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      "text": "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.",
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      "text": "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.",
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      "text": "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.",
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      "text": "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.",
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      "text": "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.",
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      "text": "\"The environment has to be balanced against the economy.\" This quote portrays environmental concerns as a luxury, views measures to solve environmental problems as incurring a net cost, and considers leaving environmental problems unsolved to be a money-saving device. This one-liner puts the truth exactly backwards. Environmental messes cost us huge sums of money both in the short run and in the long run; cleaning up or preventing those messes saves us huge sums in the long run, and often in the short run as well. In caring for the health of our surroundings, just as of our bodies, it is cheaper and preferable to avoid getting sick than to try to cure illnesses after they have developed.",
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      "text": "Earth had always operated on a continuous-growth model that requires a poverty class. Sustainable models require productive work by all members and are quite different.",
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      "text": "The more a religion is aware of its opposition in principle to economic rationalization as such, the more apt are the religion’s virtuosi to reject the world, especially its economic activities.",
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      "text": "It is above all the impersonal and economically rationalized (but for this very reason ethically irrational) character of purely commercial relationships that evokes the suspicion, never clearly expressed but all the more strongly felt, of ethical religions. For every purely personal relationship of man to man, of whatever sort and even including complete enslavement, may be subjected to ethical requirements and ethically regulated. This is true because the structures of these relationships depend upon the individual wills of the participants, leaving room in such relations for manifestations of the virtue of charity. But this is not the situation in the realm of economically rationalised relationships, where personal control is exercised in inverse ratio to the degree of rational differentiation of the economic structure.",
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      "text": "A society can neither advance nor improve without excess of disposable income. This excess can only be amassed through the productions of goods and services necessary or attractive to the mass. A financial system which allows this leads to inequality; one that does not leads to mass starvation. Page 10.",
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      "text": "A major clash between economics and ecology derives from the fact that nature is cyclical, whereas our industrial systems are linear. Our businesses take resources, transform them into products plus waste, and sell the products to consumers, who discard more waste...",
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      "author": {
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      "text": "Economics emphasizes competition, expansion, and domination; ecology emphasizes cooperation, conservation, and partnership.",
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      "text": "At the core of the failure of the socialist experiment is not just the lack of property rights. Equally important were the problems arising from lack of incentives and competition, not only in the sphere of economics but also in politics. Even more important perhaps were problems of information. Hayek was right, of course, in emphasizing that the information problems facing a central planner were overwhelming. I am not sure that Hayek fully appreciated the range of information problems. If they were limited to the kinds of information problems that are at the center of the Arrow-Debreu model consumers conveying their preferences to firms, and scarcity values being communicated both to firms and consumers then market socialism would have worked. Lange would have been correct that by using prices, the socialist economy could \"solve\" the information problem just as well as the market could. But problems of information are broader.",
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      "text": "The standard neoclassical model the formal articulation of Adam Smith's invisible hand, the contention that market economies will ensure economic efficiency provides little guidance for the choice of economic systems, since once information imperfections (and the fact that markets are incomplete) are brought into the analysis, as surely they must be, there is no presumption that markets are efficient.",
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      "text": "Government's role should be only to keep the playing field level, and to work hand in hand with business on issues such as employment. But beyond this, to as great an extent as possible, it should get the hell out of the way.",
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      "text": "An area in which more rather than less government involvement is needed, in my judgment, is the rooting out of fraud. It is the bane of any market system.",
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      "text": "Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures.",
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      "text": "When trust is lost, a nation's ability to transact business is palpably undermined.",
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