We have to stop allowing economics to be used as a trump card. Capitalism is like math. It is amoral. It is good at producing wealth; it's bad at distributing wealth. Unless it operates within a moral framework it will produce an unjust society.
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Is Economics All There Is?, July 18, 2003Charley Reese
» Charley Reese - all quotes »
The importance to Smith of the overall set of values in which the economy operates is generally ignored by his followers in the late twentieth century. His economics, based upon individual self-interest, is remembered, but his moral framework is not.
Paul Ormerod
"A slave is one who must produce wealth for another," the Brain said. "There is only one true wealth in all the universe. I have given you some of it. I have given your father and your mate some of it. And your friends. This wealth is living time. Time. Are we slaves because we have given you more time to live?"
Frank Herbert
If exclusive privileges were not granted, and if the financial system would not tend to concentrate wealth, there would be few great fortunes and no quick wealth. When the means of growing rich is divided between a greater number of citizens, wealth will also be more evenly distributed; extreme poverty and extreme wealth would be also rare.
Denis Diderot
Take the Kyoto Protocol. Destruction of the environment is not only rational; it's exactly what you're taught to do in college. If you take an economics or a political science course, you're taught that humans are supposed to be rational wealth accumulators, each acting as an individual to maximize his own wealth in the market. The market is regarded as democratic because everybody has a vote. Of course, some have more votes than others because your votes depend on the number of dollars you have, but everybody participates and therefore it's called democratic. Well, suppose that we believe what we are taught. It follows that if there are dollars to be made, you destroy the environment. The reason is elementary. The people who are going to be harmed by this are your grandchildren, and they don't have any votes in the market. Their interests are worth zero. Anybody that pays attention to their grandchildren's interests is being irrational, because what you're supposed to do is maximize your own interests, measured by wealth, right now. Nothing else matters. So destroying the environment and militarizing outer space are rational policies, but within a framework of institutional lunacy. If you accept the institutional lunacy, then the policies are rational.
Noam Chomsky
You could say that GDP (National Income) and prosperity and wealth grows fastest when income tax rates are highest. And wealth slows, the economy slows, when taxes are cut. That's counter intuitive but if you look at any chart comparing tax rates and economic growth rates that's what you find. The 19th century knew it, the 18th century knew it but today you have a kind of counter revolution of junk economics that is basically anti-labor economics. - January 1, 2011
Michael (economist) Hudson
Reese, Charley
Reeve, Dana
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