738 Economics Quotes

What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.

Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.

Polly: Education with socialists, it's like sex, all right as long as you don't have to pay for it.

The myth of unlimited production brings war in its train as inevitably as clouds announce a storm.

Women's sexy underwear is a minor but significant growth industry of late-twentieth-century Britain in the twilight of capitalism.

Money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of all modes of getting wealth this is the most unnatural.

The life of money-making is one undertaken under compulsion, and wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else.

The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice.

The earth only has so much bounty to offer and inventing ever larger and more notional prices for that bounty does not change its real value.

Advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate.

Marriage is for women the commonest mode of livelihood, and the total amount of undesired sex endured by women is probably greater in marriage than in prostitution.

The Northern onslaught upon slavery was no more than a piece of specious humbug designed to conceal its desire for economic control of the Southern states.

See, when the GOVERNMENT spends money, it creates jobs; whereas when the money is left in the hands of TAXPAYERS, God only knows what they do with it. Bake it into pies, probably. Anything to avoid creating jobs.

If exclusive privileges were not granted, and if the financial system would not tend to concentrate wealth, there would be few great fortunes and no quick wealth. When the means of growing rich is divided between a greater number of citizens, wealth will also be more evenly distributed; extreme poverty and extreme wealth would be also rare.

What a hell of an economic system! Some are replete with everything while others, whose stomachs are no less demanding, whose hunger is just as recurrent, have nothing to bite on. The worst of it is the constrained posture need puts you in. The needy man does not walk like the rest; he skips, slithers, twists, crawls.

There's an expectation these days that novels - like any other consumer product - should be made on a production line, with one dropping from the conveyor belt every couple of years.

And having looked to Government for bread, on the very first scarcity they will turn and bite the hand that fed them.

Normal is getting dressed in clothes that you buy for work, driving through traffic in a car that you are still paying for, in order to get to a job that you need so you can pay for the clothes, car and the house that you leave empty all day in order to afford to live in it.

By continually pushing the message that we have the right to gratification now, consumerism at its most expansive encouraged a demand for fulfillment that could not so easily be contained by products.

Mass consumption, advertising, and mass art are a corporate Frankenstein; while they reinforce the system, they also undermine it.

Human beings are not efficiently designed for a capitalist system of production.

I care not who hoes the lettuce of my country if I can eat the salad!

The cost of living is going up and the chance of living is going down.

Money is like muck, not good except it be spread.

Conservatives say if you don't give the rich more money, they will lose their incentive to invest. As for the poor, they tell us they've lost all incentive because we've given them too much money.

Most people work just hard enough not to get fired and get paid just enough money not to quit.

Christianity doesn't come into it. George Bush and Tony Blair are not Christians. Religious people believe in the prophets, peace be upon them. Bush believes in the profits and how to get a piece of them. So don't ever confuse this with a war of civilizations.

For, when you are approaching poverty, you make one discovery which outweighs some of the others. You discover boredom and mean complications and the beginnings of hunger, but you also discover the great redeeming feature of poverty: the fact that it annihilates the future. Within certain limits, it is actually true that the less money you have, the less you worry.

The truth is that economic competition is the very opposite of competition in the animal kingdom. It is not a competition in the grabbing off of scarce nature-given supplies, as it is in the animal kingdom. Rather, it is a competition in the positive creation of new and additional wealth.

The slaves of socialism are slaves, but they are no one's property and therefore no one's loss.

Under communism (socialism), there is no incentive to supply people with anything they need or want, including safety.

Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones. It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.

'Art is permitted to survive only if it renounces the right to be different, and integrates itself into the omnipotent realm of the profane.'

'Everybody must have projects all the time. The maximum must be extracted from leisure... The whole of life must look like a job, and by this resemblance conceal what is not yet directly devoted to pecuniary gain.'

'Happiness is obsolete: uneconomic.'

'If across the Atlantic the ideology was pride, here it is delivering the goods.'

'Rampant technolgy eliminates luxury, but not by declaring privilege a human right; rather, it does so by both raising the general standard of living and cutting off the possibility of fulfilment.'

'The culture industry not so much adapts to the reactions of its customers as it counterfeits them.'

'The good man is he who rules himself as he does his own property: his autonomous being is modelled on material power.'

The 'value' or 'worth' of a man is, as of all other things, his price; that is to say, so much as would be given for the use of his power.

Oh, God! that bread should be so dear, And flesh and blood so cheap!

Experience declares that man is the only animal which devours his own kind; for I can apply no milder term to the governments of Europe, and to the general prey of the rich on the poor.

Men did not make the earth... It is the value of the improvements only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds.

'Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.'

What is valuable is not new, and what is new is not valuable.

AXIOM. - Property is the Right of Increase claimed by the Proprietor over any thing which he has stamped as his own.

Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration. Capital has its rights, which are as worthy of protection as any other rights. Nor is it denied that there is, and probably always will be, a relation between labor and capital producing mutual benefits.

You cannot strengthen the weak by weakening the strong. You cannot help small men by tearing down big men. You cannot help the poor by destroying the rich. You cannot lift the wage earner by pulling down the wage payer. You cannot keep out of trouble by spending more than your income. You cannot further the brotherhood of man by inciting class hatreds. You cannot establish security on borrowed money. You cannot build character and courage by taking away a man's initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves.

But man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only. He will be more likely to prevail if he can interest their self-love in his favour, and shew them that it is for their own advantage to do for him what he requires of them. Whoever offers to another a bargain of any kind, proposes to do this. Give me that which I want, and you shall have this which you want, is the meaning of every such offer; and it is in this manner that we obtain from one another the far greater part of those good offices which we stand in need of. It is not from the benevolence of the butcher the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity, but to their self-love, and never talk to them of our own necessities, but of their advantages.

We rarely hear, it has been said, of the combinations of masters, though frequently of those of workmen. But whoever imagines, upon this account, that masters rarely combine, is as ignorant of the world as of the subject. Masters are always and everywhere in a sort of tacit, but constant and uniform combination, not to raise the wages of labour above their actual rate: [When workers combine,] masters: never cease to call aloud for the assistance of the civil magistrate, and the rigorous execution of those laws which have been enacted with so much severity against the combinations of servants, labourers, and journeymen.

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.

It is the highest impertinence and presumption, therefore, in kings and ministers to pretend to watch over the economy of private people, and to restrain their expense, either by sumptuary laws, or by prohibiting the importation of foreign luxuries. They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs. If their own extravagance does not ruin the state, that of the subject never will.

The owner of the means of production is in a position to purchase the labor power of the worker. By using the means of production, the worker produces new goods which become the property of the capitalist. The essential point about this process is the relation between what the worker produces and what he is paid, both measured in terms of real value. In so far as the labor contract is free what the worker receives is determined not by the real value of the goods he produces, but by his minimum needs and by the capitalists' requirements for labor power in relation to the number of workers competing for jobs. It is important to understand that even in theory the payment of the worker is not determined by the value of his product.

Little Boy Blue...he needed the money!

The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of colonists to get power to issue their own money permanently out of the hands of George the III and the international bankers was the PRIME reason for the Revolutionary War.

First of all: what is work? Work is of two kinds: first, altering the position of matter at or near the earth's surface relatively to other such matter; second, telling other people to do so. The first one is unpleasant and ill paid; the second is pleasant and highly paid.

Modern methods of production have given us the possibility of ease and security for all; we have chosen, instead, to have overwork for some and starvation for the others. Hitherto we have continued to be as energetic as we were before there were machines; in this we have been foolish, but there is no reason to go on being foolish for ever.

For my part, while I am as convinced a Socialist as the most ardent Marxian, I do not regard Socialism as a gospel of proletarian revenge, nor even, primarily, as a means of securing economic justice. I regard it primarily as an adjustment to machine production demanded by considerations of common sense, and calculated to increase the happiness, not only of proletarians, but of all except a tiny minority of the human race.

In democratic countries, the most important private organizations are economic. Unlike secret societies, they are able to exercize their terrorism without illegality, since they do not threaten to kill their enemies, but only to starve them.

Liberty sets the mind free, fosters independence and unorthodox thinking and ideas. But it does not offer instant prosperity or happiness and wealth to everyone. This is something that politicians in particular must keep in mind.

The objects of a financier are, then, to secure an ample revenue; to impose it with judgment and equality; to employ it economically; and, when necessity obliges him to make use of credit, to secure its foundations in that instance, and for ever, by the clearness and candour of his proceedings, the exactness of his calculations, and the solidity of his funds.

Equal wealth and equal opportunities of culture...have simply made us all members of one class.

Do not be deluded into believing that the titular heads of the networks control what appears on their networks. They all have better taste. All are responsible to stockholders, and in my experience all are honorable men. But they must schedule what they can sell in the public market.

A society that refuses to strive for superfluities is likely to end up lacking in necessities. The readiness to work springs from trivial, questionable motives.

For a while, I thought of myself as an atheist until I realized it was a belief, too. It's a shame everything has to have a label. I feel that if I was figuratively dropped on the Earth and there was a political line, I would be just left of center. The difference for me is that conservatives are more interested in property values and rights and free markets, and liberals are more interested in human rights. In the end, there are people who don't fit into the marketplace and are not equipped. I believe the government should step in where the free market fails.

Bush, and Blair, and the prime minister of Japan, and Berlusconi, these people are criminals, and they are responsible for mass murder in the world, for the war, and for the occupation, through their support for Israel, and through their support for a globalized capitalist economic system, which is the biggest killer the world has ever known. It has killed far more people than Adolf Hitler. It has killed far more people than George Bush. The economic system which these people support, which leaves most of the people in the world hungry, and without clean water to drink. So we're going to put them on trial, the leaders, when they come. They think they're coming for a holiday in a beautiful country called Scotland; in fact, they're coming to their trial.

To raise the standard of living of the whole world to that of Britain would not be a greater undertaking than the war we have just fought. I don't claim, and I don't know who does, that that wouldn't solve anything in itself. It is merely that privation and brute labour have to be abolished before the real problems of humanity can be tackled. The major problem of our time is the decay of the belief in personal immortality, and it cannot be dealt with while the average human being is either drudging like an ox or shivering in fear of the secret police. How right the working classes are in their 'materialism'! How right they are to realize that the belly comes before the soul, not in the scale of values but in point of time! Understand that, and the long horror that we are enduring becomes at least intelligible.

The rise of National Socialism is the protest of a people against a State that denies the right to work. If the machinery for distribution in the present economic system of the world is incapable of properly distributing the productive wealth of nations, then that system is false and must be altered. The important part of the present development is the anti-capitalist sentiment that is permeating our people.

I'm afraid for all those who'll have the bread snatched from their mouths by these machines. You are very fond, sir, of talking about the consideration we owe to the community; it seems to me, however, that the community has its duties too. What business has science and capitalism got, bringing all these new inventions into the works, before society has produced a generation educated up to using them!

Our country has deliberately undertaken a great social and economic experiment, noble in motive and far-reaching in purpose.

(on Nicolae Ceausescu) Our goals are the same, to have a just system of economics and politics, to let the people of the world share in growth, in peace, in personal freedom, and in the benefits to be derived from the proper utilization of natural resources. We believe in enhancing human rights. We believe that we should enhance, as independent nations, the freedom of our own people. [2]

All the perplexities, confusions, and distresses in America arise, not from defects in their constitution or confederation, not from a want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.

I react to what is necessary. I would like to eschew any formula. There are some things where the government is absolutely inevitable, which we cannot get along without comprehensive state action. But there are many things - producing consumer goods, producing a wide range of entertainment, producing a wide level of cultural activity - where the market system, which independent activity is also important, so I react pragmatically. Where the market works, I'm for that. Where the government is necessary, I'm for that. I'm deeply suspicious of somebody who says, 'I'm in favor of privatization,' or, 'I'm deeply in favor of public ownership.' I'm in favor of whatever works in the particular case.

Political Economy regards the proletarian ... like a horse, he must receive enough to enable him to work. It does not consider him, during the time when he is not working, as a human being. It leaves this to criminal law, doctors, religion, statistical tables, politics, and the beadle.[...] (1) What is the meaning, in the development of mankind, of this reduction of the greater part of mankind to abstract labor? (2) What mistakes are made by the piecemeal reformers, who either want to raise wages and thereby improve the situation of the working class, or - like Proudhon - see equality of wages as the goal of social revolution?.

It [the bourgeoisie] has pitilessly torn asunder the motley of ties that bound man to his 'natural superiors,' and left remaining no other nexus between man and man than naked self-interest, than callous 'cash payment.'

It's no go my honey love, it's no go my poppet; Work your hands from day to day, the winds will blow the profit. The glass is falling hour by hour, the glass will fall for ever, But if you break the bloody glass you won't hold up the weather.

Earth provides enough to satisfy every man's need, but not any man's greed.

Economics are the method; the object is to change the heart and soul.

No theory of government was ever given a fairer test or a more prolonged experiment in a democratic country than democratic socialism received in Britain. Yet it was a miserable failure in every respect. Far from reversing the slow relative decline of Britain vis-a-vis its main industrial competitors, it accelerated it. We fell further behind them, until by 1979 we were widely dismissed as 'the sick man of Europe'...To cure the British disease with socialism was like trying to cure leukaemia with leeches.

Money is the poor man's credit card. (1964)

Money can't buy poverty. [3]

I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. The reason I am is because I believe the big problem is not taxes, the big problem is spending. The question is, 'How do you hold down government spending?' Government spending now amounts to close to 40% of national income not counting indirect spending through regulation and the like. If you include that, you get up to roughly half. The real danger we face is that number will creep up and up and up. The only effective way I think to hold it down, is to hold down the amount of income the government has. The way to do that is to cut taxes.

There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you're doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I'm not so careful about the content of the present, but I'm very careful about the cost. Then, I can spend somebody else's money on myself. And if I spend somebody else's money on myself, then I'm sure going to have a good lunch! Finally, I can spend somebody else's money on somebody else. And if I spend somebody else's money on somebody else, I'm not concerned about how much it is, and I'm not concerned about what I get. And that's government. And that's close to 40% of our national income.

Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in The General Theory of Employment, Interest and Money, set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn't mean that he wasn't a great man!

Is it really true that political self-interest is somehow nobler than economic self-interest?

It is because it's prohibited. See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That's literally true.

Personally I'm in favor of democracy, which means that the central institutions in the society have to be under popular control. Now, under capitalism we can't have democracy by definition. Capitalism is a system in which the central institutions of society are in principle under autocratic control. Thus, a corporation or an industry is, if we were to think of it in political terms, fascist; that is, it has tight control at the top and strict obedience has to be established at every level -- there's a little bargaining, a little give and take, but the line of authority is perfectly straightforward. Just as I'm opposed to political fascism, I'm opposed to economic fascism. I think that until major institutions of society are under the popular control of participants and communities, it's pointless to talk about democracy.

Firing employees, that's unfortunately a part of doing business. [1]

Ours is a system of corporate socialism, where companies capitalize their profits and socialize their losses...in effect, they tax you for their accidents, bungling, boondoggles, and mismanagement, just like a government. We should be able to dis-elect them.

England was nothing, compared to continental nations until she had become commercial:until about the middle of the last century, when a number of ingenious and inventive men, without apparent relation to each other, arose in various parts of the kingdom, succeeded in giving an immense impulse to all the branches of the national industry; the result of which has been a harvest of wealth and prosperity, perhaps without a parallel in the history of the world.

The struggle between the opponents and defenders of capitalism is a struggle between innovators who do not know what innovation to make and conservatives who do not know what to conserve. [p.233]

The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. Funding I consider as limited, rightfully, to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally, by the laws of the Creator of the world, to the free possession of the earth he made for their subsistence, unincumbered by their predecessors, who, like them, were but tenants for life.