Outlaw Of Economics Quotes

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

Since both the departed saints and we ourselves are in Christ, we share with them in the 'communion of saints.' They are still our brothers and sisters in Christ. When we celebrate the Eucharist they are there with us, along with the angels and archangels. Why then should we not pray for and with them? The reason the Reformers and their successors did their best to outlaw praying for the dead was because that had been so bound up with the notion of purgatory and the need to get people out of it as soon as possible. Once we rule out purgatory, I see no reason why we should not pray for and with the dead and every reason why we should - not that they will get out of purgatory but that they will be refreshed and filled with God's joy and peace. Love passes into prayer; we still love them; why not hold them, in that love, before God? ~ N. T. Wright

The liberal ideal is that everyone should have fair access and fair opportunity. This is not equality of result. It's equality of opportunity. There's a fundamental difference. ~ Robert Reich

By elevating the dictum of the market to the role of the sole criterion of rationality and efficiency, economics denies even all "respectability" to the distinction between essential and non-essential consumption, between productive and unproductive labor, between actual and potential surplus. ~ Paul A. Baran

Given the current state of our finances, we could sure use a quarter of a trillion dollars a year recycling through the U.S. economy rather than through the economies of Iran, Russia, and Venezuela. ~ T. Boone Pickens

The world is better served by syncretic economists and policymakers who can hold multiple ideas in their heads than by 'one-handed' economists who promote one big idea regardless of context. ~ Dani Rodrik

I learned a good deal about economics, and about America, from the author of the Reagan tax reforms - the great Jack Kemp. What gave Jack that incredible enthusiasm was his belief in the possibilities of free people, in the power of free enterprise and strong communities to overcome poverty and despair. We need that same optimism right now. ~ Paul Ryan

Have you ever noticed how statists are constantly "reforming" their own handiwork? Education reform. Health-care reform. Welfare reform. Tax reform. The very fact they're always busy "reforming" is an implicit admission that they didn't get it right the first 50 times. ~ Lawrence W. Reed

Economists like to strike the pose of a scientist. I know, because I often do it myself. When I teach undergraduates, I very consciously describe the field of economics as a science, so no student would start the course thinking he was embarking on some squishy academic endeavor.'1 ~ Ha-Joon Chang

To recap, Motivation 2.0 suffers from three compatibility problems. It doesn't mesh with the way many new business models are organizing what we do - because we're intrinsically motivated purpose maximizers, not only extrinsically motivated profit maximizers. It doesn't comport with the way that twenty-first-century economics thinks about what we do - because economists are finally realizing tht we're full-fledged human beings, not single-minded economic robots. And perhaps most important, it's hard to reconcile with much of what we actually do at work - because for growing numbers of people, work is often creative, interesting, and self-directed rather than routine, boring and other-directed. Taken together, these compatibility problems warn us that something's gone awry in our motivational operating system. ~ Daniel H. Pink

None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economics is not likely to be important. ~ John Kenneth Galbraith

You learn a great deal about the true nature of a person in the way they love, why they love, and, in what they love. ~ John Eldredge

A confidential report delivered in June 1965 by Abel Aganbegyan, director of the Novobirsk Institute of Economics, highlighted the difficulties. Aganbegyan noted that the growth rate of the Soviet economy was beginning to decline, just as the rival US economy seemed particularly buoyant; at the same time, some sectors of the Soviet economy - housing, agriculture, services, retail trade - remained very backward, and were failing to develop at an adequate rate. The root causes of this poor performance he saw in the enormous commitment of resources to defense (in human terms, 30-40 million people out of a working population of 100 million, he reckoned), and the 'extreme centralism and lack of democracy in economic matters' which had survived from the past. In a complex modern society, he argued, not everything could be planned, since it was impossible to foresee all possible contingencies and their potential effects. So the plan amounted to central command, and even that could not be properly implemented for lack of information and of modern data-processing equipment. 'The Central Statistical Administration ... does not have a single computer, and is not planning to acquire any,' he commented acidly. Economic administration was also impeded by excessive secrecy: 'We obtain many figures... from American journals sooner than they are released by the Central Statistical Administration.' Hence the economy suffered from inbuilt distortions: the hoarding of goods and labour to provide ~ Geoffrey Hosking

In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away. ~ Paul Krugman

What we are after is first noticing and then participating in the way the large world of the Bible absorbs the much smaller world of our science and economics and politics that provides the so-called worldview in which we are used to working out our daily concerns. ~ Eugene H. Peterson

I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on. ~ Charlie Munger

There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: "In the long run we are all dead." And such shallow wisecracks pass as devastating epigrams and the ripest wisdom. ~ Henry Hazlitt

academic literature. Major influences on my thinking include Douglass North, who won the Nobel Prize for Economics for his work on institutions; the pre-eminent economist of modern Africa, Paul Collier, author of The Bottom Billion and Plundered Planet; Hernando de Soto, the Peruvian economist and author of The Mystery of Capital; Andrei Shleifer and his numerous co-authors, who have pioneered an economic approach to the comparative study of legal systems; and Jim Robinson and Daron Acemoglu, whose book Why Nations Fail asks similar questions to the ones that interest me. ~ Niall Ferguson

I thought there might be some grand design I did not understand, but the government's policy clearly was not working, because India was still poor. I was determined to learn more, so I became interested in economics. This book is another unintended consequence of the government's policies. ~ Raghuram G. Rajan

Economy is the method by which we prepare today to afford the improvements of tomorrow. ~ Calvin Coolidge

Your money myth affects your gain and luck.
In economics, illusion of money affects wealth. ~ Toba Beta

PLEASURE and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort - to procure the greatest amount of what is desirable at the expense of the least that is undesirable - in other words, to maximize pleasure, is the problem of economics. ~ William Stanley Jevons

As a child, I had no idea that I would end up in the film industry. My ambitions changed from wanting to join the army like my grandfather to taking up merchant navy as a career to running for India, and finally, investment banking while I was a student of economics honour. But during my college days, I began to get offers for modelling. ~ Arjun Rampal

We sense that 'normal' isn't coming back, that we are being born into a new normal: a new kind of society, a new relationship to the earth, a new experience of being human. ~ Charles Eisenstein

Everything which might cause doubt about the wisdom of the government or create discontent will be kept from the people. The basis of unfavorable comparisons with elsewhere, the knowledge of possible alternatives to the course actually taken, information which might suggest failure on the part of the government to live up to its promises or to take advantage of opportunities to improve conditions
all will be suppressed. There is consequently no field where the systematic control of information will not be practiced and uniformity of views not enforced. ~ Friedrich Hayek

In other words, you need to be a bureaucracy in order to survive one. This is the overwhelming narrative of modern American economics, that the individual, particularly the individual without a lot of money, is inherently overmatched. He's a loser. And if he falls into any part of the machine, he goes straight to the bottom.
And then there's the most disturbing truth of all. People assume that a system that favors the rich likes rich people. This isn't true. Our bureaucracies respond to the money rich people have, and they bend to the legal might the rich can hire, but they don't give a damn about rich people. You can be rich and still fall into any one of a dozen financial/legal meat grinders, from an erroneously collapsed credit score to a robo-signed foreclosure to a stolen identity to a retirement account vaporized by institutional theft and fraud.
The system eats up rich people, too, because it's not concerned with protecting any individuals, even the rich ones. These bureaucracies accomplish just two things: they make small piles of money smaller and big piles of money bigger. It's a system that doesn't care whose hands end up holding the bag, or how long those hands get to hold the bag. It just relentlessly creates and punishes losers, who get to sit beneath an ever-narrowing group of winners, who may or may not stay on top for long.
What does get preserved, in all cases, is a small constellation of sprawling, interconnected financial companies, whose na ~ Matt Taibbi

The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty. ~ Alfred Marshall

Prior to modern times, the term 'Islamic' (Islami in Arabic) was almost never used to define the provenance, status, or substance of things. There was no such thing as 'Islamic art', 'Islamic economics', or even 'Islamic law.' ... The encounter with the modern West, however, ultimately changed the status of 'Islamic.' Inasmuch as the rise of the West converted the achievements of Darwin, Descartes, and Hegel from mere English, French, or German achievements into explicitly 'Western' ones, it also engendered the need for a parallel convention for demarcating the non-Western 'other.' The Western provenance of the modern neologism 'Islamic' is perhaps best revealed in its tendency to connote geography and ethnicity. 'Islamic', in other words, connotes not simply that which is related to or a product of Islam as a religion but that which relates to a particularly non-European people in a non-European part of the world. In this capacity, it carries both a descriptive and a prescriptive force... For no modern Muslim nor non-Muslim would include the likes of such Arab Christians as Michel Aflaq or San' Allah Ibrahim among the 'thinkers of Islam.' Rather, in Western parlance, the modern 'Islamic' began as an instrument to demarcate the boundary between the west and a particular set of 'others.' In Muslim hands, it would go on to evolve into a full-blown signifier of normative Islam and a tool for delineating the boundary between it and Islam. Its added utility, moreover, as a mechani ~ Sherman A. Jackson

The laws of economics and many studies of diversity tell us that if we tapped the entire pool of human resources and talent, our collective performance would improve. ~ Sheryl Sandberg

The lyricism of marginality may find inspiration in the image of the outlaw, the great social nomad, who prowls on the confines of a docile, frightened order. ~ Michel Foucault

Conflicts are never caused in any simple way by identity, culture or economics. Where resources are scarce, or there are strong historical memories of conflict, small events are more likely to inflame passions. ~ Geoff Mulgan

We have arrived at one of the central paradoxes of economics: uniformity amid diversity. Economists work with a plethora of models, pointing in all kinds of contradictory directions. Yet when it comes to the issues of the day, their views often converge in ways that cannot be justified by the strength of the available evidence. ~ Dani Rodrik

Since the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing. ~ Ha-Joon Chang