Income Quotes - page 9
The life cycle of family size, at least in the U. S., has a very humped shape rather similar to that of income, though with a somewhat earlier peak. As a result, one might expect, and generally finds a fairly constant rate of saving in the central age group, but lower saving or even dissaving in the very young or old.
Franco Modigliani
A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product."
James Tobin
[We are now] in a position to judge of the validity of the objection which has been made, that the principle of Natural Selection depends on a succession of favourable chances. The objection is more in the nature of an innuendo than of a criticism, for it depends for its force upon the ambiguity of the word chance, in its popular uses. The income derived from a Casino by its proprietor may, in one sense, be said to depend upon a succession of favourable chances, although the phrase contains a suggestion of improbability more appropriate to the hopes of the patrons of his establishment. It is easy without any very profound logical analysis to perceive the difference between a succession of favourable deviations from the laws of chance, and on the other hand, the continuous and cumulative action of these laws. It is on the latter that the principle of Natural Selection relies.
Ronald Fisher
Marx rejects as "absurd” the contention made by John Stuart Mill, and many of the political economists, that while production is governed by definite laws, distribution is controlled by (malleable) human institutions. Such a view underlies the assumption that classes are merely inequalities in the distribution of income, and therefore that class conflict can be alleviated or even eliminated altogether by the introduction of measures which minimize discrepancies between incomes.
Anthony Giddens
Cooper: Did you use that $916 million loss to avoid paying personal federal income taxes for years?
Trump: Of course I do. Of course I do. And so do all of her donors, or most of her donors. ... I pay tremendous numbers of taxes. I absolutely used it. And so did Warren Buffett and so did George Soros and so did many of the other people that Hillary is getting money from.
Donald Trump
I said it to you once, had we taken the oil -- and we should have taken the oil -- ISIS would not have been able to form either, because the oil was their primary source of income. And now they have the oil all over the place, including the oil -- a lot of the oil in Libya, which was another one of her disasters.
Donald Trump
This branch of economics has suffered from several intellectual mistakes. The major mistake has been the presumption that standard economic theory is inadequate for understanding low income countries and that a separate economic theory is needed. Models developed for this purpose were widely acclaimed until it became evident that they were at best intellectual curiosities.
Theodore Schultz
A plausible interpretation is that higher income is associated with a reduced ability to enjoy the small pleasures of life. [...] There is a clear contrast between the effects of income on experienced well-being and in life satisfaction. Higher income brings with it higher satisfaction, well beyond the point at which it ceases to have any positive effect on experience. [...] Life satisfaction is not a flawed measure of their experienced well-being, as I thought some years ago. It is something else entirely.
Daniel Kahneman
Democracy is unstable as a political system as long as it remains a political system and nothing more, instead of being, as it should be, not only a form of government but a type of society, and a manner of life which is in harmony with that type. To make it a type of society requires an advance along two lines. It involves, in the first place, the resolute elimination of all forms of special privilege which favour some groups and depress other, whether their source be differences of environment, of education, or of pecuniary income. It involves, in the second place, the conversion of economic power, now often an irresponsible tyrant, into a servant of society, working within clearly defined limits and accountable for its actions to a public authority.
R. H. Tawney
Now a value judgment on the distribution of income would show the required impersonality to the highest degree if the person who made this judgment had to choose a particular income distribution in complete ignorance of what his own relative position... would be within the system chosen. This would be the case if he had exactly the same chance of obtaining the first position (corresponding to the highest income) or the second or the third, etc. up to the last position (corresponding to the lowest income) available within that scheme.
John Harsanyi
What is scarce is money. The lack of money to spend on goods is what keeps the unemployed resources from producing more goods. Work, moreover, instead of being a curse, is desired more than anything else because the alternative is not enjoyment of leisure but the suffering of unemployment and deprivation. Of course, if people could get income without they would not object too much (although their self-respect in feeling they are useful members in society who are earning their income is too easily underestimated). But it is only by finding work they can obtain the necessary income they need.
Abba Lerner
I don't oppose all wars. What I am opposed to is a dumb war. What I am opposed to is a rash war. What I am opposed to is the cynical attempt by Richard Perle and Paul Wolfowitz and other armchair, weekend warriors in this administration to shove their own ideological agendas down our throats, irrespective of the costs in lives lost and in hardships borne. What I am opposed to is the attempt by political hacks like Karl Rove to distract us from a rise in the uninsured, a rise in the poverty rate, a drop in the median income, to distract us from corporate scandals and a stock market that has just gone through the worst month since the Great Depression. That's what I'm opposed to. A dumb war. A rash war. A war based not on reason but on passion, not on principle but on politics.
Karl Rove
