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Quote Author Cited
In no other country in the world is the love of property keener or more alert than in the United States, and nowhere else does the majority display less inclination toward doctrines which in any way threaten the way property is owned. Alexis de Tocqueville
A nickel ain't worth a dime anymore. Yogi Berra
In a world awash in debt, power shifts to creditors. Fareed Zakaria
In economics, the majority is always wrong. John Kenneth Galbraith
Under capitalism, man exploits man. Under communism, it's just the opposite. John Kenneth Galbraith
Money is the seed of money, and the first guinea is sometimes more difficult to acquire than the second million. Jean-Jacques Rousseau
The slaves of socialism are slaves, but they are no one's property and therefore no one's loss. George Reisman
Society cares for the individual only so far as he is profitable. Simone de Beauvoir
The basic law of capitalism is you or I, not both you and I. Karl Liebknecht
God has made Canada one of those nations which cannot be conquered and cannot be destroyed, except by itself. Norman Angell
Capitalism is at least tolerable, which cannot be said of Socialism or Communism. Benjamin Tucker
The price of anything is the amount of life you exchange for it. Henry David Thoreau
Underlying most arguments against the free market is a lack of belief in freedom itself. Milton Friedman
Bill Clinton beat Bush's father, President George H. W. Bush, for the White House in 1992 by focusing on 'the economy, stupid' - and Clinton's victory led, in time, to the longest sustained boom in American history. Nigel Hamilton
Socialism is nothing but the capitalism of the lower classes. Oswald Spengler
Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest. Joseph A. Schumpeter
Don't expect to build up the weak by pulling down the strong. Calvin Coolidge
People want economy and they will pay any price to get it. Lee Iacocca
It's a recession when your neighbor loses his job; it's a depression when you lose yours. Harry S Truman
Conspicuous consumption of valuable goods is a means of reputability to the gentleman of leisure. Thorstein Veblen
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce. Adam Smith
He mocks the people who proposes that the government shall protect the rich and that they in turn will care for the laboring poor. Grover Cleveland
The affluent society makes no meaningful distinction between luxury and necessity. John Kenneth Galbraith
In Hoover We Trusted Now We're Busted Anonymous
Our country is at peace, but the stakes are as high as if we were at war – a war waged not with battleships, guns and planes but with words and money. Its foot soldiers, in a sense, are the lines of the unemployed, the pensioners crowding outside banks; cars queuing at gas stations are a crippled cavalry; generals are the finance ministers who lob proposals at one another with the aggression of those who will not suffer the consequences. All are caught up in a five-year campaign in which Greece has struggled to meet the terms of the biggest bailout in history.... Nikos Konstandaras
It is because of capitalism that we can pay for services to poor people that we don't even know. Arthur C. Brooks
Establishment of a market economy is seen as mostly involving destruction. Peter Murrell
This country has been economically successful because of cheap energy and cheap labor and we are never going to have these again. Gore Vidal
Within a market, organizations have interests distinct from and often antagonistic to the market processes that produced and sustain them. Gus DiZerega
Market systems all threaten the continued existence of those who are currently successful if they fail to adapt to changes they do not control. This tension is essential to markets serving human well-being better than other economic systems. But at the same time it means that organizations within them have interests at cross-purposes to the system itself. This is true for all spontaneous orders: markets, science, and democracies. Gus DiZerega
American capitalism no longer guarantees the property rights of small owners when they conflict with private interests such as corporations building pipelines. Their need for corporate profits overrides what once were private property rights. Gus DiZerega
The migration of the black middle class out of the cities in the wake of the civil rights movement and the deindustrialization of urban economies has left a corroded core, cut off from the social; mainstream and reliant on inadequate federal support. Patrick Sharkey
There are 100 Billion starts in the galaxy. That used to be an astronomical number. It's less than the national deficit. Now we should calm them economical numbers. Richard P. Feynman
The inevitable consequence of a depreciated currency must be a rise of prices, usually greater than the actual percentage of depreciation. To meet this situation there came a device possible in no other commercial country. The Government fixed prices at which goods could be sold. This mediaeval device could be enforced only in a land where such State interference had been habitual, and, of course, could give to the notes the fictitious purchasing power only inside the country. After the Christian Science fashion, one had only to believe the notes were of value to make them so; but in the cold world outside German jurisdiction their value would be gauged by the chances of getting gold for them. J. Laurence Laughlin
China is littered with the wrecks of failed joint ventures. Investors are moving toward wholly-owned subsidiaries. Tim Clissold
We have about 50% of the world's wealth but only 6.3% of its population…. we cannot fail to be the object of envy and resentment … George F. Kennan
The only way in which a European union, embracing Britain but excluding eastern Europe, could become economically healthy would be develop the closest sort of trading relationships either with this hemisphere or with Africa. George F. Kennan
Remember that every dollar saved by health care reform is a dollar less for somebody’s earnings. Uwe Reinhardt
The idea of the World Bank loaning money to a nation that has a space program and is building nuclear submarines is just ridiculous. Kenneth S. Rogoff
The World Bank is just a sponge for every do-good idea of relieving poverty. Kenneth S. Rogoff
The middle-class America of my youth was another country. Paul Krugman
The combined Gross Domestic Product of forty-eight countries is less than the wealth of the three richest people in the world. Fifteen billionaires have assets greater than the total national income of Africa, south of the Sahara. Thirty-two people own more than the annual income of everyone who lives in South Asia. Ken Coates
The battle of competition is fought by the cheapening of commodities Karl Marx
There is no left or right in economic management today. Tony Blair
Americans know that war must be paid for and it is they who must pay for it. Woodrow Wilson
People are worried about what’s going to happen to their jobs. There’s a lot of off-shoring and out-sourcing taking place. There’s a lot more mobility of labor and of people. Unless we explain what’s happening, people will resort to protectionism and xenophobia. Gordon Brown
In this day and age, a big economy – a modern economy – just cannot be managed from the top. George P. Shultz
A market can be a capitalist or a socialist one, but it is still a market. Boris Yeltsin
Speculation, in its broadest sense, is not an evil in itself, but the contrary, and relieves public distress far oftener than it creates it. Horace Greeley
We do not want financial convulsions. J. Pierpont Morgan
The idea that America is the best place in the world to start out poor, so long as you are willing to work hard, no longer seems to be true. One way of proving that is to ask how accurately your family's income when you were growing up predicted what your own would be. If the American dream were alive, your family's income would not predict your own that well…. Well, on that measure, America is now less the land of opportunity than France, than Germany, than Sweden, Canada, Finland, Norway and Denmark. The only other rich economy that the U.S. outscores in this respect is — you guessed it — the UK. Abolish the estate tax and America will be a serious contender for the bottom of the opportunity league. Clive Crook
Either you believe in markets, or you believe in government. Lawrence Kudlow
Inflation is one form of taxation that can be imposed without legislation. Milton Friedman
Inflation is everywhere and anywhere a monetary phenomenon. Milton Friedman
Most economic fallacies derive … from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another. Milton Friedman
Capitalism without Judaism, Christianity, or some other moral basis is just pure greed. Rick Warren
That sort of fundamentalism which treats possession of private property not as a desirable economic and personal asset but as a condition of liberty is a form of primitive religion. Neil Kinnock
I used to think that capitalism was human nature, but it isn’t at all. It’s culture. The same is true of democracy/ Alan Greenspan
A Constitution is not intended to embody a particular economic theory... It is made for people of fundamentally differing views … Oliver Wendell Holmes Jr.
Last year we nationalized hydrocarbons. This year it will be mining. Evo Morales
Mere population size has been no indicator of economic or military clout. Coral Bell
I can calculate the movement of the stars, but not the madness of men Isaac Newton
We have little of no inflation in manufacturing goods because more and more we buy products from abroad at very cheap prices. Paul A. Volcker
We are spending a little more than we are raising each year and you wonder how long it can go on. It is too easy for us to borrow. Paul A. Volcker
We have an imbalance over how much we produce relative to how much we consume. Paul A. Volcker
People forget how difficult it is to stop inflation or get it under control… I worry about it all the time. Paul A. Volcker
India's Finance Ministry's ... feet might be in India, but it's head is in Washington. Vandana Shiva
Rich men belong to another nationality entirely, no matter what their actual nationality happens to be. The nationality of the rich. William Saroyan
Modern capitalism is masterful at producing services people don't need and in large part probably don't want. It is brilliant at convincing people that they do need and want them. But it has difficulty turning itself to the production of those services which people really do need. Not only that, it often spends an enormous amount of time and effort convincing people that those services are either unrealistic, marginal or counterproductive. John Ralston Saul
The right to suffer is one of the joys of a free economy. Howard Pyle
Political institutions are a superstructure resting on an economic foundation. Vladimir Lenin
Socialism is not merely the labor question, it is before all things the atheistic question, the question of the form taken by atheism today., the question of the tower of Babel built without God, not to mount to Heaven from earth but to set up Heaven on Earth Fyodor Dostoevsky
Capitalist, democratic states put the emphasis on the private sector, which doesn't always deliver on social goods. Frances J. Stewart
I would like to see a fair division of profits between capital and labor, so that the toiler could save enough to mingle a little June with the December of his life. Robert G. Ingersoll
Capitalism was reasonably content under Hitler, happy under Mussolini, very happy under Franco and delirious under General Pinochet John Ralston Saul
Neither Capitalism nor Socialism can pretend to be an ideology. They are merely methods for dividing ownership and income. John Ralston Saul
If class warfare is being waged in America, my class is clearly winning. Warren Buffett
Communism doesn't work because people like to own stuff Frank Zappa
The perpetual tendency of the race of man to increase beyond the means of subsistence is one of the general laws of animated nature, which we can have no reason to expect to change. Thomas Malthus
It takes a full quarter for economic improvement to effect the electorate as they are skeptical. Robert Teeter
As chairman of the president’s Council of Economic Advisers during the 1990s, I had to make projections about where the economy was going to be one, two, or three years ahead; frankly, I often found myself facing a cloudy crystal ball. Forecasting a few years out is hard enough; forecasting seventy-five years out is essentially impossible. Slight changes in life expectancy, immigration, wage growth, and interest rates could have large effects on the solvency of the (Social Security System.) Joseph Stiglitz
The land of the capitalists… Diego Rivera
Globalization has benefited middle-income less than either richer or poorer countries. Geoffrey Garrett
I shall continue to regard it as my duty to use whatever means may be necessary to supplement State, local, and private agencies for the relief of suffering caused by unemployment. With respect to this question, I have recognized the dangers inherent in the direct giving of relief and have sought the means to provide not mere relief by the opportunity for useful and remunerative work. We shall, in the process of recovery, seek to move as rapidly as possible from direct relief to publicly supported work, and from that to the rapid restoration of private employment. Franklin D. Roosevelt
It turns out that we were all wrong Alan Greenspan
One of the first laws against air pollution came in 1300 when King Edward I decreed the death penalty for burning of coal. At least one execution for that offense is recorded. But economics triumphed over health considerations, and air pollution became an appalling problem in England. Glenn T. Seaborg
Socialism is a scientific scheme of national organization, entirely wise, just, and practical. It is a kind of national cooperation. Its programme consists, essentially, of one demand, that the land, and all other instruments of production and exchange, shall be the common property of the nation, and shall be used and managed by the nation for the nation. Robert Blatchford
A Socialist Government cannot carry on a capitalist system better than the capitalists. The men bred by a capitalist system are men of affairs who understand their business. They are not apprentices. David Kirkwood
Agriculture, manufactures, commerce, and navigation, the 4 pillars of our prosperity … Thomas Jefferson
An economic policy which does not consider the well-being of all will not serve the purposes of peace and the growth of well-being among the people of all nations. Eleanor Roosevelt
The people of this country have been erroneously encouraged to believe that they could keep on increasing the output of farm and factory indefinitely and that some magician would find ways and means for that increased output to be consumed with reasonable profit to the producer. Franklin D. Roosevelt
Our dollar is now altogether too greatly influenced by the accidents of international trade, by the internal policies of other nations and by political disturbance in other continents. Therefore the United States must take firmly in its own hands the control of the gold value of our dollar. This is necessary in order to prevent dollar disturbances from swinging us away from our ultimate goal. Franklin D. Roosevelt
Economic necessity will override patriotism and cause the nations of Western Europe to band together--if not under a single government, then certainly in a close politico-economic alliance Emmet John Hughes
I am just as anxious as Mr. Brandeis can be, to have trade regulated by competition as far as possible; but as a matter of fact, competition has broken down hopelessly in this country to adequately control prices, to adequately control quality, and we all know it… it is the theory regarding competition that it will regulate prices and quality; that it will give us reasonable prices and superior quality. That is a beautiful theory. But if this theory has ever corresponded to the facts in the past (and this I doubt) we may be sure that in the future it will never again do so. Charles R. Van Hise
In this country in colonial days the laws were very strict against combinations and contracts in restraint of trade. But here again there was a gradual amelioration of the laws, until co-operation was permitted along many lines, including division of territory, limitation of output, and even fixing of prices; provided always that, as a result of the co-operation, the combinations or contracts did not result in monopoly, were not general, were not immoral, and were not contrary to public policy. Charles R. Van Hise
Every American is dependent on every other American; that no segment of our people can prosper without the prosperity of all; that in truth we must all go forward together. Thomas E. Dewey
I hate to write Solutions in my books because I don’t really have solutions. Louis Uchitelle
I am well aware that the International Bankers who drive up to the door of the United States Treasury in their limousines, look down with scorn upon members of Congress because we work for so little, while they draw millions a year. The difference is that we earn, or try to earn, what we get- and they steal the greater part of their takings. Louis Thomas McFadden
Zionism. Economically, it means the concentration of the Jewish masses in Palestine; politically, the gaining of territorial autonomy; emotionally, the striving for a home. Dov Ber Borochov
The economy is everything. It is the totality of what we need to live, to be happy Kemal Ataturk
The capitalist society is very disorderly. The variance is great and may be on the basis of ability, luck, all sorts of happenstance, external circumstances. That upsets people's sense of order. Murray Weidenbaum
A budget is a moral document. Jim Wallis
Prosperity or egalitarianism—you have to choose. I favor freedom—you never achieve real equality anyway: you simply sacrifice prosperity for an illusion. Mario Vargas Llosa
There were slaves in the North which were tolerated for some time, but the South was built upon slavery. Sheldon Hackney
The market value of slaves in 1860 exceeded that of the entire nation’s railroads and factories put together … it was, relative to the gross national product in today’s economic values in excess of $9.6 Trillion. David Davis
I believe in nationalizing those public necessities which by their very nature are too important to be held in the control of private individuals. By these I mean banking, credit and currency, power, light, oil and natural gas and our God-given natural resources. National Union of Social Justice; Charles E. Coughlin
Both the capitalist and state-socialist form of concentration and monopolization of economic power yield destructive forms of economic growth which contaminate and destroy the very basis of human and natural life. Green Party
We are at risk of turning over to the next generation a worse life than we have had. Anna Burger
The United States is a bankrupt nation. It owes the world 14 trillion dollars, and it is truly able to finance itself and the war and the supply of arms to Israel, through the money that is lent to the United States by rich countries, some of which are Muslim countries. And if you stop using the U.S. dollar... Even if you want to sell oil, you can continue to sell oil, but insist on being paid in euros, or yen, or whatever... If you do that, then the U.S. dollar will not be half the value that it has today, and if it doesn't have the value that it has today, it cannot spend money producing arms Mohamad Mahathir
No one should be richer than a ten millionaire and no one should be without a home. Huey P. Long
Whenever a Third World country accepts a structural adjustment loan and hence the imposition of a structural adjustment program, it has in effect delegated the task of running its economy to a foreign, non-elected body sitting in Washington DC. Edward Goldsmith
In this new market . . .billions can flow in or out of an economy in seconds. So powerful has this force of money become that some observers now see the hot-money set becoming a sort of shadow world government -- one that is irretrievably eroding the concept of the sovereign powers of a nation state. Business Week
The need of a constantly expanding market for his products chases the manufacturer over the whole surface of the globe. They must nestle everywhere, settle everywhere, establish connections everywhere. Karl Marx
Capitalism is not an orgy of human villainy: it is a Utopia that has dazzled and misled very amiable and public spirited men. George Bernard Shaw
The upholders of Capitalism are dreamers and visionaries who, instead of doing good with evil intentions do evil with the best intentions. George Bernard Shaw
A government that seizes control of the economy for the good of the people, ends up seizing control of the people for the good of the economy. Bob Dole
The economy controls the politicians far more than the politicians control the economy. Mardy Grothe
Americans feel squeezed between prices that are rising and wages which are not. Mark Mellman
You have to change people’s minds to stop inflation. Fernando Henrique Cardoso
Europe is on an economic collision course with reality. Claire Berlinski
Walmart is the largest economic force in the world that is not a government. Charles Fishman
Never forget that there are rich people in poor countries and poor people in rich countries. Michael Harrington
It’s no surprise that a global economy creates a global class conflict…. All markets create classes and class conflicts. Jeff Faux
While the feds … leave Social Security off their books, the government's obligation to make benefit payments to current and near-term Social Security recipients is certainly no less real than its obligation to pay interest on its Treasury bonds. Laurence K. Kotlikoff
The first problem is too many workers. The second problem is having fools and crooks as managers. Song Baorui
The idea that free trade encourages global economic growth by enhancing productivity is taken as an article of faith by the three major schools of international political economy: liberalism, Marxism, and mercantilism Orin Kirshner
If you read his … testimonies before Congress you will note that there is always something to be terribly, horribly and deeply worried about Pierre Andre Rinfret
Let the king fix the rates for the purchase and sale of all marketable goods, having duly considered whence they come, whither they go, how long they have been kept, the probable profit and the probable outlay. Once in five nights, or at the close of each fortnight, let the king publicly settle the prices for the merchants. Manu
Stipulated interest beyond the legal rate, being against the law, cannot be recovered; they call that a usurious way of lending; the lender is in no case entitled to more than five in the hundred.[5%] Manu
Property, the owner of which has disappeared, the king shall cause to be kept as a deposit during three years; within the period of three years the owner may claim it, after that term the king may take it. Manu
The best cure for poverty is a booming economy. George Will
After 43 years and $568 billion in foreign aid to the continent, Africa remains trapped in economic stagnation. William Easterly
The market economy does not automatically guarantee growth, social justice, or even economic efficiency; achieving those ends requires that government play an important role. Joseph Stiglitz
Capitalism did not arise because capitalists stole the land and the workmen's tools, but because it was more efficient than feudalism. It will perish because it is not merely less efficient than socialism, but actually self-destructive. John Burdon Sanderson Haldane
Money does not choose people. Albanian Proverb
Economic sectors which are essential for the country and which affect the life of the people, must be controlled by the state. Otherwise the control of production might fall in the hands of powerful individuals who could exploit the people. Hence, only enterprises which do not affect the life of the general population may be left to private individuals…. The land, the waters and the natural resources therein are basic assets for the people's prosperity and should, therefore, be controlled by the state and exploited to the greatest benefit of the people. Indonesia
Gentlemen. There is no man nor group of men who can buy all the stocks that the American public can sell. Thomas William Lamont
It seems that there has been some disturbed selling in the market Thomas William Lamont
Every American has to go to bed on a mattress. Winston Churchill
We did not investigate Wall Street because we were troubled by large institutions making a lot of money; we took action to stop a blatant fraud that was ripping of small investors. Eliot Spitzer
Economics is built on the assumption of scarcity. Therefore, it deals with values and calculations. It cannot seek the good that fits a specific person within a given human condition. Where scarcity rules, ethics is reduced to numbers and utility. Further, the person engaged in the manipulation of mathematical formulas loses his or her ear for ethical nuance; one becomes morally deaf. Ivan Illich
In the rich countries the poor expect a quantity and quality of commodities beyond the dreams of Louis XIV, while many of the so-called developing countries enjoy much higher economic growth rates than those of industrialized countries at a similar stage of their own histories. Ivan Illich
Black Friday Anonymous
Black Tuesday Anonymous
It Is Glorious To Be Rich Anonymous
Our minds are on the left, but our pockets are on the right. Anonymous
The capitalist system of production and distribution is doomed. It threatens to engulf humanity in chaos. Anonymous
The land was the peoples’ before it was the landlord’s. Anonymous
Thieves and bandits multiplied in number … Peasants gave up all cultivation. All food reserves were exhausted in the villages … People roamed about carrying their children in search of rice. The price of rice soared. People lived on [wild] vegetables and herbs and ate rats and snakes. Dead bodies lay about on the roads. Anonymous
Ireland’s greatest economic resource is its people. Bertie Ahern
Prosperity is a parent to peace. Madeleine Albright
The social order we have built recognizes no exploitation of man by man. In our country there are no rich people to live at the expense of the workers and peasants. Just as there are no poor people living on the charity of others. Ramiz Alia
No nation can miss interest or principle payments without some negative impact on its credit standing. Roger Altman
The bottom line of a successful economic policy is jobs. Martin Anderson
We have not been among the premier world savers and as a result we own less than we might. Wayne Angell
... a mortal sin. Jean-Bertrand Aristide
No one should have more than five times the wealth of the poorest person. Aristotle
The main threat to the successful New Economy is not in economics but in politics. Anders Aslund
The division of society into the producing and non-producing classes ... capital and labor.... Antagonism and opposition of interest is introduced in the community; capital and labor stand opposed. Awl
War can be done by arms. War can be done by economic means. Tariq Aziz
Money is like muck, not good except it be spread. Francis Bacon
The misfortunes of people are what economists dismiss as anecdotal evidence. Russell Baker
The small and medium-sized capitalists, not being able to produce at the same price as the big capitalists, naturally succumb in the deadly struggle. Mikhail Bakunin
We see that the richest property owners . . . are precisely those who work the least or who do not work at all. Mikhail Bakunin
What is it that brings the capitalist to the market? It is the urge to get rich, to increase his capital, to gratify his ambitions and social vanities, to be able to indulge in all conceivable pleasures. And what brings the worker to the market? Hunger, the necessity of eating today and tomorrow. Mikhail Bakunin
In the 19th century, the chains [of slavery] were metal. Today, the chains are debt—the worker has to repay his transportation, his tools, his food. Carlos Eduardo Barroso
Bend everything toward improving the standard of living of the people. Bernard Baruch
The important thing is the struggle everybody is engaged in to get better living conditions. Bernard Baruch
The efficiency label may frequently mask special benefits for special interests. The real questions should be more qualitative ones. Who will be affected? In what ways? David Bazelon
In the transition to a market economy, the status of women are eroding further. Carol Bellamy
When you’re dealing with a commodity, high productivity means that nobody makes any money. Robert S. Bennett
Although globalization is inexorable, its benefits are not. Samuel R. Berger
Capitalism robs you and makes a wage slave of you. The law upholds and protects that robbery. The government fools you into believing that you are independent and free. In this way you are fooled and duped every day of your life. Alexander Berkman
The older I get, the less respect I have for the signals emitted by our vaunted speculative markets. Alan S. Blinder
Neither heat nor slow delivery nor gloom of mailers stays these [postal] rates from their swift rise. Herb Block
New York is the big apple. As it goes, so goes the country. Michael Bloomberg
Our prosperity comes from something that is really marvellous—that is unlimited freedom. Daniel J. Boorstin
The ethnic enclave’s warm embrace becomes an economic stranglehold. George J. Borjas
We have learned that the various schools of [economic] thought all have important elements of truth in them. But none of them is by itself a sufficient explanation of what goes on in the economy. Michael Boskin
Driven by globalization and technology our country and our economy is becoming different every day. William W. Bradley
I don't think it's the end of the world even if we have a recession. We'll pull back out of it again. No big deal. Nicholas Brady
It always looks dark at the bottom of a recovery. Nicholas Brady
Nor can one class appropriate the produce of the labour of another class, as the capitalists now appropriate and enjoy the wealth which the powers of the working man daily call into existence. It is inequality of exchanges which enables one class to live in luxury and idleness, and dooms another to incessant toil John Francis Bray
It is the unvarying law that the wealth of the community will be in the hands of the few ... David J. Brewer
If I had the power I would steal all your royal wealth and give it to Christ’s brothers and sisters. Saint Brigid
National border lines are much easier to draw than economic lines. David Brancaccio
Communism has ... made people [Russian workers] very lazy. Zbigniew Brzezinski
Some communist countries think that free enterprise will save them the same way that they thought communism would save them. Zbigniew Brzezinski
l had a job, and if you had a job in the depression you were rich. Adrian P. Burke
Government is a contrivance of human wisdom to provide for human wants. Men have a right that these wants should be provided for by this wisdom. Edmund Burke
It is no longer a matter of serious controversy whether the government should play a positive role in helping to maintain a high level of economic activity. What we debate nowadays is not the need for controlling business cycles, but rather the nature of governmental action, its timing and its extent. Arthur Burns
Monetary policy and fiscal policy are inseparable. Arthur Burns
When the economy shows signs of faltering, prompt countermoves are required. Even mild measures on the part of government can be effective in the early stages of an economic decline. ... If action is withheld until a recession has gained momentum, strong and costly measures may prove insufficient. Arthur Burns
Modernization is found in markets. George W. Bush
How come my friends in the S&L industry tell me things are so dire? George W. Bush
It's not our business for the United States to sort out the other fellow's economic problems. We've got enough of our own. George W. Bush
I don't know of any President, now or in the past, who does not favor lower interest rates. That's the American way. George W. Bush
Voodoo economics George W. Bush
The economy is at the service of man, not the other way around. Pedro Calvo
Booms are great while they last but they don’t last forever. Thomas Carper
I reject the advice of those who think the only way to fight inflation is to throw millions of people out of work .... I guarantee you that I will not fight inflation with your jobs. Jimmy Carter
Inflation eats away at ties that bind us together as a people. Jimmy Carter
We simply cannot check inflation by keeping people out of work. Jimmy Carter
What makes this country different is that we have a great middle class. James Carville
We're starting to realize the limitations of oil income, that you can't live the life of Riley forever. Antonio Casas
Support of private ownership does not mean that anyone has the right to unlimited accumulation of wealth Catholic Church
The common good may sometimes demand that the right to own be limited by public involvement in the planning or ownership of certain sectors of the economy. Catholic Church
The priority of work over capital places an obligation in justice upon employers to consider the welfare of the workers before the increase of profits. Catholic Church
We should submit to careful examination and review a system which places such vast powers for evil in the hands of irresponsible individuals and which makes the possession of land not a trust but a means of extortion and exaction. Joseph Chamberlain
No man can always have riches. Geoffrey Chaucer
I don't think we should be in the business of proliferating arms sales just to protect our industrial base. Dick Cheney
Europe will be the most important economic power in the world. Jacques Chirac
The goal of economic progress is the extension of human liberty, not ... the open-ended servicing of human greed. Joe Clark
We cannot separate politics from economics. Joe Clark
Our progress toward a wise conclusion will not be improved by dwelling upon the theories.... It is a condition which confronts us—not a theory! Grover Cleveland
We have got to put a human face on the global economy. Bill Clinton
The forces of global integration are a great tide, inexorably wearing away the established order of things. Bill Clinton
I'm going to focus on the economy like a laser. Bill Clinton
No nation, rich or poor, democratic or authoritarian, can escape the fundamental economic imperatives of the global market. No nation can escape its discipline. No nation can avoid its responsibility to do its part Bill Clinton
There is no way out of playing by the rules of the international economy if you wish to be a part of it. Bill Clinton
You can't just shut off the borders of a community. Janis Cohen
The upward economic movement in America has undoubtedly reached its end – the crisis has come. Communist International; Comintern
When wealth is centralized, the people are dispersed. When wealth is distributed, the people are united. Confucius; Kung Fu-tse
Large profits mean large payrolls. Calvin Coolidge
No Congress ...has met with a more pleasing prospect than that which appears at the present time. Calvin Coolidge
There isn’t that much that Washington can do to effect the economy. Ann Coulter
Since ours is an economy based on growth through risk-taking, we should provide encouragement not only for saving but for prudent investment of those savings. Philip M. Crane
The problem belongs to the American national democracy, and its solution must be attempted by means of official national action. Herbert Croly
The business community won’t like it if the Federal Reserve raises the interest rate. They never do. That doesn’t mean they shouldn’t do it. William M. Daley
Bond traders now veto presidents. James Dale Davidson
Capitalists personally are often the mildest-mannered men that ever shattered a family or drained a workingman of his marrow. Daniel De Leon
Because the rights to possessions are not adequately documented, assets cannot readily be turned into capital, cannot be traded outside of narrow, local circles where people know and trust each other, cannot be used as collateral for a loan, and cannot be used as a share against an investment. Hernando de Soto
The hour of capitalism’s greatest triumph is its greatest danger. Hernando de Soto
It is but right that the men of brains and brawn who produce shall be recognized in the distribution. We simply ask a just proportion of the proceeds. Eugene V. Debs
What is “destructive competition” for producers is a bargain bonanza for consumers. J. Bradford DeLong
Africa has no time to lose. The global economy is fast leaving our continent behind. Rachel Gbenyon Diggs
You don’t just cut off a bread subsidy after 60 years. Anatoly Dobrynin
We don't want to saw off the first rung of the economic ladder. Elizabeth Dole
A mature welfare state is always broke. Bob Dole
I’m a big fan of the free market system but the free market system works [only] when you have robust competition. Bryan L. Dorgan
Well, this is the end of Western civilization. Lewis Douglas
There are two problems in my life. The political ones are insoluble and the economic ones are incomprehensible. Alec Douglas-Home
As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth—not of existing wealth, but of wealth as it is currently produced—to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery. Marriner Eccles
The Fed [Federal Reserve System], whether it likes it or not, is required to provide adequate reserves to the banking system in order for the government to finance its needs, even when that is inflationary. Marriner Eccles
We shall either adopt a plan which will meet the problem of unemployment under capitalism or a plan will be adopted for us which will operate without capitalism. Marriner Eccles
People who wouldn’t think of raising taxes think there’s nothing wrong with mortgaging the future of their state Alan Ehrenhalt
It is not the Federal government that makes prosperity in this country. Dwight D. Eisenhower
Washington doesn't understand interest rates and Wall Street doesn't understand Washington. Stuart Eizenstat
A creative economy is the fuel of magnificence. Ralph Waldo Emerson
I spent half my life on economic relations and building relationships with allies and friends; I spent the other half of it on warfare and the Third World. Some people tell me that the mixture of economic analysis and welfare is ideal training for Wall Street. Thomas Enders
If ... the taking over the tobacco trade by the state was socialistic, Napoleon and Metternich would rank among the founders of Socialism. Friedrich Engels
A nation’s success in the global economy is not determined by the quantity of its natural resources, but by the quality of its human resources. Juan Enriquez
The growing tendency to justify and base governance on the grounds of maintaining economic efficiency has opened the door to secessionists who can legitimately claim that they are not reaping the benefits of economic restructuring. Juan Enriquez
The prince should try to prevent too great an inequality of wealth .... prevent the wealth of the multitude from being hoarded by a few. Desiderius Erasmus
Many will see [globalization] as little more than a mask used by certain economic elites for taking away the voice of the individual citizen. Yaron Ezrahi
One morning people can wake up and realize there is nothing left to share, that before state property is privatized, all the cream has been skimmed off, and what's left will just be bones. Volodymyr P. Filenko
The key to the moral superiority of capitalism is that people get rich by imaginatively serving the needs of others. George Gilder
Is supply-side economics finished? Only in the sense that General George S. Patton's army was finished in Germany in May, 1945. Newt Gingrich
It’s very difficult to find out what’s going on in the economy even when its happening. James K. Glassman
We don’t have to send in troops; we can just call in loans. Juan Gonzales
The market is not an invention of capitalism …. It is an invention of civilization. Mikhail Gorbachev
The party cannot relinquish its leading role in the economy. Mikhail Gorbachev
Irrational exuberance Alan Greenspan
Like it or not, we are all in this together now, rich nations and poor alike … William Greider
Ruin for some [is] prosperity for others. William Greider
The American economy cannot be considered healthy when most of its workers and consumers are not. William Greider
All inflationary processes in history are related to political and moral crises. Itamar Franco
A strong economy is perfectly consistent with concern for equity and economic justice. Barney Frank
Our whole evolutionary thinking leads us to the conclusion that economic independence lies at the very foundation of social and moral well-being. Felix Frankfurter
All amassing of wealth or hoarding of wealth above and beyond one's legitimate needs is theft. Mohandas K. Gandhi
Capital as such is not evil. It is its wrong use that is evil. Capital, in some form or other, will always be needed. Mohandas K. Gandhi
It's very difficult to rally people to deal with an economic problem as opposed to a military threat. Leslie H. Gelb
There shall come seven years of great plenty … And there shall arrive after them seven years of famine, and all the plenty shall be forgotten. Book of Genesis
All down history, nine-tenths of mankind have been grinding corn for the remaining one-tenth, been paid with the husks, and bidden to thank God they had the husks. David Lloyd George
Capital is a result of labor. Henry George
Capital is good; the capitalist is a helper if he is not also a monopolist. We can safely let any one get as rich as he can if he will not despoil others in doing so. Henry George
There are three ways by which an individual can get wealth—by work, by gift, and by theft. And, clearly, the reason why the workers get so little is that the beggars and thieves get so much. Henry George
When non-producers can claim as rent a portion of the wealth created by producers, the right of the producers to the fruits of their labor is to that extent denied. Henry George
Build a global economy that will lift up—and not drag down—our people and all the people of the world. Richard A. Gephardt
[Discussing economic trends:] You can find a study that says anything. Richard A. Gephardt
The strongest bulwark of the capitalistic system is the ignorance of its victims. Adolph Fischer
Stocks have reached what looks like a permanently high plateau. Irving Fisher
It is well enough that the people of the nation do not understand our banking and monetary system for, if they did, I believe there would be a revolution before tomorrow morning. Henry Ford
As long as we can outproduce the world, can control the sea and can strike inland with the atomic bomb, we can assume certain risks otherwise unacceptable in an effort to restore world trade, to restore the balance of power —military power—and to eliminate some of the conditions which breed war. James Forrestal
It is property which has made tyrants and not tyrants property. Henry Hetherington
The depression in the business world is reaching its height. Unemployment is increasing daily. The family is breaking up. Starving people fill the streets…. This is the responsibility of statesmen who govern under the auspices of the Emperor’s will. To ignore this situation is to ignore the Emperor’s will. Kiichiro Hiranuma
Generals know nothing about the economics of war. Adolf Hitler
I'll see to it that prices remain stable. That's what I have my storm troopers for. Adolf Hitler
During the 26 years I have spent in the public service I have been guided wholly by these economic formulas [of Marxist Socialism] as a foundation in effectuating policies and in promoting governmental measures. Daniel Webster Hoan
If ignorance paid dividends, most Americans could make a fortune out of what they don't know about economics. Luther H. Hodges
When the war [World War I] closed ... we were challenged with a peacetime choice between the American system of rugged individualism and a European philosophy of ... paternalism and State Socialism. Herbert Hoover
Economic depression cannot be cured by legislative action or executive pronouncement. Herbert Hoover
Gentleman, you have come sixty days too late. The depression is over. Herbert Hoover
The only trouble with capitalism is capitalists—they're too greedy. Herbert Hoover
The stock boom was blowing great guns when I came into office. Herbert Hoover
I am firmly opposed to the Government entering any business the major purpose of which is competition with our citizens. Herbert Hoover
The fundamental business of the country, that is production and distribution of commodities, is on a sound and prosperous basis. Herbert Hoover
The test of the rightfulness of our decisions must be whether we have sustained and advanced ... prosperity. Herbert Hoover
I learned more about economics from one South Dakota dust storm than I did in all my years in college. Hubert Horatio Humphery
There are a lot of spin doctors on the economic numbers, not just politicians. Lacy Hunt
Cutting necks is better than cutting the means of living. Saddam Hussein
High interest rates are the cruelest taxes of all. Lee Iacocca
No man should be allowed to own any land he does not use. Robert G. Ingersoll
Ownership is a social function, to be exercised within the objectives of the Society and the plans of the State. Iraq
It was once supposed that only the rich were entitled to luxury. Now we are beginning to see that participation in the benefits of the machine civilization must be as widespread as possible if any group is to have prosperity. Henry Ittleson
Capitalism without capital is just an ism. Jesse Jackson
The instinct of ownership is fundamental in man’s nature. William James
Books constitute capital. A library book lasts as long as a house, for hundreds of years. Thomas Jefferson
Experience demands that man is the only animal which devours his own kind, for I can apply no milder term ...to the general prey of the rich on the poor. Thomas Jefferson
Agriculture, manufactures, commerce and navigation, the four pillars of our prosperity, are the most thriving when left most free to individual enterprise. Thomas Jefferson
What could be the reason that so many should be permitted to beg who are willing to work? Thomas Jefferson
The private sector can only be a supplement to the state and collective sectors, and it can never predominate. Jiang Zemin
You are the biggest part of the population in the state. You create its wealth. Mary Harris Jones; Mother Jones
The definition of superpower cannot mean only military might anymore. Barbara Jordan
You can strike an emotional chord but it's very difficult to strike an economic chord. Flora MacDonald
You don't have to kill the economy to regulate it. Ronald Machtley
We now have the worst of both worlds – not just inflation on the one side or stagnation on the other side, but both of them together. We have sort of “stagflation” situation. Ian Macleod
Let’s be frank about it. Most of our people have never had it so good. Go around the country, go to the industrial towns, go to the farms, and you’ll see a state of prosperity such as we have never had in my lifetime – nor indeed ever in the history of this country. What is beginning to worry some of us is “is it too good to be true?” or perhaps I should say “is it too good to last?” For amidst all this prosperity, there is one problem that has troubled us, in one way or another, ever since the war. It is the problem of rising prices. Our constant concern is: Can prices be steadied while at the same time we maintain full employment in an expanding economy? Can we control inflation? Harold MacMillan
Selling the family silver. Harold MacMillan
No sheriff or bailiff of ours, or any other, shall take horses or carts of any Freeman for transportation, unless with the consent of that freeman. Magna Carta (John Lackland)
The few ... write their plans and scheems by asotiations, conventions and correspondence with each other .... Their professions are often called together and know each others mind ... William Manning
Not every problem someone has with his girlfriend is necessarily due to the capitalistic mode of production. Herbert Marcuse
The economic and technical capabilities of the established societies are sufficiently vast to allow for adjustments and concessions to the underdog. Herbert Marcuse
The most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves. Alfred Marshall
In the old days the problems of government were few and political, now they are many and are economic and sociological ... John A. Martin
In a morally adjusted economy ... the rich should not get richer if the poor get poorer. Malachi Martin
Our purpose is to lean against the winds of deflation or inflation, whichever way they are blowing. William McChesney Martin Jr.
The Federal Reserve's job is to take away the punch bowl just when the party gets going. William McChesney Martin Jr.
[Capitalism] has acquired the occult ability to add value to itself. It brings forth living offspring or at the least lays golden eggs. Karl Marx
Capital is dead labor, that vampire like, only lives by sucking living labor. Karl Marx
National security must include international economics as it became clear that the U. S. economy was powerfully affective by economic policies in dozens of other countries. Jessica Tuchman Mathews
Ministers would have been hard put to alter the harvests or bring orders to industry. But they were ministers and they had to do something. Andre Maurois
We have the best mathematical economic models in the world, and just because our models have been wrong for 14 straight quarters does not mean that they will be wrong in the 15th quarter. Martin Mayer
The International Monetary Fund is the doctor to sick economies. Richard T. McCormack
Democratic capitalism, combined with industrial democracy, is unquestionably the best way of life for mankind. David J. McDonald
The middle class is the group in this country that has been taken for a ride. George McGovern
The question is not whether the nation should reduce current consumption. It should. The question is, Whose consumption should be reduced? Robert S. McIntyre
Business conditions are not the most promising. It will take time to restore the prosperity of former years. If we cannot promptly attain it, we can resolutely turn our faces in that direction and aid its return by friendly legislation. William McKinley
The commonly urged identification of Constitutional freedom with the freedom of business enterprise is an illusion which could be entertained only in a society which is too busy in seeking success to give time or energy to finding out what success is. Alexander Meiklejohn
It will purge the rottenness out of the system. People will work harder, live a more moral life. Values will be adjusted and enterprising people will pick up the wreck from less competent people. Andrew Mellon
Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people. Andrew Mellon
Every job lost is a bomb blowing up under a family. Thomas Menino
Telephone and cable monopolies were positioning themselves to compete with one another. Howard M. Metzenbaum
The concentration of income inside the United States is striking, but it pales in comparison with the concentration worldwide to which the economic system headed by the United States has given rise. Lorenzo Meyer
We must be careful that the people who make $5,000 a year are not pitted against those that make $25,000 a year by those who make $900,000. Barbara Mikulski
The distribution of wealth ... depends on the laws and customs of society ... what the opinions and feelings of the ruling class make them, and are very different in different ages and countries; and might be still more different, if mankind so chose. John Stuart Mill
The greater security of property is one of the main conditions and causes of greater production. John Stuart Mill
What is truly frightening is that, despite our knowledge, we continue to subsidize activities without regard to their environmental—and economic—impact. George Miller
The average middle-income homeowner is the big winner in inflation. His labor income keeps up with prices, his home appreciates in real terms, and his home mortgage payment does not increase at all .... The wealthy have no safe and profitable store of value in times of inflation. Joseph J. Minarik
Employment no longer responds to governments … Francois Mitterrand
We should rely on the markets to move on their own. Kiichi Miyazawa
Republics come to an end by luxurious habits; monarchies by poverty. Charles de Montesquieu
All the banks in Christendom could not control money. J. Pierpont Morgan
The future of a Nation will be shaped by its ability to produce planes, cars, electronics ... not by how slick its financial markets can shuffle paper assets around. Akio Morita
What you don't want to have is tax-driven economic activity. Daniel P. Moynihan
Politics is economics in action. Robert M. La Follette
An industry that can not pay its workers a decent living wage has no right to exist. Fiorello H. La Guardia
Until economic freedom is attained for everybody, there can be no real freedom for anybody. Suzanne LaFollette
A rising economic tide not only raises all ships but prevents them from bumping into each other. Richard Lamm
There is nothing in the present situation to suggest that the normal economic forces, working to correct excesses and to restore the proper balance of affairs, are still not operative and adequate. Thomas William Lamont
The genius of capitalism consists precisely in its lack of morality …. Deprive a capitalist of his God-given right to lie and cheat and steal, and the poor sap stands a better than even chance of becoming one of the abominable wards of the state. Lewis H. Lapham
That industries like coal and electric power, transport and banking, the supply of meat and the provision of houses, should be left to the hazards of private enterprise will appear as unthinkable to a future generation as it is unthinkable to our own that the army of the State should be left to private hands.... That does not mean direct operation by government .... It means the planning of constitutions for essential industries. Harold J. Laski
If all the economists in the world were lain end to end, they would never meet. Stephen Leacock
A recession is a period in which you tighten your belt. In a depression, you have no belt to tighten. In a panic you have no pants left to hold up. Stephen Leacock
Americans have spent their way to happiness. Stanley Lebergott
Ours is an economy that depends on the availability of credit at affordable interest rates. Irving R. Levine
The question today is whether we should be creating millions of new jobs at present wages or fewer new jobs at better wages. Frank Levy
Capitalism still wants to beat socialism in the end. Li Xiannian
It’s not the size of the feast, but the number of people that can fit around the table. Joseph I. Lieberman
I have very large ideas about the mineral wealth of the nation. I believe it practically inexhaustible. Abraham Lincoln
Property is desirable, is a positive good in the world. Abraham Lincoln
That some should be rich, shows that others may become rich, and hence is just encouragement to industry and enterprise. Abraham Lincoln
Markets are self-regulating only because some brave investors are prepared to bet against the market trend. Lawrence B. Lindsey
There will be no repetition of the break yesterday …. I have no fear of another comparable decline. Arthur W. Loasby
The great and chief end, therefore, of men uniting into commonwealths, and putting themselves under government, is the preservation of their property John Locke
We oppose monopoly, the tendency of which is to make the rich richer and the poor poorer. Belva Lockwood
Economics, not force of arms will decide; not battles, but famine. Jack London; John Griffith London
The emancipation of the masses can become a reality only with the abolition of the competitive system of society. Meyer London
I never felt the Great Depression firsthand. I learned about it at Harvard. John F. Kennedy
The real wealth of a nation resides in its farms and factories and the people who man them. John F. Kennedy
When the facts change, one ought to change one’s opinion. John Maynard Keynes
The emergency we now face is economic. New laws are not enough. Martin Luther King Jr.
We cannot remove the evils of capitalism without taking its source of power: ownership. Neil Kinnock
For the first time in history, a single worldwide economic system has come into being. Henry A. Kissinger
People today expect a good economy the same way a they expect sunshine and good air. Charles Krauthammer
Socialist forms of life could find a much easier realization than through the seizure of all industrial property by the State, and the State organization of agriculture and industry. Peter Kropotkin
There's no such thing as a painless cure for inflation. Lawrence Kudlow
National sovereignty should be supported by financial independence. The only power that will propel us to this goal is the economy. No matter how mighty they are, political and military victories cannot endure unless they are crowned by economic triumphs. Kemal Ataturk
Supply and demand don’t work on a legislative schedule. Jeffery Birnbaum
The Depression has caused an emergency more serious than war. Louis D. Brandeis
Moses (that wise Legislator) in his forbidding the Jews to lend money at use one to another, and permitting them to lend their money to Strangers; ordained that Law as much to a Political as a Religious intent; knowing that by the latter they should enrich their own Nation, and by the former no publick Good could ensue; the consequences being only to impoverish one Jew to make another rich. Josiah Child
There is no one to sweep a common hall. Chinese Proverb
When the fish price is too low, the fishermen starve. Chinese Proverb
With money you are a dragon; with no money, a worm. Chinese Proverb
The vast Number of Law Suits occasioned thereby, the Courts are open, and every Term, four or five hundred Writs (and perhaps more) given out against good honest Housekeepers, who are as willing to pay their Debts as their Creditors would be, and have wherewith to Pay, but can't Raise Money, unless they will Sell their Houses at half Value … Creditors will take nothing but Money; and so they are Squeezed and Oppress'd, to Maintain a few Lawyers, and other Officers of the Courts, who grow Rich on the Ruins of their Neighbours, while great part of the Town can hardly get Bread to satisfie Nature; John Colman
The Medium of Exchange, the only thing which gives life to Business, Employs the Poor, Feeds the Hungry, and Cloaths the Naked, is so Exhausted; that in a little time we shall not have wherewith to Buy our Daily Bread, much less to pay our Debts or Taxes John Colman
Let’s export American products, not American jobs. John Edwards
National frontiers and governments can no more protect societies against economic storms than against meteorological dangers. Max Frankel
New markets shall not be allowed to interfere with the interests of former ones. Frederick II
That no one shall take upon interest or profit more than five per cent., upon penalty of confiscation of the principal and of being condemned to make restitution as the case may demand. Geneva
Credit is of pernicious consequence to that Nation, that uses or encourages it beyond Nature. Isaac Gervaise
The Manufactures of the World may be reduced to two sorts; that is, the Necessary, which consist in all that is wrought for Man's Necessities or conveniences; and the Superfluous, which consist in all that is wrought, and serves to gratify his Vanity or Pleasures. Isaac Gervaise
No Nation can encourage or enlarge its Proportion of any private and natural Manufacture, without discouraging the rest; because whether an Allowance be given, either to the Manufacturer, or Transporter, that Allowance serves, and is employed to attract the Workmen from those other Manufactures, which have some likeness to the encouraged Manufacture: So that what is transported of the encouraged Manufacture, beyond nature, only balances the Diminution of the others. Isaac Gervaise
When a Nation exports more or less Labour, than is imported into it, that difference between Exports and Imports of Labour, is called Ballance of Trade Isaac Gervaise
Some of them [traders and planters] seem to think that nothing is to be regarded but Gold or Silver. They may at length repent the pains they have taken to teach the Planters to love these tempting metals, for should they ever prefer Gold or Silver to British Manufactures the Cloaths and Household furniture that they are at present fond of and be forced to make such things as they have not money to purchase Britain will reap far less benefit from her Provinces James Glen
The stock market is the world’s largest Oujie Board. John Steele Gordon
Most places of the realm are pestered with purveyors, who take up eggs, butter, cheese, pigs, capons, hens, chickens, hogs, bacon, etc., in one market under pretence of their commissions, and suffer their wives to sell the same in another, or to poulterers of London. If these chapmen be absent but two or three market days then we may perfectly see these wares to be more reasonably sold, and thereunto the crosses sufficiently furnished of all things. In like sort, since the number of buttermen have so much increased, and since they travel in such wise that they come to men's houses for their butter faster than they can make it, it is almost incredible to see how the price of butter is augmented: whereas when the owners were enforced to bring it to the market towns, and fewer of these butter buyers were stirring, our butter was scarcely worth eighteen pence the gallon that now is worth three shillings fourpence and perhaps five shillings. Whereby also I gather that the maintenance of a superfluous number of dealers in most trades, tillage always excepted, is one of the greatest causes why the prices of things became excessive: for one of them do commonly use to outbid another. William Harrison
The history of economic growth is the history of people making more with less and shifting into new jobs that were unheard of in the previous generation. David R. Henderson
The loss of manufacturing jobs is a sign of economic health. David R. Henderson
In the case of the economy, the perception is the reality. Robert L. Johnson
We want a market economy without any adjectives. Any compromises with that will only fuzzy up the problems we have. Vaclav Klaus
Domestick Trade depends on the Money. A greater Quantity employes more People than a lesser Quantity. A limited Sum can only set a number of People to Work proportion'd to it, and 'tis with little success Laws are made, for Employing the Poor or Idle in Countries where Money is scarce; good Laws many bring the Money to the full Circulation 'tis capable of, and force it to those Employments that are most profitable to the Country: But no Laws can make it go furder, nor can more People be set to Work, without more Money to circulate so, as to pay the Wages of a greater number. They may be brought to Work on Credit, and that is not practicable, unless the Credit have a Circulation, so as to supply the Workman with necessaries; If that's suppos'd, then that Credit is Money, and will have the same effects, on Home, and Forreign Trade. John Law
Every thing receives a value from its use, and the Value is raised [or lowered], according to its Quality, Quantity and Demand. John Law
If raising or allaying [revaluing or devaluing] the Money could add to its Value, or have any good Effect on Home or Foreign Trade; Then no Nation would want Money [from that nation.] John Law
Some Countries have rais'd Money in the Denomination, when others have lower'd it; …. Some have prohibited the Export of Money under the severest Penalties, when others have by Law allowed it to be exported; Some thinking to add to the Money, have obliged Traders to bring home Bullion, in proportion to the Goods they imported. Most Countries have try'd some or all of these Measures, and others of the same Nature, and have tryed contrary Measures at one time, from what they us'd immediatly before, … that since the Method used had not the effect design'd, a contrary would: Yet is has not been found, that any of them have preserv'd or increased Money; but on the contrair. John Law
Land will continue to rise in value, being yet capable of Improvement; And as the Demand increases, for the Quantity will be the same John Law
Nations finding the Export of Money or Bullion to pay the ballance due by Trade, a loss of so much Riches, and very hurtful to Trade, might have discharg'd the Import of such Goods as the People could best want; Or laid a Duty on them, such as might have lessen'd their Consumption: They might have given encouragement to Industry, whereby the Product would have been encreas'd and improv'd, or discourag'd extravagant Consumption, whereby the Overplus to Export would have been greater; Any one of these Methods would have brought Trade and Exchange equal John Law
Let us sell merchandise to the Spanish and obtain from them gold and silver. Louis XIV
The market can play a crucial role in disciplining the banking system, but this requires reliable information about banks' financial condition. Eugene A. Ludwig
I believe we must begin now to seriously focus on this central question- to what degree should financial providers besides banks be asked to step up to the plate and participate in CRA-like [Community Rehabilitation Act] programs as the banking industry has done? Eugene A. Ludwig
… the spiritual emptiness and moral inadequacy of capitalism Georg Lukacs
Only the Russian Revolution really opened a window to the future; the fall of Czarism brought a glimpse of it, and with the collapse of capitalism it appeared in full view. Georg Lukacs
The general principles of political economy teach us to buy all our commodities where we can have them the cheapest; and perhaps there is no general rule in the whole compass of the science to which fewer justifiable exceptions can be found in practice Thomas Malthus
The quantity of industry therefore not only increases in every country with the increase of the stock or capital which sets it in motion; but, in consequence of this increase, the division of labour becomes extended, new and more powerful implements and machines are invented, and the same quantity of labour is thus made to produce an infinitely greater quantity of commodities. John Ramsay Mculloch
The labourer has neither raw materials nor tools. These are provided for him by the capitalist. For making this provision the capitalist of course expects a reward James Mill
The rich in their gilded coaches trample the common citizen into the dust. Justus Moser
People are dying because we in the West are unwilling to change and to actually live by the free market rhetoric we often spout. Johan Norberg
I avert, that high Interest will bring Money out from Hoards, Plate, etc. into Trade, when low interest will keep it back. Dudley North
When all things are considered, it will be found best for the Nation to leave the Borrowers and the Lender to make their own Bargains, according to the Circumstances they lie under Dudley North
Moneys imployed at Interest in this Nation, are not near the Tenth part, disposed to Trading People, wherewith to manage their Trades; but are for the most part lent for the supplying of Luxury, and to support the Expence of Persons, who though great Owners of Lands, yet spend faster than their Lands bring in; and being loath to sell, choose rather to mortgage their Estates. Dudley North
Economies that are open to trade grow faster. Arvind Panagariya
The countries that stand to benefit most from greater competition and openness are those nations that display the highest protection. Arvind Panagariya
We will plant our flag on the hill of economic security. Nancy Pelosi
In November, 1919, in Western Russia, the peasants would sell me nothing for money, whereas my neighbor in the train bought all he wanted in exchange for small quantities of salt. Arthur Ransome
No person shall practice usury at a rate of more than one twelfth. Rome
Supply creates its own demand Jean-Baptiste Say
Let’s put some lipstick on this pig. Charles Schwab
Sell a country? why not sell the air, the clouds …. Tecumseh
It should be only the surplus of the crops of any Province, beyond what is needed for the supply of its own wants, that should be exported. Station persons in the harbors to see that foreign ships do not take away produce to foreign shores until the Public Providers have got all that they require. Theodoric; Cassiodorus
No pecuniary consideration is more urgent than the regular redemption and discharge of the public debt. On none can delay be more injurious or an economy of time more valuable George Washington
There are needs and common goods that cannot be satisfied by the market system. John Paul II; Giovanni Battista Montini
The free market is the most efficient for utilizing resources and responding to needs, but there are many human needs which find no place on the market. John Paul II; Giovanni Battista Montini
The economy cannot be run in an institutional, juridical, or political vacuum: the state has its role to play, guaranteeing personal freedom, a stable currency, and efficient public services John Paul II; Giovanni Battista Montini
Society and state need to afford protection against the nightmare of unemployment through economic policies that ensure balanced growth and full employment or through unemployment insurance and retraining programs. John Paul II; Giovanni Battista Montini
Another form of oppression is the denial of the right to economic initiative. John Paul II; Giovanni Battista Montini
Communism has had its success in this century as a reaction against a certain type of unbridaled capitalism. John Paul II
Where there is a complete manifestation of the Malthusian theory of population, friendliness develops with great difficulty to the point of active effort to relieve suffering; where further increase in population means increase in severity of the struggle for subsistence, aggressive benevolence is not likely to assume large proportions. On the contrary, when the cutting off of thousands by plague, or flood, or famine means more air to breathe and more land to cultivate for those who remain, stoic apathy is not hard to attain. John Dewey
Before the stock market crash of 1929 approximately half of all the stock sold in America was fraudulent. President Coolidge did not believe in the Federal Government interfering with business and would not interfere. His Secretary of Commerce, Herbert Hoover however was worried about the extreme corruption of the system. By the time he succeeded Coolidge as President, it was too late. Don Ritchie
Antimarket, antiglobalist posture resounds among the people, because the people are afraid. Gerard Grunberg
A man who could not serve in the trenches of France might nonetheless serve in the financial trenches at home…. William Gibbs McAdoo
We sell our sovereignty down the river when we become a debtor nation. Benjamin R. Barber
The oil market is the biggest failure of the free market because it did not take into account the environmental damage. Eleanor Clift
The Democratic free trader declared that protection was robbery; on the other hand, the Republican protectionist pronounced free trade unpatriotic. The free trader argued that the tariff was like an artificial mountain raised at the gates of the nation and, thereby, increasing the cost of goods. “Tear down these mountains,” said he, “and prices will decline.” That is all true, but we Socialists know that if the artificial mountains of the tariff are removed, prices will go down true enough, but seeing labor is a merchandise under the capitalist system of production, its own price, wages, must go down along with that of all other merchandise. The advantage, accordingly, of lower prices is lost to the working class Daniel DeLeon
Labor is, on the one hand, more and more furnished by a class; Property or Capital, on the other, held and controlled by another class. Here you have workers without property—the proletariat. There you have property without work—or capital…. The workers without property are excluded from their products, from the riches they create—which accumulate in the hands of the property holders, capitalists and large land-owners. Jules Guesde; Jules Bazile
War between the proletariat and the capitalist for their respective shares in the produce; on one side, wages, on the other, profits; each side exerting itself to carry off a maximum. Man becomes a wolf for his fellow-man. It is a question of eating one’s brother or being eaten by him. War between workers and workers for the sharing of wages. War between capitalists and capitalists for the sharing of profits. Jules Guesde; Jules Bazile
The strength of a nation depends in a great measure upon its wealth … James Henry Hammond
These are terrible times. All our young in the Armies, not [any] men left to suppress a Negro insurrection …. As yet I have not sold a lock of Cotton James Henry Hammond
The people who are banking on Oriental trade are bound to be disappointed. The United States cannot compete with foreign countries until we can manufacture products at a lower cost, which means cheaper labor James Jerome Hill
African slavery is the corner-stone of the industrial, social, and political fabric of the South; and whatever wars against it, wars against her very existence. Strike down the institution of African slavery and you reduce the South to depopulation and barbarism. Lawrence Massillon Keitt
To fulfill his double social function of non-producer and over-consumer, the capitalist was not only obliged to violate his modest taste, to lose his laborious habits of two centuries ago and to give himself up to unbounded luxury, spicy indigestibles and syphilitic debauches, but also to withdraw from productive labor an enormous mass of men in order to enlist them as his assistants. Paul Lafargue
Those going to Russia undertake to work their hardest and with the greatest efficiency and discipline exceeding those of capitalist standards, as otherwise Russia will not be able to outstrip capitalism or even catch up with it. Vladimir Lenin
Cheap goods are the artillery for battering down Chinese walls and for overcoming the obstinate hatred entertained against foreigners by semi-civilised nations Karl Marx
Before the time of the conquest, the Irish people knew nothing of absolute property in land. The land belonged to the entire sept; the chief was Little more than the managing member of the association. The feudal idea which came in with the conquest was associated with foreign dominion, and has never to this day been recognized by the moral sentiment of the people John Stuart Mill
The profit-grinding system is maintained by competition, or veiled war, not only between the conflicting classes, but also within the classes themselves: there is always war among the workers for bare subsistence, and among their masters, the employers and middle-men, for the share of the profit wrung out of the workers; lastly, there is competition always, and sometimes open war, among the nations of the civilised world for their share of the world-market. William Morris
You cannot create by decrees conditions which are alien to the very character of the existing economic relations. Georgi Valentinovich Plekhanov
The arguments of the protectionists in favor of creating home markets by protecting duties, operating to exclude the taxed foreign commodities, if addressed to the manufacturing and bountied States, would be impregnable. For these States pay but a small proportion of the costs, and enjoy nearly all the benefits of the home markets so created Edmund Ruffin
All citizens have the right to engage in industrial and commercial occupations. This right is founded on: (1) The right to hold property in houses, including the right to sell them, … (2) The right to make contracts with local authorities to build on urban and rural land, with the right of ownership for 49 years. (3) The right to own houses, factories and workshops, industrial and commercial undertakings, machinery, and means of production, agricultural and industrial property, financial capital. (4) The right to mortgage these properties or to borrow money on land. (5) The right to inventions, trade marks, and author’s royalties. (6) The right of married people and their children to testamentary or legal inheritance, up to 10,000 gold rubles, the right of legal enforcement of contracts. Russia
In order to do away with the parasitic classes of society and organize the economic life of the country, universal labor duty is introduced. Russia
Private ownership of land is abolished. The entire land fund is declared the property of the nation and turned over free of cost to the toilers on the basis of equal right to its use. Russia
The Constituent Assembly ratifies the transfer of all banks to the ownership of the workers' and peasants' government as one of the conditions for the emancipation of the toiling masses from the yoke of capitalism. Russia
I know that there is a visionary dogma which holds that negro slaves cannot be the subject of property. I shall not dwell on the speculative abstraction. That IS property which the law declares TO BE property. Two hundred years of legislation have sanctified and sanctioned negro slaves as property. Henry Clay
The moment that the incontestable fact is admitted, that the slaves are property, the law of movable property irresistibly attaches itself to them, and secures the right of carrying them from one State to another. Henry Clay
The third impediment to immediate abolition [of slavery] is to be found in the immense amount of capital which is invested in slave property. The total value of slave property then, by estimate, is twelve hundred millions of dollars. And now it is rashly proposed, by a single fiat of legislation, to annihilate this immense amount of property! To annihilate it without indemnity, and without compensation to the owners. Henry Clay
The original right of property can only be justified by the accident or merit of prior occupancy Edward Gibbon
Consumerism is not simply a market strategy. It has become a demonic spiritual force among us Walter Brueggemann
The Church raises the question concerning the need to establish comprehensive control over transnational corporations and the processes taking place in the financial sector of economy. This control, aimed to subject any entrepreneurial and financial activity to the interests of man and people, should be exercised through all mechanisms available in society and state. Russian Orthodox Church
The Church cannot approve the alienation and re-distribution of property with violations of the rights of its legitimate owners. An exception may be made only for the alienation of property based on the law, conditioned by the interest of the majority of people and accompanied by fair compensation. Russian history has shown that the violation of these principles has always resulted in social upheavals and people's suffering Russian Orthodox Church
Africa has failed to develop because, our leaders opted for socialism and . short-sighted policies of seizing. . .private business wrecked economies by chasing off investors while taking away incentives for local business to flourish Yoweri Museveni
Both excessively low prices and excessively high prices are disruptive to markets. It is therefore advisable that states not hold prices artificially low through subsidies or other methods of market intervention. Ibn Khaldun
Buy cheap and sell dear. Ibn Khaldun
Neither paper currency nor deposits have value as commodities, intrinsically, a 'dollar' bill is just a piece of paper. Deposits are merely book entries. Federal Reserve Bank of Chicago
From now on, depressions will be scientifically created. Charles A. Lindbergh Sr.
Capitalism is very unfair but it is the only system that works. Richard Branson
More than anything else, Ohio needs jobs. Ted Strickland
No great nation that ever went off the gold standard ever remained great. Ronald Reagan
We have spent years robbing Peter to pay Paul until now Paul is also broke. Osby Davis
Were the expense of war to be defrayed always by a revenue raised within the year . . . wars would in general be more speedily concluded, and less wantonly undertaken Adam Smith
The old general rule was that educated people did not perform manual labor. They managed to eat their bread, leaving the toil of producing it to the uneducated. This was not an insupportable evil to the working bees, so long as the class of drones remained very small. But now, especially in these free States, nearly all are educated--quite too nearly all, to leave the labor of the uneducated, in any wise adequate to the support of the whole. It follows from this that henceforth educated people must labor. Otherwise, education itself would become a positive and intolerable evil. No country can sustain, in idleness, more than a small percentage of its numbers. The great majority must labor at something productive. Abraham Lincoln
Actually, the problem in the world is that there is much too many rich people Paul R. Ehrlich
Free enterprise really means rich people getting richer: they have the freedom to exploit and psychologically rape their fellow human beings in the process…Capitalism is destroying the earth Helen Caldicott
The unfettered free market has been the most radically disruptive force in American life in the last generation. Hillary Clinton
This is not the time for knee jerk populist reactions to problems. These will only discourage foreign investment and make matters worse. Obiageli Ezekwesili
They passed NAFTA. We got the SHAFTA. Anonymous
Unequal wealth distribution is a risk factor for inequality that must be attacked by policies. Pedro Solbes
wise economy … is as far removed from parsimony as from corrupt and corrupting extravagance. Franklin Pierce
The most egregious predatory states produce predatory societies. People do not get rich through productive activity and honest risk taking; they get rich by manipulating power and privilege, by stealing from the state, extracting from the weak, and shirking the law. Larry Diamond
If the United States assumes control of Iraq, it will therefore assume control of a badly battered economy Conrad C. Crane
Half Dime United States Congress
This contempt for money is a trick developed by the rich to keep the poor without it. Mario Puzo
Markets work; morals matter. Michael Barone
The need to promote the adoption of a global currency as a vital element in the integration of the global economy is self-evident. Bahai Universal House of Justice
O Ye Rich Ones on Earth! The poor in your midst are My trust; guard ye My trust, and be not intent only on your own ease Bahaullah; Husayn Ali Nuri
How do you lose track of 12 billion dollars of cash? Send it to Iraq. 360 tons of cash. We know how much it weighed but we don’t know where it went. Gordon Peterson
It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance. Murray Rothbard
Most American flags are made in China as you know. M. Farooq Kathwari
Our security strategies have not yet caught up with the risks we are facing. The globalization that has swept away the barriers to the movement of goods, ideas and people has also swept with it barriers that confined and localized security threats. Mohamed El Baradei
History shows that when you have continuing income inequality it is an invitation to class conflict. Clarence Page
Americans today are blaming globalization for change itself and the pace of change, much of which has little to do with globalization. Roger Altman
Median compensation in America has been stagnant over 25 of the last 30 years, the only exceptions being the last 5 years of the 1990s. Robert E. Rubin
A populist is someone who sees politics from an economic perspective rather than an ideological perspective. I’m a populist. The only thing that really matters is who is gets screwed and who is doing the screwing. Molly Ivins
While protectionism doesn’t work, pure free trade doesn’t work either. Charles E. Schumer
The French social model is no longer the best one in the world. We have massive unemployment. It must change. Nicolas Sarkozy
What I like is that fact is that in America you take a chance. If you win, fine. If you don’t, this is OK. You get a second chance. Nicolas Sarkozy
I believe in capitalism but in fair capitalism. Nicolas Sarkozy
We are not here in this world to find elegant solutions, pregnant with initiative, or to serve the ways and modes of profitable progress. No, we are here to provide for all those who are weaker and hungrier, more battered and crippled than ourselves. That is our only certain good and great purpose on earth, and if you ask me about those insoluble economic problems that may arise if the top is deprived of their initiative, I would answer 'To hell with them.' The top is greedy and mean and will always find a way to take care of themselves. They always do. Michael Foot
There is something wrong when we had more bankruptcies last year than college graduates. Hillary Clinton
That which in England we call the middle class is in America virtually the nation. Matthew Arnold
Not having a country with a financial crisis in the year is a pretty big deal to me. But something that didn’t happen is not something that people will focus on. John B. Taylor
Without international economics getting done, foreign policy doesn’t get done. Faryar Shirzad
What do these enemies of the human race look like? Do they wear on their foreheads a sign so that they may be told, shunned and condemned as criminals? No. On the contrary. They are the respectable ones. They are honored. They call themselves, and are called, gentlemen. What a travesty on the name, Gentlemen! They are the pillars of the state, of the church, of society. They support private and public charity out of the excess of their wealth. They endow institutions. In their private lives they are kind and considerate. They obey the law, their law, the law of property. But there is one sign by which these gentle gunmen can be told. Threaten a reduction on the profit of their money and the beast in them awakes with a snarl. They become ruthless as savages, brutal as madmen, remorseless as executioners. Such men as these must perish if the human race is to continue. There can be no permanent peace in the world while they live. Such an organization of human society as permits them to exist must be abolished Henry Norman Bethune
No sane political figure is going to say a kind word for recession--but the universally avoided truth is that there is at present no better way to increase productivity in plants, to turn impulse buyers into careful shoppers at supermarkets, and to seriously cut into rising living costs. William Safire
We could not get NAFTA passed today with the current Congress…. We’ve got to combine trade liberalization with a broad-based sharing of the fruits of our productivity. Robert E. Rubin
It’s a very difficult cultural issue. Why don’t Americans save? Robert E. Rubin
With the Clinton higher tax rates for the top two brackets, we had the longest and strongest economic expansion in U. S. history. Robert E. Rubin
Whenever you have an efficient government you have a dictatorship. Harry S Truman
A serious and explicit purpose of our foreign policy is the encouragement of a hospitable climate for investment in foreign nations. Dwight D. Eisenhower
Usually this desire for family size limitation has been laid to economic pressure... It has asserted itself among the rich and among the poor, among the intelligent and the unintelligent. It has been manifested in such horrors as infanticide, child abandonment and abortion Margaret Sanger
We are told that we must open up, that trade and commerce must be totally free. Free for whom? For rogue speculators. For anarchists wanting to destroy weak countries in their crusade for open societies, to force us to submit to the dictatorship of international manipulators. Mohamad Mahathir
The primary role of the economist is to find out the truth about the real world. Milton Friedman
The industrial competition of China would be incomparably more dangerous to Western civilization than that of any other nation … Lafcadio Hearn
I think the defining issue of our time is: Does the economic, social, and political system work for the middle class? Lawrence Summers
It is an obligation not to help the enemies of Islam by buying their goods. To buy their goods is to support tyranny, oppression and aggression. Buying goods from them will strengthen them; our duty is to make them as weak as we can. Our obligation is to strengthen our resisting brothers in the Sacred Land as much as we can. If we cannot strengthen the brothers, we have a duty to make the enemy weak. If their weakness cannot be achieved except by boycott, we must boycott them. Yusuf Al-Qaradawi
When you run a surplus you save it for a rainy day. You don’t spend it. Michael Bloomberg
Despite the enormous historical achievements of decolonization and civil rights, African and Caribbean states remain marginalized in the world and African diasporas in their host countries. The pace, breadth and depth of the strides we have made since independence and civil rights over the last fifty years vary enormously between countries and regions, among social classes and genders, across periods and sectors. Nevertheless, our states and societies are still largely pawns rather than players on the world stage. This will not fundamentally change unless we pull all our resources—demographic, political, economic, cultural, and imaginative—to fight for our collective emancipation and empowerment. Paul Tiyambe Zeleza
Sweden did not take part in WWII. We stayed out. None the less we received 120 million dollars in Marshall Plan aid. Henrik Liljegren
After the end of the Cold War, we have the obligation to help these Eastern European countries to enjoy the same kinds of benefits that we enjoyed 50 years ago. K. Erik Tygesen
The Russians saw the Marshall Plan as inimical; to their strategic interest in Europe if it worked. They galvanized all the communist parties in the world to oppose it. Waldemar Neilson
An economically successful Africa is not only in the interest of the Africans but also is in the interest of the United States as well. Robert E. Rubin
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions … Alan Greenspan
Globalization is very difficult to understand and almost impossible to regulate. Alan Greenspan
The free market economy provides an unparalleled example of a continuing healthy circulation of elites. In this dynamic economy, failure to keep up with competitors, failure to satisfy the demands of consumers in the best possible way, will topple elites quickly and establish new ones who do the job better. Murray Rothbard
Liberty produces wealth, and wealth destroys liberty. Henry Demarest Lloyd
Hard times are with us; the country is distracted; very few things are marketable at a price above the cost of production; tens of thousands are out of employment; the jails, penitentiaries, workhouses and insane asylums are full; the gold reserve at Washington is sinking; the government is running at a loss with a deficit in every department; a huge debt hangs like an appalling cloud over the country; taxes have assumed the importance of a mortgage, and 50 per cent of the public revenues are likely to go delinquent; hungered and half-starved men are banding into armies marching toward Washington; the cry of distress is heard on every hand; business is paralyzed; commerce is at a standstill; riots and strikes prevail throughout the land; William Hope Harvey; Coin Harvey
There is no other agency of government that can overrule the actions that we take. Alan Greenspan
The facts of our present industrial system are of so, complicated a nature that they have not only defied the attention of economists for the last fifty years, but they have deceived practical men who have given to them not only the time economists have given, but their whole lives. Arnold J. Toynbee
I sincerely regret the loss of that set of men who are called yeomen . . . who really kept up the independence of the nation, and I am loth to see their lands now in the hands of monopolizing lords. Arthur Young
As capital is thus the most essential element in setting industry in motion, so it is by the amount of it, that the productiveness of that industry is chiefly determined. Adam Smith
When men unite in large societies, they cannot each take an active part in what concerns the common good. They are obliged to delegate their individual powers and rights to act, in things relating to it, to several, or to one. John Rae
The general consumption of any commodity by the vulgar lessens, on the contrary, in many minds, the pleasure it would otherwise give. It brings down the individual, in this particular, to a level with the lowest John Rae
The second evil arising from the practice of banking, has its origin, in the system of credit itself; and the shock which, as it is rounded on prevailing opinion, it is liable to receive from whatever shakes public confidence. John Rae
A nation imports from a distance a manufactured commodity, which it is granted it could make as cheap, or cheaper, at home, were the manufacture introduced there. To introduce the manufacture is, however, too expensive a project to be carried into effect by any private individual. The whole society might do so, through the expenditure for a few years of a portion of its revenue, much less than what an equal number of years succeeding them will return to it in the diminished cost of the article. John Rae
Whoever ventures to attack a system received so generally, and supported by so great a weight of authority, is exposed to various evils. They who have embraced its principles are apt to slight and neglect, or, if that may not he, to conceive it their business to overthrow the heterodox doctrines. What of error they may contain is eagerly seized on, what of truth, is overlooked. John Rae
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil …. Whatever their publicized angst over Saddam Hussein's 'weapons of mass destruction,' American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the world economy Alan Greenspan
If the principle product of the Middle East were broccoli, we would not worry about the Middle East. George Will
I would engage in a sort of syntax destruction that would sound like I was answering the question but actually was not. Alan Greenspan
We are one government. The Federal Reserve is not the foreign enemy. Alan Greenspan
You don’t just go to a summit meeting and say, ‘What do we talk about?’ These things require much planning. Each one of these meeting has consequences and we have to make sure we have the right consequences. Wesley Clark
At the end of Friday, March 3, 1933, thirty-two states had closed all their banks ... Six other states had closed almost all their banks. In the other ten states and in the District of Columbia withdrawals were limited to 5 percent of deposits and in Texas to ten dollars per day. The U.S. financial system had reached the last extremity before it would collapse completely, taking the life's savings of tens of millions of people and what was left of the international economic system with it. Conrad Black
Massachusetts can not thrive until we get in a stock of slaves sufficient to do all our business. Emanuel Downing
It is evident of what great concernment it is to a Prince [a ruler], to encourage and increase the trade, and manufacture of his own people. Samuel Fortrey
People and plenty are commonly the begetters the one of the other, if rightly ordered. Samuel Fortrey
Private advantages are often impediments of publick Profit…publick profits should be in a single power to direct, whose Interest is only the benefit of the whole Samuel Fortrey
Two things … appear to be chiefly necessary to make a nation great and powerful, which is to be rich and populous. Samuel Fortrey
It was formerly a common expedient with kings and states to debase the coin, that they might the easier pay their debts in a depreciated currency; Richard Hildreth
There is a means of producing a uniform currency throughout the United States, and thereby greatly facilitating the commercial intercourse of the country, perfectly consistent with free competition in banking, and infinitely preferable to the resort to a National Bank. Richard Hildreth
Even though the Arab countries have both strategic and invaluable subterranean riches, most of them are poor. Mehmet Kamis
What anyone has he may value at what rate he will and transgresses not against justice if he sells it at any price provided he makes no distinction of buyers but parts with it as cheap to this as he would to any other buyer. John Locke
Governments should ensure the adequate capitalization of domestic banks, so that these banks won’t have to be bailed out by the IMF [International Monetary Fund]. Alan H. Meltzer
Plenty of people must also cause cheapness in wages, which cause cheapness in manufacture. William Petty
Russian international weakness was largely due to failures of Russian economic reforms, which made Russia extremely vulnerable, extremely dependent on foreign financial aid Alexey Arbatov
No one, nowadays, pretends that juridical action alone can directly produce any fundamental economic change, but it can certainly put the capitalist in a tight place, and the special advantage of the measures proposed is that they admit of being strengthened or relaxed without violent disturbance of the status quo. E. Belfort Bax
The main cause of trade depressions is over-production that is that want is produced by a glut of commodities. The working classes create during the period when trade is brisk more goods than are required for the market; they thereby forge their own chains, since a reaction ensues, with the result that millions are thrown out of work are deprived of the necessaries of life. E. Belfort Bax
There is no way of keeping profits up but by keeping wages down. David Ricardo
The interest of the landlords is always opposed to the interest of every other class in the community. David Ricardo
Remember 1932. You remember the closed banks and the breadlines and the starvation wages; the foreclosures of homes and farms, and the bankruptcies of business; the Hoovervilles: and the young men and women of the Nation facing a hopeless, jobless, future: the closed factories and mines and mills: the ruined and abandoned farms: the stalled railroads and the empty clocks; the blank despair of a whole Nation—and the utter impotence of the Federal Government. Franklin D. Roosevelt
I was in search of a one-armed economist so that the guy could never make a statement and then say, "On the other hand ... Harry S Truman
God deliver us from the professional economists. Francis E. Townsend
A rising tide lifts all boats but if you can’t afford a boat, the tide goes up your nose. Barney Frank
Black market sounds negative, but, in fact, everybody loved the black markets during the communist era. It was the only place that officials and others could get shoes and consumer products. There were shortages everywhere. The black market during the Soviet era was essentially the only capitalism there was. Amy L. Chua
The Chinese are 3 percent of the population in Indonesia, a larger population in Malaysia; they're about 10 percent of the population in Thailand. But they are extremely economically dominant throughout Southeast Asia. Amy L. Chua
The idea that you have to rent yourself to somebody and follow their orders, and that they own and you work there, and you built it but you don't own it, that's a highly unnatural notion. You don't have to study any complicated theories to see that this is an attack on human dignity. Noam Chomsky
One pursues economic theory in too extreme an extent he is likely to be in trouble; you have to consider the reality and blend what you observe as reality with an ingredient of theory, and a little, just a little bit ahead of the time, then you are likely to succeed. Cho Soon
As China grows economically, in its wake you will see a greater degree of political liberalization, a greater confidence in embracing the democratic principles … Anson Chan
It’s going to put people into indentured servitude to the credit card companies. Ted Kennedy
You only have to ask yourself, "What would happen if the entire population of India and China had two-car garages and were living at the technological and the economic standard that the American middle class is today?" The planet would become very rapidly uninhabitable. Perry Anderson
An economic failure becomes a radicalizing force only when an alternative exists Tariq Ali
An economist always shows two sides to the same coin and a politician pretends that the coin has just one side. Prakarsh Singh
The Work we are going about is this, To dig up Georges-Hill and the waste Ground thereabouts, and to Sow Corn, and to eat our bread together by the sweat of our brows. Gerrard Winstanley
Work together, Eate Bread together, Declare this all abroad. Gerrard Winstanley
England is not a Free People, till the Poor that have no Land, have a free allowance to dig and labour the Commons, and so live as Comfortably as the Landlords that live in their Inclosures. For the People have not laid out their Monies, and shed their Bloud, that their Landlords, the Norman power, should still have its liberty and freedom to rule in Tyranny … Gerrard Winstanley
The real strength of the American economy is its extreme flexibility. Alan Greenspan
We purchase goods from abroad because they are obviously better or cheaper than the goods we have at home …. It’s basically a choice of the American people of what we want to do with our purchasing power. Alan Greenspan
The history of interest rates is really the history of inflation. When inflation is high, interest rates are high, and when inflation is low, interest rates are low. Alan Greenspan
In good years, [the law] does not allow the state to capture so-called surplus revenue to save them for the downside of the business cycle Jim Zelenski
Back home in Maine people tend to think that there should be a balance between money coming in and money going out in their own lives, in their businesses and the Federal government. Tom Allen
When Interest is less, Trade is incourag'd, and the Merchant can be a Gainer; whereas, when it is great, the Usurer, or Money-owner takes all. The Dutch, with whom Interest is low, Trade cheaper, and under-sell us. Dudley North
The Federal Reserve bank buys government bonds without one penny Wright Patman
They say that open markets are the solution to everything and, if left alone, the invisible hand will solve all problems. Sadly, the reason the invisible hand often appears invisible is that, quite often, it is not there. Joseph Stiglitz
Hard times are with us; the country is distracted; very few things are marketable at a price above the cost of production; tens of thousands are out of employment; the jails, penitentiaries, workhouses and insane asylums are full; the gold reserve at Washington is sinking; the government is running … with a deficit in every department; a huge debt hangs like an appalling cloud over the country; … hungered and half-starved men are banding into armies marching toward Washington; the cry of distress is heard on every hand; business is paralyzed; commerce is at a standstill; riots and strikes prevail throughout the land; and Wall Street looks in vain for an excuse to account for the failure of prosperity to return since the repeal of the silver purchase act. . William Hope Coin Harvey
We will assist by money from our royal treasury all those who wish to reestablish old manufactures or to undertake new ones … all the merchants and traders by sea who purchase vessels, or who build new ones, for traffic or commerce shall receive from us subsidies for each ton of merchandise which they export or import on the said voyages Louis XIV
Amassing huge profits, sometimes at the deficit of human welfare, is the motivating factor of western capitalism. Kwaku Person-Lynn
In the society of to-day the means of production are a monopoly of the capitalistic class; the dependence of the working classes which results from this is the cause of misery and of servitude in all its forms. Socialist Labor Party of Germany
Demography drives the economy. Charles Wald
We have much more to fear from economic weakness in Europe than in economic strength in Europe. Lawrence Summers
There never has been a time in our history when work was so abundant or when wages were as high,… Benjamin Harrison
The middle class is the engine of this economy. John Edwards
These men no longer see the enemy in the bourgeoisie, they see him in the communists. They are afraid of competition; instead of leaders they have become bankers of men in a monopoly situation, and the least hint of competition makes them crazy with terror and despair. Antonio Gramsci
The capitalist engine is first and last an engine of mass production which unavoidably means also production for the masses. Joseph A. Schumpeter
Progress" unstabilizes the economic world, or that it is by virtue of its mechanism a cyclical process. Joseph A. Schumpeter
The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process. Joseph A. Schumpeter
Capitalism is that form of private property economy in which innovations are carried out by means of borrowed money. Joseph A. Schumpeter
Prediction of whether or not the capitalist order will survive is, in part, a matter of terminology. Joseph A. Schumpeter
Debt is more of a problem for Blacks than racism. Being in debt is being in slavery. DeForest Soaries
Labour is the father and active principle of wealth, as lands are the mother. William Petty
The rich make life more interesting: they are a luxury a civilized society should be able to afford. William C. Davis
Wealth has no source but labor William Maxwell Evarts
The prosperity of all is the interest of all. William Godwin
The barbarous gold barons -- they did not find the gold, they did not mine the gold, they did not mill the gold, but by some weird alchemy all the gold belonged to them! William Dudley Haywood; Big Bill Haywood
Whilst the agitation of the Slave question in the North may be sport to us, it may become also prove death to them. It produces an uneasy & excited feeling among the Slaves & places in jeopardy the safety of all they hold most dear on earth. Devotedly attached to the union as they are, they (the Southerners) soberly declare that if the North should persist in applying the match to the magazine of gun powder in which they live, self preservation will compel them to separate from us. James Buchanan
You cannot have a strong, resilient economy unless you have a strong resilient middle class. Barack Obama
Socialism can also practice market economy. Wen Jiabao
Two months ago we were facing serious problems. The country was dying by inches. It was dying because trade and commerce had declined to dangerously low levels; prices for basic commodities were such as to destroy the value of the assets of national institutions such as banks, savings banks, insurance companies, and others. These institutions, because of their great needs, were foreclosing mortgages, calling loans, refusing credit. Thus there was actually in process of destruction the property of millions of people. Franklin D. Roosevelt
The Bretton Woods agreement will enthrone a world dictatorship of private finance more complete and terrible than an Hitlerite dream. It offers no solution of world problems, but quite blatantly sets up controls which will reduce the smaller nations to vassal states and make every government the mouthpiece and tool of International Finance. It will undermine and destroy the democratic institutions. John Edward
You can tell an awful lot about a civilization by how it spends its money. David McCullough
Unfortunately, we have lost our manufacturing capacity. Paul A. Volcker
Nothing would assure a recession more than a significant drop in housing prices. Peter G. Peterson
Credit default swaps were nothing more than souped up versions of things that have been around for a long time like soy bean futures Steve Forbes
When you get inflation, you get massive distortions of the economy. Steve Forbes
Since this report has been read in the House, a spirit of havoc, speculation and ruin, has arisen by people who had access to the information… Three vessels Sir have sailed within a fortnight freighted for speculation; they are intended to purchase up the State and other securities in the hands of the uninformed but honest citizens of North Carolina, South Carolina, and Georgia. My soul rises indignant at the avaricious and immoral turpitude which so vile a conduct displays. James Jackson
The United States bonds are safe and free from reverses. They have been funded in such a sound manner and the prosperity of the country is growing so rapidly that there is no doubt of their solvency. Charles Maurice de Talleyrand
A national debt, properly funded and serviced, can be a potent instrument of national policy. John Steele Gordon
What is prudence in the conduct of every private family, can scarcely be folly in that of a great kingdom. Adam Smith
Immense sums were filched from the poor and ignorant. Thomas Jefferson
We are all Keynesians now. Richard Nixon
I do not think that you can spend yourself rich. George M. Humphrey
Until Keynes, politicians had not needed economists for help in running the country any more than they had needed astronomers. But Keynes made them indispensible. John Steele Gordon
Sometimes the statistics themselves, the means by which we perceive the economic universe, are unreliable. John Steele Gordon
There is a profound unfairness embedded in the economic system. Irshad Manji
In the United States you have socialism for the rich and free markets for the poor. Adrian Woolridge
Markets don’t always self-correct fast enough. Until they do there is an immense amount of damage that has been done which is why we need government intervention. Joseph Stiglitz
The very existence the Federal Reserve System is a safeguard against anything like a calamity growing out of money rates …. We have the power to deal with such an emergency instantly by flooding the street with money. Benjamin Strong
I see in the near future a crisis approaching. It unnerves me and causes me to tremble for the safety of my country... the Money Power of the country will endeavor to prolong its reign by working upon the prejudices of the people, until the wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war Abraham Lincoln
It is a curious phenomenon in political history that a measure which has elevated the credit of the country from a state of absolute prostration to a state of exalted preeminence, should bring upon the authors of it obloquy and reproach. Alexander Hamilton
Markets are smart and governments are dumb. Richard K. Armey
There is one iron law of history. When a country’s economy starts to decline, if it continues to decline, it will lose its greatness. Richard Holbrooke
It’s hard to be a fan of the free market these days when the free market has just driven the economy over the cliff. David Wessel
War always produces a higher standard of wages. Warren G. Harding
The middle class of this country, our historic backbone and our best hope for a strong society in the future, is losing its place at the table. Jim Webb
We saw that the free market economy was not enough when the Harvard boys failed to deliver free market capitalism to Russia after the Soviet Union collapsed. David Willetts
Free market economics is not enough .... a free market economy can only function in a cultural and moral environment that supports it David Willetts
The imperialists have also imposed on us an unjust economic order, and thereby divided our people into two groups: oppressors and oppressed. Hundreds of millions of Muslims are hungry and deprived of all form of health care and education. Ruhollah Khomeini
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men Woodrow Wilson
The Federal Reserve Act as it stands seems to me to open the way to a vast inflation of the currency... I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency. Henry Cabot Lodge
When the economy is bad, the economy is the only issue. Mark Shields
Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. Primarily this is because the rulers of the exchange of mankind's goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and abdicated. Franklin D. Roosevelt
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. John Maynard Keynes
The purchase of any item which helps strengthen Zionism is not permissible. Ali Khamenei
Perhaps a day might come when there would be at last be enough to go round John Maynard Keynes
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes. John Maynard Keynes
It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges. John Maynard Keynes
Public works even of doubtful utility may pay for themselves over and over again at a time of severe unemployment, if only from the diminished cost of relief expenditure John Maynard Keynes
Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways extremely objectionable John Maynard Keynes
In network economics, more brings more. Kevin Kelly
Were the Soviet Union to sink tomorrow under the waters of the ocean, the American military-industrial establishment would have to go on, substantially unchanged, until some other adversary could be invented. Anything else would be an unacceptable shock to the American economy. George F. Kennan
Even now, after the greatest victory known to history we cannot for one minute forget the basic fact that our country remains the one socialist state in the world. Mikhail Ivanovich Kalinin
The Atlantic Slave Trade was greatest planned accumulation of wealth that the world has ever known. C. L. R. James; Johnson, J. R,
I learned my politics at Harvard and my economics in Washington….I may be the only person who came to Washington to get out of politics. Lawrence Summers
Politicians always seek a pain-free solution to economic problems, and the economists keep reminding us that there is no such thing. Evan Bayh
Fundamentally all social and political questions are economic. Charlotte Despard
The Commission concludes that, as massive losses spread throughout the financial system …, many institutions failed, or would have failed but for government bailouts. As panic gripped the market, credit markets seized up, trading ground to a halt, and the stock market plunged. Lack of transparency contributed greatly to the crisis: the exposures of financial institutions to risky mortgage assets and other potential losses were unknown to market participants, and indeed many firms did not know their own exposures. Financial Crisis Inquiry Commission
I think that this is the most significant financial crisis in the post-War period for the United States, and it has in fact a global reach. . . . I think it is extraordinarily important to understand that, as we have seen in many previous examples of different countries and different times, choking up of credit is like taking the lifeblood away from the economy. Ben Bernanke
We live in an interdependent world. We depend on one another for prosperity. Zhou Wenzhong
Fashion is to France what the Gold Mines of Peru are to Spain. Jean Baptiste Colbert; Marquis de Seignelay
If something can’t go on forever, it will stop. Herbert Stein
There is only so much that you can kick the can down the road. Ben Bernanke
Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying. Norman Stewart Hughson Lamont; Baron Lamont of Lerwick
In America, innovation does not just improve our lives. It is the way we make our living. Barack Obama
Government should adjust its rates of expenditure and taxation such that total spending is neither more or less than that which is sufficient to purchase the full employment level of output at current prices. If this means there is deficit, greater borrowing, "printing money," etc., then these things in themselves are neither good or bad, they are simply the means to the desired ends of full employment and price stability. Abba Ptachya Lerner
Luxury and Extravagance are in my opinion totally destructive to those virtues which are necessary for the Preservation of the Liberty and Happiness of the People. Samuel Adams
... wholly in the interest of the creditor classes, the banking fraternity, and the commercial world, without proper provision for the debtor classes and those who toil, produce and sustain the country. Robert Lee Henry
Having a little inflation is like being a little bit pregnant. Leon Henderson
Prosperity seldom chooses the side of the virtuous. Heloise
Markets can do certain things, but markets cannot do other things Jeffrey Sachs
There are three things not worth running for—a bus, a woman, or a new economic panacea; if you wait a bit, another one will come along. Derick Heathcoat-Amory
The distribution of wealth is just as important as its creation. William Randolph Hearst
We can either have a hard decade or a bad century. Thomas Friedman
We are not able to sacrifice our short term interests for the sake of the long term. Michael Lewis
The notion that free enterprise exists has got to be acknowledged as being a myth. If I had a choice between believing in free enterprise and Santa Claus, I'd tell you I believe in Santa Claus. Richard Hatfield
The economy itself is of such social importance that its major resources and means of production should be open to democratic participation and subject to democratic social regulation. Tom Hayden; Students for a Democratic Society
Trickle down economics says that the best way to feed the birds is to give oats to the horse. Tom Harkin
The largest annual U.S. trade deficits since 1980 have been accompanied by the largest annual job-creation numbers in recent memory. The reason is simple: stronger economies tend to have stronger currencies, and the increased economic activities in these stronger economies and exchange-rate differentials lead inevitably to trade deficits Mickey Kantor
Separate an individual from society, and give him an island or a continent to possess, and he cannot acquire personal property. He cannot be rich. So inseparably are the means connected with the end, in all cases, that where the former do not exist the latter cannot be obtained. All accumulation, therefore, of personal property, beyond what a man's own hands produce, is derived to him by living in society; and he owes on every principle of justice, of gratitude, and of civilization, a part of that accumulation back again to society from whence the whole came. Thomas Paine
This society cannot go forward, the way we have been going forward, where the gap between the rich and the poor keeps growing. Michael Bloomberg
I care not how affluent some may be, provided that none be miserable in consequence of it. Thomas Paine
Even in these difficult times we face, there is not one nation on Earth that would not want to trade places with us. Barack Obama
A broke nation is a weak nation. Mark Udall
Instability is never a good idea. Christine Lagarde
The historical American purpose of the economy in a republican nation is to produce republican citizens. Richard White
This great country cannot be permanently kept in a state of relapse. I believe we will reoccupy the field temporarily lost to us, and go out to the peaceful conquest of new and greater fields of trade and commerce. The recovery will come slowly, perhaps, but it will come, and when it does we will be steadier and will better know how to avoid exposure hereafter. William McKinley
Most of our financial laws are the outgrowth of experience and trial, and should not be amended without investigation and demonstration of the wisdom of the proposed changes. We must both be sure we are right and make haste slowly. William McKinley
In a thriving economy, birth need not be destiny. Mary Louisa Toynbee
The division of responsibility between economics and politics is indeed one of the most difficult dilemmas with which we are confronted. "Give me a sound economic position, and I will pursue a sound policy", says the Statesman. "How can I pursue a sound policy", says the Economist, "if you do not give me a sound political position?” Muhammed Shah Aga Kahn III
Civic rationality and modern capitalism triumphed in the medieval northern European cities – but not in Chinese, Indian or Muslim cities Max Weber
The doctrine of Islamic economics is simplistic, incoherent and largely irrelevant to present economic challenges…. The real purpose of Islamic economics has not been economic improvement but cultivation of a distinct Islamic identity to resist cultural globalization. Timur Kuran
There are certain domains which are so vital to the well-being of citizens that they must be kept out of the private sector and the law of supply and demand. Marine Le Pen
There is an unbroken chain of opposition to the introduction of economic freedom and to the capitalist autonomy of the economic sphere. ...In every case the opposition could only be overcome--peacefully or by force--because of the promise of capitalism to establish equality. ...That this promise was an illusion we all know Peter Drucker
None of my Governments seem to know what to do about them Elizabeth II
Empires can only decline when other nations decline and make way for them. Niall Ferguson
I don’t like monopolies when I see them. Rupert Murdoch
Socialism for the rich and capitalism for the poor. Richard Brodsky
Global markets are the best way to allocate resources efficiently but not to do it fairly. Jacques Attali
The United States agrees, at its own proper expense, to construct, at some place on the Missouri river, near the center of said reservation where timber and water may be convenient, the following buildings, to wit, a warehouse, a store-room for the use of the agent in storing goods belonging to the Indians, to cost not less than $2,500; an agency building, for the residence of the agent, to cost not exceeding $3,000; a residence for the physician, to cost not more than $3,000; and five other buildings, for a carpenter, farmer, blacksmith, miller, and engineer-each to cost not exceeding $2,000; also, a school-house, or mission building, so soon as a sufficient number of children can be induced by the agent to attend school, which shall not cost exceeding $5,000. The United States agrees further to cause to be erected on said reservation, near the other buildings herein authorized, a good steam circular saw-mill, with a grist-mill and shingle machine attached to the same, to cost not exceeding $8,000. William Tecumseh Sherman
Experience shows that high and unstable inflation can harm growth. A noninflationary macroeconomic policy is, therefore, a prerequisite for rapid development. Control of government borrowing is the crucial element in such a policy. When public borrowing is excessive, governments are soon obliged to finance it by printing money, and rising inflation then follows. Clive Crook
The key to economic development is less in government aid, but in having a climate that will attract private capital….Free market development is the key to economic prosperity in the world. Robert E. Rubin
Economic development has a reverse gear. Allan Little
The economic development of industrial society tends inevitably to the ruin of small industries. Socialist Labor Party of Germany
I will not permit my government to be influenced by the markets. Itamar Augusto Cautiero Franco
All American and Israeli goods and products should be boycotted in a way that undermines American and Israeli interests so as to act as deterrence to their war against Muslims and Islam that is being waged under the pretense of fighting terrorism. This boycott should become an overwhelming trend that makes these two states feel that their economies are in a real and actual danger. Mohammad Hussein Fadlallah
The United States economy is like a poker game where the chips have become concentrated in fewer and fewer hands, and where the other fellows can stay in the game only by borrowing. When their credit runs out the game will stop. Marriner Eccles
The inescapable fact is that when we build a society based on greed, selfishness, and ruthless competition, the fruits we can expect to reap are economic insecurity at home and international discord abroad. Thomas Clement Douglas
The capitalist system did not produce the machine age; the machine age produced the capitalist system. The material prosperity that the world has enjoyed for the last seventy-five years or one hundred years has been due to the introduction of power; steam power, then electric power and the internal combustion engine. The capitalist system or the free enterprise system - the terms are synonymous and interchangeable - was the product of the power age. The capitalist system did not produce the power age. Thomas Clement Douglas
We do not always act the way economists think we should, mainly because we're both less selfish and less rational than economists think we are. Economists are being indoctrinated into a cardboard version of human nature, which they hold true to such a degree that their own behavior has begun to resemble it. Francis Amasa Walker
Goods which are not shared are not goods. Fernando de Rojas
The use of riches is better than their possession. Fernando de Rojas
Remind your people in America that they should not lose their confidence, because when they lose their confidence, the whole world suffers. Chen Deming
Land has lost its original strategic value; military forces are no longer employed primarily to conquer land, but to ensure stable economic, energy and information flows, which constitute the true resources, along with the natural resource Corrado Maria Daclon
The production of goods had become an end in itself and the consumption of goods only the means to further production. Lionel Trilling
Economic Man faces a merciless world alone and unaided, his hand against every other's. Lionel Trilling
The real problems of our economy began when the very smart people of our society went to Wall Street. Lionel Trilling
With globalization we do not have as much control over our economy as we used to. Charles A. Kupchan
If by carelessness in controlling inflation and imposing controls on our general economy we are unable to meet these temporary but vital calls upon us, we will be courting real disaster. Eleanor Roosevelt
No one single thing that we do will control inflation Eleanor Roosevelt
An industrialist's answer [to inflation] is to charge more for his product to the public, never to cut his own profits. Labor's answer is even more natural. Since the worker would have to change his entire mode of life, labor asks for higher wages to cover the higher expenses. Eleanor Roosevelt
If only we can avoid a repetition of the depression that culminated in Mr. Hoover's Administration, we will be very fortunate. This depression, of course, had nothing to do with President Hoover's policies, but was the result of after-war activities by certain groups in this country which, I fear, may be duplicated again unless the people and the Congress are very wary. Eleanor Roosevelt
You cannot be the arsenal of democracy if you don’t have an arsenal. We must build up our manufacturing base. Newt Gingrich
The rich men, in free society, may, if they please, lounge about town, visit clubs, attend the theatre, and have no other trouble than that of collecting rents, interest and dividends of stock. In a well constituted slave society, there should be no idlers. But we cannot divine how the capitalists in free society are to put to work. The master labors for the slave, they exchange industrial value. But the capitalist, living on his income, gives nothing to his subjects. He lives by mere exploitations. George Fitzhugh
Nothing is so well calculated to produce a death-like torpor in the country as an extended system of taxation and a great national debt William Cobbett
I am a socialist not because I think it is a perfect system, but half a loaf is better than no bread. The other system has been tried and found wanting Swami Vivekananda; Narendra Nath
Nothing of value is free. Jack Valenti
Not only there does not exist, nor can exist, any other revenue than the clear produce of land, but it is the earth also that has furnished all capitals, that form the mass of all the advances of culture and commerce. Anne Robert Jacques Turgot
If the land was divided among all the inhabitants of a country, so that each of them possessed precisely the quantity necessary for his support, and nothing more; it is evident that all of them being equal, no one would work for another. Neither would any of them possess wherewith to pay another for his labor, for each person having only such a quantity of land as was necessary to produce a subsistence, would consume all he should gather, and would not have anything to give in exchange for the labor of others. Anne Robert Jacques Turgot
State Socialism … may be described as the doctrine that all the affairs of men should be managed by the government, regardless of individual choice. Marx, its founder, concluded that the only way to abolish the class monopolies was to centralize and consolidate all industrial and commercial interests, all productive and distributive agencies, in one vast monopoly in the hands of the State. The government must become banker, manufacturer, farmer, carrier, and merchant, and in these capacities must suffer no competition. Benjamin Tucker
Monopoly and privilege must be destroyed, opportunity afforded, and competition encouraged. This is Liberty's work. Benjamin Tucker
You cannot be pro-jobs and anti-business at the same time. You cannot love employment and hate employers. Paul Tsongas
From time to time, capitalism has a tendency to implode. Bill Clinton
It is a great law of social development that the movement from slavery to freedom is also a movement from security to insecurity of maintenance. Arnold J. Toynbee
It [industrial capitalism] came to be believed in as a gospel, ... from which it was regarded as little short of immoral to depart. Arnold J. Toynbee
The essence of the Industrial Revolution was the substitution of competition for the medieval regulations which had previously controlled the production and distribution of wealth. Arnold J. Toynbee
I know of no country, indeed, where the love of money has taken stronger hold on the affections of men, and where the profounder contempt is expressed for the theory of the permanent equality of property. Alexis de Tocqueville
If the laborer gets no more than the wages which his employer pays him, he is cheated ... Henry David Thoreau
There is no use in repeating that threadbare capitalist boast that we have more things than ever before and that workers are better off than were ancient kings. The point is that no age has ever so tragically failed to use the machinery it had for ease and security of living. Things may have increased but so has insecurity. The peasant and artisan of old was assured work and an honorable place in his family and community while he lived. He knew nothing of the dead line at forty or forty-five which gives new terror to old age. He knew almost nothing of unemployment as a social disease which in so-called normal times affects some ten per cent of the workers and is today the lot of twenty-five to thirty-three per cent of them. Norman Thomas
Economists are evaluated on how intelligent they sound, not on a scientific measure of their knowledge of reality Nassim Nicholas Taleb
… capitalism is about rewards and punishments, not just rewards. Nassim Nicholas Taleb
Only Ponzi schemes should depend on confidence. Governments should never need to “restore confidence.” Cascading rumors are a product of complex systems. Governments cannot stop the rumors. Simply, we need to be in a position to shrug off rumors, be robust in the face of them. Nassim Nicholas Taleb
We must combat the over-riding interest of organizations such as The World Bank, The International Monetary fund … They work in collaboration of the most reactionary elements of Argentina. Augustin Tosco
Tampering with the market system to redistribute the wealth or assure that the poor are protected is labeled "socialism." By these standards Jesus was a socialist. David Chandler
I am conscious that an equal division of property is impracticable, but the consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdivisions go hand in hand with the natural affections of the human mind. The descent of property of every kind therefore to all the children, or to all the brothers and sisters, or other relations in equal degree, is a politic measure and a practicable one. Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions or property in geometric progression as they rise. Thomas Jefferson
We [are] surrounded by endless small jets of dirty water and are not able to locate the points at which the pipe was leaking. Herbert Feis
Of $350 billion that was used for good purposes let’s say that $50 billion was for improper purposes. I say, so what! Bandar Bin Sultan
As Islam came to the world at a time when the stage of slavery was coming to an end and that of feudalism just beginning, it brought with itself laws, creeds and a discipline of life all of which were in concord with the then prevalent circumstances of economic existence. That is why it approved of slavery as well as permitted feudalism, for Islam could not anticipate the next stage of economic development nor give any system to the world for which the economic circumstances were not ripe... Muhammad Qutb
Such assets as I possessed even ten years ago have largely vanished during this period. Since I became Prime Minister, I have been unable to add to my income by any fresh writing and I have had to draw repeatedly on what capital I possessed because my salary as a Prime Minister was not adequate for my needs, limited as they were. Jawaharlal Nehru
At the bottom of education, at the bottom of politics, even at the bottom of religion, there must be for our race, economic independence. Booker T. Washington
There is no resting place for an enterprise in a competitive economy. Alfred P. Sloan
There are two things that can disrupt the American economy. One is a war. The other is a meeting of The Federal Reserve Board. Will Rogers
A free-enterprise economy depends only on markets, and according to the most advanced mathematical macroeconomic theory, markets depend only on moods: specifically, the mood of the men in the pinstripes, also known as the Boys on the Street. Barbara Ehrenreich
Debt has become a part of who we are… Normal is broke in America. Dave Ramsey
America is as much an economic phenomenon as it is a nation. David Chandler
Although the market and opportunities for consumption seem to offer a counterbalance to the government's authoritarian powers, many Chinese are ambivalent about the forces of Westernization and marketization and the rapidly growing gap between rich and poor Amy Hanser
Economists are very good at saying that something cannot go on forever, but not so good at saying when it will stop. Herbert Stein
Competition—ruthless, unforgiving, to-the-death competition—is a crucial feature of capitalism. Jim Stanford
Capitalism … has existed for fewer than 300 years. If the entire history of Homo sapiens was a 24-hour day, then capitalism has existed for two minutes … Economic systems come, and economic systems go. No economic system lasts forever. Capitalism is not likely to last forever, either. Jim Stanford
There is no proletarian, not even a Communist movement, that has not operated in the interests of money, and for the time being permitted by money – and that without the idealists among its leaders having the slightest suspicion of the fact. Oswald Spengler
Although the ideal of free enterprise could, indeed, lend itself to the uplifting of the human condition, when it is practiced for profit alone, it becomes but a license for the powerful to further enslave the weak. Gerry Spence
If a state should pass laws forbidding its citizens to become wise and holy, it would be made a byword for all time. But this, in effect, is what our commercial, social, and political systems do. They compel the sacrifice of mental and moral power to money and dissipation. John Lancaster Spalding
… markets don't look after social needs. Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs. George Soros
The prevailing wisdom is that markets are always right. I take the opposition position. I assume that markets are always wrong… most of the time the trend prevails; only occasionally are the errors corrected. It is only on those occasions that one should go against the trend. This line of reasoning leads me to look for the flaw in every investment thesis. ... I am ahead of the curve. I watch out for telltale signs that a trend may be exhausted. Then I disengage from the herd and look for a different investment thesis. Or, if I think the trend has been carried to excess, I may probe going against it. George Soros
I would like to see the word 'nationalization' banned from the socialist vocabulary. Philip Snowden Ickornshaw
Is there not some justification for the opinion that the United States owe their very existence to the Jews? And if this be so, how much more can it be asserted that Jewish influence made the United States just what they are—that is, American? For what we call Americanism is nothing else, if we may say so, than the Jewish spirit distilled. Werner Sombart
We had the highest standard of health and education and housing for our black people than any other country on the African continent. That was what Rhodesians did. I wonder if we shouldn't be given credit for doing that. Ian Smith
Every system which endeavors, either, by extraordinary encouragements, to draw towards a particular species of industry a greater share of the capital of the society than what would naturally go to it; or, by extraordinary restraints, to force from a particular species of industry some share of the capital which would otherwise be employed in it; is in reality subversive of the great purpose which it means to promote. Adam Smith
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 their subjects never will. Adam Smith
The competition of the poor takes away from the reward of the rich. Adam Smith
The world you perceive is a drastically simplified model of the real world. Herbert A. Simon
Although capitalism is, in principle, strongly individualistic, it has contributed in practice to reinforce the trend to integration, because it has made our lives more and more interdependent. Amartya Sen
Although the socialist economies, including those led by communist parties in various parts of the world, have been beset by economic and political problems (including oppression), the aims and objectives that have previously attracted people towards socialism remain still important as they were fifty years ago. The concepts of social justice are also constantly re-emerged after they were weakened by the difficulties encountered in implementing various projects. Amartya Sen
Nothing is so treacherous as the obvious. Joseph A. Schumpeter
The capitalist process shapes things and souls for socialism. Joseph A. Schumpeter
Situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm. Joseph A. Schumpeter
Any existing structures and all the conditions of doing business are always in a process of change. Every situation is being upset before it has had time to work itself out. Economic progress, in a capitalist society, means turmoil. Joseph A. Schumpeter
… capitalism is being killed by its achievements. Joseph A. Schumpeter
… a depression is for capitalism like a good, cold douche. Joseph A. Schumpeter
Wealth is like sea-water; the more we drink, the thirstier we become. Arthur Schopenhauer
How many other opinions, as universally prevailing and as much respected, will … pass away? Jean-Baptiste Say
I have made no distinction between the circulation of goods and of money, because there really is none. Jean-Baptiste Say
The government has, in all countries, a vast influence, in determining the character of the national consumption; not only because it absolutely directs the consumption of the state itself, but because a great proportion of the consumption of individuals is gained by its will and example. Jean-Baptiste Say
Socialism proposes no adequate substitute for the motive of enlightened selfishness that to-day is at the basis of all human labor and effort, enterprise and new activity. William Howard Taft
It’s never too expensive to do the things that absolutely have to be done. Andy Rooney
The people weren't quite ready for a socialist production system. Gus Hall
When the economy prospers, but ordinary people do not, it is only a matter of time before there is a social explosion. Mahbub ul Haq
The one thing about markets is that they do not give any advance notice. If they did, they would be arbitraged away. Alan Greenspan
Let Detroit go bankrupt. Mitt Romney
… a good society ensues from the selfish pursuits of individual men. Leland Hazard
In Japan, there was no comparable (to our competitive economy) organic development; when the country was suddenly thrown open, the very idea of 'competition' was strange to them, and when Western economic writings were first translated into Japanese, it was necessary to make a new word for it. It was a combination of the Japanese words for 'race' and 'fight.' Arthur Koestler
Adam Smith did not foresee powerful labor unions or social welfare or heavy technology. He marveled at the productivity attained by division of labor in the making of pins. He knew nothing about single electric-current circuit breakers big as a house. Although accumulation of capital from profit and its reinvestment in productive equipment were cornerstones of his philosophy, the scale of investment required for the subsequent technological advances was beyond his ken. Amusingly, he saw no future for the corporation, because, in his opinion, such an artificial body could not marshal the selfish, driving search for profit so fundamental to his system. Leland Hazard
What is really at stake here is the survival of the kind of economy under which this country has grown great, the free-enterprise system J. Cullen Ganey
We happen to be living in an era when, in consequence of human gullibility and fallibility, the world has been overtaken by panic and distress such as private initiative alone cannot cope with. To an extent that could previously never have been expected the cities, the states, and the central government have been compelled to undertake to provide relief where voluntary agencies have been unequal to the task. Abraham Flexner
The supply-side theory was not a new economic theory at all but only new language and argument to conceal a hoary old Republican doctrine: give the tax cuts to the top brackets, the wealthiest individuals and largest enterprises, and let the good effects 'trickle down' through the economy to reach everyone else. William Greider
The outstanding ground for cheerfulness lies, I think, in this -- that the system has shown already its capacity to stand an almost inconceivable strain.... This remarkable capacity of the system to take punishment is the best reason for hoping that we still have time to rally the constructive forces of the world. John Maynard Keynes
Can we prevent an almost complete collapse of the financial structure of modern capitalism? With no financial leadership left in the world and profound intellectual error as to causes and cures prevailing in the responsible seats of power, one begins to wonder and to doubt.... The financial and political authorities of the world have lacked the courage or the conviction at each stage of the decline to apply the available remedies in sufficiently drastic doses; and by now they have allowed the collapse to reach a point where the whole system may have lost its resiliency and its capacity for a rebound. John Maynard Keynes
We are not a deadbeat nation. Barack Obama
At the bottom of the Wealth curve Men and Women starve and children die young. In the broad middle of the curve all is turmoil and motion: people rising and falling, climbing by talent or luck and falling by alcoholism, tuberculosis and other kinds of unfitness. At the very top sit the elite of the elite, who control wealth and power for a time – until they are unseated through revolution or upheaval by a new aristocratic class. There is no progress in human history. Democracy is a fraud. Human nature is primitive, emotional, unyielding. The smarter, abler, stronger, and shrewder take the lion's share. The weak starve, lest society become degenerate: Vilfredo Pareto
The close relationship between politics and economics is neither neutral nor coincidental. Large governments evolve through history in order to protect large accumulations of property and wealth. Michael Parenti
Elites that have prospered from inclusive systems can be tempted to pull up the ladder they climbed to the top. Eventually, their societies become extractive and their economies languish…. it is the danger America faces today, as the 1 percent pulls away from everyone else and pursues an economic, political and social agenda that will increase that gap even further — ultimately destroying the open system that made America rich and allowed its 1 percent to thrive in the first place. Chrystia Freeland
For all its apparent tolerance, the USA maintains a peculiar balance between the forces of capitalism and democracy. To achieve this I feel sure the country is guided by some hidden force; an organization working in secrecy, powerful enough to dispose of the Kennedys and of anyone else who gets in its way. Mohammed Reza Pahlavi
Middle class prosperity—economics—depended on middle class power—politics. Hedrick Smith
The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum and for determining the “rules of the game”. Milton Friedman
The wealthiest in this country have never had it so good. They want more, and more, and more, and more, and they don’t care how many children they have to step on to get it.. Bernie Sanders
Let Detroit go Bankrupt Mitt Romney
Human resources are the most valuable assets the world has. Eleanor Roosevelt
They [the conservative Republicans] have tried to sell us this trickle down fairy dust before. Barack Obama
Economics, never a science, has always been politics in disguise Hazel Henderson
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent. John Kenneth Galbraith
We must … show that peace and prosperity can exist side by side. George McGovern
We should be humble about our ability to stimulate the economy with monetary policy. Jeffery M. Lacker
The American system is the most ingenious system of control in world history. With a country so rich in natural resources, talent, and labor power, the system can afford to distribute just enough wealth to just enough people to limit discontent to a troublesome minority. Howard Zinn
What Americans should by now be able to see is that neither the laissez-faire marketplace nor strong government has given them a satisfying or permanent resolution. The problem is not the marketplace and it is not government. The problem originates in the contest of clashing values between society and capitalism and, since this human society cannot surrender its deepest values, it must try to alter capitalism's. William Greider
The economy must provide justice as well as prosperity. Mark Shields
… every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts. Ronald E. Paul
In times of industrial depression, or great increase in the cost of living, whether brought about by war or by the ebb and flow of world prosperity, these populations, oppressed with misery, turn to political remedies for matters that are beyond human control. Herbert Hoover
We shall find as we go on with the war and its increasing economic disruption, that first one commodity then another will need to be taken under control... So long as demand and supply have free play in a commodity we had best leave it alone. Our attention to the break in normal economic control in other commodities must be designed to repair the break, not to set up new economic systems or theories. Herbert Hoover
Erskine Bowles and I know that we have been successful with this commission because we have pissed off almost everyone in America. Alan K. Simpson
The difference between being a rich guy in America and a rich guy in Europe is that in America people look up to you for being rich. George Soros
The real danger of the Cotton dynasty lies not in the hostility of the North, but in the exigencies of the market abroad;. Charles Francis Adams II
The natural tendency of the state is inflation. Murray Rothbard
Where wealth accrues honorably, the people are always silent partners. Andrew Carnegie
Human resources are the most valuable assets the world has. Eleanor Roosevelt
Capitalism had been more revolutionary than any previous social system. It had swept away without scruples old institutions and modes of thought, if they were found to stand in its way. Eric Roll
Depression is a situation of self-fulfilling pessimism. Joan Robinson
... the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all. Joan Robinson
The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error. David Ricardo
Whoever claims that economic competition represents "survival of the fittest" in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics…. 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. George Reisman
We have to stop allowing economics to be used as a trump card. Capitalism is like math. It is amoral. It is good at producing wealth; it's bad at distributing wealth. Unless it operates within a moral framework it will produce an unjust society. Charley Reese
Economic systems ... have never arranged themselves by themselves. It is men who do the ordering according to their attitudes, desires and understanding of things. Changes take place, not independent of man's will, but on account of man's will. Gora; Goparaju Ramachandra
In a capitalist society, all human relationships are voluntary. Men are free to cooperate or not, to deal with one another or not, as their own individual judgments, convictions and interests dictate. Ayn Rand
We do not yet have a politics that is equal to the economics around us. Bob Rae
A basic contradiction between socialism and the market economy does not exist. Deng Xiaoping
The Communists, following Hegel, speak of humanity and its future as of some monolithic individuality. I was attacking this illusion. Simone de Beauvoir
Property is proper to man. Dorothy Day
Economic theory does not work with human beings. We are far too messy. Jeremy Grantham
As austerity measures were foisted upon Greece, Ireland, Portugal, and other highly indebted countries, growth was rendered even more elusive, aggravating unemployment Mohamed El-Erian
Democracy and economic reform go together. Condoleeza Rice
The best industrial policy is competition. Feng Xingyuan
The moral foundations of a society do not extend only to its political system; they must extend to its economic system as well. America's commitment to capitalism is unquestionably the best example of this principle. Capitalism is not, contrary to what those on the left have tried to argue, an amoral system based on selfishness, greed, and exploitation. It is a moral system based on a biblical ethic. There is no other comparable system that has raised the standard of living of millions of people, created vast new wealth and resources, or inspired so many beneficial innovations and technologies. The wonderful thing about capitalism is that it does not discriminate against the poor, as so often has been charged; indeed, it is the only economic system that raises the poor out of poverty. Capitalism also allows nations that are not rich in natural resources to prosper. Margaret Thatcher
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. Denis Diderot
The productivity of social cooperation surpasses in every respect the sum total of the production of isolated individuals. Ludwig von Mises
The specific experience with which economics and economic statistics are concerned always refers to the past. It is history, and as such does not provide knowledge about a regularity that will manifest itself also in the future. Ludwig von Mises
The monopoly problem mankind has to face today is not an outgrowth of the operation of the market economy. It is a product of purposive action on the part of governments. It is not one of the evils inherent in capitalism as the demagogues trumpet. . Ludwig von Mises
The most serious dangers for American freedom and the American way of life do not come from without. Ludwig von Mises
If one wants to avoid the recurrence of economic crises, one must avoid the expansion of credit that creates the boom and inevitably leads into the slump. Ludwig von Mises
History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government. Ludwig von Mises
Capitalism is not simply mass production, but mass production to satisfy the needs of the masses. Ludwig von Mises
In the capitalist society there is a place and bread for all. Its ability to expand provides sustenance for every worker. Permanent unemployment is not a feature of free capitalism. Ludwig von Mises
Those underlings who in all the preceding ages of history had formed the herds of slaves and serfs, of paupers and beggars, became the buying public, for whose favor the businessmen canvass. They are the customers who are “always right,” the patrons who have the power to make poor suppliers rich and rich suppliers poor. Ludwig von Mises
Economics is not about goods and services; it is about human choice and action. Ludwig von Mises
The study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences. Ludwig von Mises
The market economy itself was not a product of violent action—of revolutions—but of a series of gradual peaceful changes. The implications of the term “industrial revolution” are utterly misleading. Ludwig von Mises
There is no such thing as quantitative economics. Ludwig von Mises
Capitalism and democracy are intertwined into our way of life so intricately that serious problems with the economy (again, particularly as they affect the typical family) represent a threat to almost everything we believe in. Rich Turner
The economy will bump along, with most of us struggling to make ends meet, while the same people who nearly wrecked the economy altogether will be making more money than they can count. Rich Turner
Had this attack been allowed to run its course, hundreds of billions in long term debt and equity capital that underpinned the Wall Street based speculation machines would have been wiped out, including large amounts of stock owned by executives and insiders. Such a result would have been truly constructive from a societal vantage point. It would have implanted an abiding 1930s style general lesson about the deadly dangers of leveraged speculation. David Stockman
One economic blunder invariably brings in its train a series of blunders, each one more fruitful of disaster than the first. James Connolly
If you remove the English army to-morrow and hoist the green flag over Dublin Castle, unless you set about the organization of the Socialist Republic your efforts would be in vain. England would still rule you. She would rule you through her capitalists, through her landlords, through her financiers, through the whole array of commercial and individualist institutions she has planted in this country and watered with the tears of our mothers and the blood of our martyrs. James Connolly
I don’t do apocalypse! Lawrence Summers
As long as a man sees in our present society only a few inevitable abuses and recognizes no sin and evil deep-seated in the very constitution of the present order, he is still in a state of moral blindness… Christians should see through the fictions of capitalism. Walter Rauschenbusch
Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again. John Maynard Keynes
Regardless of how it is funded, consumption does not increase productivity; investment and innovation do. Edward W. Conrad
Sorry your job prospects are so grim, but we are still not ready to admit that Reganomics failed., You’ll never be able to retire, but that’s probably for the best., Even in your darkest moments someone will be there for you … probably a creditor coming after your student loan debts. You can achieve anything if you work hard … That’s just a joke I tell my unpaid interns., You lazy millenials will work twice as much for half the pay my generation enjoyed. My stock portfolio really appreciates it. Brian McFadden
If the United States does well [economically], then the whole world does well. Juan Manuel Santos
In the past four years, the U. S. sugar price has averaged between 64 and 92 percent higher than the world price, The costs are dispersed to hundreds of millions, The benefits accrue primarily to 4,700 sugar … farms. George Will
When the economy gets wobbly, people pay attention to the leadership failures. Marcus Brauchil
There may be a recession in stock prices, but not anything in the nature of a crash.. Irving Fisher
We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices Goodbody and Company
The Wall Street crash doesn't mean that there will be any general or serious business depression... For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game... Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before. Harvard Economic Society
There is nothing in the situation to be disturbed about Andrew Mellon
The Wall Street crash doesn't mean that there will be any general or serious business depression... For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game... Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before. Business Week
There will be no interruption of our permanent prosperity. Myron E. Forbes
I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future Edward H. Harriman Simmons
The nationalization process will be carried out in accordance with the legal and constitutional framework, that, among other things, forbids expropriation. Hugo Chavez
Capitalists are generating death. Hugo Chavez
Attempting to control inflation or protect the dollar by throwing legions of people out of work and shutting down shifts in our factories and mines is a hopeless policy. Robert Byrd
Without economic security, we cannot have national security. Robert Byrd
Like Samson in the temple of the Philistines, a collapsing U.S. economy would inflict enormous, unacceptable damage on the rest of the world. Walter Russell Mead
When the economy is bad, the party in power is blamed. When the economy is good, people look at other issues. Jack Germond
What you need to be concerned about is the rate of inflation and the direction of interest rates. If they are both going in the wrong direction in 1980, you're not going to be re-elected. Bert Lance
The first answer to having a healthy middle class is having a healthy economy Newt Gingrich
I set out to understand how we got it so wrong and what can we learn from the fact that we did. Alan Greenspan
There were no bubbles before there were media. Eugene Fama
But if there were no other reason why we should never have war, would any sane nation make war on cotton? Without firing a gun, without drawing a sword, should they make war on us we could bring the whole world to our feet. James Henry Hammond
And now my countrymen and women, if you have anything to spare for the soldier, in his name I appeal to you for it. Do not let the speculator have it, though he may offer you enormous prices; spurn him from your door and say to him, that our brave defenders have need for it and shall have it without passing through his greedy fingers. . . . When they tempt you with higher prices than the State offers, just think for a moment of the soldier and what he is doing for you. Zebulon Baird Vance
Blankets, that used to sell for $6, are now $25 per pair; and sheets are selling for $15 per pair, which might have been had a year ago for $4 …. Wood is selling at $16 per cord, and coal at $9 per load. How can we live here, unless our salaries are increased? The matter is under consideration by Congress, and we hope for favorable action. - John B. Jones
Since 2009, 95 percent of all gains in the economy went to the top 1 percent. That didn’t leave very much for the rest of us. Greg Kaufmann
Just look at the last 237 years …. Who wants to bet against America. Just look at the record…. We haven’t come close to tapping our human potential. This country’s best days lie ahead of us. Warren Buffett
Economies are about momentum. Gene Sperling
Washington office-holders pontificating on markets, taxes, and monetary policy are usually repeating the ideas of some dead economist, often one of whom the orator had no inkling. Kevin Phillips
The plague is upon us. One cannot well study plagues until after they have run their course. Abraham Flexner
The Fed [Federal Reserve] is the world’s largest hedge fund. Warren Buffett
Buying securities is usually easier than selling securities. Warren Buffett
… some of us even think it is fair to expect a few people to pay more than they need to pay for a given commodity in order that a greater number of people may receive that commodity at a lower price to all. Eleanor Roosevelt
Confidence is the greatest economic stimulus there is. Lawrence Summers
… real prosperity can only come when everybody prospers. Eleanor Roosevelt
What is under our [the government’s] control is the signals we send and the way we organize ourselves. Gene Sperling
… the pain we have suffered would have been for naught—and we would only be putting off until some later time an even more painful day of reckoning. Paul A. Volcker
The worst failures of the Federal Reserve have come from waiting too long tp tighten monetary policy during expansions, not from loosening it too much during recessions. Paul A. Volcker
The current fad in economic forecasting is to project so far into the future that no one will be around to hold you accountable. Ruchir Sharma
The United States’ economic preeminence is its own to lose. Arvind Subramanian
Predictions of America’s decline are as old as the republic. But they perform a critical function in driving the kind of renewal that is required of each generation of Americans….as long as we’re worried about the future, the future will be better. Lawrence Summers
Financial institutions risk becoming socially useless unless they focus on the real economy and help businesses invest and create jobs. Mark Carney
Economic diseases are highly communicable. It follows, therefore, that the economic health of every country is a proper matter of concern to all its neighbors, near and distant. Only through a dynamic and a soundly expanding world economy can the living standards of individual nations be advanced to levels which will permit a full realization of our hopes for the future. Franklin D. Roosevelt
Economic aggression can have no other offspring than war. It is dangerous as it is futile. Henry Morgenthau Jr.
Much of the animus toward the Soviet Union within the American political establishment is political hypocrisy born of an ideological inability to acknowledge the success of socialist economics? Harry Dexter White
For most of history, the prime source of human insecurity was nature. Capitalist societies have been oriented toward innovation and dynamism, to the creation of new knowledge, new products, and new modes of production and distribution. All this has shifted the locus of insecurity from nature to the economy. Jerry Z. Muller
Throughout history households had consumed most of the things that they produced and produced most of what they consumed. Jerry Z. Muller
The world is not quite as inter-dependent as advertised. What happens in the poorest, most marginalized, and most dysfunctional places in the developing world only rarely comes back to bite those living in the wealthy world. What happens in failed states often stays in failed states. Stewart Patrick
When wealth concentrates at the very top, it can inflate unstable bubbles that threaten the economy. Barack Obama
This country is very good at creating wealth, but not very good at distributing it. Lloyd Blankfein
Ideas are what power our economy. Barack Obama
No one’s ever made money betting against America. Joseph R. Biden Jr.
Today, half of the national income goes to the richest 10 percent. In 2007, the top 1 percent controlled 34.6 percent of the wealth—significantly more than the bottom 90 percent who control just 26.9 percent. Chrystia Freeland
You had the Crash [Meltdown] of 2008, where the financial system actually collapsed and had to be put on life support, which consisted of substituting sovereign credit for the financial credit that was no longer credible. George Soros
Once upon a time, the U. S. economy grew in tandem with the productivity of American workers, leading to the creation of jobs and wealth across society. During the [21st] century’s first decade, however, this relationship no longer applied. GDP grew and productivity climbed, while job creation slowed to a crawl, median incomes fell—and the rich get richer. David Rothkopf
The economy of tomorrow is unlikely to look much like that of yesterday. David Rothkopf
In its own way, market reasoning also empties public life of moral argument. Part of the appeal of markets is that they don’t pass judgment on the preferences they satisfy. Michael Sandel
A market economy is a tool—a valuable and effective tool—for organizing productive activity. A market society is a way of life in which market values sweep into every aspect of human endeavor. It is a place where social relations are made over in the image of the market. Michael Sandel
Shaking the confidence in the American economy. This will lead investors to refrain from investing in America or participating in American companies, thus accelerating the fall of the American economy. Osama bin Laden
There are two kinds of economists in the world. Those who don't know the future and those who don't know that they don't know the future. John Kenneth Galbraith
What is called sound economics is very often what mirrors the needs of the respectably affluent. John Kenneth Galbraith
The Soviet union was quite good at developing heavy industry, transportation, and large scale enterprises. It was very bad at producing consumer goods including the food that people must eat. That was its great economic weakness. John Kenneth Galbraith
The markets do numbers, not nuance. David Wessel
Without slavery, North America, the most progressive nation, would be transformed into a patriarchal country. Only wipe North America off the map and you will get anarchy, the complete decay of trade and modern civilization. But to do away with slavery would be to wipe America off the map. Karl Marx
The Chinese and the Americans are great peoples. The Americans are optimistic, full of enterprising drive, down to earth, and innovative. In just over 200 years, they have turned the United States into the most developed country in the world, and made phenomenal achievements in economic development and science and technology. Hu Jintao
To estimate the value of Newton's discoveries, or the delight communicated by Shakespeare and Milton, by the price at which their works have sold, would be but a poor measure of the degree in which they have elevated and enchanted their country; nor would it be less groveling and incongruous to estimate the benefit which the country has derived from the Revolution of 1688, by the pay of the soldiers, and all other payments concerned in effecting it. Thomas Malthus
In prosperous times the mercantile classes often realize fortunes, which go far towards securing them against the future; but unfortunately the working classes, though they share in the general prosperity, do not share in it so largely as in the general adversity. Thomas Malthus
… these riches, that are derived from this art of wealth-getting, are truly unlimited; for just as the art of medicine is without limit in respect to health, and each of the arts is without limit in respect of its end... Aristotle
Supply creates its own demand Jean-Baptiste Say
The value of lands and houses is the best estimate of the wealth of a nation. John Witherspoon
… competition has to shoulder the responsibility of explaining all the meaningless ideas of the economists, whereas it should rather be the economists who explain competition. Karl Marx
Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works. John Stuart Mill
All of the economic theories in the world translate themselves eventually to what happens to people in communities. Eleanor Roosevelt
… the woman whose husband makes twelve hundred dollars a year may have a couple of hours a day which she could sell in return for some service which she wishes to buy. There ought to be a reciprocity exchange in every town of any size where these exchanges could be arranged for. Nothing more than an extension of the old community way of living when everybody got together for barn raisings, and husking bees and each individual's special talent was called upon and everyone earned in one way or another what they got. Eleanor Roosevelt
We just went through the biggest housing bubble in history and now housing prices are starting to go up again. I don’t know what to make of that. Robert J. Shiller
We have professional economists who can defend any viewpoint with statistics and they do that everywhere in the world. Robert J. Shiller
… the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. Franklin D. Roosevelt
I don’t think that the Fed [Federal Reserve] ever can be or should be a prisoner of the markets. Janet Yellen
Our ability to estimate our deficit 20 years out is nil. We should not twist our economy like a pretzel over such an projection…. Growth in the short run raises the level of long run potential. Lawrence Summers
Our object is wholly new in the world. It is singular: it is grown up to this magnitude and importance within the memory of man; nothing in history is parallel to it… In this new system, a principle of commerce, of artificial commerce, must prevail. Edmund Burke
The Western capitalist system is sunk to its neck in human problems. Despite the copious wealth that it has at its disposal, it is completely incapable of establishing social justice. Ali Khamenei
Capitalism with airbags—the type of capitalism I am a fan of. Mark Blyth
The root cause was a perfect storm. A monsoon of gullibility colliding with a tidal wave of greed. Morley Safer
The financial solvency and economic soundness of the United States constitute the first requisite of collective security in the free world. That comes before everything else. Dwight D. Eisenhower
Forecasting will always be somewhat of a coin toss. Alan Greenspan
Financial firms believed that if a crisis developed, the insatiable demand for exotic [financial] products would dissipate only slowly. They were mistaken. Alan Greenspan
The story of the next century is the transition from an industrial, resourced-based economy to a knowledge economy. Mark Zuckerberg
If it doesn’t make economic sense, it doesn’t happen William Francis Baxter Jr.
Capitalism, even 150 years ago, was more inclusive; there was more of a sense of social responsibility…. Today the system doesn’t seem to be as fair or inclusive. It doesn’t seem to be helping broader society. Dominic Barton
The reduction in the size of the population and the reduction in population density … will create the danger of weakening Russia’s political. economic, and military influence in the world. Sergei V. Stepachin
We should not work to destroy the capitalist system of production without establishing at the same time a socialist organization that can produce goods at least as efficiently. Otto Bauer
In a mixed economy the public sector remains constrained by the overarching requirement of maintaining an efficient and profitable private sector. Donald Sassoon
A highly efficient and profitable capitalist system would make possible a welfare state, redistribution of income and greater social opportunities for all.. Donald Sassoon
Our whole economy has become a waste economy, in which things must be almost as quickly devoured and discarded as they have appeared in the world, if the process itself is not to come to a sudden catastrophic end.. Hannah Arendt
Present day American capitalism—for all our misgivings about it—at least leaves room for free institutions to flower and survive. Socialist Commentary
Every socialist recognizes the dependence of the workingman on the capitalist. August Bebel
Slaves were at one and the same time investments (purchased and then rented out as laborers), credit (used to secure loans), property, commodities, and capital. Greg Grandin
Inflation appears to affect the entire electorate, though in reality those able to increase their earnings at the same rate of inflation would not suffer unduly. Donald Sassoon
We used to think that we could spend our way out of a recession…. I tell you in all candor that that opinion no longer exists. James Callaghan
What Capital wants … is what this Socialist Government does. Georges Marchais
The private sector is recognized as the creator of social wealth. Jean-Pierre Chevenement
The internationalization of capital is making it more difficult for trade union organizations safeguard workers’ interest. It is limiting the ability of the Government … to accomplish the national objectives defined by the democratic process. Swedish Social Democratic Party
We socialists live to some extent in symbiosis with capitalism. Olof Palme
Modern capitalism has no purpose except to keep the show going. Joan Violet Robinson
The capitalist free market is a marvelous servant but a disastrous master. In one of the greatest achievements of the second half of this [the 20th] century, a few favored societies learned to convert it from master to servant. The danger now is that a smug and vainglorious capitalism will not remember the lesson. David Marquand
… governments must serve capitalism by establishing and maintain a framework which enables capitalism to develop. It can induce it to grow, but cannot command it to do so. Donald Sassoon
… conservatives are ideologically committed to capitalism, and do not object to being guided by market signals, while socialists have had to accept, often unwittingly, that capitalist prosperity is an indispensable condition for social welfare and working-class well-being. Donald Sassoon
Under the guise of fighting inflation, COLA actually creates it. Lee Iacocca
Austerity policies can ironically end up entrenching the structural problems they were intended to address, as unemployed workers drop out of the workforce altogether and their skills degrade. Menzie David Chinn
… they made the cardinal error of extrapolation. Forecasters assumed that recent trends would continue indefinitely and that hot economies would stay hot…. Euphoria overcame sound judgment, a process that has doomed economic forecasting for as long as experts have been doing it. Ruchiir Sharma
… political cycles are as important to a nation’s prospects as economic ones. Ruchiir Sharma
Banks are employing risky derivatives strategies to goose up returns….the interbank market could freeze up, and one could well have a full blown financial crisis. Raghuram Rajan
To be sure, booms and busts will come and go. But their severity can vary dramatically based on the policies in place to prevent them. With stronger regulations, neither the housing and derivatives bubbles nor the eventual crash would have been so bad. Richard Katz
There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Frederic Bastiat
A tale of two Americas is emerging: one weighed down by debt and facing de minimus economic growth and another brimming with opportunity and nimble to invest in the future Meredith Whitney
In Rome … insomuch as the citizen possessed land enough for [300 to farm], [citizens] were confined by Stolo’s Law to 500 acres per citizen. Petrus Cunaeus
… we feel also and revere the wisdom of God in the appointment of a Jubilee, as an essential article in the [ancient] Jewish policy. This, it is probable, was the great palladium of liberty to that people. A similar institution perhaps may be the only method in which liberty can be perpetuated among selfish, degenerate beings in every government under heaven. Perez Fobes
No single number has become more central to society in the past 50 years” than gross domestic product. Zachary Karabell
The kingdom of Bhutan replaced standard economic measures with measures of happiness as long ago as 1972. Yet Bhutan’s G.D.P. per head is still one of the lowest in the world, life expectancy is relatively low and infant mortality high, so it is easy to see why the king would not want anyone to mention the economy. Zachary Karabell
The so-called leading [economic] indicators no longer answer the most important questions people are raising about how they live. Diane Coyle
Under the old social regime, social position had been absolute: born a peasant, died a peasant; born a chieftain, died a chieftain. In the new world, everything was relative. The only real measure of a man’s worth was money — and the accumulation of money has no intrinsic limits. Felix Martin
Why respect the rules of the system … if the system consistently generates crises? Felix Martin
The true Indian sets no price upon either his property or his labor. His generosity is limited only by his strength and ability. He regards it as an honor to be selected for difficult or dangerous service and would think it shameful to ask for any reward, saying rather: ‘Let the person I serve express his thanks according to his own bringing up and his sense of honor’. Charles Eastman
In no country in the world is the love of property more active and more anxious than in the United States. Alexis de Tocqueville
I have not been selling. In fact, it might prove beneficial by making it possible to get cheaper labor and cheaper money.. Edward H. Harriman