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Read through the most famous quotes by topic #economic
It is certainly true that imitation is everywhere, from sport to business, from dancing to dressing, from driving to singing. In fact, imitation is at the heart of competitive behavior and of almost any kind of social interaction. Like the fixed cost cum marginal cost argument that, as we pointed out earlier, is so powerful an argument that it can be applied to any and every thing, imitation is so widespread that, when taken literally, it is also everywhere. By this token one should see unpriced externalities in every market where producers imitate each other, thereby concluding that all kinds of economic activities should be allowed some form of monopoly power. Restaurants imitate each other, as coffee shops, athletes, real estate agents, car salesmen, and even bricklayers do, but we would certainly find it foolhardy to grant to a firm in each of these businesses monopoly power over one technique or another. This suggests that equating imitation with unpriced externalities leads us into a dark night in which all cows are gray. ↗
One simple answer is that there has been a massive rise in the incidence of sanctimony and smugness among the successful that has nothing to do with any change in the underlying reality. Rather, it has been stimulated by politicians who have realized that it is possible to win power by recruiting the most economically successful forty per cent or so of the population in a crusade to roll back the gains made by their fellow citizens in the previous forty years. And how better to rationalize this than to tell people that they deserve the incomes that the market generates? ↗
... 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. ↗
Standard economics assumes that we are rational... But, as the results presented in this book (and others) show, we are far less rational in our decision making... Our irrational behaviors arevneither random nor senseless- they are systematic and predictable. We all make the same types of mistakes over and over, because of he basic wiring of our brains.-pg. 239 ↗
In Africa, there is a birthrate trap: a higher standard of living will lead to smaller families but smaller families will not lead to a higher standard of living. ↗
#birth-rate #family #socioeconomic-failure #socioeconomics #standard-of-living
Today, the rich are the haves and the poor are the have-nots. Tomorrow, the rich will be the have-food and the poor will be the have-not food. ↗
#end-of-man #extinction #globalization #last-generation #mass-extinction
