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economics

“(1) Use mathematics as shorthand language, rather than as an engine of inquiry. (2) Keep to them till you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life (5) Burn the mathematics. (6) If you can’t succeed in 4, burn 3. This I do often.”

— Alfred Marshall, Share via Whatsapp

“ECONOMICS IS HAUNTED by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine—the special pleading of selfish interests.”

— Henry Hazlitt, Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics, Share via Whatsapp

“In neo-classical economic theory, it is claimed without evidence that people are basically self-seeking, that they want above all the satisfaction of their material desires: what economists call maximising utility . The ultimate objective of mankind is economic growth, and that is maximized only through raw, and lightly regulated, competition. If the rewards of this system are spread unevenly, that is a necessary price. Others on the planet are to be regarded as either customers, competitors or factors of production. Effects upon the planet itself are mere externalities to the model, with no reckoning of the cost - at least for now. Nowhere in this analysis appears factors such as human cooperation, love, trust, compassion or hatred, curiosity or beauty. Nowhere appears the concept of meaning. What cannot be measured is ignored. But the trouble is that once our basic needs for shelter and food have been met, these factors may be the most important of all.”

— Carne Ross, The Leaderless Revolution: How Ordinary People Will Take Power and Change Politics in the 21st Century, Share via Whatsapp

“If a theory of justice is to guide reasoned choice of policies, strategies or institutions, then the identification of fully just social arrangements is neither necessary nor sufficient.”

— Amartya Sen, The Idea of Justice, Share via Whatsapp

“[Economics] is all about observing the world with genuine curiosity and admitting that it is full of mysteries”

— Steven E. Landsburg, Armchair Economist: Economics & Everyday Life, Share via Whatsapp

“Savings, remember, is the prerequisite of investment.”

— Campbell McConnell, Economics, Share via Whatsapp

“Modern prophets say that our economics have failed us. No! It is not our economics which have failed; it is man who has failed-man who has forgotten God. Hence no manner of economic or political readjustment can possibly save our civilization; we can be saved only by a renovation of the inner man, only by a purging of our hearts and souls; for only by seeking first the Kingdom of God and His Justice will all these other things be added unto us.”

— Fulton J. Sheen, The Prodigal World, Share via Whatsapp

“... economists recognize that, other things equal, cuts in tax rates reduce tax revenues in percentage terms by less than the tax-rate reductions. Similarly, tax-rate increases do not raise tax revenues by as much in percentage terms as the tax-rate increases. This is true because changes in marginal tax rates alter taxpayer behavior and thus affect taxable income.”

— Campbell McConnell, Economics, Share via Whatsapp

“A wealth of research confirms the importance of face-to-face contact. One experiment performed by two researchers at the University of Michigan challenged groups of six students to play a game in which everyone could earn money by cooperating. One set of groups met for ten minutes face-to-face to discuss strategy before playing. Another set of groups had thirty minutes for electronic interaction. The groups that met in person cooperated well and earned more money. The groups that had only connected electronically fell apart, as members put their personal gains ahead of the group’s needs. This finding resonates well with many other experiments, which have shown that face-to-face contact leads to more trust, generosity, and cooperation than any other sort of interaction. The very first experiment in social psychology was conducted by a University of Indiana psychologist who was also an avid bicyclist. He noted that “racing men” believe that “the value of a pace,” or competitor, shaves twenty to thirty seconds off the time of a mile. To rigorously test the value of human proximity, he got forty children to compete at spinning fishing reels to pull a cable. In all cases, the kids were supposed to go as fast as they could, but most of them, especially the slower ones, were much quicker when they were paired with another child. Modern statistical evidence finds that young professionals today work longer hours if they live in a metropolitan area with plenty of competitors in their own occupational niche. Supermarket checkouts provide a particularly striking example of the power of proximity. As anyone who has been to a grocery store knows, checkout clerks differ wildly in their speed and competence. In one major chain, clerks with differing abilities are more or less randomly shuffled across shifts, which enabled two economists to look at the impact of productive peers. It turns out that the productivity of average clerks rises substantially when there is a star clerk working on their shift, and those same average clerks get worse when their shift is filled with below-average clerks. Statistical evidence also suggests that electronic interactions and face-to-face interactions support one another; in the language of economics, they’re complements rather than substitutes. Telephone calls are disproportionately made among people who are geographically close, presumably because face-to-face relationships increase the demand for talking over the phone. And when countries become more urban, they engage in more electronic communications.”

— Edward L. Glaeser, Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier and Happier, Share via Whatsapp

“All love is socioeconomic. It’s the gradients in status that make arousal possible.”

— Gary Shteyngart, Share via Whatsapp

“Politicians have often declared that unbridled competition among financial intermediaries promotes failures that will harm the public. Although the evidence that competition does this is extremely weak, it has not stopped the state and federal governments from imposing many restrictive regulations.”

— Mishkin, Frederic Mishkin, Frederic, The Economics of Money, Banking, and Financial Markets, Share via Whatsapp

“O sistema de produção privada manipula e intoxica o consumidor. Por requintados mecanismos de alienação publicitários, as aspirações e normas de comportamento das populações são controladas e integradas no sistema. Cria artificialmente, necessidades, modas, marcas, legendas, códigos sociais. O sistema de objectos é organizado como uma linguagem cujas leis nos são impostas pelos mestres do jogo económico, redundando tudo num grande desperdício colectivo, em prejuízo da satisfação de, por vezes, bem evidentes necessidades sociais.”

— Amílcar Amorim, Introdução às Ciências Sociais, Share via Whatsapp

“... a intervenção é um fenómeno historicamente permanente; sempre existiram formas de intervenção na economia por parte do Estado. O que tem variado é a intensidade e as modalidades dessa intervenção.”

— Amílcar Amorim, Introdução às Ciências Sociais, Share via Whatsapp

“Přestože byla většina opatření New Dealu později postupně zrušena, míra státních zásahů federální vlády do ekonomiky zůstala v USA od té doby již trvale na poměrně vysoké úrovni.”

— Milan Sojka, Milton Friedman: Svět liberální ekonomie, Share via Whatsapp

“the euro, it seems, is stuck in a political no man s land – trapped between two opposing world views. And the battleground is not economics, but ethics.”

— Martin Cohen, Share via Whatsapp

“In the lean approach, companies are taught that prices are set by the market and that one way to improve profit margin is to reduce costs. This thinking flies in the face of cost plus thinking, where we look first at our own costs and set prices based on our desired profit margin. The reality is that most companies whether manufacturers or hospitals, do not have market power to set prices as they wish.”

— Mark Graban, Lean Hospitals: Improving Quality, Patient Safety, and Employee Satisfaction, Share via Whatsapp

“Life is like a curve, horizontally or vertically, we are at origin point”

— Estiana Cahyawati, Share via Whatsapp