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"We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium."
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"Since we took office, inflation, the fiscal deficit and the balance of payments current account deficit have all fallen. GDP growth, foreign exchange reserves, stock market valuations, and investor confidence have all increased. This success is the result of a series of well thought out policies."
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Personal Development
"My task over the last two years hasn't just been to stop the bleeding. My task has also been to try to figure out how do we address some of the structural problems in the economy that have prevented more Googles from being created."
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Personal Development
"Another point of economy is to look for seed of the same kind as you sow, and not to hope to buy one kind with an other kind. Friendship buys friendship; justice, justice; military merit, military success...Yet there is commonly a confusion of expectations on these points. Hotspur lives for the moment, praises himself for it, and despises Furlong, that he does not. Hotspur of course is poor, and Furlong is a good provider. The odd circumstance is that Hotspur thinks it a superiority in himself, this improvidence, which ought to be rewarded with Furlong's lands."
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"Money is representative, and follows the nature and fortunes of the owner...The farmer is covetous of his dollar, and with reason. It is no waif to him. He knows how many strokes of labor it represents. His bones ache with the days' work that earned it. He knows how much land it represents - how much rain, frost and sunshine. He knows that, in the dollar, he gives you so much discretion and patience, so much hoeing and threshing. Try to lift his dollar; you must lift all that weight. In the city, where money follows the skit of a pen or a lucky rise in exchange, it comes to be looked on as light."
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Personal Development
"In capitalist nation, all is decided by money."
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Personal Development
"India is one of the world economy's brightest spots. We have low inflation, a low balance of payments current account deficit, and a high rate of growth. This is the result of good policy, not good fortune."
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Personal Development
"Economic growth cannot only be restricted to a few cities and a few citizens. Development has to be all-round and all-inclusive."
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Personal Development
"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."
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Personal Development
"Belonging to the working class is the economy's punishment for those who did what they were told to do in class."
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Personal Development
"A farmer is a magician who produces money from the mud."
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"Our moral traditions developed concurrently with our reason, not as its product."
Reason
"We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice."
Fact
"I have arrived at the conviction that the neglect by economists to discuss seriously what is really the crucial problem of our time is due to a certain timidity about soiling their hands by going from purely scientific questions into value questions."
Time
"If most people are not willing to see the difficulty, this is mainly because, consciously or unconsciously, they assume that it will be they who will settle these questions for the others, and because they are convinced of their own capacity to do this."
People
"To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm."
Power
"The credit which the apparent conformity with recognized scientific standards can gain for seemingly simple but false theories may, as the present instance shows, have grave consequences."
Science
"It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide."
Science
"It can hardly be denied that such a demand quite arbitrarily limits the facts which are to be admitted as possible causes of the events which occur in the real world."
Cause
"Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one's government is not necessarily to secure freedom."
Government
"We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information."
Fact
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