution. The changes in the economic foundation lead sooner or later to the transformation of the whole immense superstructure.

Karl Marx

Common man does not speculate about the great problems. With regard to them he relies upon other people's authority, he behaves as "every decent fellow must behave,'' he is like a sheep in the herd. It is precisely this intellectual inertia that characterizes a man as a common man. Yet the common man does choose. He chooses to adopt traditional patterns or patterns adopted by other people because he is convinced that this procedure is best fitted to achieve his own welfare. And he is ready to change his ideology and consequently his mode of action whenever he becomes convinced that this would better serve his own interests.

Ludwig von Mises

of their passions in the same object at that particular time.

Adam Smith

Th direct elimination of elimination of poverty should be the objective of all development aid. Development should be viewed as a human rights issue, not as a question of simply increasing the gross national product (GNP).

Muhammad Yunus

So long as you do not achieve social liberty, whatever freedom is provided by the law is of no avail to you.

B.R. Ambedkar

That policy which aims at raising the objective exchange-value of money is called, after the most important means at its disposal, restrictionism or deflationism. This nomenclature does not really embrace all the policies that aim at an increase in the value of money. The aim of restrictionism may also be attained by not increasing the quantity of money when the demand for it increases, or by not increasing it enough. This method has quite often been adopted as a way of increasing the value of money in face of the problems of a depreciated credit-money standard.

Ludwig von Mises

I was quite depressed two weeks ago when I spent an afternoon at Brentano's Bookshop in New York and was looking at the kind of books most people read. Once you see that you lose all hope.

Friedrich A. Hayek

The quasi-peaceable gentleman of leisure, then, not only consumes of the staff of life beyond the minimum required for subsistence and physical efficiency, but his consumption also undergoes a specialisation as regards the quality of the goods consumed. He consumes freely and of the best, in food, drink, narcotics, shelter, services, ornaments, apparel, weapons and accoutrements, amusements, amulets, and idols or divinities.

Thorstein Veblen

The monumental tragedies of the 20th century -- a world-wide Great Depression, two devastating World Wars, the Holocaust, famines killing millions in the Soviet Union and tens of millions in China -- should leave us with a sobering sense of the threats to any society. But this generation's ignorance of history leaves them free to be frivolous -- until the next catastrophe strikes, and catches them completely by surprise.

Thomas Sowell

Granted, many of them replied, that socialism may not result in riches for all but rather in a smaller production of wealth; nevertheless the masses will be happier under socialism, because they will share their worries with all their fellow citizens, and there will not be wealthier classes to be envied by poorer ones. The starving and ragged workers of Soviet Russia, they tell us, are a thousand times more joyful than the workers of the West who live under conditions which are luxurious compared to Russian standards; equality in poverty is a more satisfactory state than well-being where there are people who can flaunt more luxuries than the average man.

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

The worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximize the suffering, and also to insure that as few people as possible escape the common misfortune. The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another. In the end all the money he had was extracted from him and lost. The man with the smart money, who was safely out of the market when the first crash came, naturally went back in to pick up bargains. The bargains then suffered a ruinous fall. Even the man who waited for volume of trading to return to normal and saw Wall Street become as placid as a produce market, and who then bought common stocks would see their value drop to a third or a fourth of the purchase price in the next 24 months. The Coolidge bull market was a remarkable phenomenon. The ruthlessness of its liquidation was, in its own way, equally remarkable.

John Kenneth Galbraith

If there is any societyamong robbers and murderers, they must at least. . . .abstainfrom robbing and murdering one another. So beneficenceis less essential than justice is to the existence of society; alack of beneficence will make a society uncomfortable, butthe prevalence of injustice will utterly destroy it.

Adam Smith

It is because every individual knows little and, in particular, because we rarely know which of us knows best best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.

Friedrich A. Hayek

Economics is extremely useful as a form of employment for economists.

John Kenneth Galbraith

Remember, aid cannot achieve the end of poverty. Only homegrown development base on the dynamism of individuals and firms in free markets can do that.

William Easterly

We know how the people of Argentina ruined their country. We know how the people of Venezuela ruined their country. Few Americans know much about the history of Argentina or Venezuela. But if they wish to know how the people of the USA are ruining their own country, all they have to do is look around themselves, including, in most cases, looking in the mirror.

Robert Higgs

Learn to think continentally.

Alexander Hamilton

...a wealth of information creates a poverty of attention...

Herbert A. Simon

He who is unfit to serve his fellow citizens wants to rule them.

Ludwig von Mises

Our attitude to these criticisms must be determined by our whole moral and emotional reaction to the future of international relations and the Peace of the World.

John Maynard Keynes

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 more underdeveloped the country the more overdeveloped the women.

J. K. Galbraith

What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.

Muhammad Yunus

Poverty is not intrinsically a trap, otherwise we would all still be poor.

Paul Collier

What do I miss, as a human being, if I have never heard of the Second Law of Thermodynamics? The answer is: Nothing. And what do I miss by not knowing Shakespeare? Unless I get my understanding from another source, I simply miss my life. Shall we tell our children that one thing is as good as another-- here a bit of knowledge of physics, and there a bit of knowledge of literature? If we do so, the sins of the fathers will be visited upon the children unto the third and fourth generation, because that normally is the time it takes from the birth of an idea to its full maturity when it fills the minds of a new generation and makes them think by it.Science cannot produce ideas by which we could live.

Ernst F. Schumacher

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.

Adam Smith

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.

Albert O. Hirschman

As regards the social apparatus of repression and coercion, the government, there cannot be any question of freedom. Government is essentially the negation of liberty. It is the recourse to violence or threat of violence in order to make all people obey the orders of the government, whether they like it or not. As far as the government’s jurisdiction extends, there is coercion, not freedom. Government is a necessary institution, the means to make the social system of cooperation work smoothly without being disturbed by violent acts on the part of gangsters whether of domestic or of foreign origin. Government is not, as some people like to say, a necessary evil; it is not an evil, but a means, the only means available to make peaceful human coexistence possible. But it is the opposite of liberty. It is beating, imprisoning, hanging. Whatever a government does it is ultimately supported by the actions of armed constables.

Ludwig von Mises

It is one of the saddest spectacles of our time to see a great democratic movement support a policy which must lead to the destruction of democracy and which meanwhile can benefit only a minority of the masses who support it. Yet it is this support from the Left of the tendencies toward monopoly which make them so irresistible and the prospects of the future so dark.

Friedrich A. Hayek

When avarice takes the lead in a state, it is commonly the forerunner of its fall.

Alexander Hamilton

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

ECONOMICS IS HAUNTED by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine—the special pleading of selfish interests.

Henry Hazlitt

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.

John Stuart Mill

To think at all requires a purpose, no matter how vague. The best thinking, however, requires a definite purpose, and the more definite this purpose the more definite will be our thinking. Therefore in taking up any special line of thought, we must first find just what our end or purpose is, and thus get clearly in mind what our problems are.

Henry Hazlitt

It is certain that there can be no work in political economy on any other than an altruistic basis... If our work is to retain any meaning it can only be informed by this: concern for the future, for those who will come after us.

Max Weber

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

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

There is a certain enthusiasm in liberty, that makes human nature rise above itself, in acts of bravery and heroism

Alexander Hamilton

Who is the Forgotten Man? He is the clean quiet virtuous domestic citizen who pays his debts and his taxes and is never heard of out of his little circle.

William Graham Sumner

It is better to enlighten men’s minds than to teach them to be obstinate in their prejudices.

Pierre-Joseph Proudhon

The prudent man always studies seriously and earnestly to understand whatever he professes to understand, and not merely to persuade other people that he understands it; and though his talents may not always be very brilliant, they are always perfectly genuine. He neither endeavours to impose upon you by the cunning devices of an artful impostor, nor by the arrogant airs of an assuming pedant, nor by the confident assertions of a superficial and imprudent pretender. He is not ostentatious even of the abilities which he really possesses. His conversation is simple and modest, and he is averse to all the quackish arts by which other people so frequently thrust themselves into public notice and reputation.

Adam Smith

Capital is a result of labor and is used by labor to assist it in further production. Labor is the active and initial force and labor is therefore the employer of capital.

Henry George

As a rule, however, an increase in the value of money spreads only gradually. The first of those who have to content themselves with lower prices than before for the commodities they sell, while they still have to pay the old higher prices for the commodities they buy, are those who are injured by the increase in the value of money. Those, however, who are the last to have to reduce the prices of the commodities they sell, and have meanwhile been able to take advantage of the fall in the prices of other things, are those who profit by the change.

Ludwig von Mises

There is treasure hidden beneath the entire land, but the problem is people are unwilling to dig it out.

Waqar Masood

What most of these doomsday scenarios have gotten wrong is the fundamental idea of economics: people respond to incentives. If the price of a good goes up, people demand less of it, the companies that make it figure out how to make more of it, and everyone tries to figure out how to produce substitutes for it. Add to that the march of technological innovation (like the green revolution, birth control, etc.). The end result: markets figure out how to deal with problems of supply and demand.

Steven D. Levitt

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