Economists of the modern school will no doubt protest that I have said nothing of the use of budget deficits or surpluses for the control of the economy in general. I doubt if such techniques would ever be appropriate in Hong Kong's exposed economic position; and I think they are certainly not appropriate at present, when in strict orthodoxy they would suggest the need to plan for a very substantial surplus "to take the heat out of the economy". Although we have in fact run substantial surpluses in recent years we have not done so with deflationary effect because we have not removed them from the economy but have left them inside the Colony's banking system to continue to work for the economy. $500 million or 55% of reserves are so held at present.
John James CowperthwaiteRelated topics
appropriate banking budget continue control done doubt economy effect fact general heat hold hong inside left million modern need nothing orthodoxy plan position present protest recent run say school substantial surplus system take think use work 500 years reservesRelated quotes
There is a school of Philosophy still in existence of which modern culture has lost sight. Glimpses of it are discernible in the ancient philosophies with which all educated men are familiar, but these are hardly more intelligible than fragments of forgotten sculpture,-less so, for we comprehend the human form, and can give imaginary limbs to a torso; but we can give no imaginary meaning to the truth coming down to us from Plato or Pythagoras, pointing, for those who hold the clue to their significance, to the secret knowledge of the ancient world. Side lights, nevertheless, may enable us to decipher such language, and a very rich intellectual reward offers itself to persons who are willing to attempt the investigation.
Alfred Percy Sinnett
The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. Indeed, it is only in the last third of the century, within my own lifetime as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cambridge University, once asked the rhetorical question, "Who would ever think of employing an economist to run a brewery?” Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private.
Paul Samuelson
First, most producers are employees of firms, not owners. Viewed from the vantage point of classical [economic] theory, they have no reason to maximize the profits of firms, except to the extent that they can be controlled by owners. Moreover, profit-making firms, nonprofit organizations, and bureaucratic organizations all have exactly the same problem of inducing their employees to work toward organizational goals. There is no reason, a priori, why it should be easier (or harder) to produce this motivation in organizations aimed at maximizing profits than in organizations with different goals. If it is true in an organizational economy that organizations motivated by profits will be more efficient than other organizations, additional postulates will have to be introduced to account for it.
Herbert Simon
Three and a half million years separate the individual who left these footprints in the sands of Africa from the one who left them on the moon. A mere blink in the eye of evolution. Using his burgeoning intelligence, this most successful of all mammals has exploited the environment to produce food for an ever-increasing population. In spite of disasters when civilisations have over-reached themselves, that process has continued, indeed accelerated, even today. Now mankind is looking for food, not just on this planet but on others. Perhaps the time has now come to put that process into reverse. Instead of controlling the environment for the benefit of the population, perhaps it's time we control the population to allow the survival of the environment.
David Attenborough
It took centuries of intellectual, philosophical development to achieve political freedom. It was a long struggle, stretching from Aristotle to John Locke to the Founding Fathers. The system they established was not based on unlimited majority rule, but on its opposite: on individual rights, which were not to be alienated by majority vote or minority plotting. The individual was not left at the mercy of his neighbors or his leaders: the Constitutional system of checks and balances was scientifically devised to protect him from both. This was the great American achievement-and if concern for the actual welfare of other nations were our present leaders' motive, this is what we should have been teaching the world.
Ayn Rand
