Economics Quotes - page 32
I think it's more to do with economics now. Earlier, one used to wait in queues for hours in the heat, trying to buy a ticket, to go and see Shammiji in Junglee or Dilip saheb in Ganga Jamuna. Whereas now, thanks to the video boom, one gets the stars in one's bedroom at a snap of one's fingers. There is no mystique left.
Amitabh Bachchan
Throughout time, leading thinkers, academicians, and government leaders have attempted to develop an understanding of how to build peace. Many approaches have been explored, all attempting to create favorable conditions for peace. These solutions have drawn from economics, history, international law, comparative peace studies, conflict resolution, political science, sociology, anthropology, and more. Prem Rawat's message of peace is rooted in the need for each person to find peace within themselves. He emphasizes that whether our search is for world peace or for personal peace, we very much need to look at the search for peace as a personal quest, rooted in an understanding of who we are.
Prem Rawat
John McCain's tin ear on middle-class financial woes was evident in his prescription for the economy: more tax-cuts for major corporations, and continuation of the Bush tax cuts for U.S. millionaires. And this McCain stance was consistent with his stated desire to slash Medicare and privatize Social Security. The American public was fed-up with failed Bush/McCain economics, which claimed that prosperity would eventually "trickle-down" to everyone else. Obama won the presidential race largely because voters perceived that he, and not John McCain, cared about and would address middle-class economic struggles and inequities.
John McCain
[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
Milton Friedman was not surprised. In 1968, in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment, which Paul Samuelson dubbed "stagflation."
Paul Krugman
So what's the moral? We've seen how the insistence on models that meet the standards of rigor in mainstream economics can lead to neglect of clearly valuable ideas. Does this mean that the whole emphasis on models is wrong? Should we make a major effort to open up economics, to relax our standards about what constitutes an acceptable argument? No-the moral of my tale is nowhere near that easy. Economists can often be remarkably obtuse, failing to see things that are right in front of them. But sometimes a bit of obtuseness is not entirely a bad thing.
Paul Krugman
A casual reading of the development literature suggests that there is a dividing line circa 1960. Before 1960 writers on development generally assumed as a matter of course that economies of scale were a limiting factor on the ability to profitably establish industries in less developed countries, and that in the presence of such economies of scale pecuniary external economies assume real welfare significance. They seem, however, to have been unaware of the degree to which economies of scale raise problems for explicit modeling of competition, and/or of the extent to which the drive for formalism was pushing economics toward explicit models.
After 1960, by contrast, economists working on development had been trained in the formalism of constant-returns general equilibrium, and did not so much reject the possibility that economies of scale might matter as simply fail to notice it.
Paul Krugman
My life has been dominated by my differences with John Maynard Keynes. That turns almost wholly on the - I believe, false - conviction that there is a simple relationship between aggregate demand for consumer goods and the volume of employment. Keynes was one of the most intelligent people I knew but he understood very little economics. He must not be blamed for his disciples. He knew the danger of inflation.
Friedrich Hayek
Whereas, in fact, specialised students, even after generations of effort, find it exceedingly difficult to explain such matters, and cannot agree on what are the causes or what will be the effects of particular events. The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
To the naive mind that can conceive of order only as the product of deliberate arrangement, it may seem absurd that in complex conditions order, and adaptation to the unknown, can be achieved more effectively by decentralizing decisions and that a division of authority will actually extend the possibility of overall order. Yet that decentralization actually leads to more information being taken into account.
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
Well I mentioned Hayek. There are two ways. One is because of my interest in political economy. The other way is that Hayek was a pioneer in the use of information in economics. One of the papers that Karl and I wrote together that I continue to like was a paper called "The Uses of Money". In that paper we tried to incorporate information and the cost of information to explain why people use money. One of Hayek's most basic ideas is that institutions are a way of reducing uncertainty. Man struggles to find institutional arrangements which on average make life a bit more predictable. Our "Uses of Money" is not so much about money as we conventionally think about it, it's about the idea of a medium of exchange, the function of an institution called the medium of exchange and how the medium of exchange as an institution resolves a part of peoples uncertainty about the future.
Friedrich Hayek
I can testify from personal experience to the immense stimulus and direction which Hayek's migration to this country [Great Britain] gave to economic research in the 1930s, not only in London and economics faculties throughout the United Kingdom, but also in the international world of scholarship.
Friedrich Hayek
You will never know how much you have done for me. When I was in New Zealand, out of the world and buried by all my philosophical colleagues, you remembered me. It was through you that I came back into the world. It was through you (and Ernst Gombrich) that The Open Society was published, after a period (before you interfered) which led...me almost to despair. And when I came to the LSE [London School of Economics], through you, you gave me so much encouragement and help....There cannot be, ever, equality or reciprocity between you and me. I never could do anything for you, and it is extremely unlikely that I ever shall.
Friedrich Hayek
