James Surowiecki Quotes
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Politically speaking, it's always easier to shell out money for a disaster that has already happened, with clearly identifiable victims, than to invest money in protecting against something that may or may not happen in the future.
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The autocracies of the Arab world have been as economically destructive as they've been politically repressive.
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Sometimes you have to destroy your business in order to save it.
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Steve Jobs was rare: a C.E.O. who actually had a huge impact on his company's fortunes. Contrary to corporate mythology, most C.E.O.s could be easily replaced, if not by your average Joe, then by your average executive vice-president. But Jobs genuinely earned the label of superstar.
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Of course, presidents are always blamed or rewarded for the state of the economy.
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You might say that economic history is the history of people learning to manage risk.
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Patrimonial capitalism's legacy is that many people see reform as a euphemism for corruption and self-dealing.
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In the business world, bad news is usually good news - for somebody else.
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In the heart of the Great Depression, millions of American workers did something they'd never done before: they joined a union. Emboldened by the passage of the Wagner Act, which made collective bargaining easier, unions organized industries across the country, remaking the economy.
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When Americans think of college these days, the first word that often comes to mind is 'debt.' And from 'debt' it's just a short hop to other unpleasant words, like 'payola,' 'kickback,' and 'bribery.'
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Congressional Republicans themselves have vehemently defended the idea that preexisting conditions should not be used to deny people insurance.
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For most Americans, work is central to their experience of the world, and the corporation is one of the fundamental institutions of American life, with an enormous impact, for good and ill, on how we live, think, and feel.
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On Wall Street, fraudulent schemes tend to thrive during economic booms, and to blow up when times turn tough.
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The Internet has become a remarkable fount of economic and social innovation largely because it's been an archetypal level playing field, on which even sites with little or no money behind them - blogs, say, or Wikipedia - can become influential.
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The ban on sports betting does exactly what Prohibition did. It makes criminals rich.
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In terms of productivity - that is, how much a worker produces in an hour - there's little difference between the U.S., France, and Germany. But since more people work in America, and since they work so many more hours, Americans create more wealth.
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If companies tell us more, insider trading will be worth less.
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Unlike fuel-economy standards, the most common method of reducing demand for oil over the past thirty years, a gas tax doesn't tell people what kind of car to drive. It simply raises the price of gasoline and lets people adjust their behavior accordingly.
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The value of a currency is, ultimately, what someone will give you for it - whether in food, fuel, assets, or labor. And that's always and everywhere a subjective decision.
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In order to work well, markets need a basic level of trust.
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If someone really wants my company's business, why shouldn't he be able to do everything he can - including paying me off - to get that business? Because bribery encourages people to make decisions based on the wrong criteria, which means in the business world that it distorts the efficient allocation of resources.
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Businesses that have gone through an episode of hyperinflation become understandably alert to the threat of it: at the first hint of inflation, they're likely to increase prices, since they've learned that if they don't, and inflation hits, their businesses will be wrecked.
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The business of America shouldn't be subsidizing business.
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Workers who come to the U.S. see their wages and their standard of living boosted sharply simply by crossing the border. That's a good thing, and one of the best arguments for immigration reform, even if you'll rarely hear a politician make it.