Market Quotes - page 80
The EU's single market is a single regulatory regime. Membership of it doesn't mean that you can sell your products into it: pretty much the whole world can do that. Membership means, rather, that you accept a common set of technical standards, and that you submit yourself to the ultimate jurisdiction of the European Court of Justice.
Daniel Hannan
Let us have the candor to acknowledge that what we call "the economy” or "the free market” is less and less distinguishable from warfare. For about half of the last century, we worried about world conquest by international communism. Now with less worry (so far) we are witnessing world conquest by international capitalism. Though its political means are milder (so far) than those of communism, this newly internationalized capitalism may prove even more destructive of human cultures and communities, of freedom, and of nature. Its tendency is just as much toward total dominance and control.
Wendell Berry
It is beyond belief that we know so little about how people get rich or poor, about how it is they come to dwell in comfort and health or die in penury and disease. Financial markets are the machines in which much of human welfare is decided; yet we know more about how our car engines work than about how our global financial system functions. We lurch from crisis to crisis. In a networked world, mayhem in one market spreads instantaneously to all others-and we have only the vaguest of notions how this happens, or how to regulate it. So limited is our knowledge that we resort, not to science, but to shamans. We place control of the world's largest economy in the hands of a few elderly men, the central bankers.
Benoît Mandelbrot
Samuelson says I was wrong and he was right, and he froths at the mouth when people talk about the lighthouse example. He says Coase is wrong; he doesn't overcome the free rider problem. Who are the free riders? The foreign ships going past the British coast which do not call at a British port. Using Samuelson's approach, what do you do? Do you ask the foreign governments to give you a subsidy? Do you tax people in Britain because the foreign ships are getting help without paying for it? What do you do?
My approach is to compare the alternatives. People like Samuelson like to set up a perfect world and say that the market does not bring us to this point and imply that the government should do something. They stop their analysis at that point.
Paul Samuelson
Many a Congressman was a communalist under his national cloak. But the Congress leadership stood firm and, on the whole, refused to side with either communal party, or rather with any communal group. Long ago, right at the commencement of non-co-operation or even earlier, Gandhiji had laid down his formula for solving the communal problem. According to him, it could only be solved by goodwill and the generosity of the majority group, and so he was prepared to agree to everything that the Muslims might demand. He wanted to win them over, not to bargain with them. With foresight and a true sense of values he grasped at the reality that was worthwhile; but others who thought they knew the market price of everything, and were ignorant of the true value of anything, stuck to the methods of the market-place. They saw the cost of purchase with painful clearness, but they had no appreciation of the worth of the article they might have bought.
Jawaharlal Nehru
Greg, what are you talking about? Ending corruption? Like there's a version of this society that isn't corrupt? Corruption isn't the exception, it's the norm. It's baked in. The whole idea of using markets to figure out who gets what is predicated on corruption-it's a way to paper over the fact that some people get a lot, most of us get not much, and so we invent a deus ex machina called market forces that hands out money based on merit. How do we know that the market is giving it to deserving people? Well, look at all the money they have! It's just circular reasoning.
Cory Doctorow
[pp 6-9] Marx warned that capitalism has built within it the seeds of its own destruction.... Unable to expand and generate profits at past levels, the capitalist system would begin to consume the structures that sustained it. It would prey upon, in the name of austerity, the working class and the poor, driving them ever deeper into debt and poverty.... Politics would become subordinate to economics, leading to political parties hollowed out of any real political content and subservient to corporations.... *Capitalist oligarchs hoard huge sums of wealth, $7.6 trillion stashed in overseas tax havens.... In the end corporate monopolies obliterate free market competition.... Corporations feast on taxpayer money.
Chris Hedges
Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life - market prices have a notorious habit of fluctuating.
George Soros
Stock market bubbles don't grow out of thin air. They have a solid basis in reality - but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.
George Soros
![[Estonian Prime Minister] Mart Laar came to my office the other day to recount his country's remarkable transformation. He described a nation of people wh are harder-working, more virtuous - yes, more virtuous, because the market punishes immorality - and more hopeful about the future than they've ever been in their history. I asked Mr. Laar where his government got the idea for these reforms. Do you know what he replied? He said, "We read Milton Friedman and F. A. Hayek". (Friedrich Hayek)](https://cdn.quotesdtb.com/img/quotes_images_webp/59/friedrich-hayek-came-day-1007559.webp)
Hayek's reasons for holding that planning cannot work are not limited to the problem that the information required for the task of coordinating the plans of a multitude of individuals is too vast to organize effectively. The knowledge utilized within the market by entrepreneurs does not exist outside that local context and thus cannot even be organized in principle. It is not that planners would face a complex computational task; it is that they face an impossible task, because the knowledge required is not accessible to them no matter what technological developments may come along to ease the computational burden.
Friedrich Hayek
He who states that markets cannot fail, that market failure is always the result of government intervention, is a dogmatist. How the hell would he know? Overall, Hayek was not a dogmatist, although in his writings there can be found traces of such a liberal utopianism. There we encounter the motto: "What is not supposed to be, must not be! And what must not be, is not!" To me, all isms are suspicious anyway. The sceptic in me asks: why should markets be more reasonable than other human institutions? And we can see it every day: markets are also imperfect, prone to error, and in need of repair, like everything else that man has created.
Friedrich Hayek
I was 25 years old and pursuing my doctorate in economics when I was allowed to spend six months of post-graduate studies in Naples, Italy. I read the Western economic textbooks and also the more general work of people like Hayek. By the time I returned to Czechoslovakia, I had an understanding of the principles of the market. In 1968, I was glad at the political liberalism of the Dubcek Prague Spring, but was very critical of the Third Way they pursued in economics.
Friedrich Hayek
It is in good part because of Professor Hayek's work [on the topic of social engineering], and also because of his profound insights - most notably in The Constitution of Liberty - into the connection between a free market, the rule of law, and individual liberty, that you don't hear professors saying today, as they used so glibly to say, that 'we are all socialists now.
Friedrich Hayek
