15 Quotes by Jim Stanford

Economics is a social science, not a physical science.

Economic systems come, and economic systems go. No economic system lasts forever. Capitalism is not likely to last forever, either.

We know that investment causes growth. But it is also true that growth causes investment.

One of the glaring failures of capitalism is the continuing widespread existence of poverty – often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them.

Never trust an economist with your job. Learn about economics yourself. And make up your own mind about what might protect your job – and what might destroy it.

Like a forensic accountant trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds.

Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism.

If you want poor people to work you restore their incentive by giving them less, such as by cutting social services. If you want rich people to work you restore their incentive by giving them more, such as by cutting taxes.

Indeed, if communist central planners could have organized the economy with as much detail, precision, and flexibility as a modern-day Toyota or Wal-Mart, communism would probably still exist.