Economic Mechanism Quotes

With taxes, if they aren't working right, we can change them with a stroke of the pen. It's basically a market-type mechanism. People make their own choices. You run the taxes, and you get the results.

What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure of production.

The theory of mechanism design can be thought of as the 'engineering' side of economic theory.

Unions have been the best anti-poverty program that actually worked and did not cost the government a dime. But as unions grow smaller- not stronger- our ability to act as an economic mechanism to distribute the gains of our work and raise all workers' wages and benefits up is disappearing.

I am convinced that if the market system were the result of deliberate human design, and if the people guided by the price changes understood that their decisions have significance far beyond their immediate aims, this mechanism would have been acclaimed as one of the greatest triumphs of the human mind.

In essence, capitalist systems are a mechanism by which economies may generate growth in knowledge - with much uncertainty in the process, owing to the incompleteness of knowledge.

Now, modern economies have a very effective mechanism for deciding if salaries are really too high: it's called the free market. That's how most people's salaries are set, after all, including those of major-league baseball players and European soccer players.

The question is really how do we think seriously about this mechanism called a market. It ought to be determining not values but prices.

The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.

Business is a very beautiful mechanism to solve problems, but we never use it for that purpose. We only use it to make money. It satisfies our selfish interest but not our collective interest.

It would be helpful if someone would lay out exactly the economic mechanism that gets us from yet lower interest rates to actual economic activity.

Progress" unstabilizes the economic world, or that it is by virtue of its mechanism a cyclical process.

If budget planning requires gathering information from people who may not always have the incentive to disclose that information, then the principles of mechanism design can definitely be of use in such planning.