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Read through the most famous quotes by topic #economics
The decline of geography in academia is easy to understand: we live in an age of ever-increasing specialization, and geography is a generalist's discipline. Imagine the poor geographer trying to explain to someone at a campus cocktail party (or even to an unsympathetic adminitrator) exactly what it is he or she studies. "Geography is Greek for 'writing about the earth.' We study the Earth." "Right, like geologists." "Well, yes, but we're interested in the whole world, not just the rocky bits. Geographers also study oceans, lakes, the water cycle..." "So, it's like oceanography or hydrology." "And the atmosphere." "Meteorology, climatology..." "It's broader than just physical geography. We're also interested in how humans relate to their planet." "How is that different from ecology or environmental science?" "Well, it encompasses them. Aspects of them. But we also study the social and economic and cultural and geopolitical sides of--" "Sociology, economics, cultural studies, poli sci." "Some geographers specialize in different world regions." "Ah, right, we have Asian and African and Latin American studies programs here. But I didn't know they were part of the geography department." "They're not." (Long pause.) "So, uh, what is it that do study then? ↗
On Earth one of the things that a large proportion of the locals is most proud of is this wonderful economic system which, with a sureness and certainty so comprehensive one could almost imagine the process bears some relation to their limited and limiting notions of either thermodynamics or God, all food, comfort, energy, shelter, space, fuel and sustenance gravitates naturally and easily away from those who need it most and towards those who need it least. Indeed, those on the receiving end of such largesse are often harmed unto death by its arrival, though the effects may take years and generations to manifest themselves. ↗
To me, the conclusion that the public has the ultimate responsibility for the behavior of even the biggest businesses is empowering and hopeful, rather than disappointing. My conclusion is not a moralistic one about who is right or wrong, admirable or selfish, a good guy or a bad guy. My conclusion is instead a prediction, based on what I have seen happening in the past. Businesses have changed when the public came to expect and require different behavior, to reward businesses for behavior that the public wanted, and to make things difficult for businesses practicing behaviors that the public didn't want. I predict that in the future, just as in the past, changes in public attitudes will be essential for changes in businesses' environmental practices. ↗
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. ↗
#consumerism #cooperation #economics #freedom #laissez-faire
We have not noticed how fast the rest has risen. Most of the industrialized world--and a good part of the nonindustrialized world as well--has better cell phone service than the United States. Broadband is faster and cheaper across the industrial world, from Canada to France to Japan, and the United States now stands sixteenth in the world in broadband penetration per capita. Americans are constantly told by their politicians that the only thing we have to learn from other countries' health care systems is to be thankful for ours. Most Americans ignore the fact that a third of the country's public schools are totally dysfunctional (because their children go to the other two-thirds). The American litigation system is now routinely referred to as a huge cost to doing business, but no one dares propose any reform of it. Our mortgage deduction for housing costs a staggering $80 billion a year, and we are told it is crucial to support home ownership, except that Margaret Thatcher eliminated it in Britain, and yet that country has the same rate of home ownership as the United States. We rarely look around and notice other options and alternatives, convinced that "we're number one. ↗
#economics #globalization #nationalism #technology #business
In the market economy the consumers are supreme. Consumers determine, by their buying or abstention from buying, what should be produced, by whom and how, of what quality and in what quantity. The entrepreneurs, capitalists, and landowners who fail to satisfy in the best possible and cheapest way the most urgent of the not yet satisfied wishes of the consumers are forced to go out of business and forfeit their preferred position. In business offices and in laboratories the keenest minds are busy fructifying the most complex achievements of scientific research for the production of ever better implements and gadgets for people who have no inkling of the scientific theories that make the fabrication of such things possible. The bigger an enterprise is, the more it is forced to adjust its production activities to the changing whims and fancies of the masses, its masters. The fundamental principle of capitalism is mass production to supply the masses. It is the patronage of the masses that makes enterprises grow into bigness. The common man is supreme in the market economy. He is the customer “who is always right. ↗
The complexity of our present trouble suggests as never before that we need to change our present concept of education. Education is not properly an industry, and its proper use is not to serve industries, either by job-training or by industry-subsidized research. It's proper use is to enable citizens to live lives that are economically, politically, socially, and culturally responsible. This cannot be done by gathering or "accessing" what we now call "information" - which is to say facts without context and therefore without priority. A proper education enables young people to put their lives in order, which means knowing what things are more important than other things; it means putting first things first. ↗
These people look upon inequality as upon an evil. They do not assert that a definite degree of inequality which can be exactly determined by a judgment free of any arbitrariness and personal evaluation is good and has to be preserved unconditionally. They, on the contrary, declare inequality in itself as bad and merely contend that a lower degree of it is a lesser evil than a higher degree in the same sense in which a smaller quantity of poison in a man’s body is a lesser evil than a larger dose. But if this is so, then there is logically in their doctrine no point at which the endeavors toward equalization would have to stop. Whether one has already reached a degree of inequality which is to be considered low enough and beyond which it is not necessary to embark upon further measures toward equalization is just a matter of personal judgments of value, quite arbitrary, different with different people and changing in the passing of time. As these champions of equalization appraise confiscation and “redistribution” as a policy harming only a minority, viz., those whom they consider to be “too” rich, and benefiting the rest—the majority—of the people, they cannot oppose any tenable argument to those who are asking for more of this allegedly beneficial policy. As long as any degree of inequality is left, there will always be people whom envy impels to press for a continuation of the equalization policy. Nothing can be advanced against their inference: If inequality of wealth and incomes is an evil, there is no reason to acquiesce in any degree of it, however low; equalization must not stop before it has completely leveled all individuals’ wealth and incomes. ↗
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. ↗
This is a great trap of the twentieth century: on one side is the logic of the market, where we like to imagine we all start out as individuals who don't owe each other anything. On the other is the logic of the state, where we all begin with a debt we can never truly pay. We are constantly told that they are opposites, and that between them they contain the only real human possibilities. But it's a false dichotomy. States created markets. Markets require states. Neither could continue without the other, at least, in anything like the forms we would recognize today. ↗
