Economics Quotes

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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 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

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.

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

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.

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

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

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.

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.

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.

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.

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

The desire for economic prosperity is itself not culturally determined but almost universally shared

Francis Fukuyama

But the Progressive Conservative is very definitely liberal Republican. These are people who are moderately conservative on economic matters, and in the past have been moderately liberal, even sometimes quite liberal on social policy matters.

Today, at the dawn of the 21st Century, we need a foreign policy that addresses the classic security threats — and understands the new ones as well. We need a new approach for a new century — grounded in our own economic and security interests, but uplifted by what is right in the world. We need to pursue a policy of "forward engagement" — addressing problems early in their development before they become crises; addressing them as close to the source of the problem as possible; and having the forces and resources to deal with those threats as soon after their emergence as possible.

Econometrics is the name for a field of science in which mathematical-economic and mathematical-statistical research are applied in combination. Econometrics, therefore, forms a borderland between two branches of science, with the advantages and disadvantages thereof; advantages, because new combinations are introduced which often open up new perspectives; disadvantages, because the work in this field requires skill in two domains, which either takes up too much time or leads to insufficient training of its students in one of the two respects.

Production functions involving only land, labor and capital... never work and never explain economic development.

Kenneth Boulding

Feminists have emphasized for a long time the importance of each woman's individual entity and the necessity of economic independence. Perhaps it was necessary. But now I think we need some emphasis on the instinctive side of life, sex and motherhood.... Life isn't all earning your living. Unfortunately we fall in love and Feminism must take that into consideration.

The moral sentiments that constrain economic life also promote it.

This power becomes particularly irresistible when exercised by those who, because they hold and control money, are able also to govern credit and determine its allotment, for that reason supplying, so to speak, the lifeblood to the entire economic body, and grasping, as it were, in their hands the very soul of production, so that no one dare breathe against their will.

Fritz Nonnenbruch, the financial editor of the Voelkischer Beobachter, states: 'There exists no law which binds the State. The state can do what it regards as necessary, because it has the authority…. The next stage of National-Socialist economic policy consists of replacing capitalist laws by policy.'

Günter Reimann

State capitalism is about more than emergency government spending, implementation of more intelligent regulation, or a stronger social safety net. It's about state dominance of economic activity for political gain.

It is no accident that the Labour Party of 1964 should share this craving for autarchy, for economic self-sufficiency, with the pre-war Fascist régimes and the present-day Communist states. They are all at heart totalitarian.

To secure the greatest amount of pleasure with the least possible outlay should be the aim of all economic effort... when everyone does this the natural order, instead of being endangered, will be all the better assured.

François Quesnay

Despite the Internet's origin in the late 1960s as a government sponsored means of communication between the Department of Defense, private industry, and academia, it has been at its best — and generated the greatest economic, social, and technological benefits — since it was 'liberated' by the hordes of 'geeks' who were originally hired to run it by employers who were not themselves conversant with computers, and couldn't tell when their employees were exchanging official traffic or trading dirty jokes and recipes for marijuana brownies.