Quotes of All Topics . Occasions . Authors
My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.
Famines occur under a colonial administration, like the British Raj in India or for that matter in Ireland, or under military dictators in one country after another, like Somalia and Ethiopia, or in one-party states like the Soviet Union and China.
Indian manufacturing is constrained in its growth by the fact that it just can't ship goods in and out fast enough to compete with Chinese delivery time. India needs to really focus on this aspect if it is going to grow at anything above 7 percent.
The biggest downside of my current job is that I have to wear a suit to work. Wearing uncomfortable clothes on purpose is an example of what former Princeton hockey player and Nobel Prize winner Michael Spence taught economists to call 'signaling.'
As the revenue of the farmer is realized in raw produce, or in the value of raw produce, he is interested, as well as the landlord, in its high exchangeable value, but a low price of produce may be compensated to him by a great additional quantity.
I think bubbles are things people see with 20/20 hindsight. If you look at any particular period where prices go up and then they go down, you will always find people who predicted that they would go down. Those are the people you pay attention to.
Modern government has become a universal transfer agency that utilizes the political process for distributing vast measures of income and wealth. It preys on millions of victims in order to allocate valuable goods and services to its beneficiaries.
Efforts to promote financial stability through adjustments in interest rates would increase the volatility of inflation and employment. As a result, I believe a macro-prudential approach to supervision and regulation needs to play the primary role.
The only factor that poses a genuine challenge to the current order is the willingness of human beings to reject the injustice and irrationality of this economy, and stand up for something better. Capitalism will not fall-rather, it must be pushed.
Socialism appeals to better classes and has far more strength. Attack the state and you excite feelings of loyalty even among the disaffected classes; but attack the industrial system and appeal to the state, and you may have loyalty in your favor.
I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.
Many activists don't want to hear about some grand narrative, one that could unify all of our struggles. So the major issue that needs to be addressed is how to get people to see that there is indeed a grand narrative which just happens to be true.
By encouraging men to spy and report on one another, by making it in the private interest of large numbers of citizens to evade the controls, and by making actions illegal that are in the public interest, the controls undermine individual morality.
For it is no railways, roads, and power stations that give rise to industrial capitalism: it is the emergence of industrial capitalism that leads to the building of railways, to the construction of roads, and to the establishment of power stations.
If we collectively set our minds to improving technology of a particular type we can do that, and it takes some collective action, some support for research, or some provision of patent protection, or a mixture of the two, and some focussed energy.
Men first make up their minds (and the smaller the mind the sooner made up), and then seek for the reasons; and if they chance to stumble upon a good reason, of course they do not reject it. But though they are right, they are only right by chance.
As hardly anything can accidentally touch the soft clay without stamping its mark on it, so hardly any reading can interest a child, without contributing in some degree, though the book itself be afterwards totally forgotten, to form the character.
Economists have put themselves in a position where what they are doing is supposed to be impossible to understand for outsiders, so they don't even talk - sometimes not even with their girlfriend or boyfriend or friends - about what they are doing.
The minimum wage law very cleverly is misnamed. The real minimum wage is zero. That is what many inexperienced and low skilled people receive as a result of legislation that makes it illegal to pay them what they are currently worth to an employer.
What is especially disturbing about the political left is that they seem to have no sense of the tragedy of the human condition. Instead, they tend to see the problems of the world as due to other people not being as wise or as noble as themselves.
Life has many good things. The problem is that most of these good things can be gotten only by sacrificing other good things. We all recognize this in our daily lives. It is only in politics that this simple, common sense fact is routinely ignored.
Barack Obama has not only said that he is out to 'change the United States of America,' the people he has been associated with for years have expressed in words and deeds their hostility to the values, the principles and the people of this country.
Imagine a political system so radical as to promise to move more of the poorest 20% of the population into the richest 20% than remain in the poorest bracket within the decade? You don't need to imagine it. It's called the United States of America.
Edward Conard’s book represents the most cogent and persuasive analysis of the Financial Crisis to date. It is deeper and likely more accurate than what we have seen so far from journalists, academ- ics, and particularly former government officials.
For those unfortunate enough to experience it, long-term unemployment - now, as in the 1930s - is a tragedy. And, for society as a whole, there is the danger that the productive capacity of a significant portion of the labour force will be impaired.
I have become increasingly convinced that the past records of mutual fund managers are essentially worthless in predicting future success. The few examples of consistently superior performance occur no more frequently than can be expected by chance.
Adam Smith, and other able writers to whom I have alluded, not having viewed correctly the principles of rent, have, it appears to me, overlooked many important truths, which can only be discovered after the subject of rent is thoroughly understood.
One classic paper compared the effects of right-to-work laws on factory jobs in neighboring counties, on either side of a right-to-work border. It found that manufacturing grew 23.1% faster between 1947 and 1992 on the anti-union side of the divide.
Whenever it is necessary that one of several conflicting opinions should prevail and when one would have to be made to prevail by force if need be, it is less wasteful to determine which has the stronger support by counting numbers than by fighting.
If you look back historically at the post-WWII period on average, if you get a 100-basis-point increase in Fed funds, the spillover to the ten-year is only 35 basis points, and 25 basis points into the 30-year - it's a fairly small spillover effect.
When you give chief executives too much compensation in stock options, they concentrate too much on the stock price, and there is a perverse incentive to raise the stock price, particularly when the chief executive wants to exercise his own options.
Government welfare programs contribute to the disintegration of poor families. They make women and children dependent on government; dependent for food, for clothing, for shelter; and reward fatherless families with extra benefits and welfare perks.
This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
If I am right in supposing it to be comparatively easy to make capital-goods so abundant that the marginal efficiency of capital is zero, this may be the most sensible way of gradually getting rid of many of the objectionable features of capitalism.
I think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are.
According to Breitbart, data from the Federal Election Commission show that Facebook staff gave $114,000 to Hillary Clinton. The next-closest recipient of political money was former Republican presidential candidate Marco Rubio. He only got $16,604.
With respect to teaching, I couldn't make sense of mainstream economics when I had to teach it to college students. At the same time, I could see at the school that there was a whole lot of hypocrisy. Not much real respect for the "higher learning."
The collapse of communism in essence added tens and tens of millions of people to the world labor supply, and the people who were added had previously been getting very low income, but they were not unskilled. Many of them were fairly well educated.
Consumer spending is now plunging at serious-recession rate ... even if the rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum. In addition to financial rescues, we need major stimulus programs.
One way in which Americans have always been exceptional has been in our support for education. First we took the lead in universal primary education; then the “high school movement” made us the first nation to embrace widespread secondary education.
I try to teach people to make fewer mistakes. But in designing economic policies, we need to take full account of the fact that people are busy, they're absent minded, they're lazy, and that we should try to make things as easy for them as possible.
Parents want their children to excel, callers to a victims' hot line want help, and sick people want to get well. Offering aids is like providing an alarm clock: it may help people get to an appointment on time, but no one is forcing them to use it.
Traditional economics is based on imaginary creatures sometimes referred to as 'Homo economicus.' I call them Econs for short. Econs are amazingly smart and are free of emotion, distraction or self-control problems. Think Mr. Spock from 'Star Trek.'
Sophistry, like poison, is at once detected and nauseated, when presented to us in a concentrated form; but a fallacy which, when stated barely in a few sentences, would not deceive a child, may deceive half the world, if diluted in a quarto volume.
Geologists complain that when they want specimens of the common rocks of a country, they receive curious spars; just so, historians give us the extraordinary events and omit just what we want,--the every-day life of each particular time and country.
If I was counselling an individual, and my purpose was to help that individual, the most important thing would be that you should save more. Because don't expect that your retirement will follow those trajectories that some advisers are telling you.
English orthography satisfies all the requirements of the canons of reputability under the law of conspicuous waste. It is archaic, cumbrous, and ineffective; its acquisition consumes much time and effort; failure to acquire it is easy of detection.
The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
we must go on fighting for basic education for all, but also emphasize the importance of the content of education. We have to make sure that sectarian schooling does not convert education into a prison, rather than being a passport to the wide world.
Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.