Quotes by Economist | Beyond Motive 7/40

top of page

Quotes by Economist

"Liberalism is totalitarianism with a human face."

"Liberalism is totalitarianism with a human face."

Thomas Sowell, American Economist

Politics, Liberalism

47

"Ideas shape the course of history."

"Ideas shape the course of history."

John Maynard Keynes, English Economist

47

"Successful investing is anticipating the anticipations of others."

"Successful investing is anticipating the anticipations of others."

John Maynard Keynes, English Economist

Success, Successful

47

"To measure is to determine the ratio of one quantity to another which is invariable or assumed to be invariable. Invariability in respect of the property to be measured, or at least the legitimacy of assuming such invariability, is a sine qua non of all measurement. Only when this assumption is admissible is it possible to determine the variations that are to be measured."

"To measure is to determine the ratio of one quantity to another which is invariable or assumed to be invariable. Invariability in respect of the property to be measured, or at least the legitimacy of assuming such invariability, is a sine qua non of all measurement. Only when this assumption is admissible is it possible to determine the variations that are to be measured."

Ludwig von Mises, Austrian Economist

Science, Measurement, Precision, Knowledge

47

"Now, the essence, the very spirit of Christmas is that we first make believe a thing is so, and lo, it presently turns out to be so."

"Now, the essence, the very spirit of Christmas is that we first make believe a thing is so, and lo, it presently turns out to be so."

Stephen Leacock, Canadian Economist

Christian, Christmas, First, Now, Spirit

47

"The histories of mankind are histories only of the higher classes."

"The histories of mankind are histories only of the higher classes."

Thomas Malthus, English Economist

47

"The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake."

"The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake."

Alan Greenspan, American Economist

Career, Content, Measure

47

"With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches."

"With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches."

Adam Smith, Scottish Economist

People, Enjoyment

47

"How can a man be said to have a country when he has not right of a square inch of it."

"How can a man be said to have a country when he has not right of a square inch of it."

Henry George, American Economist

Nation, Country, Man, Right

47

"I guess any simple idea that is really good will catch on quickly."

"I guess any simple idea that is really good will catch on quickly."

John Hull, American Economist

47

"That the social life of human beings is subject to definite limitations; that it is governed by a set of laws that are comparable with those of Nature; these are notions that are unknown to the etatist. For the etatist, everything is a question of Macht - power, force, might. And his conception of Macht is crudely materialistic."

"That the social life of human beings is subject to definite limitations; that it is governed by a set of laws that are comparable with those of Nature; these are notions that are unknown to the etatist. For the etatist, everything is a question of Macht - power, force, might. And his conception of Macht is crudely materialistic."

Ludwig von Mises, Austrian Economist

Politics, Power, Force, Humanity

47

"It is no more appropriate to speak of a difference between the purchasing power of money in Germany and in Austria than it would be justifiable to conclude from differences between the prices charged by hotels on the peaks and in the valleys of the Alps that the objective exchange-value of money is different in the two situations and to formulate some such proposition as that the purchasing power of money varies inversely with the height above sea-level. The purchasing power of money is the same everywhere, only the commodities offered are not the same."

"It is no more appropriate to speak of a difference between the purchasing power of money in Germany and in Austria than it would be justifiable to conclude from differences between the prices charged by hotels on the peaks and in the valleys of the Alps that the objective exchange-value of money is different in the two situations and to formulate some such proposition as that the purchasing power of money varies inversely with the height above sea-level. The purchasing power of money is the same everywhere, only the commodities offered are not the same."

Ludwig von Mises, Austrian Economist

Finance, Money, Values, Economy, Commerce

47

"The silent majority really is a liberal majority, even though the word liberal has taken a real beating over the last 20 years by radical conservatives."

"The silent majority really is a liberal majority, even though the word liberal has taken a real beating over the last 20 years by radical conservatives."

Robert Reich, American Economist

Liberal, Majority, Radical, Word

47

"We live in a society where mutual respect and appreciation should be considered one of the pillars of modern life."

"We live in a society where mutual respect and appreciation should be considered one of the pillars of modern life."

Auliq Ice, Ugandan Economist

Respect, Society, Appreciation, Life

47

"Every time I pass for a bad time I think of you and I forget everything. Do not think I'm exaggerating, that's because I love you."

"Every time I pass for a bad time I think of you and I forget everything. Do not think I'm exaggerating, that's because I love you."

Auliq Ice, Ugandan Economist

Love, Time, Forget, Problem

47

"The aim and the idea of the Four Year Plan were and remain entirely correct and necessary!"

"The aim and the idea of the Four Year Plan were and remain entirely correct and necessary!"

Hjalmar Schacht, German Economist

Creativity, Idea

47

"It takes considerable knowledge just to realize the extent of your own ignorance."

"It takes considerable knowledge just to realize the extent of your own ignorance."

Thomas Sowell, American Economist

Knowledge, Ignorance

46

"Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer."

"Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer."

Merton Miller, American Economist

46

"Never mind of what your enemy thinks of you, relax and think a head of him."

"Never mind of what your enemy thinks of you, relax and think a head of him."

Auliq Ice, Ugandan Economist

Strategy, Enemy, Relax, Future, Thinking

46

"Humanity is the virtue of a woman, generosity that of a man."

"Humanity is the virtue of a woman, generosity that of a man."

Adam Smith, Scottish Economist

Virtue, Generosity, Humanity, Woman

46

"Only he has the calling for politics who is sure that he will not crumble when the world from his point of view is too stupid or base for what he wants to offer. Only he who in the face of all this can say In spite of all! has the calling for politics."

"Only he has the calling for politics who is sure that he will not crumble when the world from his point of view is too stupid or base for what he wants to offer. Only he who in the face of all this can say In spite of all! has the calling for politics."

Max Weber, German Economist

Politics, Will, World

46

"Nothing is so admirable in politics as a short memory."

"Nothing is so admirable in politics as a short memory."

John Kenneth Galbraith, American Economist

Politics, Memory, Nothing

46

"I think VAR is a very healthy development within the industry."

"I think VAR is a very healthy development within the industry."

John Hull, American Economist

46

"Happiness never lays its finger on its pulse."

"Happiness never lays its finger on its pulse."

Adam Smith, Scottish Economist

46

"Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition."

"Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition."

Adam Smith, Scottish Economist

Ambition, Superiority, Desire, Leading

46

"Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned."

"Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned."

John Hull, American Economist

Difference, Right

46

"To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education - literacy, both verbal and numerical, and communication skills."

"To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education - literacy, both verbal and numerical, and communication skills."

Alan Greenspan, American Economist

Education, Communication, Importance, Succeed

46

"Hell hath no fury like a bureaucrat scorned."

"Hell hath no fury like a bureaucrat scorned."

Milton Friedman, American Economist

46

"I can assure you that everything I say and do has the complete approval of the Fuehrer and that I would not say or do anything that does not have his approval."

"I can assure you that everything I say and do has the complete approval of the Fuehrer and that I would not say or do anything that does not have his approval."

Hjalmar Schacht, German Economist

Politics, Approval

46

"It may be said, let him take Money at Interest, and not buy at Time. But then Men must be found, that will lend; the Legislative must provide a Fund to borrow upon."

"It may be said, let him take Money at Interest, and not buy at Time. But then Men must be found, that will lend; the Legislative must provide a Fund to borrow upon."

Dudley North, English Economist

Man, Men, Money, Time, Interest

46

"Self-deception ultimately explains Japan's plight. The Japanese have never accepted that change is in their interest - and not merely a response to U.S. criticism."

"Self-deception ultimately explains Japan's plight. The Japanese have never accepted that change is in their interest - and not merely a response to U.S. criticism."

Paul Samuelson, American Economist

Change, Criticism, Interest, Self

46

"It may be those who do most, dream most."

"It may be those who do most, dream most."

Stephen Leacock, Canadian Economist

Inspirational, Dream, May

46

"It is to be observed that 'angling' is the name given to fishing by people who can't fish."

"It is to be observed that 'angling' is the name given to fishing by people who can't fish."

Stephen Leacock, Canadian Economist

Humor, People, Fish, Fishing, Name

46

"The power of population is indefinitely greater than the power in the earth to produce subsistence for man."

"The power of population is indefinitely greater than the power in the earth to produce subsistence for man."

Thomas Malthus, English Economist

Power, Earth, Man, Population

46

"I do not know that any writer has supposed that on this earth man will ultimately be able to live without food."

"I do not know that any writer has supposed that on this earth man will ultimately be able to live without food."

Thomas Malthus, English Economist

Food, Earth, Man, Will

46

"To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world."

"To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world."

Martin Feldstein, American Economist

Finance, Rest, Trade

46

"Back in 1983, the United States government approved the release of the first genetically modified organism. In this case, it was a bacteria that prevents frost on food crops."

"Back in 1983, the United States government approved the release of the first genetically modified organism. In this case, it was a bacteria that prevents frost on food crops."

Jeremy Rifkin, American Economist

Food, Government, First, States

46

"The marginal utility of money to any individual, i.e., the marginal utility derivable from the goods that can be obtained with the given quantity of money or that must be surrendered for the required money, presupposes a certain exchange-value of the money; so the latter cannot be derived from the former. 1 Those who have realized the significance of historically-transmitted values in the determination of the objective exchange-value of money will not find great difficulty in escaping from this apparently circular argument."

"The marginal utility of money to any individual, i.e., the marginal utility derivable from the goods that can be obtained with the given quantity of money or that must be surrendered for the required money, presupposes a certain exchange-value of the money; so the latter cannot be derived from the former. 1 Those who have realized the significance of historically-transmitted values in the determination of the objective exchange-value of money will not find great difficulty in escaping from this apparently circular argument."

Ludwig von Mises, Austrian Economist

Economics, Values, Money, Exchange

46

"In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context."

"In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context."

Alfred Marshall, English Economist

Meaning, Needs, Word

46

"You will never understand bureaucracies until you understand that for bureaucrats procedure is everything and outcomes are nothing."

"You will never understand bureaucracies until you understand that for bureaucrats procedure is everything and outcomes are nothing."

Thomas Sowell, American Economist

46

"The herd instinct among forecasters makes sheep look like independent thinkers."

"The herd instinct among forecasters makes sheep look like independent thinkers."

Edgar R. Fiedler, American Economist

Instinct, Sheep

46

"If the objective exchange-value of money must always be linked with a pre-existing market exchange-ratio between money and other economic goods (since otherwise individuals would not be in a position to estimate the value of the money), it follows that an object cannot be used as money unless, at the moment when its use as money begins, it already possesses an objective exchange-value based on some other use."

"If the objective exchange-value of money must always be linked with a pre-existing market exchange-ratio between money and other economic goods (since otherwise individuals would not be in a position to estimate the value of the money), it follows that an object cannot be used as money unless, at the moment when its use as money begins, it already possesses an objective exchange-value based on some other use."

Ludwig von Mises, Austrian Economist

Finance, Economics, Money, Values, Market

46

"One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them."

"One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them."

Thomas Sowell, American Economist

Trust, People, Failure

46

"It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses."

"It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses."

Ludwig von Mises, Austrian Economist

Finance, Speculation, Risk, Decision, Future

46

"Advertising: the science of arresting the human intelligence long enough to get money from it."

"Advertising: the science of arresting the human intelligence long enough to get money from it."

Stephen Leacock, Canadian Economist

Business, Intelligence, Money, Science

46

"Our object in these remarks has been not only to account for the slow progress which has as yet been made by Political Economy, and to suggest means by which its advancement may be accelerated, but also to warn the reader of the nature of the following Treatise."

"Our object in these remarks has been not only to account for the slow progress which has as yet been made by Political Economy, and to suggest means by which its advancement may be accelerated, but also to warn the reader of the nature of the following Treatise."

Nassau William Senior, English Economist

Nature, Progress, Economy, May

46

"It is true that some secluded intellectuals in their esoteric circles talk differently. They proclaim the priority of what they call eternal absolute values and feign in their declamations-not in their personal conduct-a disdain of things secular and transitory. But the public ignores such utterances. The main goal of present-day political action is to secure for the respective pressure group memberships the highest material well-being. The only way for a leader to succeed is to instill in people the conviction that his program best serves the attainment of this goal."

"It is true that some secluded intellectuals in their esoteric circles talk differently. They proclaim the priority of what they call eternal absolute values and feign in their declamations-not in their personal conduct-a disdain of things secular and transitory. But the public ignores such utterances. The main goal of present-day political action is to secure for the respective pressure group memberships the highest material well-being. The only way for a leader to succeed is to instill in people the conviction that his program best serves the attainment of this goal."

Ludwig von Mises, Austrian Economist

Politics, Values, Power, Materialism

46

"Sow success and hope unto others, and more success and hope becomes what you permanently reap."

"Sow success and hope unto others, and more success and hope becomes what you permanently reap."

Auliq Ice, Ugandan Economist

Hope, Success, Life, Effort

46

"Whenever it comes to decision making, Remember the part about having confidence."

"Whenever it comes to decision making, Remember the part about having confidence."

Auliq Ice, Ugandan Economist

Decision, Confidence, Life, Choice

46

"Germany can generally only pay if the Corridor and Upper Silesia will be handed back to Germany from Polish possession, and if besides somewhere on the earth colonial territory will be made available to Germany."

"Germany can generally only pay if the Corridor and Upper Silesia will be handed back to Germany from Polish possession, and if besides somewhere on the earth colonial territory will be made available to Germany."

Hjalmar Schacht, German Economist

Earth, Germany, Possession, Will

46

bottom of page