Economy Quotes - page 94
I happen to believe that this is the crux of where we're going in terms of the future of the American economy. I think that the basic problem is to find a way to work out the competing equities among the three groups-the worker, the stockholder, and the consumer-so that we share the abundance in a way that would create the dynamics of growth and expansion.
Walter Reuther
What Stalin wanted in Europe above all, as we have seen, was security. But he was also interested in the economic benefits to be had from his victories in the West. The little states of central Europe, from Poland to Bulgaria, had lived under the shadow of German dominion long before World War Two: in the 1930s especially, Nazi Germany was their main trading partner and source of foreign capital. During the war this relationship had been simplified into one of master and slave, with Germany extracting for its war effort the maximum possible output from land and people. What happened after 1945 was that the Soviet Union took over, quite literally, where the Germans had left off, attaching eastern Europe to its own economy as a resource to be exploited at will.
Tony Judt
The mechanism of the market was asserting itself and clamoring for its completion: human labor had to be made a commodity. Reactionary paternalism had in vain tried to resist this necessity. Out of the horrors of Speenhamland men rushed blindly for the shelter of a utopian market economy.
Karl Polanyi
The history of mankind and the place of the economy in it, is not, as the evolutionists would have it, an account of unconscious growth and organic continuity. Such an approach would necessarily obscure some aspects of economic development vital to men in the present phase of transition. For the dogma of organic continuity must, in the last resort, weaken man's power of shaping his own history.
Karl Polanyi
Pauperism, political economy, and the discovery of society were closely interwoven. Pauperism fixed attention on the incomprehensible fact that poverty seemed to go with plenty. Yet this was only the first of the baffling paradoxes with which industrial society was to confront modern man. He had entered his new abode through the door of economics, and this adventitious circumstance invested the age with its materialist aura. To Ricardo and Malthus nothing seemed more real than material goods. The laws of the market meant for them the limit of human possibilities. Godwin believed in unlimited possibilities and hence had to deny the laws of the market. That human possibilities were limited, not by the laws of the market, but by those of society itself was a recognition reserved to Owen who alone discerned behind the veil of market economy the emergent reality: society. However, his vision was lost again for a century.
Karl Polanyi
It was characteristic of the economic system of the nineteenth century that it was institutionally distinct from the rest of society. In a market economy, the production and distribution of material goods is carried on through a self-regulating system of markets, governed by laws of its own, the so-called laws of supply and demand, motivated in the last resort by two simple incentives, fear of hunger and hope of gain. This institutional arrangement is thus separate from the noneconomic institutions of society: its kinship organization and its political and religious systems. Neither the blood tie, nor legal compulsion, nor religious obligation, nor fealty, nor magic created the sociologically defined situations that insured the participation of individuals in the system. They were, rather, the creation of institutions like private property in the means of production and the wage system operating on purely economic incentives.
Karl Polanyi
You also make sure that the state knows its place, not only in relation to the economy, but in relation to the citizen. You are in favour of the right of dissent and the liberty of private conduct. You are against unnecessary centralization and bureaucracy. You want to devolve decision-making wherever you sensibly can. You want parents in the school system, patients in the health service, residents in the neighbourhood, customers in both nationalized and private industry, to have as much say as possible. You want the nation to be self-confident and outward-looking, rather than insular, xenophobic and suspicious. You want the class system to fade without being replaced either by an aggressive and intolerant proletarianism or by the dominance of the brash and selfish values of a 'get rich quick' society. ... These are some of the objectives which I believe could be assisted by a strengthening of the radical centre.
Roy Jenkins
The central problem of our economy for more than a generation has been that, although our productivity has grown more slowly than that of our competitors, we have seen annual wage increases of the same order as theirs. So our inflation has risen faster than in other countries and we have been able to maintain price competitiveness and full employment only by a series of devaluations which have further added to inflation and increased the pressure for excessive wage increases. In the era of North Sea oil it will be more difficult to devalue our currency to maintain price competitiveness. So unless we can keep wage increases close to the level of productivity increase we shall face rising unemployment and a further erosion of our industrial base.
Denis Healey
Our position is such that we could not 'integrate' our economy into that of Europe in any manner that would prejudice the full discharge of these other responsibilities. At the same time, Britain regarded herself as bound up in western Europe, not only in economic, strategic and political interests, but in our culture and indeed in our participation in the heritage of Christian civilization.
Stafford Cripps
Wages, profits, prices are determined, always have been determined, and always will be determined until we go Communist, by the market-by supply and demand working through the market. While we tie ourselves into knots trying to invent non-market criteria for our commissions to use, the market is there, noiselessly, efficiently, irresistibly doing the job for us all the time. Irresistibly-yes, and there's the rub. For there is one thing outside the market in a modern economy, and that is money itself. Governments can and do satisfy the demand for money, raise and lower the supply of money. In short, governments have the power to control money, which is so largely their own creation. If governments allow monetary demand to increase faster than productivity, the market will not stop the process, because it cannot stop it. The market will simply go on determining wages, profits and prices in ever higher monetary terms-until something busts.
Enoch Powell
There is the guilty knowledge that a fall in the rate of inflation must be accompanied by a rise in the rate of unemployment and that a sharp fall from a high rate of inflation must have severe consequences, which are inescapable. This is because an economy geared to inflation at 25 per cent per annum has to undergo a terrific readjustment to change to expectation of only 15 per cent or 10 per cent per annum inflation. Since inflation cannot go on up for ever, this prospect is inescapable.
Enoch Powell
Enoch was right. He had made the two intellectual leaps in economic policy which Keith Joseph and I would only make some years later. First, he had grasped that it was not the unions which caused inflation by pushing up wages, but rather the Government which did so by increasing the supply of money in the economy. Consequently, incomes policies...were a supreme irrelevance to anti-inflation policy. The only aspect of the matter which Enoch then and later failed sufficiently to grasp was the importance of the indirect link between trade union power and inflation. This lay in the fact that over-powerful trade unions priced their own members out of jobs, and inflicted unemployment on both union and non-union workers alike. Governments...would then react by lowering interest rates and expanding the money supply. This would increase demand and jobs for a time, but it also increased inflation... That said, Enoch's insight into the cause of inflation was of supreme importance.
Enoch Powell
Between them these two books sum up our present predicament. Capitalism leads to dole queues, the scramble for markets, and war. Collectivism leads to concentration camps, leader worship, and war. There is no way out of this unless a planned economy can somehow be combined with the freedom of the intellect, which can only happen if the concept of right and wrong is restored to politics.
George Orwell
Russia has entered the year 1997 with a heavy burden of problems and the situation in the country is extremely complex, above all as concerns the economy. We have failed to stop the production slump and ensure the influx of investments. Society's belief in the ability of the power structures to stop the onslaught of crime is being undermined. It is ever more difficult to provide the armed forces with the essentials. The already low standard of living for the majority of Russian citizens continues to decline. People are suffering from delays in the payment of wages, pensions and benefits. All efforts to solve this problem have failed to yield tangible results.
Boris Yeltsin
When we remember Boris Yeltsin, we remember a person who played an important role in bringing down the Soviet dictatorship and who guided Russia in its first steps towards democracy. Without the contributions Yeltsin made at that time, it is likely that developments could have taken a very different turn. As President, Boris Yeltsin also helped open up Russia for important market economy reforms. In a country where private ownership was previously forbidden or actively opposed, this was an effort that was neither easy nor unproblematic, but was utterly necessary.
Boris Yeltsin
If you look at the states in the United States, or the provinces, that have not really been able to come to grips with the COVID crisis, they are the ones led by people who said, "We got to get the economy going, the economy, the economy”, so that the the health and well being of the community or the the State is not as important as the economy...the ultra rich have just been getting richer and richer. So you know, the economy's not connected to the well being of people or the well being of the planet.
David Suzuki
In the book 1984, George Orwell pictured a totalitarian society that has become the standard view of the total state of the future. Everyone's life was controlled by computer, and there was a TV camera in every room to monitor everyone's activities... Fortunately, such dramas overlook the fundamentals of economics. The larger the government, the less efficient and productive is the economy. Slaves don't produce with the enthusiasm, incentive, and imagination that free people do. Bureaucratic programs just don't work as intended... So while the totalitarian state may include a TV camera in every room, I doubt that the camera will work.
Harry Browne
Our code must be framed to speed the absorption of immigrants into our economy, culture and society; to fuse the returning tribes into a homogeneous national and cultural unit; to forward our physical and moral healing and the cleansing of our lives from the trivia and dross which gathered upon us in dependence and exile. To maintain the status quo will not do. We have set up a dynamic State, bent upon creation and reform, building and expansion. Laws which lag behind development, merely a digest of experience and the lessons of the past, are useless to us. We need to anticipate the character of the times, discern embryonic forms emergent or renewed, and clear the path for circumstantial change.
David Ben-Gurion
But why had science lost its way in the first place? What appeal could these teachings of Pythagoras and Plato have had for their contemporaries? They provided, I believe, an intellectually respectable justification for a corrupt social order. The mercantile tradition that had led to Ionian science also led to a slave economy. You could get richer if you owned a lot of slaves. Athens in the time of Plato and Aristotle had a vast slave population. All that brave Athenian talk about democracy applied only to a privileged few.
Carl Sagan
