Quotes About Economy

Making a living in the arts, though, creates so many jobs for other people.

Britain cannot compete with China or Taiwan on price; we compete on skills, on arts and culture.

When you have a flourishing of the economy you have a flourishing of the arts.

The price collapse was slowing the development of new supplies. Low prices were also stimulating demand. In 2015, the growth in world oil consumption was more than twice what it had been in 2014. With cheaper gasoline, the share of SUVs and light trucks sold in the United States rose from under the 50 percent it had been in 2012 to 60 percent in 2015.

China. It happens to be the country that, by itself, consumes a quarter of all the electricity generated in the world. And its growing economy needs more electric generation capacity. Even as China continues to build out wind and solar at a rapid rate, it is also adding three new highly-efficient coal-fired plants a month.

Canada supplied, in 2019, about 50 percent of total U.S. oil imports, a volume three times greater than all the oil the United States imported from OPEC countries

Cars and light trucks (SUVs and pickups), as pointed out earlier, constitute 35 percent of world oil demand—cars alone, about 20 percent. The rest of transportation consumption goes into heavy trucks, ships, trains, and airplanes.

There could be some economic growth without innovation, relying on existing technology, but it was growth without creative destruction. And it did not last.

Technological change is only one of the engines of prosperity, but it is perhaps the most critical one.

las economías basadas en la represión del trabajo y los sistemas como la esclavitud y la servidumbre carecen claramente de innovación. Esto es así desde el mundo antiguo hasta la era moderna

The English textile industry not only was the driving force behind the Industrial Revolution but also revolutionized the world economy.

English exports, led by cotton textiles, doubled between 1780 and 1800. It was the growth in this sector that pulled ahead the whole economy. The combination of technological and organizational innovation provides the model for economic progress that transformed the economies of the world that became rich.

El éxito económico de los países difiere debido a las diferencias entre sus instituciones, a las reglas que influyen en cómo funciona la economía y a los incentivos que motivan a las personas.

In the words of a Chinese economist, "Big state companies can get involved in huge projects. But when private companies do so, especially in competition with the state, then trouble comes from every corners [sic].

As we will see many times in this book, economies based on the repression of labor and systems such as slavery and serfdom are notoriously noninnovative. This is true from the ancient world to the modern era.

For example, a merchant in a colony such as New Spain, roughly modern Mexico, could not trade directly with anyone in New Granada, modern Colombia. These restrictions on trade within the Spanish Empire reduced its economic prosperity and also, indirectly, the potential benefits that Spain could have gained by trading with another, more prosperous empire.

revolution that overthrew Mubarak will lead to a new set of institutions capable of bringing prosperity

even if industry itself was very inefficiently organized relative to what could have been achieved. In fact, between 1928 and 1960 national income grew at 6 percent a year, probably the most rapid spurt of economic growth in history up until then.

En muchos casos, por ejemplo, como veremos en Argentina, Colombia y Egipto, este fracaso adopta la forma de falta de actividad económica suficiente, porque los políticos están encantados de extraer recursos o de aplastar cualquier tipo de actividad económica independiente que los amenace a ellos y a las élites económicas.

Many citizens in Rome did not need to work: they lived off the handouts from the government.

The synergies between extractive economic and political institutions create a vicious circle, where extractive institutions, once in place, tend to persist. Similarly, there is a virtuous circle associated with inclusive economic and political institutions.

The consequence of all this absolutist control of the economy was predictable: the Chinese economy was stagnant throughout the nineteenth and early twentieth centuries while other economies were industrializing. By the time Mao set up his communist regime in 1949, China had become one of the poorest countries in the world. T

El crecimiento económico y el cambio tecnológico están acompañados por lo que el gran economista Joseph Schumpeter denominó «destrucción creativa

In the case of China, the growth process based on catch-up, import of foreign technology, and export of low-end manufacturing products is likely to continue for a while.