top of page
.png){kind=small}
"The owner of the means of production is in a position to purchase the labor power of the worker. By using the means of production, the worker produces new goods which become the property of the capitalist. The essential point about this process is the relation between what the worker produces and what he is paid, both measured in terms of real value. Insofar as the labor contract is "free," what the worker receives is determined not by the real value of the goods he produces, but by his minimum needs and by the capitalists' requirements for labor power in relation to the number of workers competing for jobs. It is important to understand that even in theory the payment of the worker is not determined by the value of his product."
Standard
Customized
Exlpore more Economics quotes
"Usually when people talk about the trickle-down theory, it has to do with economics. The richer people at the top of a society become, supposedly, the more wealth there is to trickle down to the people below. It never really works out that way, of course, because if there are 2 things people at the top can't stand, they have to be leakage and overflow."
"It has been proposed that monetary liabilities should be settled in terms of gold and not according to their nominal amount. If this proposal were adopted, for each mark that had been borrowed that sum would have to be repaid that could at the time of repayment buy the same weight of gold as one mark could at the time when the debt contract was entered into. The fact that such proposals are now put forward and meet with approval shows that etatism has already lost its hold on the monetary system and that inflationary policies are inevitably approaching their end. Even only a few years ago, such a proposal would either have been ridiculed or else branded as high treason."
"When the price of coal falls because production has increased while demand has remained unaltered, then, for example, those retailers are involved who have taken supplies from the wholesale dealers at the old higher price but are now able to dispose of them only at the new and lower price. But this alone will not account for all the social changes brought about by the increase of production of coal. The increase in the supply of coal will have improved the economic position of the community."
"A metallic money, the augmentation or diminution of the quantity of metal available for which is independent of deliberate human intervention, is becoming the modern monetary ideal. The significance of adherence to a metallic-money system lies in the freedom of the value of money from State influence that such a system guarantees."
"Inequality of wealth and incomes is an essential feature of the market economy. It is the implement that makes the consumers supreme in giving them the power to force all those engaged in production to comply with their orders. It forces all those engaged in production to the utmost exertion in the service of the consumers. It makes competition work. He who best serves the consumers profits most and accumulatesriches."
"As a rule, however, an increase in the value of money spreads only gradually. The first of those who have to content themselves with lower prices than before for the commodities they sell, while they still have to pay the old higher prices for the commodities they buy, are those who are injured by the increase in the value of money. Those, however, who are the last to have to reduce the prices of the commodities they sell, and have meanwhile been able to take advantage of the fall in the prices of other things, are those who profit by the change."
"It must be pointed out that the level of the total stock of money and of the value of the money unit are matters of complete indifference as far as the utility obtained from the use of the money is concerned. Society is always in enjoyment of the maximum utility obtainable from the use of money. Half of the money at the disposal of the community would yield the same utility as the whole stock, even if the variation in the value of the monetary unit was not proportioned to the variation in the stock of money."
"No individual and no nation need fear at any time to have less money than it needs. Government measures designed to regulate the international movement of money in order to ensure that the community shall have the amount it needs, are just as unnecessary and inappropriate as, say, intervention to ensure a sufficiency or corn or iron or the like. This argument dealt the Mercantilist Theory its death-blow."
"The valuations which result in determination of definite prices are different. Each party attaches a higher value to the good he receives than to that he gives away. The exchange ratio, the price, is not the product of equality of valuation, but on the contrary, the product of a discrepancy in valuation."
Explore more quotes by Albert Einstein
"Mozart's music is so pure and beautiful that I see it as a reflection of the inner beauty of the universe."
"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing."
"When we first got married, we made a pact. It was this: In our life together, it was decided I would make all of the big decisions and my wife would make all of the little decisions. For fifty years, we have held true to that agreement. I believe that is the reason for the success in our marriage. However, the strange thing is that in fifty years, there hasn't been one big decision."
"The grand aim of all science is to cover the greatest number of empirical facts by logical deduction from the smallest number of hypotheses or axioms."
"One strength of the communist system of the East is that it has some of the character of a religion and inspires the emotions of a religion."
"The attempt to combine wisdom and power has only rarely been successful and then only for a short while."
bottom of page