Quotes About Economics

we should in the interests of accuracy refer not to 'democratic free market capitalism' but to 'plutocratic impunity capitalism'.

So long as a society remains economically stratified, the challenge of reconciling lifelong monogamy with human nature will be large. Incentives and disincentives (moral and/or legal) may be necessary.

Above all, we have to remember, Marx is greedy. He wants more of everything. He is suspicious of quality unless it is simply the mark of greater quantity: even if quality could exist alone, it would always be less admirable than a quantity in continual prospect of increase.

He rejected with scorn as crude, novel and unproven the notion associated with the US economist Art Laffer that marginal tax cuts could yield substantially higher tax revenues and that they had a crucial role in accelerating economic growth.8 And he also favoured according a role to the exchange rate that orthodox monetarists would not.

I never confuse the cost of something with its value

It is usually people in the money business, finance, and international trade that are really rich.

Better it seemed to export cheese or cloth, but it was true that fortunes were made in the military trade. Though seldom by the soldiers, any more than by the cheeses. While

Money has no religion except itself.

Even gold is worth less than bread

out the effects of the former. Do you think I don't understand economics? How many times do I have to

Por Dios no lo gasto, el dinero se va solo sin que haga nada, desaparece sin que yo sepa como.

Marriage is an economic proposition.

if they refrained from rate-cutting and cutthroat competition, the financiers would stop underwriting competing railways.

He held $32.3 million in Morgan capital, which was the bank's major cushion.

Thus, Rockefeller and other industrial captains conspired to kill competitive capitalism in favor of a new monopoly capitalism.

With sky-high profits and ridiculously low start-up costs, the field had soon grown overcrowded.

Right on the eve of Tidewater's success, Rockefeller decided that he might recoup in the political arena what he was on the verge of losing in the economic sphere.

the House of Morgan always favored government planning over private competition, but private planning over either.

Standard Oil had taught the American public an important but paradoxical lesson: Free markets, if left completely to their own devices, can wind up terribly unfree. Competitive capitalism did not exist in a state of nature but had to be defined or restrained by law.

He also saw competition as a destructive, inefficient force and instinctively favored large-scale combination as the cure.

Liberty produces wealth, and wealth destroys liberty.

For Hamilton the American Revolution was a practical workshop of economic and political theory, providing critical object lessons and cautionary tales that charted the course for his career.

Pierpont feared a replication of the railroad chaos, with overbuilding and price wars.

Both Jefferson and Adams detested people who earned a living shuffling financial paper, and when Adams launched a bitter tirade in later years against the iniquitous banking system, Jefferson agreed that the business was "an infinity of successive felonious larcenies." 9 That banks could serve any economic purpose—that they could generate prosperity that might enrich the few but also lubricate the wheels of commerce—seemed alien to both men.