The Worldly Philosophers

Quotes

1. But while Ricardo, the economist, walked like a god (although he was a modest and retiring person), Malthus was relegated to a lower status.

   p. 77

2. 

   If an economy in the doldrums could drift indefinitely, the price of government inaction might be graver by far than the consequences of bold unorthodoxy.

   p. 269

3. 

   Very few of the heroes of the Golden Age of American finance had much interest in the solid realities of what underlay their structure of stocks and bonds and credits.

   p. 224

4. 

   It may strike us as odd that the idea of gain is a relatively modern one; we are schooled to believe that man is essentially an acquisitive creature and that left to himself he will behave as any self-respecting businessman would. The profit motive, we are constantly being told, is as old as man himself.

   Nothing could be further from the truth.

   p. 15

5. 

   To one American family out of four, the idea of capitalism as a benign system of comfort, dignity, and personal advance is only a myth, or worse, a bitter mockery.

   p. 281

6. 

   The worker is no longer the slave to his reproductive urge. He is a free bargaining agent who enters the market to dispose of the one commodity he commands — labor power — and if he gets a rise in wages he will not be so foolish as to squander it in a self-defeating proliferation of his numbers.

   The capitalist faces him in the arena. His greed and lust for wealth are caustically described in those chapters that leave the abstract world for a look into 1860 England. But it is worth noting that he is not money hungry from mere motives of rapacity; he is an owner-entrepreneur engaged in an endless race against his fellow owner-entrepreneurs; he must strive for accumulation, for in the competitive environment in which he operates, one accumulates or one gets accumulated.

   The stage is set and the characters take their places. But now the first difficulty appears. How, asks Marx, can profits exist in such a situation? If everything sells for its exact value, then who gets an unearned increment?

   p. 148

7. 

   But like Marx, Veblen badly underestimated the capacity of a democratic system to correct its own excesses.

   p. 233

8. 

   The book was called Imperialism; it was a devastating volume. For here was the most important and searing criticism which had ever been levied against the profit system. The worst that Marx had claimed was that the system would destroy itself; what Hobson suggested was that it might destroy the world. He saw the process of imperialism as a relentless and restless tendency of capitalism to rescue itself from a self-imposed dilemma, a tendency that necessarily involved foreign commercial conquest and that thereby inescapably involved a constant risk of war. No more profound moral indictment of capitalism had ever been posed.

   p. 188

9. 

   The Wealth of Nations may not be an original book, but it is unquestionably a masterpiece.

   p. 42

10. 

    The secret to economic growth lay in the fact that that each generation attacked Nature not only with its own energies and resources, but with the heritage of equipment accumulated by its forebears.

    p. 278

11. 

    For one who has read the works of Marx it is frightening to look back at the grim determination with which so many nations steadfastly hewed to the very course which he insisted would lead to their undoing.

    p. 158

12. 

    Economic freedom is a highly desirable state — but in bust and boom we must be prepared to face the its consequences.

    p. 257

13. 

    Keynes disdained inside information — in fact, he once declared that Wall Street traders could make huge fortunes if only they would disregard their "inside" information — and his own oracles were nothing but his minute scrutiny of balance sheets, his encyclopedic knowledge of finance, his intuition into personalities, and a certain flair for trading.

    p. 248

14. 

    It was the unemployment that was the hardest to bear. The jobless millions were like an embolism in the nation's vital circulation; and while their indisputable existence argued more forcibly than any text that something was wrong with the system, the economists wrung their hands and racked their brains and called upon the spirit of Adam Smith, but could offer neither diagnosis or remedy.

    p. 240

15. 

    But the process of social change was not merely a matter of new inventions pressing on old institutions: it was a matter of new classes displacing old ones.

    p. 137

16. 

    He who enlists a man's mind wields a power even greater than the sword or the scepter.

    p. 3

17. 

    In the periods of crisis, the bigger firms absorb the smaller ones, and when the industrial monsters eventually go down, the wreckage is far greater than when the little enterprises buckle.

    p. 152

18. 

    It is from the scope and wisdom of the economists of the past that we must reap the knowledge with which to face the future.

    p. 317

19. 

    But despite the clarion words of the Manifesto, the demonic note was not a call for a revolution of communism; it was a cry born only of frustration and despair.

    p. 128

20. 

    Even today — in blithe disregard to his actual philosophy — Smith is generally regarded as a conservative economist, whereas in fact, he is more avowedly hostile to the motives of businessman than most New Deal economists.

    p. 62

21. 

    David Ricardo saw that the escalator worked with different effects on different classes, that some rode triumphantly to the top, while others were carried up a few steps and then kicked back down to the bottom.

    p. 71

22. 

    The distribution of wealth, therefore, depends on the laws and customs of society.

    p. 123

23. 

    Nobody wanted this commercialization of life.

    p. 21

24. 

    The change began with John Stuart Mill and the Utopians. When Mill pointed out that economics had no ultimate solution to the problem of distribution, that society might do with the fruits of its toil as it saw fit, he introduced into the mechanical calculus of the market a conflicting calculus of moral judgment.

    p. 307

That’s all the quotes.

24 quotes in the collection · come back when we add more