Market Quotes - page 73
The gutters in the lane overflowed with an odd, languid grace. Water filled the lane; rose from ankle-deep to knee-deep. Insects swam in circles. Urchins splashed about haphazardly, while Saraswati returned from market with a shopping-bag in her hands; insects swam away to avoid this clumsy giant. Her wet footprints printing the floor of the house were as rich with possibility as the first footprint Crusoe found on his island.
Amit Chaudhuri
Lincoln is, both culturally and in terms of his economic thinking, firmly and immovably located in the center of what we can call liberal democratic thought in the 19th century. He is very much market oriented, with tremendous confidence in the power of a capitalist society to transform for the better, and he believes in opening the possibilities of that society to as many as possible. To him, that's what's coterminous with liberty.
Allen C. Guelzo
At what price have so many of us come to believe that the economy is the realm of natural order and that the legitimate and competent sphere of policing-of administration and government-lies elsewhere? What flows from that sharp dichotomy between orderliness in the market and ordering in the penal sphere? At what price do we embrace these categories? And here, the answer is equally clear: at the price, first, of naturalizing the market and thereby effectively shielding from normative assessment the regulatory mechanisms in our contemporary markets and the wealth distributions that occur daily; and at the price, second, of easing, facilitating, and enabling the massive expansion of our penal sphere, or, to be more provocative, of making possible mass incarceration today.
Bernard Harcourt
The notion that human interaction could spontaneously and autonomously achieve a stable, orderly, self-sustaining form of equilibrium in the absence of government intervention-what François Quesnay and the first school of économistes dubbed un ordre naturel in the late 1750s-has facilitated a conception of the market as a self-regulating system that could only prosper by purging itself of the prejudicial meddling of governments and politics. In the face of this new conception of an orderly market, governance would be relegated outside that autonomous space, charged with the responsibility of policing and punishing those who deviate-those who do not see the natural laws or, in more technical jargon, who bypass the market.
Bernard Harcourt
Faith in natural order and market efficiency forecloses a full normative assessment of market outcomes. ... It effectively depoliticizes the market itself and its outcomes. It is only when the illusion of natural order is lifted that a real problem arises: that of the justice of the organizational rules and their distributional consequences.
Bernard Harcourt
Our dangers, as it seems to me, are not from the outrageous but from the conforming; not from those who rarely and under the lurid glare of obloquy upset our moral complaisance, or shock us with unaccustomed conduct, but from those, the mass of us, who take their virtues and their tastes, like their shirts and their furniture, from the limited patterns which the market offers.
Learned Hand
Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser's game after costs.
John Bogle
