Wages Quotes - page 5
There is little doubt that the observation that quality may depend on price (productivity on wages; default probability on interest rates) has provided a rich mine for economic theorists: A simple modification of the basic assumptions results in a profound alteration of many of the basic conclusions of the standard paradigm. The Law of Supply and Demand has been repealed. The Law of the Single Price has been repealed. The Fundamental Theorem of Welfare Economics has been shown not to be valid.
More than that, the theories that we describe here provide the basis of progress toward a unification of macroeconomics and microeconomics. They pro vide an explanation of unemployment and credit rationing, derived from basic microeconomic principles. It is a theory in which the extensive idleness that periodically confronts society's resources, human and capital, is seen as but the most obvious example of market failures that prevasively and persistently distort the allocation of resources.
Joseph Stiglitz
Once the visitor was told rather repetitively that this city was the melting pot; never before in history had so many people of such varied languages, customs, colors and culinary habits lived so amicably together. Although New York remains peaceful by most standards, this self-congratulation is now less often heard, since it was discovered some years ago that racial harmony depended unduly on the willingness of the blacks (and latterly the Puerto Ricans) to do for the other races the meanest jobs at the lowest wages and then to return to live by themselves in the worst slums.
John Kenneth Galbraith
Because it has Societies for the prevention of physical cruelty to animals, and none with the object of preventing the moral cruelty practiced on human beings. Because it encourages, legally and tacitly, vice under every form, from the sale of whiskey down to forced prostitution and theft brought on by starvation wages...
Helena Petrovna Blavatsky
I don't know which way human psychology will go wrong. We have a world in which there is uncertainty. There are new technologies. And one of the problems is that we do things today with a thought to the future. Any purchase is one for the future. If you buy a refrigerator you are making a commitment to the future, so that you have food to eat for the next ten years. That's a simple theory, one of many simple theories -- theories that people agree on and that don't, in a fundamental way, change. But every once in a while there is unemployment, and wages will drop, and there will be several different interpretations.
Kenneth Arrow
When politicians talk about immigration reform, they usually mean the following: amnesty, open borders, and lower wages. Immigration reform should mean something else entirely: it should mean improvements to our laws and policies to make life better for American citizens. But if we are going to make our immigration system work, then we have to be prepared to talk honestly and without fear about these important and sensitive issues.
Donald Trump
You have now in the field armies sufficient to repel the whole force of your enemies and their base and mercenary auxiliaries. The hearts of your soldiers beat high with the spirit of freedom; they are animated with the justice of their cause, and while they grasp their swords can look up to Heaven for assistance. Your adversaries are composed of wretches who laugh at the rights of humanity, who turn religion into derision, and would, for higher wages, direct their swords against their leaders or their country. Go on, then, in your generous enterprise, with gratitude to Heaven for past, success, and confidence of it in the future. For my own part, I ask no greater blessing than to share with you the common danger and common glory. If I have a wish dearer to my soul than that my ashes may be mingled with those of a Warren and a Montgomery, it is that these American States may never cease to be free and independent.
Samuel Adams
O. K., so what does standard new classical economics say? You should cut the wages of everybody who works for you. Because there are all the people standing outside the factory gates, and they have the same skill set as the people who work for you. You should at least be willing, according to this view, if not to hire them, to say to your own workers, ‘If you don't take a pay cut, I'm going to replace you with them.' But one goes around, actually talks to firms, and you'll find that no firm would do that.
Janet Yellen
Advances in science when put to practical use mean more jobs, higher wages, shorter hours, more abundant crops, more leisure for recreation, for study, for learning how to live without the deadening drudgery which has been the burden of the common man for ages past. Advances in science will also bring higher standards of living, will lead to the prevention or cure of diseases, will promote conservation of our limited national resources, and will assure means of defense against aggression. But to achieve these objectives - to secure a high level of employment, to maintain a position of world leadership - the flow of new scientific knowledge must be both continuous and substantial.
Vannevar Bush
If low-wage workers do not always behave in an economically rational way, that is, as free agents within a capitalist democracy, it is because they dwell in a place that is neither free nor in any way democratic. When you enter the low-wage workplace - and many of the medium-wage workplaces as well - you check your civil liberties at the door, leave America and all it supposedly stands for behind, and learn to zip your lips for the duration of the shift. The consequences of this routine surrender go beyond the issues of wages and poverty. We can hardly pride ourselves on being the world's preeminent democracy, after all, if large numbers of citizens spend half their waking hours in what amounts, in plain terms, to a dictatorship.
Barbara Ehrenreich
If you allow this state of things to go on, what will follow? If these foreign goods come in cheaper, one of two things must follow. Either you will have to give up the conditions you have gained, either you will have to abolish and repeal the fair-wages clause of our Factory Acts, and the compensation to workmen, and either you will have to take lower wages, or you will lose work. You cannot keep your work at this higher standard of living and pay if at the same time you allow foreigners at a lower standard and lower rate of pay to send their goods freely in competition with yours.
Joseph Chamberlain
The things you hear now about European unemployment -- that there are structural problems, that real wages have failed to adjust, that there are inflationary fears -- are the same things that were said during the early 1930. It is well established that government spending began to pull Germany out of its slump in 1935. There is no known reason why spending for peace can't do as well at getting the economy going as spending for war.
Lawrence Summers
Though we have achieved considerable success in our policy of increasing production and maintaining full employment, this has been accompanied by constant pressure for higher wages resulting in higher prices. We have not yet found out how we can maintain full employment in combination with stable or decreasing costs and prices.
Stafford Cripps
I think the SDP really is a very right-wing party. In a funny way it's more right-wing than Mrs. Thatcher because Mrs. Thatcher is an old-fashioned liberal, if you know what I mean, she believes in market forces and small government. But my knowledge and experience of the SDP is that they believe in a centralised system, they believe in a federal Europe in which we would only be a province under Brussels, they believe in retaining the American bases, they want a statutory pay policy so they would govern the wages of everybody without proper negotiation. I think they're a very hard right party and I think the Labour Party which has now got a decent policy as a result of all the work we've done is going to pick up a lot of support this year.
Tony Benn
We have come to the end of a chapter in our industrial history. The industrial system to which the Tory Party adheres-at least officially and in its manifestos-has failed us. ... It is no use blaming working people or the unions if they have to work in ancient factories with obsolete equipment producing old-fashioned goods at unecomonic prices and earning low wages as well. Working people not only are not responsible for the weakness of British manufacturing industry. They have hitherto been denied the tools and tackle that they needed to put it right. ... We have got to make a fresh start now. We have got to get investment up, and to get it up as soon as we can. If the market economy cannot or will not give us that investment, we must do it direct.
Tony Benn
Does my right hon. Friend not know that it is fatal for any Government or party or person to seek to govern in direct opposition to the principles on which they were entrusted with the right to govern? In introducing a compulsory control of wages and prices, in contravention of the deepest commitments of this party, has my right hon. Friend taken leave of his senses?
Enoch Powell
When I see a disposition amongst you to trade in humanity, I will not question your motives, I will not deny that it is really felt; but this I tell you, that if you would give force and grace to your professions of humanity, it must not be confined to the negro at the Antipodes, nor to the building of churches, nor the extension of the Church Establishment, nor to occasional visits to factories to talk sentiment over factory children-you must untax the people's bread. Whilst you retain that law, which raises rents but does not raise wages, you may be humane, kind and beneficent, but your benevolence and humanity, more showy than substantial, will soon become a mockery and a bye-word.
Richard Cobden
