Quotes of All Topics . Occasions . Authors
Economics is a subject profoundly conducive to cliche, resonant with boredom. On few topics is an American audience so practiced in turning off its ears and minds. And none can say that the response is ill advised.
Few things in life can be so appalling as the difference between a dry antiseptic statement of a principle by a well spoken man in a quiet office, and what happens to people when that principle is put into practice.
I was brought up in southwestern Ontario where we were taught that Canadian patriotism should not withstand anything more than a five-dollar-a-month wage differential. Anything more than that and you went to Detroit.
All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.
Superficial observers have long criticized the United States for making a fetish of youth. This is unfair. Uniquely among modern organs of public and private administration, its national legislature rewards senility.
The threat to men of great dignity, privilege and pretense is not from the radicals they revile; it is from accepting their own myth. Exposure to reality remains the nemesis of the great -- a little understood thing.
We talk of the enormous virtues of work, but it turns out that that is mostly for the poor. If you're rich enough or if you're a college professor, the virtue lies in leisure and the use you make of your leisure time.
If a man didn't make sense, the Scotch felt it was misplaced politeness to try to keep him from knowing it. Better that he be aware of his reputation, for this would encourage reticence which goes well with stupidity.
In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.
It was not hard to persuade people that the market was sound; as always in such times they asked only that the dispiriting voices of doubt be muted and that there should be tolerably frequent expressions of confidence.
The attraction of power we take for granted in politics.. But in economics...the thrust...is for pecuniary return, for money. And I have always felt that denies in the economic world a very large part of the motivation.
The miserable consumption of the poor is partly the result of the ostentatious demands of the rich. There isn't enough for both, and the latter get far more than they need...But could anything seriously be done about it?
In the early days of the crash it was widely believed that Jesse L. Livermore, a Bostonian with a large and unquestionably exaggerated reputation for bear operations, leading a syndicate that was driving the market down.
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.
In all modern depressions, recessions, or growth-correction, as variously they are called, we never miss the goods that are not produced. We miss only the opportunities for the labour - for the jobs - that are not provided.
Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything.
In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand; the spiral operates when there is too much and also,unfortunately, when there is just enough.
We now in the United States have more security guards for the rich than we have police services for the poor districts. If you're looking for personal security, far better to move to the suburbs than to pay taxes in New York.
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.
It is a well known and very important fact that America's founding fathers did not like taxation without representation. It is a lesser known and equally important fact that they did not much like taxation with representation.
In 1736, Franklin's Pennsylvania Gazette printed an apology for its irregular appearence because its printer was "with the Press, labouring for the publick Good, to make Money more plentiful." The press was busy printing money.
What is called a high standard of living consists, in considerable measure, in arrangements for avoiding muscular energy, for increasing sensual pleasure and enhancing caloric intake above any conceivable nutritional requirement.
The masters thought they were loved until one day one of their favorites farted loudly while serving dinner and the next day was gone. The very first manifestation of the classless society is the disappearance of the servant class.
I begin with the renaming of the system. It used to be capitalism. But that evokes [Karl] Marx and [John] Rockefeller. So now we speak of the market system. That is a nice bland expression, which forgets those off-color references.
[The] men of the technostructure are the new and universal priesthood. Their religion is business success; their test of virtue is growth and profit. Their bible is the computer printout; their communion bench is the committee room.
Commencement oratory must eschew anything that smacks of partisan politics, political preference, sex, religion or unduly firm opinion. Nonetheless, there must be a speech: Speeches in our culture are the vacuum that fills a vacuum.
The income men derive from producing things of slight consequence is of great consequence. The production reflects the low marginal utility of the goods to society. The income reflects the high total utility of a livelihood to a person.
Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
Few economic problems, if any, are difficult of solution. The difficulty, all but invariably, is in confronting them. We know what needs to be done; for reasons of inertia, pecuniary interest, passion or ignorance, we do not wish to say so.
A nuclear war does not defend a country and it does not defend a system. I've put it the same way many times; not even the most accomplished ideologue will be able to tell the difference between the ashes of capitalism and the ashes of communism.
Things that come from the private sector are in abundant supply; things that depend on the public sector are widely a problem. We're a world, as I said in The Affluent Society, of filthy streets and clean houses, poor schools and expensive television.
The inborn instability of capitalism has been part of the history of the system for several hundred years, including recurrent speculative episodes. There should be no doubt in anyone's mind that we're now having another one of those speculative episodes.
I've been a faithful reader of the great classical documents of economics, or tried to be. The first book in the field that I ever read was Principles of Economics by Alfred Marshall. I suppose subsequently I would have to pick out Keynes, Adam Smith, Marx.
Even the word depression itself was the terminological product of an effort to soften the connotation of deep trouble. In the last century, the term crisis was normally employed. With time, however, this acquired the connotation of the misfortune it described.
No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion.
There is little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
Had the Bible been in clear straightforward language, had the ambiguities and contradictions been edited out, and had the language been constantly modernised to accord with contemporary taste it would almost certainly have been, or become, a work of lesser influence.
There are a significant number of learned men and women who hold that any successful effort to make ideas lively, intelligible and interesting is a manifestation of deficient scholarship. This is the fortress behind which the minimally coherent regularly find refuge.
Total physical and mental inertia are highly agreeable, much more so than we allow ourselves to imagine. A beach not only permits such inertia but enforces it, thus neatly eliminating all problems of guilt. It is now the only place in our overly active world that does.
If anything is evident about people who manage money, it is that the task attracts a very low level of talent, one that is protected in its highly imperfect profession by the mystery that is thought to enfold the subject of economics in general and of money in particular.
In numerous years following the war, the Federal Government ran a heavy surplus. It could not (however) pay off its debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply.
Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce.
There is an enormous thrust in our time to have a simple answer. And that simple answer is that all depends on Alan Greenspan and the Federal Reserve. And Alan, who is an old acquaintance of mine, is a marvelous performer in the impression he gives of enormously great perception.
I've been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive ("Free Market Fraud," January 1999). But I've been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.
The family which takes it mauve and cerise, air conditioned, power-steered, and power braked automobile out for a tour passes through cities that are badly paved, made hideous by litter, blighted buildings, billboards, and posts for wires that should long since have been put underground.
I react pragmatically. Where the market works, I'm for that. Where the government is necessary, I'm for that. I'm deeply suspicious of somebody who says, 'I'm in favor of privatization,' or, 'I'm deeply in favor of public ownership.' I'm in favor of whatever works in the particular case.
A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
All writers know that on some golden mornings they are touched by the wand; they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.
Technology, under all circumstances, leads to planning; in its higher manifestations it may put the problems of planning beyond the reach of the industrial firm. Technological compulsions, and not ideology or political will, will require the firm to seek the help and protection of the state.