Economics of the World

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An economist is a surgeon with an excellent scalpel and a rough-edged lancet, who operates beautifully on the dead and tortures the living.

More funny Nicholas Chamfort quotes
***Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it.
More funny Ronald Reagan quotes
***An economist is a man who states the obvious in terms of the incomprehensible.
More funny Alfred A. Knopf quotes
***An economist is a man who knows a hundred ways of making love but doesn’t know any women.
More funny Art Buchwald quotes
***I’ve talked to you on a number of occasions about the economic problems our nation faces, and I am prepared to tell you it’s in a hell of a mess—we’re not connected to the press room yet, are we?
More funny Ronald Reagan quotes
***For those of you who don’t understand Reaganomics, it’s based on the principle that the rich and the poor will get the same amount of ice. In Reaganomics, however, the poor get all of theirs in winter.
More funny Morris Udall quotes
***Economy is going without something you do want in case you should, some day, want something you probably don’t want.
More funny Anthony Hope quotes
***Blessed are the young, for they will inherit the national debt.
More funny Herbert Hoover quotes
***In all recorded history there has not been one economist who has had to worry about where the next meal would come from.
More funny Alfred A. Knopf quotes
***If God had meant there to be more than two factors of production, He would have made it easier for us to draw three-dimensional diagrams.
More funny Robert Solow quotes
***In the dog-eat-dog economy, the Doberman is boss.
More funny Edward Abbey quotes
***In all recorded history there has not been one economist who has had to worry about where the next meal would come from.
More funny Peter Drucker quotes
***Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.
More funny Sam Ewing quotes
***A budget tells us what we can’t afford, but it doesn’t keep us from buying it.
More funny William Feather quotes
***Ask five economists and you’ll get five different answers – six if one went to Harvard.
More funny Edgar R. Fiedler quotes
***An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.
More funny Laurence J. Peter quotes
***An economist’s guess is liable to be as good as anybody else’s.
More funny Will Rogers quotes

Inspirational and Expert Quotations About the Global Economy

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While the rapidly changing global economy seems to be an undebatable reality, there are economy, business, and political experts and onlookers who have both pro- and anti- viewpoints about the positive and negative aspects of economic globalization. Even though the evolution of technology makes a global economy both practical and logical, an interdependent global economy is not a concept that everyone embraces wholeheartedly, and it’s not a reality that is easily achieved. Find both the pro- and anti- viewpoints about the global economy as it is today, and as it could become in the future in the quotable quotes below.

Inspirational and Expert Quotations About the Positive and Negative Aspects of the Global Economy:

  • “No generation has had the opportunity, as we now have, to build a global economy that leaves no-one behind. It is a wonderful opportunity, but also a profound responsibility.” – Former U.S. President Bill Clinton
  • “Our view is that economic isolationism is the wrong way to go. Vibrant, successful growing economies that advance the interests of their citizens engage the global economy. And, we’re committed to engaging the global economy.” – John W. Snow, Former U.S. Secretary of the Treasury
  • “Our global economy is out of control and performing contrary to basic principles of market economics.” – David Korten, Economist and Former Professor at theHarvard School of Business
  • “We can’t speak day after day about globalization without at the same time having in mind that…we need multilateral solutions.” – Dominique Strauss-Kahn, IMF Managing Director
  • “I find that because of modern technological evolution and our global economy, and as a result of the great increase in population, our world has greatly changed: it has become much smaller. However, our perceptions have not evolved at the same pace; we continue to cling to old national demarcations and the old feelings of ‘us’ and ‘them’.” – Dalai Lama
  • “Much of what Tea Party candidates claimed about the world and the global economy during the 2010 elections would have earned their adherents a well-deserved F in any freshman economics (or earth science) class.” – Eric Alterman, Author, Columnist & Graduate Professor
  • “The whole of the global economy is based on supplying the cravings of two per cent of the world’s population.” – Bill Bryson, Best-selling Author
  • “We have to remember we’re in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies, but to help the global economy as well, and that’s why it’s so critical that measures in those packages avoid anything that smacks of protectionism.” – Stephen Harper, Prime Minister of Canada
  • “I think there’s a lot of merit in an international economy and global markets, but they’re not sufficient because markets don’t look after social needs.” – George Soros, Chairman, Soros Fund Management
  • “We are moving toward a global economy. One way of approaching that is to pull the covers over your head. Another is to say: It may be more complicated – but that’s the world I am going to live in, I might as well be good at it.” – Phil Condit, Former Chairman and CEO of Boeing
  • “We saw the entire global economy at one time acting totally in sync. The real truth is the world is even flatter than I thought. Our mortgage crisis is killing Deutsche Bank. You still don’t think the world is flat?” – Thomas Friedman, Pulitzer Prize-winning and Best-selling Author of “The World Is Flat”
  • “The lack of monetary discipline has become a hallmark of unfettered globalization. Central banks have failed to provide a stable underpinning to world financial markets and to an increasingly asset-dependent global economy.” – Stephen Roach, Former Chairman for Asia and Chief Economist for Morgan Stanley
  • “Henry Ford was right. A prosperous economy requires that workers be able to buy the products that they produce. This is as true in a global economy as a national one.” – John J. Sweeney, Former President of the AFL-CIO
  • “A successful economic development strategy must focus on improving the skills of the area’s workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today’s global economy.” – Rod Blagojevich, Former Illinois Governor and Convicted Felon
  • “To compete in a global economy, our students must continue their education beyond high school. To make this expectation a reality, we must give students the tools they need to succeed, including the opportunity to take a college entrance exam.” – Jennifer Granholm, Former Governor of Michigan, Author & TV Personality
  • “We must retool our nation to prepare for the challenge we already face to maintain our position in the global economy. And this much is certain: America will not have national security without economic security.” – John Kerry, Massachusetts Senator
  • “But let no one be under any doubt that the scale of the challenge that Europe faces in this emerging global economy is immense and the practical pace of our collective action to meet these challenge to date has just been too slow.” – John Hutton, British Politician
  • “There’s two globalizations… The elite globalization represents minority forces. The elite globalization is about make money… The people’s globalization, the democratic mass globalization is about life values.” 
- Kevin Danaher, Author and Anti-globalization Activist
  • “Our system of private health insurance that fails to provide coverage to so many of our citizens also contributes to the double-digit health care inflation that is making America less competitive in the global economy.” – John Conyers, Michigan Congressional Representative
  • “In this global economy, no jobs are safe. High-speed Internet connections and low-cost, skilled labor overseas are an explosive combination.” – Bob Taft, Former Governor of Ohio
  • “Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.” – George Soros
  • “Instead of saying that globalization is a fact, that it’s inevitable, we’ve also got to demonstrate that while the growing interdependence of the world economy is indeed a fact, it’s not uncontrollable.” – Peter Mandelson, British Labour Party Politician
  • “This present window of opportunity, during which a truly peaceful and interdependent world order might be built, will not be open for too long — We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order.” – David Rockefeller
  • “We have a global economy that is not structured around democratizing and including people in the decision-making. It’s operated in secret.” 
- Kevin Danaher
  • “What’s going on in this country? Unions stand against those trends. We’ve got to somehow insulate the robust American economy from this global economy that seems to want to devour our standard of living.” – James P. Hoffa, General President of the Teamsters Union
  • “In today’s global economy, however, it is important to raise the bar of excellence even higher. Today’s students must be prepared to compete effectively on an international level.” – Kenny Marchant, Congressional Representative from Texas
  • “For globalization to work for America, it must work for working people. We should measure the success of our economy by the breadth of our middle class, and the scope of opportunity offered to the poorest child to climb into that middle class.” – John J. SweeneyFormer President of the AFL-CIO
  • “The global economy works for about twenty percent of the world, for about eighty percent it doesn’t.”
 – Kevin Danaher
  • “Not exclusively, but the bulk of our local economy should be covered by local currencies, which is more efficient than having global currencies which lose connection with reality in the markets, shops and communities of the people.” – David Korten
  • “A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.” – George Soros
  • “My guiding principle is that prosperity can be shared. We can create wealth together. The global economy is not a zero-sum game.” – Julia Gillard, Prime Minister of Australia

Economic Quotes

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As long as we place millions of Indians at the canter of our thought process, as long as we think of their welfare, their future, their opportunities for self realization we are on the right track. For India can grow, prosper, flourish only if they grow, prosper, flourish. We cannot grow by any esoteric strategies. Our purchasing power, our economic strength, our marketplace all depends on the prosperity of our people.
Mukesh Ambani 

China has really succeeded because of its stability. So my feeling is, how are they going to maintain this fantastic stability in a very fast changing economic situation. I think this is a challenge we face, how the global region will evolve in stability with such a fast growth. If they succeed to do that, no doubt, in the next generation it will be the major area of the world, economically.
Bernard Arnault 

China is clearly going to be the number one economic power and it is already full of potential.. with lots of population and the buying power increasing by the day. .
Bernard Arnault 

I beg you, look for the words ‘social justice’ or ‘economic justice’ on your church Web site. If you find it, run as fast as you can. Social justice and economic justice, they are code words.
Glenn Beck

The basic prescription for preventing deflation is straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending, in a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.
Ben Bernanke 

The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.
Ben Bernanke 

Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.
Ben Bernanke 

There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
Ben Bernanke

The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
Ben Bernanke

A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
Ben Bernanke

The change we need is fixing this broken economy from the bottom up.. not tax breaks for the wealthy and huge corporations that ship U.S. jobs overseas. We need to focus on defeating al Qaeda and the Taliban and restoring America’s standing in the world.. not an unending commitment in Iraq.
Joe Biden

Eliminating the tax breaks is not going to keep jobs here in America. We’ve got to make it more attractive to have jobs here in America and for corporations to be here. You’ve got to take the burden off the corporations with a health care system that’s universal, so we’re not at a competitive disadvantage. You’ve got to have a better education system to provide for the highest-tech jobs that we educate our folks for, so we’re not importing 400,000 computer engineers to work in Silicon Valley. And you’ve got to deal with the innovation and infrastructure needs in this country.. tunnels, bridges, etc… which we haven’t done to make us more competitive.
Joe Biden

My position is that I am personally opposed to abortion, but I don’t think I have a right to impose my view on the rest of society. I’ve thought a lot about it, and my position probably doesn’t please anyone. I think the government should stay out completely. I will not vote to overturn the Court’s decision. I will not vote to curtail a woman’s right to choose abortion. But I will also not vote to use federal funds to fund abortion.
Joe Biden 

The blunt truth about the politics of climate change is that no country will want to sacrifice its economy in order to meet this challenge, but all economies know that the only sensible long term way of developing is to do it on a sustainable basis.
Tony Blair

If we are going to carry on growing, and we will, because no country is going to forfeit its right to economic growth, we have to find a way of doing it sustainably.
Tony Blair

Public education is the key civil rights issue of the 21st century. Our nation’s knowledge-based economy demands that we provide young people from all backgrounds and circumstances with the education and skills necessary to become knowledge workers. If we don’t, we run the risk of creating an even larger gap between the middle class and the poor. This gap threatens our democracy, our society and the economic future of America.
Eli Broad

The Greens will continue to champion a fairer society rather than simply the economy and to champion the parliament rather than simply the stock exchange.
Bob Brown 

Keeping taxes low and restraining spending leads to a vibrant economy; it leads to new jobs; it leads to better opportunities; and it leads to a shrinking deficit.
George Bush 

You know, in this business, you don’t have any control over what the press says and how they portray things. And that’s their prerogative. But I think anybody who looks at it objectively has trouble making the case that somehow this is a bad economy.
Dick Cheney

In the new economy, information, education, and motivation are everything.
Bill Clinton

In today’s knowledge-based economy, what you earn depends on what you learn. Jobs in the information technology sector, for example, pay 85 percent more than the private sector average.
Bill Clinton

No government can love a child, and no policy can substitute for a family’s care. But at the same time, government can either support or undermine families as they cope with moral, social and economic stresses of caring for children.
Hillary Rodham Clinton

If we only have great companies, we will merely have a prosperous society, not a great one. Economic growth and power are the means, not the definition, of a great nation.
Jim Collins 

The prudential regulation that I have put in place has been absolutely critical. The fiscal policy which we have put in place has been absolutely critical and if people looked at Australia now turn its back on economic reform, which of course industrial relations rollback or throwback would be, let me tell you, that would really start affecting confidence.
Peter Costello 

Mr. Greenspan did a very good job in the early 1990’s. But recently he’s fallen prey to this crazy theory that prosperity causes inflation. So they’re trying to slow the economy down by raising interest rates. It’s like a doctor saying you’re in great health, so we have to make you sick a little bit. It’s a bizarre theory. It’s going to hurt our economy.
Steve Forbes 

America has the potential for the greatest economic boom and spiritual renewal in our history. But we’re being held back by Washington politics as usual. It’s time we move forward.
Steve Forbes

The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that’s why it’s so essential to preserving individual freedom.
Milton Friedman

Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
Milton Friedman

The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
Milton Friedman

The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes.
Milton Friedman

The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.
Milton Friedman 

Economic development over the past two centuries has taken most of humanity from lives that were brutal, ignorant and short, to personal health and security, material comfort and knowledge that were unknown to the elites of the wealthiest and most powerful societies in earlier times.
Ross Garnaut 

The lnternet is turning economics inside-out. For example, everybody on the internet now wants stuff for free and there are so many free services available.
Uri Geller 

Including everyone in the economic, wealth-creating life of the nation is today the best way for Labor (Australian Labor Party) to meet its twin goals of raising national prosperity and creating a fair and decent society.
Julia Gillard – Social – Australia – Economy – Wealth – Goals

As our economy faces up to potential labour shortages due to our ageing population and as it moves to a new level of sophistication to compete with the rest of the world, we’re going to need every Australian on board pulling their weight, rejoining the workforce, gaining new skills. Writing off individuals and communities suffering from poverty just creates a dead weight for our economy to drag along.
Julia Gillard

We see community organizations as major service providers and economic drivers rather than as recipients or distributors of charity, and coordinators of volunteers. Today they constitute what’s referred to as ‘the social economy’.
Julia Gillard

The concept of social inclusion in essence means replacing a welfarist approach to helping the underprivileged with one of investing in them and their communities to bring them into the mainstream market economy. It’s a modern and fresh approach that views everyone as a potential wealth creator and invests in their human capital. My reason for adopting such an approach is simple: at a time when Australia needs more skilled people and has an ageing population, we simply can’t afford to have one in ten or more of our people out of the workforce due to unemployment, low skills or the effects of chronic poverty. Social inclusion is an economic imperative.
Julia Gillard 

The message from Wal-Mart today to the rest of the business community is there need not be any conflict between the environment and the economy. We will find the way not only to reconcile (those), but to find new profits and new opportunities as we do the right thing.
Al Gore 

We have to shift our emphasis from economic efficiency and materialism towards a sustainable quality of life and to healing of our society, of our people and our ecological systems.
Janet Holmes a Court 

I’ve never believed in lower wages. Never. Never believed in lower wages, I’ve never believed in lower wages as an economic instrument.
John Howard 

Goldman Sachs was fundamentally responsible for the crash of 2008, but by that time its former Chairman and Chief Executive Officer, Henry ‘Hank’ Paulson, had been installed as US Treasury Secretary to begin the bank bail out policy, with enormous benefit to Goldman Sachs, in the closing weeks of the Bush administration. Goldman Sachs was also instrumental in the collapse of the economy in Greece that started the ‘euro panic’ that later engulfed Ireland.
David Icke 

The gang that trashed the town was now back in town to trash it even more and you’ll never guess.. they decided that the only way to save an economy brought to its knees by their collective actions and the banking system they represent was to, well, no, surely not.. hand trillions of taxpayer-borrowed dollars to the Rothschild-controlled banks and insurance companies like CitiGroup, J. P. Morgan, AIG and a long list of others.
David Icke

It’s a different kind of economic recovery. The kind where bankers steal trillions and you don’t have a job.
Alex Jones

Philanthropy is commendable, but it must not cause the philanthropist to overlook the circumstances of economic injustice which make philanthropy necessary.
Martin Luther King Jr 

Power properly understood is nothing but the ability to achieve purpose. It is the strength required to bring about social, political and economic change.
Martin Luther King Jr
Republican leaders have made clear they have no plans to use the power of government to stimulate the economy, invest in job creation and spur job growth. The Fed’s plan is to give banks more money to finance the private sector job creation. But banks have ample cash now; they aren’t lending, and the private sector is not creating the jobs. That is why we have 15 million people unemployed.
Dennis Kucinich
The problems that exist on Wall Street today go to the center of a debate in this country about wealth and democracy. We cannot keep our democracy if those who are in charge of handling the engines of our economy are not honest with their shareholders. That’s why there is a role for government regulation here. That role for government is breaking up the monopolies, insisting on public disclosure, insisting on public audits, insisting on restitution whenever someone has been cheated.
Dennis Kucinich

We have weapons of mass destruction we have to address here at home. Poverty is a weapon of mass destruction. Homelessness is a weapon of mass destruction. Unemployment is a weapon of mass destruction.
Dennis Kucinich

Today we have a temporary aberration called “industrial capitalism” which is inadvertently liquidating its two most important sources of capital.. the natural world and properly functioning societies. No sensible capitalist would do that.
Amory Lovins

In the model that we grew up with, governments rule physical territory in which national economies function, and strong economies support hegemonic military power. In the new model, already emerging under our noses, economic decisions don’t pay much attention to national sovereignty in a world where more than half of the one hundred or two hundred largest economic entities are not countries but companies.
Amory Lovins

Economies are supposed to serve human ends.. not the other way round. We forget at our peril that markets make a good servant, a bad master and a worse religion.
Amory Lovins 

I once met an economist who believed that everything was fungible for money, so I suggested he enclose himself in a large bell-jar with as much money as he wanted and see how long he lasted.
Amory Lovins 

Most of us at the Reserve Bank come from a background in economics and hence have a predisposition in favour of free markets and a sceptical attitude towards intervention in those markets unless there is a clearly defined economic rationale for it.
Ian Macfarlane

For equity markets, the combination of low interest rates, strong economic growth and low inflation has proved very beneficial, with global share markets rising solidly in each of the past three years. This has been underpinned by strong growth in profits so that, notwithstanding the rise in share prices, P/E ratios have been declining on average.
Ian Macfarlane

For years I have made the point that progress in winding back economic slack is made not by high growth in any individual year, but by maintaining an expansion over a sustained period.
Ian Macfarlane

Political economy regards the proletarian like a horse, he must receive enough to enable him to work. It does not consider him, during the time when he is not working, as a human being. It leaves this to criminal law, doctors, religion, statistical tables, politics, and the beadle.
Karl Marx
Our nation has both an obligation and self-interest in facing head-on the serious environmental, economic and national security threat posed by global warming.
John McCain 

America has much to gain in terms of jobs and trade by meeting the growing world demand for advanced, environmentally sound technologies.
John McCain

Some of our businesses use more energy than others, but our strategy everywhere is the same.. first, reduce our use of energy as much as possible. Then, switch to renewable sources of power where it makes economic sense. And, over time, as a last resort, offset the emissions we can’t avoid.
Rupert Murdoch 

The Federal Reserve and Congress have systematically taught the American people to trust the government and that caution in spending is harmful to the economy.
Ron Paul

War is never economically beneficial except for those in position to profit from war expenditures.
Ron Paul

First reason is, it’s not authorized in the Constitution, it’s an illegal institution. The second reason, it’s an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we’d be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. (Ron Paul talking about why the Federal Reserve shouldn’t exist)
Ron Paul

From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, 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.
Ron Paul
When the federal government spends more each year than it collects in tax revenues, it has three choices: It can raise taxes, print money, or borrow money. While these actions may benefit politicians, all three options are bad for average Americans. Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.
Ron Paul

We are talking about an awesome power. It is the power to weave illusions that appear real as long as they last. That is the very core of the Fed’s power. Of course not everyone is instinctively against this illusion-weaving power, and many even welcome it. Tragically, the innocent who understand little about the complexity of the monetary system suffer the most, while those who are in the know reap great profit whether the market is going up or down. 
Ron Paul

What’s happening is, there’s transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out. So the people who get to use the money first which is created by the Federal Reserve system benefit. So the money gravitates to the banks and to Wall Street. That’s why you have more billionaires than ever before.
Ron Paul

Capitalism should not be condemned, since we haven’t had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It’s not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!
Ron Paul 

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

We still have a great amount of work to do in social development, including resolving one of the biggest challenges we face in this area, namely, reducing the gap between high-income earners and people, citizens of our country, who are still living on very modest means indeed. But we cannot, of course, adopt the solution used 80 years ago and simply confiscate the riches of some to redistribute among others. We will use completely different means to resolve this problem, namely, we will ensure good economic growth.
Vladimir Putin 
My father’s vision was to see the Pilbara developed in a way that would benefit his beloved north, and West Australia and he wanted to see Australia become a stronger economy benefiting from the development of our north. His life was spent pursuing that vision.
Gina Rinehart 

For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents such as my encounter with (Fidel) Castro to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure.. one world, if you will. If that is the charge, I stand guilty, and I am proud of it.
David Rockefeller

Populists believe in conspiracies, and one of the most enduring is that a secret group of international bankers and capitalists, and their minions, control the world’s economy. Because of my name and prominence as the head of the Chase for many years, I have earned the distinction of the “conspirator in chief” from these people.
David Rockefeller 

Politics is about power. It is about the power of the state. It is about the power of the state as applied to individuals, the society in which they live and the economy in which they work. Most critically, our responsibility in this parliament is how that power is used: whether it is used for the benefit of the few or the many.
Kevin Rudd 

Education is both a tool of social justice as well as a fundamental driver of economic development.
Kevin Rudd 

I think that if it is.. has to do with global warming, or if it has to do with raising the minimum wage, or if it has to do with lowering prescription drugs for vulnerable citizens.. all of those things are people issues, not Democratic issues or Republican issues.
Arnold Schwarzenegger
We no longer see the world as a single entity. We’ve moved to cities and we think the economy is what gives us our life, that if the economy is strong we can afford garbage collection and sewage disposal and fresh food and water and electricity. We go through life thinking that money is the key to having whatever we want, without regard to what it does to the rest of the world.
David Suzuki

I’ve never believed protectionism of that kind will lead us anywhere. I think you can have certain specific rules for engaging with India.. for example, not allowing mineral resources to be taken out of the country.. but there is not a shred of doubt in my mind that when you open an economy you should do it in totality. Foreign investment adds a sense of competition; we should see this as a wake-up call to modernise and upgrade. Companies that do not will undoubtedly die.
Ratan Tata

The country is now universally recognised as a nation on the move and takes its place amongst the successful economies in the region. The future potential is enormous but the country’s destiny is in our hands. The time has come to move from small increments to bold, large initiatives. The time has come to stretch the envelope and set goals which were earlier not seen to be possible. The time has come for performance to be measured and for allocated funds of the government to reach the people for whom they were intended.
Ratan Tata 

How about no income tax at all on people over 65? People would continue working, remain healthier, not be an economic and social drain on society. Then the elderly would also have more disposable income to help charitable activities.
John Templeton

People ask me, how is managing in the New Economy different from managing in the Old Economy? Actually, it’s a lot the same. It’s about the financial discipline of the bottom line, understanding your customers, segmenting your customers by their needs, and building a world-class management team.
Meg Whitman 

We can’t impede progress in the name of environmental action that yields little for the environment and even less for our people.. and we should look at the environment as an economic opportunity.
Meg Whitman 

In my judgment, we have to avoid, at all costs, tax increases. That would be the worst possible thing to do and will make a bad economy even worse. Beyond that, targeted tax relief should be expanded upon.
Meg Whitman 

Poverty has been created by the economic and social system that we have designed for the world. It is the institutions that we have built and feel so proud of, which created poverty them.
Muhammad Yunus 

The single biggest issue that I’m very sensitive to is inflation. I’m very concerned that this extended period where the interest rates were quite low and stimulated a lot of activity could breed inflation and create a problem for us.
Sam Zell 

Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And if employment goes up, our office buildings get filled. The reality is that increased economic activity combined with increased interest rates is basically bullish for real estate.
Sam Zell 

Quotes About The Coming Global Financial Collapse That Will Make Your Hair Stand Up

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Is the world on the verge of another massive global financial collapse?  Yes.  The western world is drowning in an ocean of debt unlike anything the world has ever seen before, and our financial markets are gigantic casinos that are dependent on huge mountains of risk and leverage remaining very stable.  In the end, this house of cards that has been built on a foundation of sand is going to come crashing down in a horrifying manner.  Usually in this column I go on and on about why things will soon get much worse.  But today I am going to take a bit of a break.  Today, I am going to let some of the top financial professionals in the world tell you why things will soon get much worse.  Many of the quotes that you are about to read just might make the hair on the back of your neck stand up.  Most people out there have no idea what is about to happen.  Most people out there are working hard and are busy preparing for the holidays and they are hopeful that the economy will turn around soon.  But that is not going to happen.  We are heading for another major global financial collapse, and when it happens the U.S. economy is going to get even worse.

The epicenter for the coming global financial collapse is almost certainly going to be in Europe.  As you will see below, financial professionals all over the world are sounding the alarm about Europe.  It is a disaster that everyone can see coming but that nobody seems to be able to prevent.

Of course the failure of the “supercommittee” in the United States certainly is not helping matters.  There is already talk that we may soon see another downgrade for U.S. debt.  It is hard to even describe how incompetent the U.S. Congress is.

There is a tremendous lack of leadership both in the United States and in Europe right now.  The financial world is more interconnected than ever before, and when the financial dominoes start to fall it is going to take a miracle to keep a complete and total disaster from unfolding.

So when the time comes, who is going to step forward and provide that leadership?

That is a really, really good question.

Right now, panic and fear are spreading like wildfire in the financial world and nobody knows for sure what is going to happen next.

But one thing is for certain.  Pessimism is growing stronger by the day.

The following are 17 quotes about the coming global financial collapse that will make your hair stand up….

#1 Credit Suisse’s Fixed Income Research unit: “We seem to have entered the last days of the euro as we currently know it. That doesn’t make a break-up very likely, but it does mean some extraordinary things will almost certainly need to happen – probably by mid-January – to prevent the progressive closure of all the euro zone sovereign bond markets, potentially accompanied by escalating runs on even the strongest banks.”

#2 Willem Buiter, chief economist at Citigroup: “Time is running out fast.  I think we have maybe a few months — it could be weeks, it could be days — before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it.”

#3 Jim Reid of Deutsche Bank: “If you don’t think Merkel’s tone will change then our investment advice is to dig a hole in the ground and hide.”

#4 David Rosenberg, a senior economist at Gluskin Sheff in Toronto: “Lenders are finding it difficult to finance their day-to-day operations with short-term funding. This is a lot like 2008 but with more twists.”

#5 Christian Stracke, the head of credit research for Pimco: “This is just a repeat of what we saw in 2008, when everyone wanted to see toxic assets off the banks’ balance sheets”

#6 Paul Krugman of the New York Times: “At this point I’d guess soaring rates on Italian debt leading to a gigantic bank run, both because of solvency fears about Italian banks given a default and because of fear that Italy will end up leaving the euro. This then leads to emergency bank closing, and once that happens, a decision to drop the euro and install the new lira. Next stop, France.”

#7 Paul Hickey of Bespoke Investment Group: “More and more, we are hearing anecdotal comments from individual and professionals that this is the most difficult environment they have ever experienced as the market is like a fish flopping around after being taken out of the water.”

#8 Bob Janjuah of Nomura International: “Germany appears to be adamant that full political and fiscal integration over the next decade (nothing substantive will happen over the short term, in my view) is the only option, and ECB monetisation is no longer possible. I really think it is that clear and simple. And if I am wrong, and the ECB does a U-turn and agrees to unlimited monetisation, I will simply wait for the inevitable knee-jerk rally to fade before reloading my short risk positions. Even if Germany and the ECB somehow agree to unlimited monetisation I believe it will do nothing to fix the insolvency and lack of growth in the eurozone. It will just result in a major destruction of the ECB‟s balance sheet which will force an ECB recap. At that point, I think Germany and its northern partners would walk away. Markets always want short, sharp, simple solutions.”

#9 Dan Akerson, CEO of General Motors: “The ’08 recession, which was a credit bubble that manifested itself through primarily the real estate market, that was a serious stress….This is much more serious.”

#10 Francesco Garzarelli of Goldman Sachs: “Pressures on Euro area sovereign bond markets have progressively intensified and spread like a wildfire.”

#11 Jim Rogers: “In 2002 it was bad, in 2008 it was worse and 2012 or 2013 is going to be worse still – be careful”

#12 Dr. Pippa Malmgren, the President and founder of Principalis Asset Management who once worked in the White House as an adviser to President Bush: “Market forces are increasingly determining what the options are and foreclosing on options policymakers thought they had. One option which is now under discussion involves permitting a country to temporarily leave the Euro, return to its native currency, devalue, commit to returning to the Euro at a better debt to GDP ratio, a better exchange rate and a better growth trajectory and yet not sacrifice its EU membership. I would like to say for the record that this is precisely the thought process that I expected to evolve,but when I proposed this possibility back in 2009, and again in September 2010, I had a 100% response from clients and others that this was “impossible” and many felt it was “ridiculous”. They may be right but this is the current state of the discussion. The Handelsblatt in Germany has reported this conversation, but wrongly assumes that the country that will exit is Germany. I think that Germany will have to exit if the Southern European states do not. Germany’s preference is to stay in the Euro and have the others drop out. The problem has been the Germans could not convince the others to walk away. But, now, market pressures are forcing someone to leave. Germany is pushing for that someone to be Italy. They hope that this would be a one off exception, not to be repeated by any other country. Obviously, though, if Italy leaves the Euro and reverts to Lira then the markets will immediately and forcefully attack Spain, Portugal and even whatever is left  of the already savaged Greeks. These countries will not be able to compete against a devalued Greece or Italy when it come to tourism or even infrastructure. But, the principal target will be France. The three largest French banks have roughly 450 billion Euros of exposure to Italian debt. So, further sovereign defaults are certainly inevitable, but that is true under any scenario. Growth and austerity will not do the trick, as ZeroHedge rightly points out. Ultimately, I will not be at all surprised to see Europe’s banking system shut for days while the losses and payments issues are worked out. People forget that the term “bank holiday” was invented in the 1930’s when the banks were shut for exactly the same reason.”

#13 Daniel Clifton, a policy strategist with Strategas Research Partners on the potential for more downgrades of U.S. debt: “We would expect further downgrades, a first downgrade from Moody’s and Fitch and possibly a second downgrade from S&P.”

#14 Warren Buffett on the problems in the eurozone: “The system as presently designed has revealed a major flaw. And that flaw won’t be corrected just by words. Europe will either have to come closer together or there will have to be some other rearrangement because this system is not working”

#15 David Kostin, equity strategist for Goldman Sachs: “The wide range of possible outcomes on both the super committee process and the unstable political economy in Europe drives our view that investors should assume the worst while hoping for the best.”

#16 Mark Mobius, the head of the emerging markets desk at Templeton Asset Management: “There is definitely going to be another financial crisis around the corner”

#17 Gerald Celente, founder of The Trends Research Institute: “The whole system is going down. Pull your money out your Fidelity account, your Scwhab accout, and your ETFs.”

Are you starting to get the picture?

When so many top financial professionals are freaking out like this, perhaps the rest of us should start paying attention.

They are telling us that “time is running out”.

They are telling us that “there is definitely going to be another financial crisis”.

They are telling us that this “is going to be worse” than 2008.

They are telling us that “the whole system is going down”.

Yes, a devastating financial collapse really is coming.  Just like in 2008, it will seem like the “end of the world” while it is happening, but it won’t be.  It will severely damage our financial system and our economy, but it will not finish us off.

Think of it this way.  When you build a sand castle at the beach, it doesn’t get totally wiped out by the first wave or the second wave that hits it.  Each wave does significant damage, but the destruction of your sand castle is a process.

It is the same thing with the U.S. economy.  We once had the most incredible economic machine that the world has ever seen.  It is constantly being gutted and the financial crisis of 2008 hit us really hard, but we are still doing okay.

After this next financial crisis we will be in even worse shape.  But we will still be breathing.

More “waves” will come after this next financial crisis.  If we continue on the road that we are on, our economy will progressively get worse and worse.

Not everyone will agree with this analysis, and that is okay.  In the end, time will reveal the truth to all of us.

Right now, we all need to get ready for the next wave that is about to hit us.  A lot of people are going to lose their jobs over the next few years.  Hopefully you are prepared for that.

Welcome to The Quote Garden!

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My dog is worried about the economy because Alpo is up to 99 cents a can.  That’s almost $7.00 in dog money.  ~Joe Weinstein

The economy depends about as much on economists as the weather does on weather forecasters.  ~Jean-Paul Kauffmann

I don’t know if I can live on my income or not – the government won’t let me try it.  ~Bob Thaves, “Frank & Ernest”

People try to live within their income so they can afford to pay taxes to a government that can’t live within its income.  ~Robert Half

My problem lies in reconciling my gross habits with my net income.  ~Errol Flynn

Inflation hasn’t ruined everything.  A dime can still be used as a screwdriver.  ~Quoted in P.S. I Love You, compiled by H. Jackson Brown, Jr.

Budget: a mathematical confirmation of your suspicions.  ~A.A. Latimer

People are living longer than ever before, a phenomenon undoubtedly made necessary by the 30-year mortgage.  ~Doug Larson

When did the future switch from being a promise to being a threat?  ~Chuck Palahniuk

It isn’t so much that hard times are coming; the change observed is mostly soft times going.  ~Groucho Marx

If you think nobody cares if you’re alive, try missing a couple of car payments.  ~Earl Wilson

The waste of money cures itself, for soon there is no more to waste.  ~M.W. Harrison

October:  This is one of the peculiarly dangerous months to speculate in stocks in.  The others are July, January, September, April, November, May, March, June, December, August and February.  ~Mark Twain, Pudd’nhead Wilson’s Calendar for 1894

If inflation continues to soar, you’re going to have to work like a dog just to live like one.  ~George Gobel

In the old days a man who saved money was a miser; nowadays he’s a wonder.  ~Author Unknown

Inflation is taxation without legislation.  ~Milton Friedman

When written in Chinese the word “crisis” is composed of two characters – one represents danger and the other represents opportunity.  ~John F. Kennedy, address, 12 April 1959

There are so many men who can figure costs, and so few who can measure values.  ~Author Unknown

The only reason a great many American families don’t own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments.  ~Mad Magazine

The only man who sticks closer to you in adversity than a friend is a creditor.  ~Author Unknown

Who goeth a borrowing
Goeth a sorrowing.
~Thomas Tusser

Promises make debt, and debt makes promises.  ~Dutch Proverb

Debt is the worst poverty.  ~Thomas Fuller, Gnomologia, 1732

Today, there are three kinds of people:  the have’s, the have-not’s, and the have-not-paid-for-what-they-have’s.  ~Earl Wilson

When a man is in love or in debt, someone else has the advantage.  ~Bill Balance

Credit buying is much like being drunk.  The buzz happens immediately and gives you a lift…. The hangover comes the day after.  ~Joyce Brothers

Bankruptcy stared me in the face, but one thought kept me calm; soon I’d be too poor to need an anti-theft alarm.  ~Gina Rothfels

There is much in the world to make us afraid.  There is much more in our faith to make us unafraid.  ~Frederick W. Cropp

We never know the worth of water till the well is dry.  ~Thomas Fuller

Money doesn’t talk, it swears.  ~Bob Dylan

If people behaved like governments, you’d call the cops.  ~Kelvin Throop

Blessed are the young, for they shall inherit the national debt.  ~Herbert Hoover, attributed

A survey says that American workers work the first three hours every day just to pay their taxes.  So that’s why we can’t get anything done in the morning:  We’re government workers.  ~Jay Leno

Everybody wants to eat at the government’s table, but nobody wants to do the dishes.  ~Werner Finck

For each new morning with its light,
For rest and shelter of the night,
For health and food, for love and friends,
For everything Thy goodness sends.
~Ralph Waldo Emerson

If you count all your assets, you always show a profit.  ~Robert Quillen

Every tomorrow has two handles.  We can take hold of it by the handle of anxiety, or by the handle of faith.  ~Author Unknown

The key to making money in stocks is not to get scared out of them.  ~Peter Lynch

Goodness is the only investment that never fails.  ~Henry David Thoreau

We can’t quite decide if the world is growing worse, or if the reporters are just working harder.  ~The Houghton Line, November 1965

George Washington is the only president who didn’t blame the previous administration for his troubles.  ~Author Unknown

Who is rich?  He who rejoices in his portion.  ~The Talmud

Thrift was never more necessary in the world’s history than it is today.  ~Francis H. Sisson

He who does not economize will have to agonize.  ~Confucius

It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.  ~Harry S Truman

[O]f all the aspects of social misery nothing is so heartbreaking as unemployment.  ~Jane Addams, 1910

If things go wrong, don’t go with them.  ~Roger Babson

 A hundredload of worry will not pay an ounce of debt.  ~George Herbert

Worry bankrupts the spirit.  ~Terri Guillemets

The gap in our economy is between what we have and what we think we ought to have – and that is a moral problem, not an economic one.  ~Paul Heyne

Politicians say they’re beefing up our economy.  Most don’t know beef from pork.  ~Harold Lowman

The government’s view of the economy could be summed up in a few short phrases:  If it moves, tax it.  If it keeps moving, regulate it.  And if it stops moving, subsidize it.  ~Ronald Reagan

Economic advance is not the same thing as human progress.  ~John Clapham, A Concise Economic History of Britain, 1957

I once met an economist who believed that everything was fungible for money, so I suggested he enclose himself in a large bell-jar with as much money as he wanted and see how long he lasted.  ~Amory Lovins

If all the economists were laid end to end, they’d never reach a conclusion.  ~George Bernard Shaw

If the nation’s economists were laid end to end, they would point in all directions.  ~Arthur H. Motley

They talk about the economy this year.  Hey, my hairline is in recession, my waistline is in inflation.  Altogether, I’m in a depression.  ~Rick Majerus

I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.  ~Arthur Godfrey

Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents?  ~Peg Bracken

Another difference between death and taxes is that death doesn’t get worse every time the legislature meets. ~Robert Quillen, “Paragraphs,” Lincoln Star(Nebraska), 6 April 1931

Man is not like other animals in the ways that are really significant:  animals have instincts, we have taxes.  ~Erving Goffman

Is it my imagination, or does shipping and handling settle a box of crackers more than it used to?  ~Robert Brault, www.robertbrault.com

A person doesn’t know how much he has to be thankful for until he has to pay taxes on it.  ~Author Unknown
Friends and neighbors complain that taxes are indeed very heavy, and if those laid on by the government were the only ones we had to pay, we might the more easily discharge them; but we have many others, and much more grievous to some of us.  We are taxed twice as much by our idleness, three times as much by our pride, and four times as much by our folly.  ~Benjamin Franklin

The safe way to double your money is to fold it over once and put it in your pocket.  ~Frank Hubbard

We can tell our values by looking at our checkbook stubs.  ~Gloria Steinem

Car sickness is the feeling you get when the monthly payment is due.  ~Author Unknown

Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.  ~Sam Ewing

You bankers only lend a man an umbrella when it is a fine day.  ~Author unknown, quoted in The Accountant, Vol. XXXII, 1905, a later variation of this (“A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain”) has been commonly attributed to Mark Twain (Thanks, Garson O’Toole!)

A bank is a place that will lend you money if you can prove that you don’t need it.  ~Bob Hope


O Gold! I still prefer thee unto paper,
Which makes bank credit like a bark of vapour.
~Lord Byron

Money is better than poverty, if only for financial reasons.  ~Woody Allen

It’s a kind of spiritual snobbery that makes people think they can be happy without money.  ~Albert Camus

I’m so poor I can’t even pay attention.  ~Ron Kittle, 1987

We live by the Golden Rule.  Those who have the gold make the rules.  ~Buzzie Bavasi

I am having an out of money experience.  ~Author Unknown

Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the “gotta have it” scale.  ~Zig Ziglar

I wish I’d said it first, and I don’t even know who did:  The only problems that money can solve are money problems.  ~Mignon McLaughlin, The Second Neurotic’s Notebook, 1966

Every one, even the richest and most munificent of men, pays much by cheque more light-heartedly than he pays little in specie.  ~Max Beerbohm, “Hosts and Guests,” 1918

We all know how the size of sums of money appears to vary in a remarkable way according as they are being paid in or paid out.  ~Julian Huxley, Essays of a Biologist, 1923

A nickel ain’t worth a dime anymore.  ~Yogi Berra

That money talks
I’ll not deny,
I heard it once:
It said, “Goodbye.”
~Richard Armour

We ought to change the legend on our money from “In God We Trust” to “In Money We Trust.”  Because, as a nation, we’ve got far more faith in money these days than we do in God.  ~Arthur Hoppe, 1963

My poverty is not complete:  it lacks me.  ~Antonio Porchia, Voces, 1943, translated from Spanish by W.S. Merwin

The time is ripe, and rotten-ripe, for change.  ~Lowell

Oh, for the good old days when people would stop Christmas shopping when they ran out of money.  ~Author Unknown

Food.  Water.  Shelter.  Air.  Sleep.  Societal inflation has expanded need into greed.  Suddenly the basic survival needs also include a cell phone, cable TV, and French manicured fingernails…. We’ve become the absolute biggest whiners of all human history with the absolute smallest justification for whining.  ~Charlie Diekatze

So long as all the increased wealth which modern progress brings goes but to build up great fortunes, to increase luxury and make sharper the contrast between the House of Have and the House of Want, progress is not real and cannot be permanent.  ~Henry George, Progress and Poverty, 1879

Armaments, universal debt and planned obsolescence – those are the three pillars of Western prosperity.  ~Aldous Huxley, Island

The human race has had long experience and a fine tradition in surviving adversity.  But we now face a task for which we have little experience, the task of surviving prosperity.  ~Alan Gregg

The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.  ~Theodore Roosevelt

Punishment is now unfashionable… because it creates moral distinctions among men, which, to the democratic mind, are odious.  We prefer a meaningless collective guilt to a meaningful individual responsibility.  ~Thomas Szasz

I have sometimes been wildly, despairingly, acutely miserable, but through it all I still know quite certainly that just to be alive is a grand thing.  ~Agatha Christie

Poverty, Frost, Famine, Rain, Disease, are the beadles and guardsmen that hold us to Common Sense.  ~Ralph Waldo Emerson

Give a man a fish and he will eat for a day.  Teach a man to fish and he will eat for a lifetime.  Teach a man to create an artificial shortage of fish and he will eat steak.  ~Jay Leno

Government in the U.S. today is a senior partner in every business in the country.  ~Norman Cousins

Another way to solve the traffic problems of this country is to pass a law that only paid-for cars be allowed to use the highways.  ~Will Rogers

There are plenty of ways to get ahead.  The first is so basic I’m almost embarrassed to say it:  spend less than you earn.  ~Paul Clitheroe

No man’s credit is as good as his money.  ~E.W. Howe, Sinner Sermons

Who recalls when folks got along without something if it cost too much?  ~Kin Hubbard

To fear is one thing.  To let fear grab you by the tail and swing you around is another.  ~Katherine Paterson, Jacob Have I Loved

Fear makes the wolf bigger than he is.  ~German Proverb

He who fears something gives it power over him.  ~Moorish Proverb

He who fears to suffer, suffers from fear.  ~French Proverb

This morning, prompted by increasing concerns about terrorism, oil prices reached a record high as the cost of a barrel of crude is a whopping $44.34.  Wow, it seems shocking that a product of finite supply gets more expensive the more we use it.  Now the terror alert means higher oil prices, which oddly enough means higher profits for oil companies giving them more money to give to politicians whose policies may favor the oil companies such as raising the terror alert level.  As Simba once told us: “It’s the circle of life.”  ~Jon Stewart

Christmas is the time when kids tell Santa what they want and adults pay for it.  Deficits are when adults tell government what they want and their kids pay for it.  ~Richard Lamm

When government accepts responsibility for people, then people no longer take responsibility for themselves.  ~George Pataki

Economics is extremely useful as a form of employment for economists.  ~John Kenneth Galbraith

Here is my first principle of foreign policy:  good government at home.  ~William Ewart Gladstone

When you get into a tight place and everything goes against you, till it seems as though you could not hang on a minute longer, never give up then, for that is just the place and time that the tide will turn.  ~Harriet Beecher Stowe

The world is round and the place which may seem like the end may also be only the beginning.  ~Ivy Baker Priest

Be like the bird that, passing on her flight awhile on boughs too slight, feels them give way beneath her, and yet sings, knowing that she hath wings.  ~Victor Hugo

An investment in knowledge always pays the best interest.  ~Author unknown, commonly attributed to Benjamin Franklin

Do not value money for any more nor any less than its worth; it is a good servant but a bad master.  ~Alexandre Dumas fils, Camille, 1852

Everything in the world may be endured except continual prosperity.  ~Goethe

Luxury:  The lust for comfort, that stealthy thing that enters the house as a guest, and then becomes a host, and then a master.  ~Kahlil Gibran, The Prophet, 1923

Beware of little expenses; a small leak will sink a great ship.  ~Benjamin Franklin

Unemployment is capitalism’s way of getting you to plant a garden.  ~Orson Scott Card

Worry never robs tomorrow of its sorrow, it only saps today of its joy.  ~Leo Buscaglia

Do not be afraid of tomorrow; for God is already there.  ~Author Unknown

Socio-Economic Quotes

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A lot of the interesting issues and dynamics within a city occur over things such as socio-economic issues or ethnic issues. But they require a much more elaborate model of human behavior.
Will Wright

For as long as our people are held hostage by controllable socio-economic forces, we cannot afford to be indifferent to the ravages of poverty in all its dimensions and ramifications.
Ibrahim Babangida

Delaware State has established itself as an institution of excellence in its own right and attracts a diversity of students from various races, socio-economic status and locations.
Michael N. Castle

Our assessment of socio-economic worth is largely a sham. We scientists should not lend ourselves to it – though we routinely do. We should, instead, insist on applying the criterion of quality.
John Charles Polanyi

We said in our 21st Century Party paper there are 61 mosaic groups, which the market research people use as different socio-economic categories and half of our members come from just five of those groups and that is very narrow – too narrow.
Francis Maude

Evolutionary Economics Quotes

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magna cartaQuotations from some of the contributors to evolutionary economics !

Ignorance –

Xenophanes – ‘The Gods did not reveal, from the beginning, all things to us, but in the course of time through seeking we may learn & know things better. But as for certain truth no man knows it, nor shall he know it, neither of the Gods nor yet of all things that I speak. For even if by chance he were to utter The Final Truth, he would himself not know it: for all is but a woven web of guesses.’

Socrates – ‘Admitting one’s ignorance is the first step in acquiring knowledge …’

Aristotle – ‘The things best to know are first principles and causes, but these things are perhaps the most difficult for men to grasp, for they are farthest removed from the senses …’. Metaphysics.

Arabic saying – ‘Those who claim to foresee the future are lying, even if by chance they are later proved right’.

King Canute the Great – ‘Let all men know how empty and powerless is the power of kings. For there is none worthy of the name but God, whom heaven, earth and sea obey’. AD 1016.

Shakespeare – ‘If to do were as easy as to know what were good to do, chapels had been churches and poor men’s cottages princes’ palaces’. The Merchant of Venice.

adam smithAdam Smith – ‘He is led by an invisible hand to promote an end which was no part of his intention’. The Wealth of Nations.

Adam Smith – ‘This is one of those cases in which the imagination is baffled by the facts’.

Isaac Newton – ‘If I have seen further it is by standing on the shoulders of giants’.

Herbert Simon – ‘We encounter many branches in the maze of life’s path, we follow now the left fork, now the right. The metaphor of the garden of forking paths is irresistible to anyone who has devoted their scientific career to understanding human choice’. Models of My Life.

George Shackle – ‘We are ignorant of what it is we do not know even though we know more than we can ever say’. Epistemtics and Economics.

Jorge Luis Borges – ‘I am not sure of anything, I know nothing . . . can you imagine that I don’t even know the date of my own death?’.

Kenneth Boulding – ‘Humble, honest, ignorance is one of the finest flowers of the human spirit’. Evolutionary Economics and Human Nature.

Peter Bernstein – ‘The Gods are unkind and deny us knowledge of what the future holds’. Against the Gods – the Remarkable Story of Risk.

Douglass C North – ‘To predict the future we would have to know today what we will learn tomorrow which will shape our future actions’. Understanding the Process of Economic Change.

alan greenspanAlan Greenspan – ‘Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’ – ‘The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’ – ‘Senator, if I seem clear to you, you must have misunderstood me’ – ‘Unfortunately, Senator, nobody knows where the next innovative idea is coming from. Political decisions are never random and will always lose out to innovative alternatives’. Various Congressional Committees.

Alan Greenspan – ‘Greenspan, who knew so much more than most, knew far less than most supposed …’. FT September 2007.

Alan Greenspan – ‘Regulators have not been able to achieve the level of future clarity required to act pre-emptively. The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so …’. FT April 2008.

Donald Rumsfeld – ‘There are known knowns, there are known unknowns, there are unknown unknowns, and there are even unknown knowns, and of course there are errors, things you think you know but don’t and finally denials, things too painful to know so you don’t’. US Secretary of State for Defence 2003.

Robert Solow – ‘There is not some glorious theoretical synthesis of capitalism that you can write down in a book and follow. You have to grope your way’.

John Kenneth Galbraith – ‘There are those who don’t know, and those who don’t know they don’t know’.

Peter Jay – ‘If economics is to have any claim to relevance it should be able to explain what is the greatest event in economic history; modern economic growth. It is a stupendous puzzle. The natural selection of innovations. Successful innovations are selected for survival by their own success’. The Road to Riches.

Martin Wolf – ‘People who think they know what is going to happen next are fools. Surprises – or what the brilliant author Nassim Taleb calls ‘Black Swans’ – are inevitable. Some are likely to be desperately unpleasant too’. FT May 2007.

Thomas Carlyle – ‘Social Science, is not a ‘gay science’ but rueful, which finds the secret of this universe in ‘supply and demand’ and reduces the duty of human governors to that of letting men alone. Not a ‘gay science’, no, a dreary, desolate, and indeed quite abject and distressing one; what we might call, the dismal science’. Occasional Discourse on the Negro Question.

Charles MacKay – ‘Extraordinary Popular Delusions and the Madness of Crowds’. 1841.

Vox Populi – ‘Who knows …’??

Complexity –

Lewis Carroll – ‘I can’t believe impossible things’, said Alice. ‘I dare say you haven’t had much practice’, surmised the Queen’. Alice through the Looking Glass.

chales darwinCharles Darwin – ‘It’s an awful stretcher to believe that a peacock’s tail was thus formed but … most people just don’t get it – I must be a very bad explainer’. Darwin’s Dangerous Idea.

Charles Darwin – ‘There is a grandeur in this view of life, from so simple a beginning endless forms most beautiful are being evolved’. Origin of Species.

Charles Darwin – ‘In the distant future I see open fields for far more important researches. Light will be thrown on the origins of man and his history’. Origin of Species.

Charles Darwin – ‘It is not the strongest of the species that survives, nor the most intelligent, but the one more responsive to change’. Origin of Species.

Adam Smith – ‘The real tragedy of the poor is the poverty of their aspirations’.

dan dennettDaniel Dennett – ‘Darwin’s ideas are powerful enough to have done all the design work that is manifest in the world’. Darwin’s Dangerous Idea.

Daniel Dennett – ‘The only answer to the endless chains of why, why, why is that the alternatives died …’. Darwin’s Dangerous Idea.

Daniel Dennett – ‘In order to make a perfect and beautiful machine, it is not requisite to know how to make it. All the works of human genius can be understood in the end to be products of a cascade of generate-and-test procedures that are, at bottom, algorithmic and mindless’. Darwin’s Dangerous Idea.

Richard Dawkins – ‘Whether we like it or not, all reality is evolution, it is the only theory of complexity that we have. Today the theory of evolution is about as much open to doubt as the theory that the earth goes round the sun’. The Selfish Gene. Unweaving the Rainbow.

Richard Dawkins – ‘Life results from the non-random survival of randomly varying replicators. The watchmaker is blind ‘. T-shirt Slogans.

Joseph Schumpeter – ‘The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process’. Capitalism.

Stanley Metcalfe – ‘Patterns of change have a coherence. We may measure at the macro level but the dynamics of change must be explained at the level of micro phenomena’. Evolutionary Economics.

Manuel De Landa – ‘Emergent properties result from interactions between individual parts, so it follows that a top down analytical approach that begins with the whole and dissects it into its constituent parts is bound to miss precisely those emergent properties’. 1000 Years of Non Linear History.

Ilya Prigogine – ‘Now we see evolutionary trends in a variety of areas ranging from atomic and molecular physics through fluid mechanics, chemistry and biology to large scale systems of relevance in environmental and economic sciences’. Is the Future Given?

Conan Doyle – ‘When you have exclude the impossible, whatever remains, however implausible is probably the truth’. Sherlock Holmes.

Joshua Epstein/Robert Axtell  – ‘A wide range of social, collective phenomena can be made to emerge from the interactions of autonomous agents operating to simple local rules’. Growing Artificial Societies.

steven pinkerSteven Pinker – ‘Thinking is a physical process, the human brain is not exempt from evolution’. The Blank Slate.

Karl Popper – ‘Our aim must be to make our successive mistakes as quickly as possible. To speed up evolution.’ Popper.

Steve Jones – ‘We now ask of genetics and molecular biology the questions once asked of culture, religion, politics and the social sciences’. It’s in the Blood.

Eric Beinhocker – ‘Wealth is knowledge and its origin is evolution’. The Origin of Wealth.

Natural Selection – Diversity & Choice –

Douglass C North – ‘Economists have the correct insight that economics is a theory of choice, the key to the story is the variety of options and centralised political control limits the options. The best recipe is adaptive efficiency coping with novel uncertainty in a non-ergodic world, the maintenance of institutions which enable trial & error experiment to occur, and an effective means of eliminating unsuccessful solutions’. Understanding the Process of Economic Change.

Charles Darwin – ‘It struck me that favourable variations would tend to be preserved and unfavourable ones tend to be destroyed’.

joseph schumpeterJoseph Schumpeter – ‘The perennial gale of creative destruction’. Capitalism.

John Stuart Mill – ‘ It is useful while mankind is imperfect that there should be different opinions, so that there should be different experiments of living, that free scope should be given to varieties of character, short of injury to others’. On Liberty.

Douglass C North – ‘Conformity can be costly in a world of uncertainty which requires innovative institutional creation because no one can know the right path to survival. Over time, the richer the cultural context in terms of providing multiple experimentation and creative competition, the more likely the successful survival of the society’. Understanding the Process of Economic Change.

Richard A Posner – ‘A diversity of approaches is necessary if there is to be a good chance of hitting on one that works. Progress is a social undertaking & achievement, because people see things differently’. Law, Pragmatism and Democracy.

Steve Jones – ‘Evolution is a political sofa which moulds itself to the buttocks of the last person to sit on it’ Darwin’s Ghost. 1999.

Paul Romer – ‘I am convinced that both markets and free trade are good, but the traditional answer that we give to students to explain why they are good, the one based on perfect competition and Pareto optimality, is becoming untenable. Something much more interesting and more complicated is going on here’.

Gary Cziko – ‘By increasing variation, the probability of finding a variant with desired characteristics is increased’. Without Miracles.

Stephen Hawking – ‘Some individuals are better able than others to draw the right conclusions about the world about them and act accordingly. These individuals will be more likely to survive and reproduce so their pattern of behaviour and thought will become dominant’. A Brief History of Time.

Fredrick Hayek – ‘Competition is like experimentation in science, a discovery process, and it must rely on the self interest of producers, it must allow them to use their knowledge for their purposes, because nobody else possesses the information’. The Road to Serfdom.

Max Planck – ‘A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it’. Autobiography. 1949.

Martin Wolf – ‘Cultural diversity and cultural change are desirable and inevitable. We are cultural animals, someone without a culture is not human. But the cultures we possess vary enormously. Indeed, the variability, over time and space is the great evolutionary advantage of humanity. Instead of changing biologically over millennia, human beings can change culturally over decades’. Muliticulturalism. FT 2005.

Dr C J Morton – ‘Pragmatic in extenso. Try and understand what works and evolve from there’.

Democracy – Planning Failure –

Archbishop Cranmer – ‘There was never anything so well devised by men which in continuance of time hath not been corrupted’. Book of Common Prayer, 1549.

Oliver Cromwell – ‘I beseech you from the bowels of Christ think that you may be wrong’.

Adam Smith – ‘The man of system is apt to be very wise in his own conceit. In the great chess board of human society, every single piece has a principle of motion of its own altogether different from that which the legislature might choose to impress upon it’. The Wealth of Nations.

freidrich hayekFredrick Hayek – ‘The idea that human kind can shape the world according to wish is what I call the fatal conceit’. The Fatal Conceit.

Adam Smith – ‘The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence’. The Wealth of Nations.

David Buss – ‘There can be no autonomous agent with unitary interests called ‘society’ that exerts causal influence. This is a logical impossibility’. The Myth of Culture as a Causal Explanation, University of Texas, 2001.

margaret thatcherMargaret Thatcher – ‘There is no such thing as society, there is a living tapestry of men and women and the beauty of that tapestry, and the quality of our lives, will depend upon how much each of us is prepared to take responsibility for ourselves and to turn round and help, by our own efforts, those who are unfortunate. There’s no such thing as entitlement unless someone has first met an obligation’. Women’s Own magazine, October 31 1987

Tony Blair – ‘The problem with the old ideology was that it suppressed the individual by starting with society. But it is from a sense of individual duty that we connect the greater good and the interests of the community’. New Britain: My Vision of a Younger Country London, 1996.

Tony Blair – ‘The socialism of centralised state control of industry and production, is dead. It misunderstood the nature and development of a modern market economy. It failed to recognise that the state and public sector can become a vested interest capable of oppression as much as the vested interests of wealth and capital. it was based on a false view of class that became too rigid to explain or illuminate the nature of class division today. Ethics, Marxism and True Socialism, Fabian Pamphlet 565, London, 1994.

Gordon Brown – ‘The vision of personalised public services – meeting the individual needs of all our citizens – requires continuing reform in the way services are delivered’. Social Market Foundation May 18th 2004.

tony blairTony Blair – ‘The understanding which has driven New Labour’s reform is to put the individual citizen – the patient, the parent, the pupil, the law abiding citizen – at the centre of each public service, with the service reformed to meet their individual requirements’. A Third Term. January 13 2005 .

Gertrude Himmelfarb on Adam Smith – ‘For Rousseau and Mandeville the absence of a moral instinct meant the laws of society had no moral validity, they were nothing but the inventions of the cunning and the powerful, in order to maintain or to acquire an unnatural and unjust superiority over the rest of their fellow creatures.’ Roads to Modernity, Vintage Books 2004.

Adam Smith – ‘It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest’. The Wealth of Nations.

Adam Smith – ‘People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices’. The Wealth of Nations.

Adam Smith – ‘I have never known much good done by those who affected to trade for the public good’. The Wealth of Nations.

Adam Smith – ‘Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience’. The Wealth of Nations.

William Boetcker, Abraham Lincoln, Ronald Reagan – ‘You cannot bring about prosperity by discouraging thrift. You cannot strengthen the weak by weakening the strong. You cannot help the wage earner by pulling down the wage payer. You cannot help the poor by destroying the rich. You cannot establish sound security on borrowed money. You cannot keep out of trouble by spending more than you earn. You cannot build character and courage by taking away man’s initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves’.

Franklin D Roosevelt – ‘It is the habit of the unthinking to turn to the illusions of economic magic. These unhappy times call for the building of plans that put their faith once more in the forgotten man at the bottom of the economic pyramid’. The Forgotten Man, April 7, 1932.

Gerald Edelman – ‘Evolution works by selection, not by instruction. There is no final cause, no teleology, no purpose guiding the overall process’. Wider than the Sky, a revolutionary view of consciousness.

John Searle – ‘Many people mistakenly suppose that the essence of consciousness is that of a control mechanism’.

John Searle – ‘Darwin’s greatest achievement was to show that the appearance of purpose, planning, teleology (design), and intentionality in the origin and development of human and animal species was entirely an illusion. The illusion could be explained by evolutionary processes that contained no such purpose at all. But the spread of ideas through imitation required the whole apparatus of human consciousness and intentionality’. The Mystery of Consciousness, 1967.

Robert Nozick – ‘Given the complexity of interpersonal relationships and institutions and the complexity of co-ordination of the actions of many people, it is enormously unlikely that, even if there were one ideal pattern for society, it could be arrived at in an a priori fashion. And even supposing that some great genius did come along with a blueprint, who could have the confidence that it could work’? Anarchy State and Utopia.

Richard Dawkins – ‘It is almost as if the human brain were specifically designed to misunderstand Darwinism, and to find it hard to believe’. www.

Richard Dawkins – ‘Science dictates the economic opportunities which constrain all politics, religion & magic. Scientific beliefs are supported by evidence, and they get results. Myths and faiths are not and do not. There may be fairies at the bottom of the garden. There is no evidence for it, but you can’t prove that there aren’t any’. Unweaving the Rainbow. River Out of Eden.

Peter Jay – ‘Government’s fatal deficiencies are the four i’s; information, incentives, investment and innovation. Government itself is a suspect and discredited instrument. Recognise that politics is not the answer … that people do the right thing not from command but for their own profit …’. The Road to Riches.

Friedrich Hayek – ‘The central problem of management is how spontaneous interaction of people within a firm, each possessing only bits of knowledge, can bring about the competitive success that could only be achieved by the deliberate direction of a senior management that possesses the combined knowledge of all employees and contractors’. IEA.

winston churchillWinston Churchill – ‘It is a good thing to look ahead but you can’t look further than you can see’.

Yogi Berra – ‘Prediction is extremely difficult, especially about the future’.

Kenneth Arrow – ‘The MD is well aware that the forecasts are no good but he needs them for planning purposes … ‘

Herbert Stein, ‘If something cannot go on for ever, it will stop’. American Enterprise Institute.

Cooperation –

Ecclesiastes 4:9-12 – ‘Two are better than one, though one may be overpowered, two can defend themselves … ‘

Robert Axelrod – ‘The key to doing well lies not in overcoming others but in eliciting their co-operation. Individuals don’t have to be rational; the evolutionary process alone allows the successful strategy to thrive, even if the players do not know why or how. Finally, no central authority is needed; co-operation based on reciprocity can be self policing’. The Evolution of Co-operation.

Adam Smith – ‘How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it’. Theory of Moral Sentiments.

Adam Smith – ‘No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable’. Theory of Moral Sentiments.

richard dawkinsRichard Dawkins – ‘The replicators that exist tend to be the ones that are good at manipulating the world to their own advantage. But other replicators are also successful otherwise they would not be common. The world therefore tends to become populated by mutually compatible sets of successful replicators, replicators that get on well together’. Extended Phenotype.

Francis Fukuyama – ‘Economic activity is carried out by individuals in organisations that require a high degree of social co-operation’. Trust.

Christopher Wills – ‘Men who cannot exploit the co-operative benefits derived from institutions in modern knowledge economies are discriminated against by girls and so have fewer children’. University of Sandiego, California.

Gary Becker – ‘I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour’. The Economic Approach to Human Behaviour.

Francis Fukuyama – ‘The desire for economic prosperity is itself not culturally determined but almost universally shared’. Trust.

Peter Jay – ‘If they had they studied their economic textbooks more carefully they might have understood better that true advantage lies in playing positive sum games with your partners – as when economic exchange is free and competitive rather than controlled and rivalrous …’. The Road to Riches.

Milton Friedman – ‘Free to choose’. Free to Choose.

Tort Law –

platoPlato – ‘Mob rule and emasculation of the wise’ and ‘who will watch the guardians’?

Herodotus – ‘Free citizens are better warriors, since they fight for themselves, their families, their property, not for kings, aristocrats or priests’.

Sophocles – ‘A cunning fellow is man, inventive beyond all expectation, he reaches sometimes evil and sometimes good’.

Chief Justice Brian (1478) -‘The intent of a man cannot be tried, for the devil himself knows not the intent of a man’.

John Stuart Mill  – ‘The only freedom which deserves the name, is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it’. On Liberty.

14th Amendment – ‘No State shall deprive any person of life, liberty, or property without due process of law, nor deny any person the equal protection of the laws’. US Constitution.

James Madison – ‘The protection of the diverse faculties of men is the first the first object of government. It is vain to say that enlighten statesmen will be able to adjust these interests and render them all subservient to the public good. Enlightened statesmen will not always be at the helm. The majority must be rendered unable to carry into effect schemes of oppression’. Federalist Papers No.10 1787.

William Pitt – ‘The poorest man in his cottage, may bid defiance to all the forces of the Crown. It may be frail; its roof may shake; the wind may blow through it; the storms may enter; the rain may enter; but the King of England cannot enter; all his forces dare not cross the threshold of the ruined tenement’. Private Property under Common Law.

John Hampden – ‘What an English King has no right to demand, an English subject has a right to refuse’. Ship Money & The Civil War.

Christopher Hill – ‘In common law the wisdom of our ancestors has established a perfectly balanced constitution, from which practice might deviate but which can be ascertained and restored. Common Law not only triumphed over Royal prerogative and the church courts but also over radical attempts to reform and rationalise it. A statute declared what the law was; it did not create it’. The Century of Revolution.

Winston Churchill – ‘Here is a law which is above the King and which even he must not break. This reaffirmation of a supreme law and its expression in a general charter is the great work of Magna Carta; and this alone justifies the respect in which men have held it’. 1956

Nathan Rosenberg – ‘The English practice of accommodating the rules of commercial law to commercial practice. The line of causation ran from economic need to legal response’. How the West Grew Rich.

Douglass North – ‘The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity’. The Rise of the Western World.

Peter Jay – ‘The democratic idea that the rights and interests of individuals should be protected was pregnant with economic significance’. The Road to Riches.

Andrei Sakharov – ‘A country which does not respect the rights of its own citizens will not respect the rights of its neighbours’. The Case for Democracy – Sharansky.

Voltaire ? – ‘I disapprove of what you say, but I will defend to the death your right to say it’.

Jeremy Bentham – ‘The addability of the happiness of different subjects is a postulum without which all political reasonings are at a stand’. The Principles of Morals and Legislation.

Lord Clyde – ‘No man in this country is under the smallest obligation, moral or otherwise, so to arrange his legal relations to his business or his property as to enable the Inland Revenue to put the largest shovel into his stores.’ In judgement 1929.

Richard Dawkins – ‘The trouble with conspiracies, even those that are to everybody’s advantage in the long run, is that they are open to abuse. If manipulators really had the powers claimed, they could win the lottery every week. I prefer to point out that they could also win a Nobel Prize for discovering fundamental physical forces hitherto unknown to science’. www

Oliver Williamson – ‘Opportunism is self interest seeking with guile often involving subtle forms of deceit, especially calculated efforts to mislead, distort, disguise, obfuscate, or otherwise confuse. This vastly complicates the problems of economic organisation. Plainly if it were not for opportunism all behaviour could be rule governed’. The Economic Institutions of Capitalism.

John Atherton – ‘It is easy to be compassionate with other people’s money’. Canon Theologian, Manchester.

Ralf Harris – ‘If it’s free put me down for two … please’. IEA.

Trade –

david ricardoDavid Ricardo – ‘It is here we come to the heart of the matter. The economic principle of comparative advantage’, ‘a country may, in return for manufactured commodities, import corn even if it can be grown with less labour than in the country from which it is imported’. Peter Jay on Principles of Political Economy.

Adam Smith – ‘the propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals’. The Wealth of Nations.

Paul Samuelson – ‘Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them’. International Economic Relations.

David Landes – ‘If the gains from trade in commodities are substantial, they are small compared to trade in ideas’. The Wealth and Poverty of Nations.

Mat Ridley – ‘It is not a zero sum game. The simple idea of the gains from trade lies at the heart of the modern and the ancient economy, not the power of capital. There is nothing else to it.’ The Origins of Virtue.

Steven Pinker – ‘In a high tech world the cure for the tragic shortcomings and perilous fallacies of human intuition is education, but education in economics, evolutionary biology, probability and statistics – unfortunately most High School and College curricula have barely changed since Medieval times!’ – The Blank Slate.

Technology –

Max Planck – ‘Science advances funeral by funeral’.

Richard Dawkins – ‘The river of my title is a river of DNA, a river of information, not a river of bones and tissues’. The River Out of Eden.

David Landes – ‘It is the process of evolution which identifies innovative benefits from any source and selects them on merit without prejudice’. The Wealth and Poverty of Nations.

Adam Smith – ‘Science is the great antidote to the poison of enthusiasm and superstition’.

Adam Smith – ‘The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation’.

Adam Smith – ‘It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive that banking can increase the industry of the country’.

Peter Jay – ‘Technical innovation can eventually relax any supply constraint and so support perpetual economic growth at compound interest. Technology determines what counts as a valuable resource. For capital nothing is required but saving; and for saving nothing is required but income. Income we already have’. The Road to Riches.

Israel Kirzner – ‘Innovations until now conceived by no one at all’. Competition and Entrepreneurship.

Daniel Dennett – ‘Cost is always an object – the second law of thermodynamics sees to that’. Darwin’s Dangerous Idea.

Richard Dawkins – ‘If you want to do evil, science provides the most powerful weapons to do evil; but equally, if you want to do good, science puts into your hands the most powerful tools to do so’. www

David Landes – ‘Scepticism and refusal of authority is at the heart of scientific endeavour. Scientific knowledge dictates economic possibilities’. The Wealth and Poverty of Nations.

Ashok Ganguly – ‘Technology dominates every facet of human enterprise. Solow explained that it is technological innovation that drives economic growth. Technology is not available ‘off the shelf’, technology transfer is a complex process, the most precious knowledge is tacit and can neither be taught nor passed on’.  Business Driven R & D.

Robert Lucas -‘The consequences for human welfare involved in questions about human capital spillovers are simply staggering. Once one starts to think about them, it’s hard to think of anything else’. Knowledge and the Wealth of Nations – Warsh.

paul romerPaul Romer – ‘Human material existence is limited by ideas, not stuff, people don’t need copper wires they need ways to communicate, oil was a contaminant, then it became a fuel’. The Blank Slate.

Nathan Rosenberg – ‘Experimentation has been the key factor in the success of Western capitalism’. Exploring the Black Box.

Historical Evidence –

Richard Dawkins – ‘There is economics in biology, nothing is free, everything has to be paid for, there are costs as well as benefits to everything in life, for example, there was never sufficient natural selection pressure to develop better eyes, individuals could earn other things like smiley smiles rather than waste energy & time on better eyes …”

John Hicks – ‘Every historical event has some aspect in which it is unique; but nearly always there are other aspects in which it is a member of a pattern. The individual may diverge from the norm without deterring us from the recognition of a statistical uniformity. This is what we do, almost all the time, in economics. We do this without implying any ‘determinism’, we make no question that each individual is perfectly free to choose’. A Theory of Economic History.

Michael Woods – ‘Understand more about the whole story of the Iron Age farmers of the Berkshire Downs, their tale is important because the history of this small island off the shore of Europe became World history, its speech became world speech, and, perhaps more important, its social and economic experience also became that of the rest of the world’. A Search for the Roots of England.

Gordon Brown – ‘There is a golden thread which runs through British history of the individual, standing firm against tyranny and then of the individual participating in his society’. Hugo Young Memorial Lecture 2005.

Peter Jay – ‘From 1688 the classic recipe for economic success. Macro economic stability and a liberal structure in which individuals can seek their own advantage in competitive market conditions’. The Road to Riches.

Carl Menger – ‘We are confronted by the appearance of social institutions (language, religion, law, markets, firms … ) unintentionally created, vital for the welfare of society, which are not the result of reasoned planning’. Principles of Economics.

Oliver Wendell Holmes – ‘Continuity with the past is only a necessity not a duty’, Collected Legal Papers 1920.

Margaret Thatcher – ‘The desire to achieve grand utopian plans often poses a grave threat to freedom’, Statecraft.

John Maynard Keynes – ‘The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood’. General Theory of Employment Interest and Money.

Fernand Braudel – ‘The companies only developed if the state did not intervene in the French fashion. If on the contrary a certain degree of economic freedom was the rule, capitalism moved in firmly and adapted itself to all administrative quirks and difficulties’. Civilisation and Capitalism.

Ben Bernake – ‘It is not the responsibility of the Federal Bank – nor would it be appropriate – to protect lenders and investors from the consequences of their decisions’. Jackson Hole 2007.

Frank Knight – ‘Always history is being made; opinions attitudes and institutions change, and there is evolution in the nature of capitalism’. The Ethics of Competition.

Alfred Chandler – ‘The modern joint stock firm is the outcome of innumerable decisions made by individual entrepreneurs, owners and managers. For these decision makers the choices among alternatives were limited and the outcomes uncertain, but almost always there were choices. Despite the variability of these individual decisions, taken cumulatively they produced clear patterns of institutional change’. Scale & Scope.

Ludwig Bolzmann – ‘The general struggle for existence of animate beings is not a struggle for raw materials, these for organisms are air water & soil, all abundantly available, nor for energy which exists in plenty in the sun and any hot body in the form of heat, but rather a struggle for entropy, which becomes available through the transition of energy from the hot sun to the cold earth.