Quotes of All Topics . Occasions . Authors
The fact is that the two years or so after 9/11 were a terrible time in America – a time of political exploitation and intimidation, culminating in the deliberate misleading of the nation into the invasion of Iraq. It’s probably worth pointing out that I’m not saying anything now that I wasn’t saying in real time back then, when Bush had a sky-high approval rating and any criticism was denounced as treason. And there’s nothing I’ve done in my life of which I’m more proud.
The State, completely in its genesis, essentially and almost completely during the first stages of its existence, is a social institution, forced by a victorious group of men on a defeated group, with the sole purpose of regulating the dominion of the victorious group over the vanquished, and securing itself against revolt from within and attacks from abroad. Teleologically, this dominion had no other purpose than the economic exploitation of the vanquished by the victors.
Economists may not know much. But we know one thing very well: how to produce surpluses and shortages. Do you want a surplus? Have the government legislate a minimum price that is above the price that would otherwise prevail. That is what we have done at one time or another to produce surpluses of wheat, of sugar, of butter, of many other commodities. Do you want a shortage? Have the government legislate a maximum price that is below the price that would otherwise prevail.
It is true that building a green economy will not be good for everyone's jobs. Notably, people working in the fossil fuel industry will face major job losses. The communities in which these jobs are concentrated will also face significant losses. But the solution here is straightforward: Just Transition policies for the workers, families and communities who will be hurt as the coal, oil and natural gas industries necessarily contract to zero over roughly the next 30 years.
I believe that my theory is correct; for whatever be the question upon which I am arguing, whether it be religious, philosophical, political, or economical; whether it affects well-being, morality, equality, right, justice, progress, responsibility, property, labor, exchange, capital, wages, taxes, population, credit, or Government; at whatever point of the scientific horizon I start from, I invariably come to the same thing—the solution of the social problem is in liberty.
Countries were told they had no incentives because of social ownership. The solution was privatization and profit, profit, profit. Privatization would replace inefficient state ownership, and the profit system plus the huge defense cutbacks would let them take existing resources and an increase in consumption. Worries about distribution and competition or even concerns about democratic processes being undermined by excessive concentration of wealth could be addressed later.
There is a clear and strong link between the economy's present woes and the Iraq war. The war was at least one of the factors contributing to rising oil prices - which meant Americans were spending money on imported oil, rather than on things that would stimulate the american economy. Hiring Nepalese contractors in Iraq, moreover, doesn't stimulate the American economy in the way that building a school in America would do - and obviously doesn't have the long term benefits.
A second possible approach to general systems theory is through the arrangement of theoretical systems and constructs in a hierarchy of complexity, roughly corresponding to the complexity of the "individuals" of the various empirical fields... leading towards a "system of systems." [...] I suggest below a possible arrangement of "levels" of theoretical discourse...(vi) [...] the "animal" level, characterized by increased mobility, teleological behavior and self-awareness...
One measure for promoting both stability and fairness across financial market segments is a small sales tax on all financial transactions - what has come to be known as a Robin Hood Tax. This tax would raise the costs of short-term speculative trading and therefore discourage speculation. At the same time, the tax will not discourage "patient" investors who intend to hold their assets for longer time periods, since, unlike the speculators, they will be trading infrequently.
If one writing contributed more than any other to the framework in which this work Sowell's Knowledge and Decisions developed, it would be an essay entitled 'The Use of Knowledge in Society,' published in the American Economic Review of September 1945, and written by F. A. Hayek . . In this plain and apparently simple essay was a deeply penetrating insight into the way societies function and malfunction, and clues as to why they are so often and so profoundly misunderstood.
Our submission to general principles is necessary because we cannot be guided in our practical action by full knowledge and evaluation of the consequences. So long as men are not omniscient, the only way in which freedom can be given to the individual is by such general rules to delimit the sphere in which the decision is his. There can be no freedom if the government is not limited to particular kinds of action but can use its powers in any ways which serve particular ends.
It isn't that information is exploding, but accessibility is. There's just about as much information this year as there was last year; it's been growing at a steady rate. It's just that now it's so much more accessible because of information technology. The consensus is that a Web crawler could get to a terabyte of publicly accesible HTML. A terabyte is about a million books. the UC Berkeley library has about 8 million books, and the Library of Congress has 20 million books.
Conservatives and liberals are kindred spirits as far as government spending is concerned. First, let's make sure we understand what government spending is. Since government has no resources of its own, and since there's no Tooth Fairy handing Congress the funds for the programs it enacts, we are forced to recognize that government spending is no less than the confiscation of one person's property to give it to another to whom it does not belong - in effect, legalized theft.
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. If the world is lucky enough to enjoy peace, it may even one day make the discovery, to the horror of doctrinaire free-enterprisers and doctrinaire planners alike, that what is called capitalism and what is called socialism are both capable of working quite well.
I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.
Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.
If every person has the right to defend - even by force - his person, his liberty, and his property, then it follows that a group of men have the right to organize and support a common force to protect these rights constantly. Thus, since an individual cannot lawfully use force against the person, liberty, or property of another individual, then the common force - for the same reason - cannot lawfully be used to destroy the person, liberty, or property of individuals or groups.
The effort of the economist is to "see," to picture the interplay of economic elements. The more clearly cut these elements appear in his vision, the better; the more elements he can grasp and hold in his mind at once, the better. The economic world is a misty region. The first explorers used unaided vision. Mathematics is the lantern by which what before was dimly visible now looms up in firm, bold outlines. The old phantasmagoria disappear. We see better. We also see further.
One of the real costs of the war is that our security is actually less than it otherwise would have been - ironic, since enhancing security was one of the reasons for going to war. Our armed forces have been depleted - we have been wearing out equipment and using up munitions faster than we have been replacing them; the armed forces face difficult problems in recruitment -by any objective measures,including those used by the armed forces, quality has deteriorated significantly.
The fact that we don't' talk about it, that we don't have a politics in which this question of war and peace can even get onto the table, so that we can open up our Orwell, our 1984, or Animal Farm, or whatever, and read the political text that's being spotted to us on the television right off of the page; the fact that we don't have a politics robust enough to actually debate whether or not we want to be a country permanently at war. That's what keeps me from sleeping at night.
The majority of humankind does not accept this system, despite claims of worldwide support. Even with Russia's ratification, 75% of the world's CO2 is emitted by, 68% of the world's GDP is produced in, and 89% of the world's population live in countries that are not handcuffed by Kyoto's restrictions. Like fascism and communism, Kyotoism is an attack on basic human freedoms behind a smokescreen of propaganda. Like those ideologies of human hatred, it will be exposed and defeated.
The word "truth" itself ceases to have its old meaning. It describes no longer something to be found, with the individual conscience as the sole arbiter of whether in any particular instance the evidence (or the standing of those proclaiming it) warrants a belief; it becomes something to be laid down by authority, something which has to believed in the interest of unity of the organized effort and which may have to be altered as the exigencies of this organized effort require it.
For twenty-five centuries, Western knowledge has tried to look upon the world. It has failed to understand that the world is not for the beholding. It is for hearing. It is not legible, but audible. Our science has always desired to monitor, measure, abstract, and castrate meaning, forgetting that life is full of noise and that death alone is silent: work noise, noise of man, and noise of beast. Noise bought, sold, or prohibited. Nothing essential happens in the absence of noise.
When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.
[T]he next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument. Almost surely, you'll discover that what sounds like hardheaded realism actually rests on a foundation of fantasy, on the belief that invisible vigilantes will punish us if we're bad and the confidence fairy will reward us if we're good. And real-world policy - policy that will blight the lives of millions of working families - is being built on that foundation.
In its pursuit of justice for a segment of society, in disregard of the consequences for society as a whole, what is called 'social justice' might more accurately be called anti-social justice, since what consistently gets ignored or dismissed are precisely the costs to society. Such a conception of justice seeks to correct, not only biased or discriminatory acts by individuals or by social institutions, but unmerited disadvantages in general, from whatever source they may arise.
Financial capacity and political perspicacity are inversely correlated. Long-run salvation by men of business has never been highly regarded if it means disturbance of orderly life and convenience in the present. So inaction will be advocated in the present even though it means deep trouble in the future. Here, at least equally with Communism, lies the threat to Capitalism. It is what causes men who know that things are going quite wrong to say that things are fundamentally sound.
Twenty per cent of American children grow up in poverty, and that means they get inadequate nutrition, inadequate health care, and because we have a very local education system, they get inadequate access to education. With those as a starting base, you perpetuate inequality. That's why, here in New York, Mayor de Blasio has made a big deal of trying to focus on preschool education, because by five years old, there are already huge differences. We've finally begun to recognize it.
The new puritans have been highly successful. All of the preconditions for new prohibitions on alcohol and tobacco are in place. ... Indeed, the future agenda of the federal government has already been established to outlaw alcohol and tobacco in the near future. ... If current trends persist, America will be moving toward stricter prohibitions, greater restrictions, and more centralized control over consumption. This represents an erosion of liberty at its most fundamental level.
The libertarian sees the State as a giant gang of organized criminals, who live off the theft called "taxation" and use the proceeds to kill, enslave, and generally push people around. Therefore, any property in the hands of the State is in the hands of thieves, and should be liberated as quickly as possible. Any person or group who liberates such property, who confiscates or appropriates it from the State, is performing a virtuous act and a signal service to the cause of liberty.
I define anarchist society as one where there is no legal possibility for coercive aggression against the person or property of any individual. Anarchists oppose the State because it has its very being in such aggression, namely, the expropriation of private property through taxation, the coercive exclusion of other providers of defense service from its territory, and all of the other depredations and coercions that are built upon these twin foci of invasions of individual rights.
Both in the US and throughout the world, there needs to be a growing presence of public development banks. These banks would make loans based on social welfare criteria - including advancing a full-employment, climate-stabilization agenda - as opposed to scouring the globe for the largest profit opportunities regardless of social costs.... Public development banks have always played a central role in supporting the successful economic development paths in the East Asian economies.
Casually, unconsciously, but with deadly effectiveness, western man all round the globe destroyed the traditional gods and the ancient societies with his commerce and his science. ... Does it mean nothing to him if great areas of the world, where western influence has been predominant, emerge from this tutelage unable to return to the old life, yet unfitted for the new? It is hard to believe that the future could ever belong to men demonstrating irresponsibility on so vast a scale.
There is perhaps no single factor contributing so much to people's frequent reluctance to let the market work as their inability to conceive how some necessary balance, between demand and supply, between exports and imports, or the like, will be brought about without deliberate control. The conservative feels safe and content only if he is assured that some higher wisdom watches and supervises change, only if he knows that some authority is charged with keeping the change "orderly.
It is one of the most fatal illusions that, by substituting negotiations between states or organized groups for competition for markets or for raw materials, international friction would be reduced. This would merely put a contest of force in the place of what can only metaphorically be called the "struggle" of competition and would transfer to powerful and armed states, subject to no superior law, the rivalries which between individuals had to be decided without recourse to force.
The widely accepted assertion that, only if you let markets be will everyone be paid correctly and thus fairly, according to his worth, is a myth. Only when we part with this myth and grasp the political nature of the market and the collective nature of individual productivity will we be able to build a more just society in which historical legacies and collective actions, and not just individual talents and efforts, are properly taken into account in deciding how to reward people.
Today's political leaders demonstrate their low opinion of the public with every social law they pass. They believe that, if given the right to chose, the citizenry will probably make the wrong choice. Legislators do not think any more in terms of persuading people; they feel the need to force their agenda on the public at the point of a bayonet and the barrel of a gun, in the name of the IRS, the SEC, the FDA, the DEA, the EPA, or a multitude of other ABCs of government authority.
It is curious that people tend to regard government as a quasi-divine, selfless, Santa Claus organization. Government was constructed neither for ability nor for the exercise of loving care; government was built for the use of force and for necessarily demagogic appeals for votes. If individuals do not know their own interests in many cases, they are free to turn to private experts for guidance. It is absurd to say that they will be served better by a coercive, demagogic apparatus.
There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
I know many Europeans and I think many of them don't even believe me when I say that people in US don't have vacations. Obviously a lot of people do but there are many, tens of millions of people that don't and there's certainly no guarantee of a vacation. So paid time off is very valuable where people know they could get four or five weeks vacation, which is absolutely standard in Europe. Denmark has 6 weeks. So I think that's something that's very valuable, giving people time off.
The stock market crashed in October 1929. But that was not the cause of what caused the Great Depression. It was, in my opinion, a very minor element of it. What happened was that from 1929 to 1933 you had a major contraction which, in my opinion, was caused primarily by the failure of the Federal Reserve System, to follow the course of action for which it was set up. It was set up to prevent exactly what happened from 1929 to 1933. But instead of preventing it, they facilitated it.
Human life is not some sort of race or game in which each person should start from an identical mark. It is an attempt by each man to be as happy as possible. And each person could not begin from the same point, for the world has not just come into being; it is diverse and infinitely varied in its parts. The mere fact that one individual is necessarily born in a different place from someone else immediately insures that his inherited opportunity cannot be the same as his neighbor's.
When quite young I can remember I had no thought or wish of surpassing others. I was rather taken with a liking of little arts and bits of learning. My mother carefully fostered a liking for botany, giving me a small microscope and many books, which I yet have. Strange as it may seem, I now believe that botany and the natural system, by exercising discrimination of kinds, is the best of logical exercises. What I may do in logic is perhaps derived from that early attention to botany.
The public psychology of going into debt for gain passes through several more or less distinct phases: (a) the lure of big prospective dividends or gains in income in the remote future; (b) the hope of selling at a profit, and realizing a capital gain in the immediate future; (c) the vogue of reckless promotions, taking advantage of the habituation of the public to great expectations; (d) the development of downright fraud, imposing on a public which had grown credulous and gullible.
The illusion that consumption - and its correlative, income - is desirable probably stems from too great preoccupation with what Knight calls "one-use goods," such as food and fuel, where the utilization and consumption of the good are tightly bound together in a single act or event. ... any economy in the consumption of fuel that enables us to maintain warmth or to generate power with lessened consumption again leaves us better off. ... there is no great value in consumption itself.
The understanding that women are not inferior across the world, it's something that you can get from school, not only from the book but also from chatting with other kids. It's a big impact. One of the curious things is that even when - and this we found from studies - the schools are doing pretty badly in terms of their education, about mathematics and literature and language, going to school transformed people because I think the action of schooling, the activity, is very important.
. . . it is worth discussing radical changes, not in the expectation that they will be adopted promptly but for two other reasons. One is to construct an ideal goal, so that incremental changes can be judged by whether they move the institutional structure toward or away from that ideal. The other reason is very different. It is so that if a crisis requiring or facilitating radical change does arise, alternatives will be available that have been carefully developed and fully explored.
My father, Benjamin Shiller, told me not to believe in authorities or celebrities - that society tends to imagine them as superhuman. It's good advice. People are snowed by celebrities all the time. In academia people have this idea of achieving stardom - publishing in the best journals, being at the best university, writing on the hot topic everyone else is writing about. But that's what my father told me not to do. He taught me that you have to pursue things that sound right to you.
If the government is to try and ban private consumption of alcohol and tobacco, it must surely ban such activities as hang-gliding, skiing, rock-climbing and so on. Where should it stop? Rugby? American Football? Ice Hockey? Insofar as the government has information not generally available about the merits or demerits of the items we ingest or the activities we engage in, let it give us the information. But let it leave us free to choose what chances we want to take with our own lives.
If you spend your own money on yourself, you care how much you spend and how well you spend it. If you spend your own money on someone else, you care how much you spend, but you don't care how well it is spent. If you spend someone else's money on yourself, you don't care how much you spend, but you do care how well it is spent. And finally, if you spend someone else's money on someone else, you don't care how much you spend, and you don't care how well it is spent. That is government.