It is impossible to read the works of the economists who since the time of Smith have endeavored to build up and elucidate the science of political economy without seeing how, over and over again, they stumble over the law of wages without once recognizing it. Yet, "if it were a dog it would bite them!" Indeed, it is difficult to resist the impression that some of them really saw this law of wages, but, fearful of the practical conclusions to which it would lead, preferred to ignore and cover it up, rather than use it as the key to problems which without it are so perplexing. A great truth to an age which has rejected and trampled on it, is not a word of peace, but a sword!
Henry GeorgeRelated topics
age bite build cover dog economy great impossible impression key law lead once peace political practical preferred read resist saw science seeing smith stumble sword time truth use wages word yet worksRelated quotes
Will the tax cut destroy America's prosperity? Probably not. As Adam Smith observed, there's a deal of ruin in a nation. We have a huge, resilient economy that can survive and recover from even quite bad government policies.
Yet while the tax cut may not be a matter of economic life or death, it is a very serious issue. For one thing, like it or not, the tax cut has become the central political issue in the United States right now. Conservatives who want to reshape America view passage of a large tax cut as a first step toward realizing their vision. For that reason, those who do not share this vision feel, rightly, that they must oppose the plan.
Paul Krugman
The purpose of the State is, as we have already shown in our last lecture, no other than that of the Human Race itself:-to order all its relations according to the Laws of Reason. It is only after the Age of Reason as Science shall have been traversed, and we shall have arrived at the Age of Reason as Art, that the State can reflect upon this purpose with clear consciousness. Till then it constantly promotes this purpose, but without its own knowledge, or free pre meditated design; prompted thereto by the natural law of the development of our Race, even while it has a totally different purpose in view;-with which purpose of its own, Nature has indissolubly bound up the purpose of the whole Race.
Johann Gottlieb Fichte
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
The politician is much nearer in type to the barrister and advocate than to the scientist...The advocate and the politician are more interested in persuasion than in proof. They have a client or a policy to defend. The political audience is not dishonest in itself, nor does it desire or approve dishonesty or misrepresentation in others, but it is an audience only imperfectly prepared to follow a close argument, and the speaker wishes to make a favourable impression, to secure support for a policy. It is easy to see how this may lead to the depreciation of the verbal currency and to the circulation of promises which cannot be cashed.
Stanley Baldwin
I rely on two precedents: first, to similar cases our Sages applied the verse, "It is time to do something in honour of the Lord: for they have made void thy law"... Secondly, they have said, "Let all thy acts be guided by pure intentions." ...Lastly, when I have a difficult subject before me-when I find the road narrow, and can see no other way of teaching a well established truth except by pleasing one intelligent man and displeasing ten thousand fools-I prefer to address myself to the one man, and to take no notice whatever of the condemnation of the multitude; I prefer to extricate that intelligent man from his embarrassment and show him the cause of his perplexity, so that he may attain perfection and be at peace.
Maimonides
