#economic

People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base. ↗

— Muhammad Yunus

#economics #hard-work #poverty #poverty

The ideas of debtor and creditor as to what constitutes a good time never coincide. ↗

— P.G. Wodehouse

#economics #humor #money #humor

If you hear a "prominent" economist using the word 'equilibrium,' or 'normal distribution,' do not argue with him; just ignore him, or try to put a rat down his shirt. ↗

— Nassim Nicholas Taleb

#humor #randomness #humor

Broke is a relative term, like sister, cousin, or Uncle Sam.
 ↗

— Jarod Kintz

#america #broke #broken #cousin #debt

And one day we must ask the question, "Why are there forty million poor people in America?" And when you begin to ask that question, you are raising questions about the economic system, about a broader distribution of wealth. When you ask that question, you begin to question the capitalistic economy. ↗

— Martin Luther King Jr.

#economics #justice #economy

Our listeners asked us: "What is chaos?" We're answering: "We do not comment on economic policy. ↗

— John Vaillant

#economic-policy #humor #radio-call-in-shows #russia #humor

In California, the state's huge dairy herd produces twenty-seven million tons of manure a year, the particulates and vapors from which have helped to make air quality in the argiculturally intensive San Joaquin Valley worse than it is Los Angeles. ↗

— Paul Roberts

#economics #environment #environmentalism #food #green

This is the basis for the most important critique of microfinance. The poor are not entrepreneurs. The idea that more than a few will turn tiny loans into a viable business is simply unrealistic. ↗

— Ian Smillie

#economics #ian-smillie #microfinance #poor #poverty

In the case of patentable ideas such as the wheelbarrow, the idea of unpriced spillovers is more plausible. Yet there is no reason to believe that it is of practical importance. Indeed, there is a modern example of the wheelbarrow – that of Travelpro – the inventor of the modern wheeled roll-on suitcase with a retractable handle. Obviously such an idea can not both be useful and be secret – and once you see a wheeled roll-on suitcase it is not difficult to figure out how to make one of your own. Needless to say, Travelpro was quickly imitated – and so quickly you probably have never even heard of Travelpro. Never-the-less – despite their inability to garner an intellectual monopoly over their invention – they found it worthwhile to innovate – and they still do a lucrative business today, claiming “425,000 Flight Crew Members Worldwide Choose Travelpro Luggage. ↗

— Michele Boldrin

#business

Consider the recent financial crisis and its link to faulty reward systems. President Bill Clinton's objective of increasing homeownership by rewarding potential home buyers and lenders is one example. The Clinton administration "went to ridiculous lengths" to increase homeownership in the United State, promoting "paper-thin down payments" and pushing lenders to give mortgage loans to unqualified buyers according to Business Week editor Peter Coy. ↗

— Max H. Bazerman

#economics #ethics #housing-bubble #business