Efficiency Quotes - page 4
Our civilization depends on peace among Western nations, and therefore on united strength, for Peace is a virgin who dare not show her face without Strength, her father, for protection. We can have peace and security only so long as we band together to preserve that most priceless possession, our inheritance of European blood, only so long as we guard ourselves against attack by foreign armies and dilution by foreign races.
We need peace to let our best men live to work out those more subtle, but equally dangerous, problems brought by this new environment in which we dwell, to give us time to turn this materialistic trend, to stop prostrating ourselves before this modern idol of mechanical efficiency, to find means of combining freedom, spirit, and beauty with industrial life - a peace which will bring character, strength, and security back to Western peoples.
Charles Lindbergh
And for us in this country to think of having, for example, a dictatorship-a popular form of government in many countries to-day-would, on our part, be an act of consummate cowardice, an act of surrender, of throwing in our hands, a confession that we were unable to govern ourselves...In this country we do not want what I call the "get-rich-quick" mind. Speed and efficiency are very good things, and they are, perhaps, the idols of this generation. But they do not necessarily go together. Acceleration, as I have often said, is not a synonym for civilisation. It is quite true the State coach of this country may be going through heavy ground, the wheels may be creaking; but are you quite sure that the wheels of the State coach are not creaking to-day in Moscow, in Berlin, in Vienna? Are you quite certain that they are not creaking even in the United States of America?
Stanley Baldwin
The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to the refutation of Adam Smith's invisible hand: individuals and firms, in the pursuit of their self-interest, are not necessarily, or in general, led as if by an invisible hand, to economic efficiency. The only question that has been raised concerns the ability of government to remedy the deficiencies of the market. Within academia, a significant fraction of economists are involved with developing and expanding on the ideas of imperfect information (and imperfect markets) that I explored. For instance, Edmund Phelps, this year's Nobel Prize winner, belongs to this "school" of thought. But in political discourse, simplistic "market fundamentalism” continues to exert enormous influence.
Joseph Stiglitz