Quotes of All Topics . Occasions . Authors
I'm not speaking in favor of killing innovation. I'm speaking in favor of centrist use of the market, which involves necessarily a considerable degree of regulation. Markets by themselves will get themselves inevitably into inequality and into their own destruction. It will happen again and again.
Economists and financial analysts are not like steelworkers or people in other occupations. They don't get evaluated based on their performance. They can mess up every day of the week through their whole careers, and this would be just fine, as long as they messed up in the same way as their peers.
The Bankers' New Clothes makes a simple, powerful argument: that banks need to raise more capital. It is entirely persuasive that the extent of their leverage makes the financial system fragile, and it clearly and patiently demolishes all the counter-arguments made by the banks and their lobbyists.
What is missing from the policy analyst's tool kit -- and from the set of accepted, well-developed theories of human organization -- is an adequately specified theory of collective action whereby a group of principals can organize themselves voluntarily to retain the residuals of their own efforts.
Every time you have a carrot instead of a cookie, every time you go to the gym instead of going to the movies, that's a costly investment in your health. But how much you want to invest is going to depend on how much longer you expect to live in the future, even if you don't make those investments.
Dictators cause the world’s worst problems: all the collapsed states, and all the devastated economies. All the vapid cases of corruption, grand theft, and naked plunder of the treasury are caused by dictators, leaving in their wake trails of wanton destruction, horrendous carnage and human debris.
Dictators cause the world's worst problems: all the collapsed states, and all the devastated economies. All the vapid cases of corruption, grand theft, and naked plunder of the treasury are caused by dictators, leaving in their wake trails of wanton destruction, horrendous carnage and human debris.
Since the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing.
Charities are now working to give people in poor countries access to the Internet. But shouldn't we spend that money on providing health clinics and safe water? Aren't these things more relevant? I have no intention of downplaying the importance of the Internet, but its impact has been exaggerated.
During the 1950s, I decided, as did many others, that many practical problems were beyond analytic solution and that simulation techniques were required. At RAND, I participated in the building of large logistics simulation models; at General Electric, I helped build models of manufacturing plants.
There's no question that we have great value on the sanctity of the family, and there are a lot of competing visions about exactly how we teach a set of values and we teach skills to our children, especially in the early years when they're really forming their personalities, their personas, really.
Our challenge, our generation's unique challenge, is learning to live peacefully and sustainably in an extraordinarily crowded world. Our planet is crowded to an unprecendented degree. It is bursting at the seams. It's bursting at the seams in human terms, in economic terms, and in ecological terms
I have on my bookshelf a series of books with opposite titles: 'The Alpha Strategy' and the 'Omega Strategy'; 'Asia Rising' and 'Asia Falling'; 'Free to Choose' and 'Free to Lose'; 'How to Win Friends and Influence People' and 'How to Lose Friends and Alienate People.' Visitors love the collection.
While Financier George Soros was investing money in Kosovo's reconstruction, the George Soros Foundation for an Open Society had opened a branch office in Pristina establishing the Kosovo Foundation for an Open Society (KFOS) as part of the Soros' network of "non-profit foundations" in the Balkans.
You can travel from one end of the industrialized world to the other and almost the only people you will find engaging in backbreaking toil are people who are doing it for sport. To find people whose day's toil has not been lightened by mechanical invention, you must go to the non-capitalist world.
My schooling was disrupted by the shortage of labor during World War I. It meant foregoing high school. Then, late in 1921, I entered upon a short course in agriculture at South Dakota State College. I managed to enter college in 1924, and I was permitted to complete my college work in three years.
In chess, computers show that what we call 'strategy' is reducible to tactics, ultimately. It only looks creative to us. They are still just glorified cash registers. This should make us feel uncomfortable, whether or not we think computers will ever be good composers of music or artistic painters.
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.
Without the knowledge of the true number of the people, as a principle, the whole scope and use of keeping bills of birth and burials is impaired; wherefore by laborious conjectures and calculations to deduce the number of people from the births and burials, may be ingenious, but very preposterous.
To say that certainly America was very lucky to get a large amount of land, and the native Indians were extremely unlucky to have white men coming over here, is one thing. But to say that the whole of the American prosperity was based on exploiting the indigenous population would be a great mistake.
It seems to me to be kind of inescapable that one has to be interested in the issue of gender and gender equality. I dont really expect any credit for going in that direction. Its the only natural direction to go in. Why is it that some people dont see that as so patently obvious as it should be?
[T]he power system continues only as long as individuals try to get something for nothing. The day when a majority of individuals declares or acts as if it wants nothing from the government, declares that it will look after its own welfare and interests, then on that day the power elites are doomed.
If current trends continue, the typical U.S. worker will be considerably more productive several decades from now. Thus, one might argue that letting future generations bear the burden of population aging is appropriate, as they will likely be richer than we are even taking that burden into account.
The power which a multiple millionaire, who may be my neighbor and perhaps my employer, has over me is very much less than that which the smallest "functionaire" possesses who wields the coercive power of the state, and on whose desecration it depends whether and how I am allowed to live or to work.
There's a belief that since Africa got a raw deal from the colonial West, then the Chinese must be Africa's best friend. But the evidence doesn't show that, and the main criticism is that they are building infrastructure in exchange for Africa's resources in deals that are structured to favor China.
Some kids win the lottery at birth; far too many don't - and most people have a hard time catching up over the rest of their lives. Children raised in disadvantaged environments are not only much less likely to succeed in school or in society, but they are also much less likely to be healthy adults.
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
European leaders cannot afford to be afraid. The refugee crisis is not one from which they can opt out. No magic wand will empower leaders to transport more than a million people back across the Aegean and the Bosphorus to Mosul and Aleppo, or across the Mediterranean to Eritrea, Somalia, and Sudan.
I often felt myself the lone voice in discussions suggesting that basic democratic principles be followed. I recommended that not only should workers' voices be heard, but they should actually have a seat at the table. You have the old boys' club discussing how the old boys' club should be reformed.
Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
I began my career as a physicist. And in the White House, my buddies were the people from the White House office of science and technology policy. But a lot of the people were lawyers. They like winning an argument, but science-based, evidence-based reasoning was just sort of not in their framework.
The trends that are shaping the twenty-first-century world embody both promise and peril. Globalization, for example, has lifted hundreds of millions of people out of poverty while contributing to social fragmentation and a massive increase in inequality, not to mention serious environmental damage.
In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money.
I don’t know why liberals want to disarm the law-abiding population, but I do know that not a single argument proffered stands the light of facts. Armed citizens deter far more crimes than the police, and far more lives are saved by the intended victim being armed than are lost in firearm accidents.
Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.
The individual's habits of thought make an organic complex, the trend of which is necessarily in the direction of serviceability to the life process. When it is attempted to assimilate systematic waste or futility, as an end in life, into this organic complex, there presently supervenes a revulsion.
Each human being is a citizen of the world. We have many identities, of which one of the identities is our human identity. And that's something that the schools can provide, but that requires again a vision rather than being centers of hatred. It could be an enormous opportunity to give that mission.
We live surrounded by a systematic appeal to a dream world which all mature, scientific reality would reject. We, quite literally, advertise our commitment to immaturity, mendacity and profound gullibility. It is as the hallmark of the culture. And it is justified as being economically indispensable.
Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole.
The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.
Profitability, growth, and safeguards against existential risks are crucial to strengthening a company's long-term prospects. But if these three factors constitute a company's 'hard power,' firms also need 'soft power': public trust and acceptance, won by fulfilling a company's social responsibility.
It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society.
A robber who justified his theft by saying that he really helped his victims, by his spending giving a boost to retail trade, would find few converts; but when this theory is clothed in Keynesian equations and impressive references to the 'multiplier effect,' it unfortunately carries more conviction.
It's great to have two cars and a swimming pool. But there are disappointments. After you've made some money and acquired some things, and after the initial excitement has passed, life goes on, just as bewildering as it always was, and the great problems of life and death once again come to the fore.
What would be better, that people build big houses thinking that they'll make capital gains or that they send their children to medical school and they do research on curing diseases? When you put it that way, it seems obvious. There has developed a sense of personal worth that's tied to one's house.
It is a good idea to be ambitious, to have goals, to want to be good at what you do, but it is a terrible mistake to let drive and ambition get in the way of treating people with kindness and decency. The point is not that they will then be nice to you. It is that you will feel better about yourself.
The bottom line for Canada is that Kyoto will precipitate a recession that will cause a permanent reduction in employment, income and the size of our economy. And if global warming is going to happen Kyoto will do nothing whatsoever to prevent it or even slow it down. Why are we still considering it?
Even squirrels know enough to store nuts, so that they will have something to eat when food gets scarce. But the welfare state has spawned a whole class of people who spend everything they get when times are good, and look to others to provide for their food and other basic needs when times turn bad.
Poverty in Egypt, or anywhere else, is not very difficult to explain. There are three basic causes: People are poor because they cannot produce anything highly valued by others. They can produce things highly valued by others but are hampered or prevented from doing so. Or, they volunteer to be poor.
Many of the wonderful achievements of the 20th century were the result of the pursuit of profits. Unfortunately, demagoguery has led to profits becoming a dirty word. Nonprofit is seen as more righteous, particularly when people pompously stand before us and declare, 'We're a nonprofit organization.'