Classical Economics Quotes

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility). ~ George Soros

Like casinos, large corporate entities have studied the numbers and the ways in which people respond to them. These are not con tricks - they're not even necessarily against our direct interests, although sometimes they can be - but they are hacks for the human mind, ways of manipulating us into particular decisions we otherwise might not make. They are also, in a way, deliberate underminings of the core principle of the free market, which derives its legitimacy from the idea that informed self-interest on aggregate sets appropriate prices for items. The key word is 'informed'; the point of behavioural economics - or rather, of its somewhat buccaneering corporate applications - is to skew our perception of the purchase to the advantage of the company. The overall consequence of that is to tilt the construction of our society away from what it should be if we were making the rational decisions classical economics imagines we would, and towards something else. ~ Nick Harkaway

Neoclassical economics is precisely the theory one would expect a vastly complex system of international corporations, world markets, and interconnected currencies to create to sustain, justify, explain, and predict "itself." And classical economics, correspondingly, was a predictable expression of an earlier European capitalism. ~ Roger M. Keesing

Preindustrial living standards are predictable based on knowledge of disease and environment. Differences in social energy across societies were muted by the Malthusian constraints. They had minimal impacts on living conditions. Since the Industrial Revolution, however, we have entered a strange new world in which economic theory is of little use in understanding differences in income across societies, or the future income in any specific society. Wealth and poverty are a matter of differences in local social interactions that are magnified, not dampened, by the economic system, to produce feast or famine. ~ Gregory Clark

The point of this, as Marx explains, is to show that according to classical economics the worker becomes a commodity, the production of which is subject to the ordinary laws of supply and demand. If the supply of workers exceeds the demand for labour, wages fall and some workers starve. Wages therefore tend to the lowest possible level compatible with keeping an adequate supply of workers alive. ~ Peter Singer

Although Adam Smith is today often regarded as a "conservative" figure, he in fact attacked some of the dominant ideas and interests of his own times. Moreover, the idea of a spontaneously self-equilibrating system - the market economy - first developed by the Physiocrats and later made part of the tradition of classical economics by Adam Smith, represented a radically new departure, not only in analysis of social causation but also in seeing a reduced role for political, intellectual, or other elites as guides or controllers of the masses. ~ Thomas Sowell

If we can agree that the economic problem of society is mainly one of rapid adaptation to changes in the particular circumstances of time and place, it would seem to follow that the ultimate decisions must be left to the people who are familiar with these circumstances, who know directly of the relevant changes and of the resources immediately available to meet them. ~ Friedrich A. Hayek

The economics of baseball are the big problem. The big clubs make a lot of money and the little clubs don't. ~ Fay Vincent

So spoke the man whose importance originated in the golden harvest he had reaped with the resistless hand of force, from the the legal, but unfortunate possessors, in a far distant region, where the conviction of riches proves certain destruction to the hapless natives, and poverty is considered as the greatest crime their European plunderers can possibly be accused of. ~ Helen Craik

To appreciate how income taxation reduces prosperity form what it could be, imagine a 100 percent tax on incomes. We wouldn't expect much prosperity in such a society. People would have no incentive to earn money. They would devote resources to hiding the little they did earn. No investments would be made. No savings would exist to increase living standards. People's activities would be grossly influenced by the tax.
If we lower the rate from 100 percent, the principle does not change. . . If you want less of something, tax it. ~ Sheldon Richman

Cultural diversity and cultural change are desirable and inevitable. We are cultural animals, someone without a culture is not human. But the cultures we possess vary enormously. Indeed, the variability, over time and space is the great evolutionary advantage of humanity. Instead of changing biologically over millennia, human beings can change culturally over decades ~ Martin Wolf

UFO mythology is similar to the message of the classical religions where God sends his Angels as emissaries who offer salvation to those who accept the faith and obey his Prophets. Today, the chariots of the gods are UFOs. What we are witnessing in the past half century is the spawning of a New Age religion. ~ Paul Kurtz

For every dollar that is spent on the (boondoggle) bridge a dollar will be taken away from taxpayers. If the bridge costs $1,000,000 the taxpayers will lose $1,000, 000. They will have that much taken away from them which they would otherwise have spent on the things they needed most. ~ Henry Hazlitt

The psychology of individuals – warts and all – must be a central consideration in the formulation of any practical investing approach. The good news here is that others' misbehavior will consistently and systematically create opportunities for you. The bad news is that you are prone to all of the same quirks and are just as likely, in the absence of strict adherence to the rules, to create the same opportunities for others. ~ Daniel Crosby

Men who cannot exploit the co-operative benefits derived from institutions in modern knowledge economies are discriminated against by girls and so have fewer children ~ Christopher Wills

Money is not indefinitely divisible. Even with the assistance of money-substitutes for expressing fractional sums that for technical reasons cannot conveniently be expressed in the actual monetary material (a method that has been brought to perfection in the modern system of token coinage), it seems entirely impossible to provide commerce with every desired fraction of the monetary unit. ~ Ludwig Von Mises

Marshall Jevons is the pioneer for integrating economics and detective fiction, and The Mystery of the Invisible Hand is another fine effort in this genre. ~ Tyler Cowen

Economics never was a dismal science. I should be a realistic science. ~ Paul Samuelson

Misers makes money their lord, but the spenders makes it their slaves and servants ~ Michael Bassey Johnson

Economics and a reliance on science and technology to solve our problems has led to an unsustainable situation where continued growth in consumption is required for governments and business to be considered successful. This is a form of insanity. Economics is at the heart of our destructive ways and our faith in it has blinded us ~ David Suzuki

education and money. I go to church with the kids for the same reason Genie and I play our grandchildren classical music and litter the floors and chairs all over our home with open art books. Jack, age three, eats his lunch with a big Goya book propped in front of him asking for the ~ Frank Schaeffer

How can ya think 'bout economics feelin' like . . . this?" "Not many people can," Ron said. "That's the Lll's protection. ~ Nalo Hopkinson

Better still [than pure sugar] was the remedy known as theriac, the root of the English word 'treacle,' which was kept in ornate ceramic jars on the shelves of every self-respecting apothecary shop. The name comes from the Greek therion, meaning 'venomous animal,' for theriac was supposed in Classical times to counteract all venoms and poisons. ~ Philip Ball

Jazz isn't dead yet. It's the underpinning of everything in this country. Whether it's a Broadway show, or fusion, or right on through classical music, if it's coming out of the U.S., it's not going to survive unless it's got some jazz influence. ~ Dave Brubeck

Friedrich Wilhelm Nietzsche (October 15, 1844 – August 25, 1900) was a German philosopher. His writing included critiques of religion, morality, contemporary culture, philosophy, and science, using a distinctive style and displaying a fondness for aphorism. Nietzsche's influence remains substantial within and beyond philosophy, notably in existentialism and postmodernism. Nietzsche began his career as a philologist before turning to philosophy. At the age of 24 he became Professor of Classical Philology at the University of Basel, but resigned in 1879 due to health problems, which would plague him for most of his life. In 1889 he exhibited symptoms of a serious mental illness, living out his remaining years in the care of his mother and sister until his death in 1900. ~ Friedrich Nietzsche

Here's the solution. We need a CO2 tax, revenue-neutral, to replace taxation on employment, which was invented by Bismarck - and some things have changed since the 19th Century. ~ Al Gore

Due to its inherently limited supply for each location, land obtains its value from the natural, social, and cultural wealth that exists in its surrounding environment. ~ Martin Adams

[Q]uantum physics is not replaced by another sort of physics at large scales. It actually gives rise to classical physics. Our everyday, commonsense reality is, in this view, simply what quantum mechanics looks like when you're six feet tall. ~ Philip Ball

A large part of crime is economics - if people are working and and have a home and family to support, then I believe you can reduce the crime rate. ~ Vincent Frank

Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality. ~ Andrew Lo

Propounding peace and love without practical or institutional engagement is delusion, not virtue. ~ Georg Wilhelm Friedrich Hegel

You've told a good story in a skillful manner. I like it that you haven't moralized about your heroine's mistakes. You've made it difficult for the reader not to sympathize with her."
"I sympathize with her," Amanda said frankly. "I've always thought it would be the worst kind of horror to be trapped in a loveless marriage. So many women are forced to marry because of pure economics. If more women were able to support themselves, there would be fewer reluctant brides and unhappy wives."
"Why, Miss Briars," he said softly. "How unconventional of you."
She countered his amusement with a perplexed frown. "It's only sensible, really."
He realized suddenly that this was the key to understanding her. Amanda was so doggedly practical that she was willing to discard the hypocrisies and stale social attitudes that most people accepted without thinking. Why, indeed, should a woman marry just because it was the expected thing to do, if she were able to choose otherwise?
"Perhaps most women think it is easier to marry than support themselves," he said, deliberately provoking her.
"Easier?" she snorted. "I've never seen a shred of evidence that spending the rest of one's days in domestic drudgery is any easier than working at some trade. What women need is more education, more choices, and then they will be able to consider options for themselves other than marriage. ~ Lisa Kleypas

My parents being Bengali, we always had music in our house. My nani was a trained classical singer, who taught my mum, who, in turn, was my first teacher. Later I would travel almost 70 kms to the nearest town, Kota, to learn music from my guru Mahesh Sharmaji, who was also the principal of the music college there. ~ Shreya Ghoshal

I started playing heavy-metal guitar because that's what I liked. And then I got into classical guitar because it was so technically complicated. ~ Cory Arcangel

What good does it do a black youth to know that an employer must pay him $2 an hour if the fact that he must be paid that amount is what keeps him from getting a job? ~ Paul A. Samuelson

People get a lot of confusion, because they keep trying to think of quantum mechanics as classical mechanics ~ Sidney Coleman

History has taught us that freedom cannot long survive unless it is based on moral foundations. You can get the economics right, but in addition liberty must be cultivated as a moral quality. ~ Margaret Thatcher

The cry for an equality of wages rests, therefore, upon a mistake is an inane wish never to be fulfilled. It is an offspring of that false and superficial radicalism that accepts premises and tries to evade conclusions. Upon the basis of the wages system the value of labouring power is settled like that of every other commodity; and as different kinds of labouring power have different values, or require different quantities of labour for their production, they must fetch different prices in the labour market. To clamour for equal or even equitable retribution on the basis of the wages system is the same as to clamour for freedom on the basis of the slavery system. What you think just or equitable is out of the question. The question is: What is necessary and unavoidable with a given system of production? After what has been said, it will be seen that the value of labouring power is determined by the value of the necessaries required to produce, develop, maintain, and perpetuate the labouring power. ~ Karl Marx

The classical writers ... playwrights, Jacobean, Elizabethan playwrights, all showed areas of all classes and how they live and painted them pretty authentically. ~ Timothy West

I was not born into the world of the stuntman and the daredevil; I was born into the world of theater and writing and sculpting and classical music. ~ Philippe Petit

The desire to achieve grand utopian plans often poses a grave threat to freedom ~ Margaret Thatcher

Wherever the shadow of economic growth touches us, we are left useless unless employed on a job or engaged in consumption...We lose sight of our resources, lose control over the environmental conditions which make these resources applicable, lose taste for self-reliant coping with challenges from without and anxiety from within. ~ Ivan Illich