Quotes About Economics

El temor a la destrucción creativa es la razón principal por la que no hubo un aumento sostenido del nivel de vida entre la revolución neolítica y la revolución industrial

economist Abba Lerner noted in the 1970s, "Economics has gained the title Queen of the Social Sciences by choosing solved political problems as its domain.

Most economists and policymakers have focused on "getting it right," while what is really needed is an explanation for why poor nations "get it wrong.

Those controlling political power will eventually find it more beneficial to use their power to limit competition, to increase their share of the pie, or even to steal and loot from others rather than support economic progress. The distribution and ability to exercise power will ultimately undermine the very foundations of economic prosperity

Rich nations are rich largely because they managed to develop inclusive institutions at some point during the past three hundred years.

Inclusive economic institutions require secure property rights and economic opportunities not just for the elite but for a broad cross-section of society. Secure

stimulating sustained economic growth required that individuals use their talent and ideas, and this could never be done with a Soviet-style economic system.

In fact, a thousand years of history and contemporary evidence make one thing abundantly clear: there is nothing automatic about new technologies bringing widespread prosperity. Whether they do or not is an economic, social, and political choice.

Las instituciones económicas inclusivas implican la existencia de derechos de propiedad seguros y oportunidades económicas no solamente para la élite, sino también para la mayor parte de la sociedad.

Creating banking monopolies and giving loans to politicians is good business for politicians, if they can get away with it. It is not particularly good for the citizens, however.

Fear of creative destruction is often at the root of the opposition to inclusive economic and political institutions.

The solution to the economic and political failure of nations today is to transform their extractive institutions toward inclusive ones. The vicious circle means that this is not easy. But it is not impossible, and the iron law of oligarchy is not inevitable. Either some preexisting inclusive elements in institutions, or the presence of broad coalitions leading the fight against the existing regime, or just the contingent nature of history, can break vicious circles.

Creative destruction redistributes not simply income and wealth, but also political power

La destrucción creativa redistribuye no solamente la renta y la riqueza, sino también el poder político

instituciones económicas inclusivas dieron a hombres de talento y visión como James Watt la oportunidad y el incentivo para desarrollar sus habilidades e ideas e influir en el sistema de manera que beneficiara a él y a la nación.

If the farmer gets forty times the commodity rate, then what had been a break-even endeavor becomes a profession—and everyone involved could live with dignity and pride.

As Walter E. Williams, a professor of economics from George Mason University, has previously said, the biggest problem among blacks is actually the weak family structure—not white people daring to procreate.

capitalism always did manage to make the comfort industry work better than socialism did.

Give an economist a result you want, and he'll find the numbers to justify it.

3. We believe that people spend their own money more prudently than they spend other people's money. So goods and services produced in the competitive marketplace are likely to be produced more efficiently and with more regard for real consumer demand than goods produced by government, and thus we should try to keep as many aspects of life as possible outside the control of government.

Every time local politicians propose to tax people in order to build a stadium for a billionaire major-league owner, they hold out in their right hand the promise that the increased business activity will more than replace the money spent. But they don't want you to look at the left hand—the jobs and wealth created by the money that people would have spent if it hadn't been taxed away for the stadium. •

every government intervention in the marketplace tends to reduce wealth and the overall standard of living.

A change of meaning is necessary to change this world politically, economically and socially. But that change must begin with the individual; it must change for him... If meaning is a key part of reality, then, once society, the individual and relationships are seen to mean something different a fundamental change has taken place. (The Tibetan Book of Living and Dying)

Pity that not one prediction ever made by Supply Siders ever came even remotely close to coming true. And that is ever. At any level, from the federal budget to states like Kansas, Texas and Oklahoma.