Economics Quotes - Page 37

• RE: GSEs like Freddie Mac & Fannie Mae: "creditors will continue to underprice the risk-taking of these financial institutions, overfund them, and fail to provide effective market discipline Facing prices that are too low, systemically important firms will take on too much risk."

  Gary H. Stern

  Philosophy, Discipline, Political

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• Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.

  George Stigler

  Philosophy, Years, Law

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• Can there be in our age any peace that is not honorable, any war that is not dishonorable?

  Charles Sumner

  Philosophy, War, Political

  Charles Sumner (2016). “The Complete Works of Charles Sumner”, p.26, Library of Alexandria

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• The real economic cleavage is not... between employers and employed, but between all who do constructive work, from scientist to laborer, on the one hand, and all whose main interest is the preservation of existing proprietary rights upon the other, irrespective of whether they contribute to constructive work or not.

  R. H. Tawney

  Philosophy, Real, Hands

  R. H. TAWNEY (1920). “THE ACQUISITIVE SOCIETY”

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• Government should be good for the liberty of the governed, and that is when it governs to the least possible degree. It should be good for the wealth of the nation, and that is when it acts as little as possible upon the labor that produces it and when it consumes as little as possible. It should be good for the public security, and that is when it protects as much as possible, provided that the protection does not cost more than it brings in.... It is in losing their powers of action that governments improve. Each time that the governed gain space there is progress.

  Augustin Thierry

  Philosophy, Government, Space

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• Greediness consists in ravishing the goods of another through violence or cunning, as in the two noble professions of the conqueror and courtier. But the merchant, like all other industrious men, seeks his benefit only in his talent, in virtue of freely arrived at agreements, and appealing to faith and the laws.

  Augustin Thierry

  Philosophy, Men, Law

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• Trade and commerce, if they were not made of Indian rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way.

  Henry David Thoreau

  Philosophy, Government, Political

  Henry David Thoreau (2000). “Walden and Other Writings: (A Modern Library E-Book)”, p.679, Modern Library

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• As for me, I am deeply a democrat; this is why I am in no way a socialist. Democracy and socialism cannot go together. You can't have it both ways. Socialism is a new form of slavery.

  Alexis de Tocqueville

  Philosophy, Political, Together

  Notes for a Speech on Socialism, 1848.

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• Society is purely and solely a continual series of exchanges... And the greatest eulogy we can give it, for exchange is an admirable transaction, in which two contracting parties always both gain; consequently, society is an uninterrupted succession of advantages, unceasingly renewed for all its members.

  Antoine Destutt de Tracy

  Philosophy, Party, Two

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• A tax is always a sacrifice which the government demands of individuals.While it only lessens every one's personal enjoyments, it only shifts expenses from one to another.But when it encroaches on productive consumption it diminishes public riches.

  Antoine Destutt de Tracy

  Philosophy, Sacrifice, Government

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• Government, on their part, are much disposed to favor the establishment of these large companies, and to give them privileges to the detriment of their rivals, and of the public, with the expectation of receiving from them loans, either gratuitous or at a low rate which these never refuse. It is thus that the one sells its protection and the other buys it; and this is already a very great evil.

  Antoine Destutt de Tracy

  Philosophy, Government, Giving

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• 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.

  Ben Bernanke

  Smart, Challenges, Growth

  "A Crash Course for Central Bankers" by Ben Bernanke, foreignpolicy.com. Novemeber 20, 2009.

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• My position is that I am personally opposed to abortion, but I don't think I have a right to impose my view on the rest of society. I've thought a lot about it, and my position probably doesn't please anyone. I think the government should stay out completely. I will not vote to overturn the Court's decision. I will not vote to curtail a woman's right to choose abortion. But I will also not vote to use federal funds to fund abortion.

  Joe Biden

  Thinking, Government, Views

  "Promises to Keep: On Life and Politics". Book by Joe Biden, July 31, 2007.

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• If we are going to carry on growing, and we will, because no country is going to forfeit its right to economic growth, we have to find a way of doing it sustainably.

  Tony Blair

  Country, Business, Growth

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• You know, in this business, you don't have any control over what the press says and how they portray things. And that's their prerogative. But I think anybody who looks at it objectively has trouble making the case that somehow this is a bad economy.

  Dick Cheney

  Thinking, Looks, Trouble

  Interview With Neil Cavuto, www.foxnews.com. June 25, 2004.

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• The dominant propaganda systems have appropriated the term "globalization" to refer to the specific version of international economic integration that they favor, which privileges the rights of investors and lenders, those of people being incidental. In accord with this usage, those who favor a different form of international integration, which privileges the rights of human beings, become "anti-globalist."

  Noam Chomsky

  Rights, People, Favors

  Interview with Sniježana Matejčić, June 2005.

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• Roughly speaking, I think it's accurate to say that a corporate elite of managers and owners governs the economy and the political system as well, at least in very large measure.

  Noam Chomsky

  Thinking, Political, Economy

  Noam Chomsky, Carlos Peregrín Otero (2003). “Chomsky on Democracy and Education”, p.146, Psychology Press

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• The prudential regulation that I have put in place has been absolutely critical. The fiscal policy which we have put in place has been absolutely critical and if people looked at Australia now turn its back on economic reform, which of course industrial relations rollback or throwback would be, let me tell you, that would really start affecting confidence.

  Peter Costello

  Australia, People, Reform

  "The World Today" with Chris Uhlmann, ministers.treasury.gov.au. August 16, 2007.

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• The lnternet is turning economics inside-out. For example, everybody on the internet now wants stuff for free and there are so many free services available.

  Uri Geller

  Example, Want, Stuff

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• Goldman Sachs was fundamentally responsible for the crash of 2008, but by that time its former Chairman and Chief Executive Officer, Henry 'Hank' Paulson, had been installed as US Treasury Secretary to begin the bank bail out policy, with enormous benefit to Goldman Sachs, in the closing weeks of the Bush administration. Goldman Sachs was also instrumental in the collapse of the economy in Greece that started the 'euro panic' that later engulfed Ireland.

  David Icke

  Panic, Administration, Bail

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• The gang that trashed the town was now back in town to trash it even more and you'll never guess.. they decided that the only way to save an economy brought to its knees by their collective actions and the banking system they represent was to, well, no, surely not.. hand trillions of taxpayer-borrowed dollars to the Rothschild-controlled banks and insurance companies like CitiGroup, J. P. Morgan, AIG and a long list of others.

  David Icke

  Hands, Long, Way

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• It's a different kind of economic recovery. The kind where bankers steal trillions and you don't have a job.

  Alex Jones

  Jobs, Recovery, Bankers

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• Republican leaders have made clear they have no plans to use the power of government to stimulate the economy, invest in job creation and spur job growth. The Fed's plan is to give banks more money to finance the private sector job creation. But banks have ample cash now; they aren't lending, and the private sector is not creating the jobs. That is why we have 15 million people unemployed.

  Dennis Kucinich

  Jobs, Creating, Government

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• Economies are supposed to serve human ends.. not the other way round. We forget at our peril that markets make a good servant, a bad master and a worse religion.

  Amory Lovins

  People, Environmental, Way

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• For equity markets, the combination of low interest rates, strong economic growth and low inflation has proved very beneficial, with global share markets rising solidly in each of the past three years. This has been underpinned by strong growth in profits so that, notwithstanding the rise in share prices, P/E ratios have been declining on average.

  Ian Macfarlane

  Strong, Past, Average

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