Economic Growth Quotes
Three days before the Great Depression Stock Market crash
Napoleon recognized that technology and science were major factors in innovation and economic development and that mathematics was necessary for that and for economics, and therefore placed a great deal of emphasis on mathematics education. He was a fairly competent mathematically himself having been an artillery officer early in his career.
One economic view of economic development is that the government should invest in education, scientific research, and infrastructure which will produce and stimulate economic growth. The contrary is that taxation takes capital out of the private sector that is needed for investment to produce economic growth. Both sides are correct. In the United States for example three of the greatest economic stimulants were the building of the Railroads, the National Highway System, and the Internet all developed in large part with taxpayer dollars. At the same time taxes do diminish the amount of private capital available for the economy. These are tradeoff decisions like most things in economics.
Likely misattributed. The phrase was popularized by the writer Orville Schell in "To Get Rich Is Glorious: China in the '80s" (1984) but Schell never actually attributed the words to Deng, telling the L.A. Times's Evelyn Iritani in 2004 that it merely "grew out of the zeitgeist" of China's economic reforms.
Like many ideological political philosophers who developed a following, she tended to exaggerate many of her points and to ignore additional factors. While individual businessmen and politicians pursuing their self interests were certainly necessary for America’s great growth and success, they were not sufficient. Many of the founding fathers sacrificed their fortunes and in some cases their lives to gain American independence. And the sacrifice of millions was necessary in many conflicts were those who fought were rarely enlarging their own fortunes. And equally important factors of American success were the collective action of communities creating schools, roads, bridges, canals. The driver of the businessmen to move into critical areas was the government subsidizing the railroads, proving the telegraph useful, developing the national highway system and the Internet. Most of the great universities and research centers were created as government, charitable or religious institutions where personal profit was not a factor. It is that combination of private and public, self serving and communitarian drives, secular and religious that have created modern America. Many people in Rand’s ere did not credit the private, self serving contributions of many great men, and Rand led the movement to remind all of that critical factor. In the process of making her good point, she tended to ignore the other factors.
Stimson was one of the first to realize the new economic reality in America. In prior years, wealthy individuals financed most business and industrial efforts. However, the need for capital had become so great that wealthy individuals could no longer provide sufficient capital to underwrite some of the business efforts. The age of the corporation was dawning on America and Stimson was one of the first to recognize it.
