Quotes about economy

Growth has costs as well as benefits, and we typically don't count the costs – among which are poverty and hunger, environmental destruction, and so on – the whole list of problems that we are trying to solve with growth! What is needed is much slower growth, very different kinds of growth, and in some cases no growth or negative growth. The world's leaders are correctly fixated on economic growth as the answer to virtually all problems, but they're pushing it with all their might in the wrong direction.

Economic theory as derived from Adam Smith assumes first that homo economicus acts with perfect optimality on complete information, and second that when many of the species homo economicus do that, their actions add up to the best possible outcome for everybody. Neither of these assumptions stands up long against the evidence.

These examples confuse effort with result, one of the most common mistakes of this kind is designing systems around the wrong goal. Maybe the worst mistake this kind has been the adoption of the GNP as the measure of national economic success. [...] If you define the goal of a society as GNP, that society will do its best to produce GNP. It will not produce welfare, equity, justice, or efficiency unless you define a goal and regularly measure and report the state of welfare, equity, justice, or efficiency.

It should be our endeavour to cultivate the peace and friendship of every nation, even of that which has injured us most, when we shall have carried our point against her. Our interest will be to throw open the doors of commerce, and to knock off all its shackles, giving perfect freedom to all persons for the vent of whatever they may chuse to bring into our ports, and asking the same in theirs. Never was so much false arithmetic employed on any subject, as that which has been employed to persuade nations that it is their interest to go to war.

The physical needs for food, water, shelter, clothing, and basic comforts could be easily met for all humans on the planet, were it not for the imbalance of resources created by the insane and rapacious need for more, the greed of the ego. It finds collective expression in the economic structures of this world, such as the huge corporations, which are egoic entities that compete with each other for more. Their only blind aim is profit.

Some economists are so attached to the notion of growth that they can’t let go of that word, so they refer to recession as a time of “negative growth.”

The unchecked striving for more, for endless growth, is a dysfunction and a disease. It is the same dysfunction the cancerous cell manifests, whose only goal is to multiply itself, unaware that it is bringing about its own destruction by destroying the organism of which it is a part.

She still believes in classical economics, the allocation of resources under conditions of scarcity. Information doesn’t work that way.

Simplicity and nonviolence are the basis of an economy of wellbeing, and such an economy must be localised.

The network economy is founded on technology, but can only be built on relationships. It starts with chips and ends with trust.

The dynamic of our society, and particularly our new economy, will increasingly obey the logic of networks. Understanding how networks work will be the key to understanding how the economy works.

Communication – which in the end is what the digital technology and media are all about – is not just a sector of the economy. Communication IS the economy.