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Quotes by Economist
"We must start with the reality that corporations cannot guarantee anyone a lifetime job any more than corporations have a guarantee of immortality."
40
"A common danger tends to concord. Communism is the exploitation of the strong by the weak. In Communism, inequality comes from placing mediocrity on a level with excellence."
40
"It's a technical, fairly difficult job that has no particular political connotations, so I doubt there are any big campaign contributors dying to be on the Fed. And remember, it doesn't pay very well, certainly by Republican standards."
40
"As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns."
40
"On the way from Chicago, I spent the summer of 1947 in Ottawa, helping to build the first of a series of econometric models for the Canadian government."
40
"What has destroyed every previous civilization has been the tendency to the unequal distribution of wealth and power."
40
"Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't."
40
"History has not dealt kindly with the aftermath of protracted periods of low risk premiums."
40
"It is said, that in Holland Interest is lower than in England."
40
"Granted, many of them replied, that socialism may not result in riches for all but rather in a smaller production of wealth; nevertheless the masses will be happier under socialism, because they will share their worries with all their fellow citizens, and there will not be wealthier classes to be envied by poorer ones. The starving and ragged workers of Soviet Russia, they tell us, are a thousand times more joyful than the workers of the West who live under conditions which are luxurious compared to Russian standards; equality in poverty is a more satisfactory state than well-being where there are people who can flaunt more luxuries than the average man."
40
"We are already producing enough food to feed the world. We already have technology in place that allows us to produce more than we can find a market for."
40
"It would not be foolish to contemplate the possibility of a far greater progress still."
40
"I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well."
40
"The dog commends himself to our favor by affording play to our propensity for mastery."
40
"The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by."
40
"In this country, the health concerns and the environmental concerns are as deep as in Europe. All the surveys show that. But here, we didn't have the cultural dimension. This is a fast-food culture."
40
"To recapitulate: the exchange-ratio subsisting between commodities and money is everywhere the same. But men and their wants are not everywhere the same, and neither are commodities. Only if these distinctions are ignored is it possible to speak of local differences in the purchasing power of money or to say that living is dearer in one place than in another."
40
"My early education was in the public school system of Omaha, where, retrospectively, I realize that my high school training served me in good stead for the basic subjects of mathematics, English, foreign languages and history."
40
"When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money."
40
"Running a business is a serious thing."
40
"That the powers of labour, and of the other instruments which produce wealth, may be indefinitely increased by using their products as the means of further production."
40
"In the case of money, subjective use-value and subjective exchange-value coincide. Both are derived from objective exchange-value, for money has no utility other than that arising from the possibility of obtaining other economic goods in exchange for it."
39
"In the interest rate area, traders have for a long time used a version of what is known as Black's model for European bond options; another version of the same model for caps and floors; and yet another version of the same model for European swap options."
39
"If the demand for home commodities should be diminished, because of the fall of rent on the part of the landlords, it will be increased in a far greater degree by the increased opulence of the commercial classes."
39
"The commerce of India does not grow, nor does that of Portugal, or of Turkey; that but that of the protected countries does increase, as has been shown in the case of Spain, and can now be shown in that of Germany."
39
"Inflation is lower and more stable and the real business cycle fluctuations are more modest."
39
"While I was there I became deeply interested in photography, and indeed the most noteworthy event in my early life was winning first, third, fourth and seventh prizes in an international competition for college and high school students."
39
"Few can believe that suffering, especially by others, is in vain. Anything that is disagreeable must surely have beneficial economic effects."
39
"Lucas attended a conference on rational expectations at the University of Minnesota in the spring of 1973. The day after the conference, I received a call from Pittsburgh."
39
"There is certainly no absolute standard of beauty. That precisely is what makes its pursuit so interesting."
39
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