Finance Quotes - page 4
The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.
Robert Haugen
The Social-Democratic leaders glossed over and concealed from the masses the true class nature of fascism, and did not call them to the struggle against the increasingly reactionary measures of the bourgeoisie. They bear great historical responsibility for the fact that, at the decisive moment of the fascist offensive, a large section of the working people of Germany and of a number of other fascist countries failed to recognize in fascism the most bloodthirsty monster of finance capital, their most vicious enemy, and that these masses were not prepared to resist it.
Georgi Dimitrov
What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money-fixed claims, to pure equity issues, giving holders only the right to a pro-rata share in the uncertain venture? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.
Merton Miller
In my view-and that of most contemporary economists, I believe-Schumpeter's most original and most lastingly significant book was Theory of Economic Development, which appeared in 1911 (and was translated into English in 1934). It was at the University of Czernowitz, not far from the beginning of his career as an economist, that he worked out his conception of the entrepreneur, the maker of "new combinations,” as the driving force and characteristic figure of the fits-and-starts evolution of the capitalist economy. He was explicit that, while technological innovation was in the long run the most important function of the entrepreneur, organizational innovation in governance, finance, and management was comparable in significance.
Robert Solow
If you want to be served you must draw the distinction between those who want to serve you and those who don't, and if the electors of South Lancashire and of the country generally are contented to allow this method of expenditure to go on, this Continental system of feeding the desires of classes and portions of the community at the expense of the whole-it is idle for you to satisfy yourselves with vague and general promises. ... If that is to be the system on which public finance is to be administered you must be prepared to resign all hopes of remission of taxation, even in good years, and in bad years you must look for a steady augmentation of the income-tax.
William Ewart Gladstone
Sir, there are three principles, greater than all others, on which, in my opinion, all good finance should be based. The first of them is that there should always be a certainty that whatever the charge may be it can be paid. That, I believe, is of vital importance. The second is that, in times of peace and prosperity, the people of the country should reduce their Debt; and the third point is that they should reduce their Expenditure.
William Ewart Gladstone
This view that the action of the Federal Reserve authorities in 1927 was responsible for the speculation and collapse which followed has never been seriously shaken. There are reasons why it is attractive. It is simple, and it exonerates both the American people and the economic system from substantial blame... Yet the explanation obviously assumes that people will always speculate if only they can get the money to finance it. Nothing could be farther from the case. There were times before and there has been long periods since when credit was plentiful and cheap -- far cheaper than in 1927-29 -- and when speculation was negligible. Nor was speculation out of control after 1927, except that it was beyond the reach of men who did not want in the least to control it. The explanation is a tribute only to a recurrent preference, in economic matters, for formidable nonsense.
John Kenneth Galbraith
Already London is the biggest centre for Islamic finance outside the Islamic world. But today our ambition is to go further still. Because I don't just want London to be a great capital of Islamic finance in the Western world. I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.
David Cameron
Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.
Stephen Harper
