Economic Quotes

500+ Sourced quotes

I have already remarked that the 'theory of scarcity has been a dominating influence in many of our economic policies. In the case of taxation, however, there is involved the 'theory of plenty' and there must now be involved the 'theory of plenty more.' Every dollar of the billions that are being indiscriminately spent without accountability is a mortgage on the income, the savings, as well as the security of the people. There must be brought home to the consciousness of all that the more the government takes, the less each one has no one can possibly escape.

Alfred P. Sloan

We will be remembered only if we give to our younger generation a prosperous and safe India, resulting out of economic prosperity coupled with civilizational heritage.

A. P. J. Abdul Kalam

The most widely discussed formulation of [the One World model] was the "end of history" thesis advanced by Francis Fukuyama. "We may be witnessing, Fukuyama argued, "… the end of history as such: that is, the end point of mankind's ideological evolution and the universalization of Western liberal democracy as the final form of human government." … The future will be devoted not to great exhilarating struggles over ideas but rather to resolving mundane economic and technical problems. And, he concluded rather sadly, it will all be rather boring.

Samuel P. Huntington

That the principles for which these three men stood might be still more firmly established destiny raised up Theodore Roosevelt. To political freedom he strove to add economic freedom. By building the Panama Canal he brought into closer relationship the east and the west and realized the vision that inspired Columbus in his search for a new passage to the Orient.

Calvin Coolidge

African peoples are now writing your own story of liberty. Africans have overcome the arrogance of colonial powers, overcome the cruelty of apartheid, and made it clear that dictatorship is not the future of any nation on this continent. In the process, Africa has produced heroes of liberation, leaders like Mandela, Senghor, Nkrumah, Kenyatta, Selassie and Sadat. And many visionary African leaders, such as my friend, have grasped the power of economic and political freedom to lift whole nations and put forth bold plans for Africa's development.

I believe that economic theory has arrived at a point in its development where the appeal to quantitative empirical data has become more necessary than ever. At the same time its analyses have reached a degree of complexity that require the application of a more refined scientific method than that employed by the classical economists.

Your economic security does not lie in your job; it lies in your own power to produce - to think, to learn, to create, to adapt. That's true financial independence. It's not having wealth; it's having the power to produce wealth.

People sometimes say that we will know feminism has done its job when half the CEOs are women. That's not feminism; to quote Catharine MacKinnon, it's liberalism applied to women. Feminism will have won not when a few women get an equal piece of the oppression pie, served up in our sisters' sweat, but when all dominating hierarchies - including economic ones - are dismantled.

The phrase laissez-faire is not to be found in the works of Adam Smith, of Ricardo, or of Malthus. Even the idea is not present in a dogmatic form in any of these authors. Adam Smith, of course, was a Free Trader and an opponent of many eighteenth-century restrictions on trade. But his attitude towards the Navigation Acts and the usury laws shows that he was not dogmatic. Even his famous passage about 'the invisible hand' reflects the philosophy which we associate with Paley rather than the economic dogma of laissez-faire.

John Maynard Keynes

During the long lane of the history yet to be written, America knows that this world of ours, ever growing smaller, must avoid becoming a community of dreadful fear and hate, and be, instead, a proud confederation of mutual trust and respect. Such a confederation must be one of equals. The weakest must come to the conference table with the same confidence as do we, protected as we are by our moral, economic, and military strength. That table, though scarred by many past frustrations, cannot be abandoned for the certain agony of the battlefield.

Dwight D. Eisenhower

Hitler and others promised that as soon as the National Socialist revolution had removed Jewry, economic exploitation would be overcome and a socially just utopia would be nigh.

All economic activity is by definition "high risk." And defending yesterday—that is, not innovating—is far more risky than making tomorrow.

The Obama administration's agenda of maximizing dependency involves political favoritism cloaked in the raiment of "economic planning" and "social justice" that somehow produce results superior to what markets produce when freedom allows merit to manifest itself, and incompetence to fail. The administration's central activity – the political allocation of wealth and opportunity – is not merely susceptible to corruption, it is corruption.

The capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people's mandatories. If they do not obey, if they fail to produce, at the lowest possible cost, what the consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities.

Ludwig von Mises

It does not follow, because our difficulties are stupendous, because there are some souls timorous enough to doubt the validity and effectiveness of our ideals and our system, that we must turn to a state controlled or state directed social or economic system in order to cure our troubles.

The backlash convinced the public that women's 'liberation' was the true contemporary American scourge — the source of an endless laundry list of personal, social, and economic problems.

Constructive trade, the two-way exchange of goods and services, is the most efficient and logical way for each nation... to build a stable prosperity, a prosperity based not on aid, but on mutually beneficial economic contacts.

The little jihad is over, and now we have the bigger jihad - the bigger battle is achieving security and economic growth.

In the early 1970s,... economists began to embrace the Rational Expectations Hypothesis (REH), according to which market participants' expectations are essentially the same as the predictions of the relevant economic theory (Muth 1961: 316). What has been largely overlooked is that, … REH theorists presume that the role of market participants' expectations in driving outcomes is not autonomous from the other components of the model. … Because REH models, by design, rule out an autonomous role for expectations, they are best viewed as derailing, rather than developing, the microfoundations approach.

Enclosure, once accepted, redefines community. Enclosure underlines the local autonomy of community. Enclosure of the commons is thus as much in the interest of professionals and of state bureaucrats as it is in the interest of capitalists. Enclosure allows the bureaucrats to define local community as impotent — "ei-ei schau-schau!!!" — to provide for its own survival. People become economic individuals that depend for their survival on commodities that are produced for them. Fundamentally, most citizens' movements represent a rebellion against this environmentally induced redefinition of people as consumers.

The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households and firms in the economy. The two loops of the circular-flow diagram are distinct but related. The inner loop represents the flows of inputs and outputs. The households sell the use of their labor, land, and capital to the firms in the markets for the factors of production. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods...

What we need is a concept of "gross national cost." Life is a balance sheet, not simply economic growth. It is income and outgo. And until we know what the cost of growth is we will continue to operate under an illusion. As long as we consider only the growth of goods and ignore the growth of personal and community well-being, we will be impoverished by growth. That is what is happening in our society today.

Charles A. Reich

Throughout the years in which the US was punishing countries that departed from fiscal prudence, it was borrowing on a colossal scale to finance tax cuts and fund its over-stretched military commitments. Now, with federal finances critically dependent on continuing large inflows of foreign capital, it will be the countries that spurned the American model of capitalism that will shape America's economic future.

I have not the slightest doubt that the economic measures and the Socialist measures which one will find in the countries of Eastern Europe, will become increasingly powerful against the unco-ordinated, planless society in which the West is living at present.

James Callaghan

This paper has attempted to go beyond the usual static analysis of increasing-returns problems by examining the dynamical process that 'selects' an equilibrium from multiple candidates, by the interaction of economic forces and random 'historical events'. It shows how dynamically, increasing returns can cause the economy gradually to lock itself in to an outcome not necessarily superior to alternatives, not easily altered, and not entirely predictable in advance.

W. Brian Arthur