Quotes About Economics

when Archbold took control in the mid-1890s, he kept domestic prices high while depressing foreign prices to diminish overseas competition.

Pierpont was amenable to central banks so long as they were private and had boards composed of bankers.

Goldman, Sachs specialized in commercial paper, Lehman in commodity trading.

National City became known as the oil bank, much as J. P. Morgan and Company would be called the steel bank.

Every company that failed and was reorganized by a bank ended up the bank's captive client.

For many years, the Rothschilds, the Nobels, and Standard Oil circled around each other, each trying to forge links with a second party to isolate the third.

I feel, therefore, that large sums of money are, in a sense, safer there than in other fields.

If there had been as prompt and energetic action on the part of the Russian oil industry as was taken by the Standard Oil Company, the Russians would have dominated many of the world's markets

At the start of 1799, both of the banks in New York City happened to be the brainchildren of Alexander Hamilton: the Bank of New York and the local branch of the Bank of the United States.

No longer at the mercy of unpredictable economic forces, he thrived even in recessions.

What really disturbed him was not so much making money but spending it.

its dividend was halved.

He stressed the displeasure of European investors with American railroads

Standard merely had to dump oil at cost to stamp out competitors.

Printing currency for foreigners to buy is the best racket a government can get into.

Nationalism, said Hitler—echoing German thinkers from Fichte through Spengler—means the power of the nation over the individual in every realm, including economics; i.e., it means socialism. Socialism, he said, means rule by the whole, by the greatest of all wholes, Germany.

If capitalism is to work in the long run, it must make investments that are not in any particular individual's immediate self-interest but are in the human community's long-run self-interest (p. 308).

One day you will be a prim middle-rank bureaucrat who wears a clean toga every day. You'll talk of economics over breakfast and only eat lettuce for lunch. And I'll have to sit at home with my face in an inch-thick flour pack, forever checking laundry bills." I controlled a smile. "Well, that's a relief. I thought you were going to be difficult about my plans.

The trade-unionist has the same limitation imposed upon him as the capitalist. He cannot advance his interests at the expense of society.

Capitalism is like math. It is amoral. It is good at producing wealth; it's bad at distributing wealth. Unless it operates within a moral framework it will produce an unjust society.

Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure.

Free markets are the real people's revolution.

I am proud that my humble attempts to predict Tuesday's prices on Monday are an indispensable component of our society. By buying low and selling high, I create harmony and freedom.

Paul Krugman is a danger to society!