1,161 Quotes About Economics

As a result of creating a victimless crime, the United States has become, in some ways (and especially in some places and directed toward some people), a police state. Since 2003, more than 10,000 police officers nationwide have been assigned full time to various drug task forces. This is, coincidentally, the size of a military division, and it is approximately the same number of soldiers that the United States had stationed in Afghanistan in 2017.

When politicians talk about raising the minimum wage, they talk about the single working mother who is holding down two jobs to support her family. The reality is that the average minimum wage worker is part time and lives in a household with a family income of more than $53,000, which is about the United States median household income.

Finally, the money to pay for an increased minimum wage must come from somewhere, and there are only four places from which it can come: other minimum wage workers, in the form of layoffs and reduced hours; higher wage workers, in the form of static or reduced compensation; investors, in the form of lower profits; or customers, in the form of higher prices. How much each of the groups pays for the minimum wage hike depends on how competitive the various marketplaces are.

Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated..... It will appear that a measurable uncertainty, or "risk" proper.... is so far different from an unmeasurable one that it is not in effect an uncertainty at all.

As long as custom and command ruled the world, the problem of riches and poverty hardly struck the earlier philosophers at all, other than to be accepted with a sigh or railed at as another sign of man's inner worthlessness.

Economics- a story of pain, teaching us a lot of complicated but sound reasons why a great many nice things aren't possible.

Till luxury becomes a thing of the past, equality will remain a thing of the future.

In a truly civilized society there wouldn't be any billionaire, nor will there be any homeless, for all the revenue generated through taxing the rich would be distributed among the people through welfare initiatives.

The key words of violent economics are urbanization, industrialization, centralization, efficiency, quantity, speed.