400+ Sourced quotes
Unfortunately, once an economy is geared to expansion, the means rapidly turn into an end and "the going becomes the goal." Even more unfortunately, the industries that are favored by such expansion must, to maintain their output, be devoted to goods that are readily consumable either by their nature, or because they are so shoddily fabricated that they must soon be replaced. By fashion and built-in obsolescence the economies of machine production, instead of producing leisure and durable wealth, are duly cancelled out by the mandatory consumption on an even larger scale.
Nineteenth-century civilization rested on four institutions. The first was the balance-of-power system which for a century prevented the occurrence of any long and devastating war between the Great Powers. The second was the international gold standard which symbolized a unique organization of world economy. The third was the self-regulating market which produced an unheard-of material welfare. The fourth was the liberal state. Classified in one way, two of these institutions were economic, two political. Classified in another way, two of them were national, two international. Between them they determined the characteristic outlines of the history of our civilization.
Economic liberalisation is a world phenomenon. Socialist countries, capitalist countries, all of them, have to take to liberalisation. The liberalisation took place first in Britain, then in the United States under President Reagan, these were not liberalising from a socialist system. I think it is because of the stage of economy which the world has reached at present and the stage of technology. At every historical and technological and economic age there are policies which would be suitable for that period and countries. We have to adopt policies, dictated by the circumstances and the necessities of the time.
I return to economics and to economists, and to the question of why the profession's directions have evolved in the manners evident from this book. A major conservative economist once explained that a source of his antipathy to government traced back to the defeat of his southern ancestors by a larger north economy. Here is a similar factoid. Joan Robinson once wrote that her opposition to having the U. K. enter the European Market was due to the fact that she had more friends in [Nehru's] India than on the continent.
In certain circumstances, financial markets can affect the so-called fundamentals which they are supposed to reflect. When that happens, markets enter into a state of dynamic disequilibrium and behave quite differently from what would be considered normal by the theory of efficient markets. Such boom/bust sequences do not arise very often, but when they do, they can be very disruptive, exactly because they affect the fundamentals of the economy.
It seems perfectly clear that Economy, if it is to be a science at all, must be a mathematical science. There exists much prejudice against attempts to introduce the methods and language of mathematics into any branch of the moral sciences. Most persons appear to hold that the physical sciences form the proper sphere of mathematical method, and that the moral sciences demand some other method-I know not what.
We know what we have to do. And we know how to do it. If we fail to convert our self-destructing economy into one that is environmentally sustainable, future generations will be overwhelmed by environmental degradation and social disintegration. Simply stated, if our generation does not turn things around, our children may not have the option of doing so.
While it is true that we are paying out far more money and maintaining a much stronger Military Establishment than ever before, because of the conditions stated, we have been able to pursue a moderate course. Our people have had all the war, all the taxation, and all the military service that they want. They have therefore wished to emphasize their attachment to our ancient policy of peace. They have insisted upon economy. They have supported the principle of limitation of armaments. They have been able to do this because of their position and their strength in numbers and in resources. We have a tremendous natural power which supplements our arms. We are conscious that no other nation harbors any design to put us in jeopardy.
[George W.] Bush explained that he wasn't willing to take the steps outlined in the Kyoto accords - steps that both the scientific world and the international political community had agreed, with a stunning degree of unanimity, were necessary for the future viability of the earth - because he wasn't willing to jeopardize the rate of growth of the American economy. In what sense is this a rational position?
Americans are sacrificing. I mean, we are. You know, we pay a lot of taxes. Americans sacrificed when they, you know, when the economy went into the tank. Americans sacrificed when, you know, air travel was disrupted. American taxpayers have paid a lot to help this nation recover. I think Americans have sacrificed.
Imagine what it's like to be a young person living in a country that is not moving toward reform... While your peers in other parts of the world have received educations that prepare them for the opportunities of a global economy, you have been fed propaganda and conspiracy theories that blame others for your country's shortcomings.