Quotes About Economics

him to purchase or command. The exchangeable value of every thing must always be precisely equal to the extent of this power which it conveys to its owner.

The things which have the greatest value in use have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water; but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it.

But the value of silver, though it sometimes varies greatly from century to century, seldom varies much from year to year, but frequently continues the same, or very nearly the same, for half a century or a century together.

manner, to the selfish and original

The revenue derived from labour is called wages; that derived from stock, by the person who manages or employs it, is called profit; that derived from it by the person who does not employ it himself, but lends it to another, is called the interest or the use of money.

But though, in establishing perpetual rents, or even in letting very long leases, it may be of use to distinguish between real and nominal price; it is of none in buying and selling, the more common and ordinary transactions of human life.

philosopher

It is in this manner that the demand for men, like that for any other commodity, necessarily regulates the production of men, quickens it when it goes on too slowly, and stops it when it advances too fast.

It appears, accordingly, from the experience of all ages and nations, I believe, that the work done by freemen comes cheaper in the end than that performed by slaves.

gran incremento en la labor que un mismo número de personas puede realizar como consecuencia de la división del trabajo se debe a tres circunstancias diferentes; primero, al aumento en la destreza de todo trabajador individual; segundo, al ahorro del tiempo que normalmente se pierde al pasar de un tipo de tarea a otro; y tercero, a la invención de un gran número de máquinas que facilitan y abrevian la labor, y permiten que un hombre haga el trabajo

It was not by gold or by silver, but by labour, that all wealthy of the world was originally purchased.

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Comprenderemos que sin la ayuda y la cooperación de muchos miles de personas, el individuo más insignificante d un país civilizado no podría disponer de las comodidades que tiene, comodidades que solemos suponer equivocadamente que son fáciles y sencillas de conseguir.

All money is a matter of belief.

The government cannot give to anybody anything that the government does not first take from somebody else.

Italian economist Vilfredo Pareto, who theorised that a society would grow wealthy to the extent that its members forfeited general knowledge in favour of fostering individual ability in narrowly constricted fields.

To assess a nation through its economic data is a little like re-envisaging oneself via the results of a blood test, whereby the traditional markers of personality and character are set aside and it is made clear that one is at base, where it really counts, a creatinine level of 3.2, a lactate dehydrogenase of 927, a leukocyte (per field) of 2 and a C-reactive protein of 2.42.

There are two ways to make people richer, reasoned Rousseau: to give them more money or to restrain their desires.

And yet, troublingly, there is one difference between 'labour' and other elements [raw materials, machinery] which conventional economics does not have a means to represent, or give weight to, but which is nevertheless unavoidably present in the world: the fact that labour feels pain.

Economics- a story of pain, teaching us a lot of complicated but sound reasons why a great many nice things aren't possible.

What's more, the only available economic upside comes from making your product or service more desirable by improving its quality, and you can't do that by reducing the money you spend designing or programming

The Federal Reserve is an independent agency. And that means basically that there is no other agency of government which can overrule actions that we take. So long as that is in place, and there is no evidence that the administration, or congress, or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don't frankly matter. And I've had very good relationships with presidents.

Rome sees some bloke from the London School of Economics on the telly while he's flicking through the channels. This chap makes the point that governments don't actually do anything for us. The only thing that makes them boss is that they control all the currency. Historically, anyone proposing an alternative to cash is brutally suppressed, but then historically they haven't got the Internet, which makes such things much easier to set up; much harder to crack down on.

Therefore let us sell our labour for what it is worth. And if an industry cannot buy our labour, let that industry die. But let us not sell our labour cheap to keep an industry alive.