Economics Quotes

500+ Sourced quotes

Kindness, as we will see, has many facets. But its essence is as simple as can be. We will find that kindness is a way of making _less_ effort. It is the most economic attitude there is, because it saves us much energy that we might otherwise waste in suspicion, worry, resentment, manipulation, or unnecessary defense. It is an attitude that, by eliminating the inessential, brings us back to the simplicity of being.

The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

John Maynard Keynes

It's not a matter of emancipating truth from every system of power (which would be a chimera, for truth is already power) but of detaching the power of truth from the forms of hegemony, social, economic and cultural, within which it operates at the present time

Michel Foucault

Haavelmo was the ﬁrst to recognize the capacity of economic models to guide policies. This paper describes some of the barriers that Haavelmo's ideas have had (and still have) to overcome, and lays out a logical framework that has evolved from Haavelmo's insight and matured into a coherent and comprehensive account of the relationships between theory, data and policy questions. The mathematical tools that emerge from this framework now enable investigators to answer complex policy and counterfactual questions using simple routines, some by mere inspection of the model's structure.

House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals, including robust growth in jobs and incomes, low mortgage rates, steady rates of household formation, and factors that limit the expansion of housing supply in some areas.

Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society.

Dominic Cadbury

No nation, creed, or race was any better or worse than another; all were flawed, all were equally doomed to suffering, mostly because they couldn't see that they were all alike. Mortals might have been contemptible, true, but not evil entirely. They did enjoy killing one another and frequently came up with ingenious excuses for doing so on a large scale—religions, economic theories, ethnic pride—but we couldn't condemn them for it, as it was in their moral natures and they were too stupid to know any better.

The conclusions are self-evident, so I just state them. Electoral winners and losers obey the results of democratic competition and thus democracy is sustained merely as a consequence of political forces pursuing their interests. Whether this explanation is sufficient or some cultural patterns are necessary for democracy to endure is just hard to tell, as is whether democracy can survive even when it is not supported by economic self-interest.

Adam Przeworski

In general terms, transactions costs are the costs that arise when individuals exchange ownership rights to economic assets and enforce their exclusive rights. A clear definition of transactions costs does not exist, but neither are the costs of production in the neoclassical model well defined.

Thrainn Eggertsson

Economic distress will teach men, if anything can, that realities are less dangerous than fancies, that fact-finding is more effective than fault-finding.

Science that abdicates its cultural values risks being perceived as an extension of technology, an instrument in the hands of political or economic power. Humanity that disavows science risks falling into the hands of superstition.

Affirmative action has to be combined with a broader program of social reform that would emphasize social rights: the right to employment, the right to education, the right to good health. Over the years, black leaders have been slow to recognize the need for a very, very progressive agenda. Anytime someone has talked about putting America back to work, blacks should have said yes, but they didn't. They were so preoccupied with affirmative action that they didn't provide the kind of leadership that would help some of the other progressive folks. Only now are black leaders beginning to realize the impact of economic issues.

William Julius Wilson

The paramount question of the day is not political, is not religious, but is economic. The crying-out demand of today is for a circle of principles that shall forever make it impossible for one man to control another by controlling the means of his existence.

Voltairine de Cleyre

We cannot point to a single definitive solution of any one of the problems that confront us — political, economic, social or moral, that is, having to do with the conduct of life. We are still beginners, and for that reason may hope to improve. To deride the hope of progress is the ultimate fatuity, the last word in poverty of spirit and meanness of mind. There is no need to be dismayed by the fact that we cannot yet envisage a definitive solution of our problems, a resting-place beyond which we need not try to go.

Centuries of growth in advanced economies have left little carbon space for the developing world, challenging their growth. The thin lines of balancing economic development and protection of the environment will remain a great challenge in future development policy-setting. It is therefore critical that developed countries honour their commitments and compensate damage to the environment, on the basis of common but differentiated responsibilities.

Mahinda Rajapaksa

It is in underdeveloped world that he central, overriding fact of our epoch becomes manifest to the naked eye: the capitalist system, once a mighty engine of economic development, has turned into a no less formidable hurdle to human advancement.

This is a citizenry which is annoyed, confused, insulted, and uncertain of how to protect the structures of the public good they struggled so long to put in place. Abruptly the national élites seem to prefer playing another game in which the public good is subjected to what they say are larger truths. All of these turn out to be either pedantically utilitarian or highly romantic. The utilitarian involves the reduction of society to self-interest. The romantic involves the selling of economic mythology as a new universal religion.

John Ralston Saul

After any disturbance (such as two world wars coinciding with a period of growing economic and monetary incomprehensibility) we find our old concepts inadequate and look for new ones. But it unfortunately happens that the troubled times which produce an appetite for new ideas are the least propitious for clear thinking.

Empirical research does not, as of yet, seem to have legitimately gotten anyone 100 percent of the way to libertarianism; there remain, at the very least, some public goods and, in principle, the need for economic redistribution. Libertarian philosophy fills the gap between what free-market economists can prove about the undesirable consequences of government intervention and the absolute prohibition of all intervention. Consequentialist and nonconsequentialist arguments for libertarianism may be antithetical in principle, but they are symbiotic in practice.

Jeffrey Friedman

The ever-increasing cattle population is wreaking havoc on the earth's ecosystems, destroying habitats on six continents. Cattle raising is a primary factor in the destruction of the world's remaining tropical rain forests. … Cattle are also a major cause of global warming. … The devastating environmental, economic, and human toll of maintaining a worldwide cattle complex is little discussed in public policy circles. … Yet, cattle production and beef consumption now rank among the gravest threats to the future well-being of the earth and its human population.

It is one of the unhappy incidents of the federal system that a self-righteous Supreme Court, acting on its Members' personal view of what would make a 'more perfect Union' (a criterion only slightly more restrictive than a 'more perfect world') can impose its own favored social and economic dispositions nationwide.

[This work urges] a clearer separation, in the construction of economic knowledge, between reasoning and recognition of facts, for the better protection of both.

Tjalling Koopmans

The Chinese and the Americans are great peoples. The Americans are optimistic, full of enterprising drive, down to earth, and innovative. In just over 200 years, they have turned the United States into the most developed country in the world, and made phenomenal achievements in economic development and science and technology.

Science, by itself, provides no panacea for individual, social, and economic ills. It can be effective in the national welfare only as a member of a team, whether the conditions be peace or war. But without scientific progress no amount of achievement in other directions can insure our health, prosperity, and security as a nation in the modern world.

The Arabs had acquired Africans as slaves for centuries, but they were exploited in a feudal context. African slaves in Arab hands became domestics, soldiers, and agricultural serfs. Whatever surplus they produced was not for reinvestment and multiplication of capital, as in the West Indian or North American slave systems but for consumption by the feudal elite. Indeed, slaves were often maintained more for social prestige than for economic benefit.