Economic Quotes
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If one writing contributed more than any other to the framework in which this work Sowell's Knowledge and Decisions developed, it would be an essay entitled 'The Use of Knowledge in Society,' published in the American Economic Review of September 1945, and written by F. A. Hayek . . In this plain and apparently simple essay was a deeply penetrating insight into the way societies function and malfunction, and clues as to why they are so often and so profoundly misunderstood.
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I am part of the World Economic Forum Global Council on Robotics and AI, and we spend a fair amount of our time together as a group discussing ethics, best practices, and the like.
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The thing I got to thinking about,' he said, 'is--what are the conditions that lead to larger portions of society being generous, humble, and selfless? While we have the conditions for economic opportunity here--and that is a blessing--do we have the conditions to learn how to self-regulate our own passions for the good of the whole?
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No economic, political or military power can compare with the power of a change of mind
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In the US a child born into a poor family will become a poor adult. The american dream is just that - it is not true, because of the level of extreme inequality.
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Your economic security does not lie in your job; it lies in your own power to produce - to think, to learn, to create, to adapt. That's true financial independence. It's not having wealth; it's having the power to produce wealth.
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The economic picture in the States today doesn't allow for jazz concerts in a tour fashion. People now are too used to the Festival, which gives them more names for the same price.
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Facts have proved that prosperity at the expense of the environment is only delaying disaster. We cannot passively protect our environment by simply stopping economic development.
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We are not facing great economic difficulties. The Indonesian people are faring reasonably well - just compare us to India or some other countries.
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Political institutions are a superstructure resting on an economic foundation.
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Every dollar that the boss did not work for, one of us worked for a dollar and didn't get it.
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Unfortunately, too many executives believe the myths about trust. Myths like how trust is soft and is merely a social virtue. The reality is that trust is hard-edged and is an economic driver.
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State control is important for the people who have always been excluded from the claims of social and economic development.
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But the broader lesson of the first Industrial Revolution is more like the Indy 500 than John Henry: economic progress comes from constant innovation in which people race with machines. Human and machine collaborate together in a race to produce more, to capture markets, and to beat other teams of humans and machines.
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These events are swirling around them. In the white community, people felt like they had no control over their neighborhoods, their destiny. In the black community, centuries of government and economic forces were pushing on them. I went in with a kind of arrogance, maybe, that came from living in a very intellectual family, and I left knowing that there was a lot about the way people lived that I didn't know about.
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The publication of the third volume of Capital has made hardly any impression upon bourgeois economic science.
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Much of the social history of the Western world, over the past three decades, has been a history of replacing what worked with what sounded good.
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We still have a lot of work to do when it comes to democracy. We have political democracy but not economic democracy.
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The essential notion of a capitalist society ... is voluntary cooperation, voluntary exchange. The essential notion of a socialist society is force.
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In 80% of the world, energy will be bought where it is economic. You have to help the rest of the world get energy at a reasonable price.
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Countries that innovate first get the new jobs, developing an economic edge over the C-free laggards that end up having to later import the technology.
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During the 1930s, some of the leading intellectuals in America condemned our economic system and pointed to the centrally planned Soviet economy as a model -- all this at a time when literally millions of people were starving to death in the Soviet Union, from a famine in a country with some of the richest farmland in Europe and historically a large exporter of food.
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It's emotional as well as economic, practical as well as personal, tangible as well as intangible.
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I do agree that the science is not settled on this. The idea we would put Americans' economy in jeopardy based on scientific theory that is not settled yet to me is nonsense. Just because you have a group of scientists who stood up and said this is the fact... Galileo got outvoted for a spell. To put Americans' economic future in jeopardy, asking us to cut back in areas that would have monstrous economic impact on this country is not good economics and I would suggest is not necessarily good science.
