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8668b83 The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money. Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles. But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet. This was the Captain Samuel Vimes 'Boots' theory of socioeconomic unfairness. economics Terry Pratchett
338e158 It has been more profitable for us to bind together in the wrong direction than to be alone in the right one. Those who have followed the assertive idiot rather than the introspective wise person have passed us some of their genes. This is apparent from a social pathology: psychopaths rally followers. herd-behavior economics Nassim Nicholas Taleb
b121750 Look, America is no more a democracy than Russia is a Communist state. The governments of the U.S. and Russia are practically the same. There's only a difference of degree. We both have the same basic form of government: economic totalitarianism. In other words, the settlement to all questions, the solutions to all issues are determined not by what will make the people most healthy and happy in the bodies and their minds but by economics. Dollars or rubles. Economy uber alles. Let nothing interfere with economic growth, even though that growth is castrating truth, poisoning beauty, turning a continent into a shit-heap and riving an entire civilization insane. Don't spill the Coca-Cola, boys, and keep those monthly payments coming. economics capitalism Tom Robbins
d326e2f In regards to the price of commodities, the rise of wages operates as simple interest does, the rise of profit operates like compound interest. Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people. money labor class-warfare profit economics Adam Smith
c09ad41 He tried to read an elementary economics text; it bored him past endurance, it was like listening to somebody interminably recounting a long and stupid dream. He could not force himself to understand how banks functioned and so forth, because all the operations of capitalism were as meaningless to him as the rites of a primitive religion, as barbaric, as elaborate, and as unnecessary. In a human sacrifice to deity there might be at least a mistaken and terrible beauty; in the rites of the moneychangers, where greed, laziness, and envy were assumed to move all men's acts, even the terrible became banal. leguin banks banking economics capitalism Ursula K. Le Guin
72533ee The curious mind embraces science; the gifted and sensitive, the arts; the practical, business; the leftover becomes an economist mind science economists expertise economics intellect Nassim Nicholas Taleb
82454b8 At times there's something so precise and mathematically chilling about nationalism. Build a dam to take away water AWAY from 40 million people. Build a dam to pretend to BRING water to 40 million people. Who are these gods that govern us? Is there no limit to their powers? human-rights india equality women reality truth inspirational environmental-degradation false-gods narmada-valley dam government-corruption corporations nationalism economics government capitalism exploitation Arundhati Roy
c1e02e4 The ideas of debtor and creditor as to what constitutes a good time never coincide. money humor economics P.G. Wodehouse
ad0547a There are few genuine conservatives within the U.S. political system, and it is a sign of the intellectual corruption of the age that the honorable term 'conservatism' can be appropriated to disguise the advocacy of a powerful, lawless, aggressive and violent state, a welfare state for the rich dedicated to a lunatic form of Keynesian economic intervention that enhances state and private power while mortgaging the country's future. violence politics keynesianism welfare-states conservatism united-states politics-of-the-united-states economics law intellectuals Noam Chomsky
1d9d8ff "When Republicans recently charged the President with promoting 'class warfare,' he answered it was 'just math.' But it's more than math. It's a matter of morality. morality politics class-warfare conservatism republican-party-united-states united-states economics liberalism society mathematics Robert B. Reich
5c05ec8 NAUGHTY AND NICE? said Death. BUT IT'S EASY TO BE NICE IF YOU'RE RICH. IS THIS FAIR? Albert wanted to argue. He wanted to say, Really? In that case, how come so many of the rich buggers is bastards? And being poor don't mean being naughty, neither. money morality economics society Terry Pratchett
295a5ea Congress shall make no law abridging the freedom of production and trade... sex wealth slavery freedom reason life love philosophy causality individual-rights objective-law volition pursuit-of-happiness commerce jobs usa economy rock-and-roll crisis economics law regulation force liberty society political-philosophy constitution government atheism capitalism tyranny trade drugs Ayn Rand
457b2a4 Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending banking expertise experts recessions recession economics finance Nassim Nicholas Taleb
02f1717 To me, the conclusion that the public has the ultimate responsibility for the behavior of even the biggest businesses is empowering and hopeful, rather than disappointing. My conclusion is not a moralistic one about who is right or wrong, admirable or selfish, a good guy or a bad guy. My conclusion is instead a prediction, based on what I have seen happening in the past. Businesses have changed when the public came to expect and require different behavior, to reward businesses for behavior that the public wanted, and to make things difficult for businesses practicing behaviors that the public didn't want. I predict that in the future, just as in the past, changes in public attitudes will be essential for changes in businesses' environmental practices. politics public economics power Jared Diamond
a095d03 It was the American middle class. No one's house cost more than two or three year's salary, and I doubt the spread in annual wages (except for the osteopath) exceeded more than five thousand dollars. And other than the doctor (who made house calls), the store managers, the minister, the salesman, and the banker, everyone belonged to a union. That meant they worked a forty-hour week, had the entire weekend off (plus two to four weeks' paid vacation in the summer), comprehensive medical benefits, and job security. In return for all that, the country became the most productive in the world and in our little neighborhood it meant your furnace was always working, your kids could be dropped off at the neighbors without notice, you could run next door anytime to borrow a half-dozen eggs, and the doors to all the homes were never locked -- because who would need to steal anything if they already had all that they needed? economy income quality-of-life wages housing economics crime Michael Francis Moore
5aa0d54 Do you understand economics? I mean big-time, prewar, global capitalism. Do you get how it worked? I don't, and anyone who says they do is full of shit. war economy economics Max Brooks
7cde228 Copyright law has got to give up its obsession with 'the copy.' The law should not regulate 'copies' or 'modern reproductions' on their own. It should instead regulate uses--like public distributions of copies of copyrighted work--that connect directly to the economic incentive copyright law was intended to foster. economics law Lawrence Lessig
11385c8 The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not. economics crime John Kenneth Galbraith
531d1cd In my considered opinion, salary is payment for goods delivered and it must conform to the law of supply and demand. If, therefore, the fixed salary is a violation of this law - as, for instance, when I see two engineers leaving college together and both equally well trained and efficient, and one getting forty thousand while the other only earns two thousand , or when lawyers and hussars, possessing no special qualifications, are appointed directors of banks with huge salaries - I can only conclude that their salaries are not fixed according to the law of supply and demand but simply by personal influence. And this is an abuse important in itself and having a deleterious effect on government service. salaries supply-and-demand tolstoy economics government Leo Tolstoy
bbe7396 "These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas. politics 2011 balanced-budget budgets deficit-spending economy-of-california economy-of-new-jersey economy-of-new-york economy-of-texas economy-of-the-united-states financial-crisis-of-2007-2011 governor-of-texas rick-perry state-governments-of-the-us texas-elections-2010 united-states-elections-2010 california taxes united-states economics texas new-jersey new-york Paul Krugman
8674dd9 The world's most primitive people have few possessions, but they are not poor. Poverty is not a certain small amount of goods, nor is it just a relation between means and ends; above all it is a relation between people. Poverty is a social status. As such it is the invention of civilization. economics Marshall Sahlins
6c9df28 A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives. free-market markets economics Charles Wheelan
864dfcd If only one person were perfectly informed there could never be a general crisis. But the only perfectly informed person is God, and he does not play the stock market. keynes perfect-information crisis economics Robert Skidelsky
4ca4adb International business, once allowed to stalk uncontrolled, killed the local, the small, the quirky. economics quality Alexander McCall Smith
8108c5a Then the shit hit the fan. economics John Kenneth Galbraith
e54fcf7 The shortcomings of economics are not original error but uncorrected obsolescence. The obsolescence has occurred because what is convenient has become sacrosanct. Anyone who attacks such ideas must seem to be a trifle self-confident and even aggressive. The man who makes his entry by leaning against an infirm door gets an unjustified reputation for violence. Something is to be attributed to the poor state of the door. obsolete economics John Kenneth Galbraith
30e02ea The great hatred of capitalism in the hearts of the oppressed, ancient and modern, I think, stems not merely from the ensuing vast inequality in wealth, and the often unfair and arbitrary nature of who profits and who suffers, but from the silent acknowledgement that under a free market economy the many victims of the greed of the few are still better off than those under the utopian socialism of the well-intended. It is a hard thing for the poor to acknowledge benefits from their rich moral inferiors who never so intended it. (p.272) wealth income-disparity progressivism western-culture military-history economics society inequality utopia Victor Davis Hanson
ec47c18 "Most of us are pseudo-scholars...for we are a very large and quite a powerful class, eminent in Church and State, we control the education of the Empire, we lend to the Press such distinction as it consents to receive, and we are a welcome asset at dinner-parties. Pseudo-scholarship is, on its good side, the homage paid by ignorance to learning. It also has an economic side, on which we need not be hard. Most of us must get a job before thirty, or sponge on our relatives, and many jobs can only be got by passing an exam. The pseudo-scholar often does well in examination (real scholars are not much good), and even when he fails he appreciates their inner majesty. They are gateways to employment, they have power to ban and bless. A paper on King Lear may lead somewhere, unlike the rather far-fetched play of the same name. It may be a stepping-stone to the Local Government Board. He does not often put it to himself openly and say, "That's the use of knowing things, they help you to get on." The economic pressure he feels is more often subconscious, and he goes to his exam, merely feeling that a paper on King Lear is a very tempestuous and terrible experience but an intensely real one. ...As long as learning is connected with earning, as long as certain jobs can only be reached through exams, so long must we take the examination system seriously. If another ladder to employment were contrived, much so-called education would disappear, and no one be a penny the stupider." writing market employment falsehood jobs scholarship college economics faculty exams university E.M. Forster
0ffbfe7 On Earth one of the things that a large proportion of the locals is most proud of is this wonderful economic system which, with a sureness and certainty so comprehensive one could almost imagine the process bears some relation to their limited and limiting notions of either thermodynamics or God, all food, comfort, energy, shelter, space, fuel and sustenance gravitates naturally and easily away from those who need it most and towards those who need it least. Indeed, those on the receiving end of such are often harmed unto death by its arrival, though the effects may take years and generations to manifest themselves. limited limiting fuel sustenance shelter energy economics space food Iain M. Banks
38a6c6a "One should attend carefully to the fear and desperation of the powerful. They understand very well the potential reach of the "ultimate weapon," and only hope that those who seek a more free and just world will not gain the same understanding and put it effectively to use." neoliberalism economics Noam Chomsky
14934f3 Businesses are great structures for managing big projects. It's like trying to develop the ability to walk without developing a skeleton. Once in a blue moon, you get an octopus, but for the most part, you get skeletons. Skeletons are good shit. evolution economics Cory Doctorow
5f824be We all know how 'modern democracies take loaves from the wealthy.' It's the slipups in the 'pass them out to the poor' department that inspire a study of Economics. socialism redistribution-of-wealth economics P.J. O'Rourke
472ee8e Remember, aid cannot achieve the end of poverty. Only homegrown development base on the dynamism of individuals and firms in free markets can do that. poverty development economics William Easterly
628e1f8 Goods are traded, but services are consumed and produced in the same place. And you cannot export a haircut. But we are coming close to exporting a haircut, the appointment part. What kind of haircut do you want? Which barber do you want? All those things can and will be done by a call center far away. barber exports call goods economics haircut Thomas L. Friedman
a28d02a In a basic agricultural society, it's easy enough to swap five chickens for a new dress or to pay a schoolteacher with a goat and three sacks of rice. Barter works less well in a more advanced economy. The logistical challenges of using chickens to buy books on Amazon.com would be formidable. economics Charles Wheelan
097d606 It is hard to understand how a compassionate world order can include so many people afflicted by acute misery, persistent hunger and deprived and desperate lives, and why millions of innocent children have to die each year from lack of food or medical attention or social care. This issue, of course, is not new, and it has been a subject of some discussion among theologians. The argument that God has reasons to want us to deal with these matters ourselves has had considerable intellectual support. As a nonreligious person, I am not in a position to assess the theological merits of this argument. But I can appreciate the force of the claim that people themselves must have responsibility for the development and change of the world in which they live. One does not have to be either devout or non devout to accept this basic connection. As people who live-in a broad sense-together, we cannot escape the thought that the terrible occurrences that we see around us are quintessentially our problems. They are our responsibility-whether or not they are also anyone else's. As competent human beings, we cannot shirk the task of judging how things are and what needs to be done. As reflective creatures, we have the ability to contemplate the lives of others. Our sense of behavior may have caused (though that can be very important as well), but can also relate more generally to the miseries that we see around us and that lie within our power to help remedy. That responsibility is not, of course, the only consideration that can claim our attention, but to deny the relevance of that general claim would be to miss something central about our social existence. It is not so much a matter of having the exact rules about how precisely we ought to behave, as of recognizing the relevance of our shared humanity in making the choices we face. responsibility freedom social-commitment development economics Amartya Sen
01b8a97 "Their conversation ceased abruptly with the entry of an oddly-shaped man whose body resembled a certain vegetable. He was a thickset fellow with calloused and jaundiced skin and a patch of brown hair, a frizzy upheaval. We will call him Bell Pepper. Bell Pepper sidled up beside The Drippy Man and looked at the grilled cheese in his hand. The Drippy Man, a bit uncomfortable at the heaviness of the gaze, politely apologized and asked Bell Pepper if he would like one. "Why is one of your legs fatter than the other?" asked Bell Pepper. The Drippy Man realized Bell Pepper was not looking at his sandwich but towards the inconsistency of his leg sizes. "You always get your kicks pointing out defects?" retorted The Drippy Man. "Just curious. Never seen anything like it before." "I was raised not to feel shame and hide my legs in baggy pants." "So you flaunt your deformity by wearing short shorts?" "Like you flaunt your pockmarks by not wearing a mask?" Bell Pepper backed away, kicking wide the screen door, making an exit to a porch over hanging a dune of sand that curved into a jagged upward jab of rock. "He is quite sensitive," commented The Dry Advisor. "Who is he?" "A fellow who once manipulated the money in your wallet but now curses the fellow who does." writing future politics books dubai economic-collapse small-press spy-thriller espionage end-of-the-world conspiracy dystopia authors economics satire maine dystopian-fiction writers Jeff Phillips
ccdb371 Now, quite apart from the fact that, from the point of view of the Earther, socialism suffers the devastating liability of only exhibiting internal contradictions when you are trying to use it as an adjunct to your own stupidity (unlike capitalism, which again, from the point of view of the Earther, happily has them built in from the start), it is the case that because Free Enterprise got there first and set up the house rules, it will always stay at least one kick ahead of its rivals. socialism earthers free-enterprise economics Iain M. Banks
b1ae361 Just as the church needs members with different skills, our world must have various forms of labor, interdependent and thus valuable. A world full of ministers would be without churches, bread for the Lord's Supper, and printed Bibles to read. christianity ministers economics theology R.C. Sproul Jr.
2acc22c One of the many signs of verbal virtuosity among intellectuals is the repackaging of words to mean things that are not only different from, but sometimes the direct opposite of, their original meanings. 'Freedom' and 'power' are among the most common of these repackaged words. The basic concept of freedom as not being subjected to other people's restrictions, and of power as the ability to restrict other people's options have both been stood on their heads in some of the repackaging of these words by intellectuals discussing economic issues. Thus business enterprises who the public's options, either quantitatively (through lower prices) or qualitatively (through better products) are often spoken of as 'controlling' the market, whenever this results in a high percentage of consumers choosing to purchase their particular products rather than the competing products of other enterprises. In other words, when consumers decide that particular brands of products are either cheaper or better than competing brands of those products, third parties take it upon themselves to depict those who produced these particular brands as having exercised 'power' or 'control.' If, at a given time, three-quarters of the consumers prefer to buy the Acme brand of widgets to any other brand, then Acme Inc. will be said to 'control' three-quarters of the market, even though consumers control 100 percent of the market, since they can switch to another brand of widgets tomorrow if someone else comes up with a better widget, or stop buying widgets altogether if a new product comes along that makes widgets obsolete. ....by saying that businesses have 'power' because they have 'control' of their markets, this verbal virtuosity opens the way to saying that government needs to exercise its 'countervailing power' (John Kenneth Galbraith's phrase) in order to protect the public. Despite the verbal parallels, government power is in fact power, since individuals do not have a free choice as to whether or not to obey government laws and regulations, while consumers are free to ignore the products marketed by even the biggest and supposedly most 'powerful' corporations in the world. freedom government-power john-kenneth-galbraith monopoly economics control big-business power Thomas Sowell
46513e6 Given a choice between patterns of subsistence that are relatively unfavorable to the cultivator but which yield a greater return in manpower or grain to the state and those patterns that benefit the cultivator but deprive the state, the ruler will choose the former every time. The ruler, then, maximizes the state-accessible product, if necessary, at the expense of the overall wealth of the realm and its subjects. centralization free-market taxation economics James C. Scott
2b56a35 It appears - because it has been the case for twenty years - that every problem is solvable...that no matter how badly the world economy slumps there is a pain-free way out of it. Once the realization dawns that there is not, and that the pain will be severe, the question is posed that has not really been posed for twenty years: who should feel it? economics capitalism Paul Mason
117952c Think about ethanol again. The benefits of that $7 billion tax subsidy are bestowed on a small group of farmers, making it quite lucrative for each one of them. Meanwhile, the costs are spread over the remaining 98 percent of us, putting ethanol somewhere below good oral hygiene on our list of everyday concerns. The opposite would be true with my plan to have left-handed voters pay subsidies to right-handed voters. There are roughly nine right-handed Americans for every lefty, so if every right-handed voter were to get some government benefit worth $100, then every left-handed voter would have to pay $900 to finance it. The lefties would be hopping mad about their $900 tax bills, probably to the point that it became their preeminent political concern, while the righties would be only modestly excited about their $100 subsidy. An adept politician would probably improve her career prospects by voting with the lefties. Here is a curious finding that makes more sense in light of what we've just discussed. In countries where farmers make up a small fraction of the population, such as America and Europe, the government provides large subsidies for agriculture. But in countries where the farming population is relatively large, such as China and India, the subsidies go the other way. Farmers are forced to sell their crops at below-market prices so that urban dwellers can get basic food items cheaply. In the one case, farmers get political favors; in the other, they must pay for them. What makes these examples logically consistent is that in both cases the large group subsidizes the smaller group. In politics, the tail can wag the dog. This can have profound effects on the economy. economics Charles Wheelan
98bda77 On the whole, however, it was accepted that money not only talked, but governed. All the industrialist had to get to be accepted among the governors of society was enough money. french-revolution imperialism economics capitalism Eric Hobsbawm
62a4128 "Social responsibility is a fundamentally subversive doctrine" in a free society, and have said that in such a society, "there is one and only one social responsibility of business-to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." free-market economics ethics Milton Friedman
b3fdec1 ethanol may actually make some kinds of air pollution worse. It evaporates faster than pure gasoline, contributing to ozone problems in hot temperatures. A 2006 study published in the Proceedings of the National Academy of Sciences concluded that ethanol does reduce greenhouse gas emissions by 12 percent relative to gasoline, but it calculated that devoting the entire U.S. corn crop to make ethanol would replace only a small fraction of American gasoline consumption. Corn farming also contributes to environmental degradation due to runoff from fertilizer and pesticides. But to dwell on the science is to miss the point. As the New York Times noted in the throes of the 2000 presidential race, --Regardless of whether ethanol is a great fuel for cars, it certainly works wonders in Iowa campaigns. The ethanol tax subsidy increases the demand for corn, which puts money in farmers' pockets. Just before the Iowa caucuses, corn farmer Marvin Flier told the Times, --Sometimes I think [the candidates] just come out and pander to us, he said. Then he added, --Of course, that may not be the worst thing. The National Corn Growers Association figures that the ethanol program increases the demand for corn, which adds 30 cents to the price of every bushel sold. Bill Bradley opposed the ethanol subsidy during his three terms as a senator from New Jersey (not a big corn-growing state). Indeed, some of his most important accomplishments as a senator involved purging the tax code of subsidies and loopholes that collectively do more harm than good. But when Bill Bradley arrived in Iowa as a Democratic presidential candidate back in 1992, he --spoke to some farmers|| and suddenly found it in his heart to support tax breaks for ethanol. In short, he realized that ethanol is crucial to Iowa voters, and Iowa is crucial to the presidential race. economics Charles Wheelan
65c2ace "In the same essay, Said (who is reviewing Peter Stansky and William Abrams, co-authors obsessed with the Blair/Orwell distinction) congratulates them on their forceful use of tautology: This is rather extraordinary. Orwell did indeed meet Garrett in Liverpool in 1936, and was highly impressed to find that he knew him already through his pseudonymous writing--under the name Matt Lowe--for John Middleton Murry's Adelphi. As he told his diary: poverty writing politics tautology edward-said george-orwell economics Christopher Hitchens
da1e180 Don't you know there's another bubble as well? An expectations bubble. Bigger houses, private planes, yachts... stupid salaries and bonuses. People come to desire these things and expect them. But the expectations bubble will burst as well, as all bubbles do. economics-philosophy money-versus-happiness need-versus-want economics desire expectations Edward Rutherfurd
bb1fb5a He wants to focus on what he calls 'cultural issues.' That makes sense, because when you're going to rob people blind you don't want to have them focus their attention on economic issues. politics economics Noam Chomsky
91d71bb From Smith's principle that labor is the true measure of price--or, as Warren phrased it, that cost is the proper limit of price--these three men (Josiah Warren, Pierre-Joseph Proudhon and Karl Marx) made the following deductions: that the natural wage of labor is its product; that this wage, or product, is the only just source of income (leaving out, of course, gift, inheritance, etc.); that all who derive income from any other source abstract it directly or indirectly from the natural and just wage of labor; that this abstracting process generally takes one of three forms, interest, rent, and profit; that these three constitute the trinity of usury, and are simply different methods of levying tribute for the use of capital; that, capital being simply stored-up labor which has already received its pay in full, its use ought to be gratuitous, on the principle that labor is the only basis of price; that the lender of capital is entitled to its return intact, and nothing more; that the only reason why the banker, the stockholder, the landlord, the manufacturer, and the merchant are able to exact usury from labor lies in the fact that they are backed by legal privilege, or monopoly; and that the only way to secure to labor the enjoyment of its entire product, or natural wage, is to strike down monopoly. socialism labor property ownership economics Frank H Brooks
aead50f Economics is a science with excellent tools for gaining answers but a serious shortage of interesting questions. freakonomics economics questions Steven D. Levitt
f8ac641 Things are sold for less than it costs to make them. ... lots of business do go bankrupt. The ones that don't haven't actually sold their thing for more than it costs to make. They've just ignored some of their costs. ... they shove some of their production costs off their books. economics Kim Stanley Robinson
c407bee That's a large part of what economics is--people arbitrarily, or as a matter of taste, assigning numerical values to non-numerical things. And then pretending that they haven't just made the numbers up, which they have. Economics is like astrology in that sense, except that economics serves to justify the current power structure, and so it has a lot of fervent believers among the powerful. power-structure economics power Kim Stanley Robinson
418f97b "[Voltaire] theoretically prefers a republic, but he knows its flaws: it permits factions which, if they do not bring on civil war, at least destroy national unity; it is suited only to small states protected by geographic situation, and as yet unspoiled and untorn with wealth; in general "men are rarely worthy to govern themselves." Republics are transient at best; they are the first form of society, arising from the union of families; the American Indians lived in tribal republics, and Africa is full of such democracies. but differentiation of economic status puts an end to these egalitarian governments; and differentiation is the inevitable accompaniment of development." politics republic development egalitarianism economics monarchy government voltaire democracy Will Durant
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