Quotes About Economics

The most powerful argument of all for saving open space is economics; in most states, tourism is the number two industry.

The laissez-faire argument relies on the same tacit appeal to perfection as does communism.

Consumption is the death of capital, and the only valid arguments in favor of consumption are arguments in favor of death itself.

The argument for collectivism is simple; free market is not.

Religion and art spring from the same root and are close kin. Economics and art are strangers.

Journalism students need to understand it and need a solid background in the liberal arts, in sociology, economics, literature and language, because they won't get it later on.

Capitalism is an art form.

Many of the left thinkers that really matter to me - that formed a big part of my thinking about politics and art - emphasize how capitalism is a totality, how there's no escape from it, no outside.

Then in college, besides economics, I also majored in studio art and got involved in photography and making short films and acting. But I didn't know you could make a living that way.

Despite its scientific pretensions, economics still remains more of an art than a science

The fear of creative destruction is the main reason why there was no sustained increase in living standards between the Neolithic and Industrial revolutions.

Economic growth and technological change are accompanied by what the great economist Joseph Schumpeter called creative destruction.

Central planning was just not good at replacing what the great eighteenth-century economist Adam Smith called the "invisible hand" of the market. When the plan was formulated in tons of steel sheet, the sheet was made too heavy. When it was formulated in terms of area of steel sheet, the sheet was made too thin. When the plan for chandeliers was made in tons, they were so heavy, they could hardly hang from ceilings.

We call such institutions, which have opposite properties to those we call inclusive, extractive economic institutions—extractive because such institutions are designed to extract incomes and wealth from one subset of society to benefit a different subset. E

If these rulers would only get the right advice from the right advisers, the thinking goes, prosperity would follow.

while economic institutions are critical for determining whether a country is poor or prosperous, it is politics and political institutions that determine what economic institutions a country has.

Nations fail when they have extractive economics institutions, supported by extractive political institutions that impede and even block economic growth. But this means that the choice of institutions--that is, the politics of institutions--is central to our quest for understanding the reasons for the success and failure of nations.

Inclusive economic institutions led to the development of inclusive markets, inducing a more efficient allocation of resources, greater encouragement to acquire education and skills, and further innovations in technology.

We'll see that the reason that Britain is richer than Egypt is because in 1688, Britain (or England, to be exact) had a revolution that transformed the politics and thus the economics of the nation. People fought for and won more political rights, and they used them to expand their economic opportunities. The result was a fundamentally different political and economic trajectory, culminating in the Industrial Revolution.

Los países fracasan hoy en día porque sus instituciones económicas extractivas no crean los incentivos necesarios para que la gente ahorre, invierta e innove.

la ayuda exterior no es un medio muy efectivo de abordar el fracaso de los países del mundo hoy en día. Todo lo contrario. Los países necesitan instituciones políticas y económicas inclusivas para romper el ciclo de la pobreza.

It took the Virginia Company twelve years to learn its first lesson that what had worked for the Spanish in Mexico and in Central and South America would not work in the north. The rest of the seventeenth century saw a long series of struggles over the second lesson: that the only option for an economically viable colony was to create institutions that gave the colonists incentives to invest and to work hard.

Japan and Singapore never had more than a sprinkling of inhabitants of European descent, yet they are as prosperous as many parts of Western Europe.

science of economics should focus on the best use of scarce means to satisfy social ends.