Gentzkow Economics Quotes

But a progressive policy needs more than just a bigger break with the economic and moral assumptions of the past 30 years. It needs a return to the conviction that economic growth and the affluence it brings is a means and not an end. The end is what it does to the lives, life-chances and hopes of people. Look at London. Of course it matters to all of us that London's economy flourishes. But the test of the enormous wealth generated in patches of the capital is not that it contributed 20%-30% to Britain's GDP but how it affects the lives of the millions who live and work there. What kind of lives are available to them? Can they afford to live there? If they can't, it is not compensation that London is also a paradise for the ultra-rich. Can they get decently paid jobs or jobs at all? If they can't, don't brag about all those Michelin-starred restaurants and their self-dramatising chefs. Or schooling for children? Inadequate schools are not offset by the fact that London universities could field a football team of Nobel prize winners. ~ Eric J. Hobsbawm

The equal and sustainable right of access to the Earth's bounty seems one of the most transcendent truths a human being can contemplate. Yet, this right is missing from the UN's Universal Declaration of Human Rights. The fact that this single principle is violated on an ongoing basis is quite possibly the root cause of many, if not most, other human rights violations. ~ Martin Adams

It was mid-November 2008. There were pirates taking ships with impunity in African waters, terrorists punching holes in Indian security, China sinking towards depression because Americans were afraid to buy cheap goods for Christmas, and the richest nation in the history of the world was talking about how to keep a budget. ~ Walter Mosley

Obviously, everybody's favorite form of web content is more story with principal actors. But the economics of the web do not yet support. ~ Matt Nix

I am not against a little inflation. ~ Manny Shinwell, Baron Shinwell

Moral principles have lost their distinctiveness. For modern man, absolute right and absolute wrong are a matter of what the majority is doing. ~ Martin Luther King, Jr.

Science is not enough, religion is not enough, art is not enough, politics and economics is not enough, nor is love, nor is duty, nor is action however disinterested, nor, however sublime, is contemplation. Nothing short of everything will really do. ~ Aldous Huxley

As Charles Darwin said,'The economy shown by Nature in her resources is striking,' says the Spirit. 'All wealth comes from Nature. Without it, there wouldn't be any economics. The primary wealth is food, not money. Therefore anything that concerns the handling of the land also concerns me. ~ Margaret Atwood

The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists. ~ Joan Robinson

The truth is that climate alarmism has become the most expensive, and the most wasteful, project in the history of the world. It is junk economics built on junk science. It amounts to no more than hot air, yet it looks set to beggar our grandchildren. ~ Roger Helmer

Here is a principle to use in all aspects of economics and policy. When you find a good or service that is in huge demand but the supply is so limited to the point that the price goes up and up, look for the regulation that is causing it. This applies regardless of the sector, whether transportation, gas, education, food, beer, or daycare. There is something in the way that is preventing the market from working as it should. If you look carefully enough, you will find the hand of the state making the mess in question. ~ Jeffrey Tucker

The term cartel was virtually unknown to the American language a generation ago. Like most borrowed words, when first taken over it meant different things to different persons. Time was required to crystallize its meaning. In this country it now commonly refers to international marketing arrangements. In a companion study we have defined such a cartel as an arrangement among, or on behalf of, producers engaged in the same line of business designed to limit or eliminate competition among them. ~ George W. Stocking

...poor countries are poor because those who have power make choices that create poverty. They get it wrong not by mistake or ignorance but on purpose. To understand this, you have to go beyond economics and expert advice on the best thing to do and, instead, study how decisions actually get made, who gets to make them, and why those people decide to do what they do. ~ Daron Acemoglu

For a writer to put his own intellectual musings, which he might sell for a low price as essays, into the mouths of artificially constructed characters which are more remunerative when issued as people in a novel is good economics, perhaps, but does not make literature. ~ Ernest Hemingway,

Our country has shown a lack of will to resist its own disintegration .. Canada is practically the only country left in the world which is a pure colony; colonial in psychology as well as in mercantile economics. ~ Northrop Frye

I have never known much good done by those who affected to trade for the public good. ~ Adam Smith

Suppose that we believe that in 200 years, people would be prepared to pay a million dollars (that's in today's dollars, not inflated ones) to be able to have an unspoilt valley. Now imagine that today we can profit by cutting down the forest in the valley, which will never regrow. If we apply an annual discount rate of 5 percent, compounded exponentially, how big would that profit have to be to justify the loss of a million dollars in 2210? The answer, surprisingly, is just sixty dollars! That's all that a million dollars in 200 years is worth, at that rate of discount. Obviously, then, if we use a 5 percent discount rate, values gained one thousand years in the future scarcely count at all. This is not because of any uncertainty about whether there will be human beings or other sentient creatures inhabiting this planet at that time, but merely because of the compounding effect of the rate of return on money invested now. ~ Peter Singer

I look forward to the day when being called 'another Monica Lewinsky' refers to the hard work behind a master's degree in social psychology from the London School of Economics, after spending the first act of one's life deflecting the shame of a scandal that should have rested on the shoulders of a man old enough to have known better. ~ Julie Klausner

However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant. ~ Paul Krugman

All the political angst and moral melodrama about getting 'the rich' to pay 'their fair share' is part of a big charade. This is not about economics, it is about politics. ~ Thomas Sowell

Every three or four years I pick a new subject. It may be Japanese art; it may be economics. Three years of study are by no means enough to master a subject but they are enough to understand it. SO for more than 60 years I have kept studying one subject at a time. ~ Peter Drucker

One of the greatest pieces of economic wisdom is to know what you do not know. ~ John Kenneth Galbraith

Many find in sex and economics the meaning of life and the reason of it all. The consequence of this is that the goal of life for many has become a relief of tension. ~ Sachindra Kumar Majumdar

Here's something I still can't get over. Amazes and thrills me every time. I'm sitting here and want a certain book. So I search, click, and then I have the book. Every time, my heart does a little leap of joy. What a beautiful world the market is making. ~ Jeffrey Tucker

The federal government could make a Rolls Royce affordable for every American, but we would not be a richer country as a result. We would in fact be a much poorer country, because of all the vast resources transferred from other economic activities to subsidize an extravagant luxury. [...] To have politicians arbitrarily change the price tags, so that prices no longer represent the real costs, is to defeat the whole purpose [of an economy: to make trade-offs, with the prices of a market economy representing the costs of producing things].
Reality doesn't change when the government changes price tags. Talk about "bringing down health care costs" is not aimed at the costly legal environment in which medical science operates, or other sources of needless medical costs. It is aimed at price control, which hides costs rather than reducing them. [...]
Whether in France during the 1790s, the Soviet Union after the Bolshevik revolution, or in newly independent African nations during the past generation, governments have imposed artificially low prices on food. In each case, this led to artificially low supplies of food and artificially high levels of hunger.
People who complain about the "prohibitive" cost of housing, or of going to college, for example, fail to understand that the whole point of costs is to be prohibitive. [...] The idea [that "basic necessities" should be a "right"] certainly sounds nice. But the very fact that we can seriously entertain such a notio ~ Thomas Sowell

Virtually all of the extremely important services that nature provides are completely ignored by conventional economics. The ozone layer, for example, shields all life from DNA-damaging ultraviolet radiation. ~ David Suzuki

Mob rule and emasculation of the wise' and 'who will watch the guardians'? ~ Plato

You don't have to get a job that makes others feel comfortable about what they perceive as your success. You don't have to explain what your plan to do with your life. You don't have to justify your education by demonstrating its financial rewards. You don't have to maintain an impeccable credit score. Anyone who expects you to do any of those things has no sense of history of economics or science or the arts. ~ Cheryl Strayed

When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money. ~ Ludwig Von Mises

He who is unfit to serve his fellow citizens wants to rule them. ~ Ludwig Von Mises

The use of mathematics has brought rigor to economics. Unfortunately, it has also brought mortis. ~ Robert Heilbroner

A specter is haunting the modern world, the specter of crypto anarchy. Computer technology is on the verge of providing the ability for individuals and groups to communicate and interact with each other in a
totally anonymous manner. Two persons may exchange messages, conduct business, and negotiate electronic contracts without ever knowing the true name, or legal identity, of the other. Interactions over networks will be untraceable, via extensive rerouting of encrypted packets and tamper-proof boxes which implement cryptographic protocols with nearly perfect assurance against any tampering. Reputations will be of central importance, far more important in dealings than even the credit ratings of today. These developments will alter completely the nature of government regulation, the ability to tax and control economic interactions, the ability to keep information secret, and will even alter the nature of trust and reputation. ~ Peter Ludlow

The complexity of our present trouble suggests as never before that we need to change our present concept of education. Education is not properly an industry, and its proper use is not to serve industries, either by job-training or by industry-subsidized research. It's proper use is to enable citizens to live lives that are economically, politically, socially, and culturally responsible. This cannot be done by gathering or "accessing" what we now call "information" - which is to say facts without context and therefore without priority. A proper education enables young people to put their lives in order, which means knowing what things are more important than other things; it means putting first things first. ~ Wendell Berry