Capitalism , as Marx defined it, is a system in which productive wealth is privately owned. Communism (which Marx proposed as an alternative) is one in which productive wealth is owned by the community, or by the nation on behalf of the people.
The economics we need is of the "seminar room" variety, not the "rule-of-thumb" kind. It is an economics that recognizes its limitations and caveats and knows that the right message depends on the context. The fine print is what economists have to co...
Just as the church needs members with different skills, our world must have various forms of labor, interdependent and thus valuable. A world full of ministers would be without churches, bread for the Lord's Supper, and printed Bibles to read.
There were the usual exhortations to purity – think of the novel not as your opportunity to get rich or famous but to wrestle, in your own way, with the titans of the form – exhortations poets don’t have to make, given the economic marginality ...
Rules do not determine outcomes - the players still have to make choices - but they make some outcomes more likely than others, by defining what it means to "win", and by creating incentives for and imposing constraints on the players.
An attitude to life which seeks fulfilment in the single-minded pursuit of wealth - in short, materialism - does not fit into this world, because it contains within itself no limiting principle, while the environment in which it is placed is strictly...
We must arm ourselves with patience and wisdom and listen to the poor what they want. This is the best way to avoid the trap of ignorance, ideology and inertia on our side.
Mankind, as history tells us over and over again, seeks the least painful solution and, as a result, ends up exchanging one problem for another
Can we imagine a togetherness that isn't founded on gross generalizations, conceptualizing ourselves as unique individuals who still stand to gain from looking out for one another? Can we identify with each other rather than with categories or master...
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from ...
The human community and individual people are more likely to hurt or undernourish children they think of as 'bodies' to be used. Cultures and people are more likely to raise children to be mere economic interns rather than fully developed humans if t...
But only 'rich' people by definition have the 'extra' money to buy things and invest to create economic growth. Do we really want to tax that 'extra' money away - and give it to the government to spend? Does that make any economic sense outside of po...
The economic sense of possibility was so great when I was growing up that my parents had no question that I could do anything I wanted to do, even as a girl. I've always believed that the economics of a story intersects with the women's story - that ...
Our economics are not baseball's economics. Our game is not baseball's game. Our owners are not baseball's owners, with one or two exceptions. Our union is not baseball's union. What we do has to be crafted and suited to address hockey, to address th...
One of the profound effects of economics in our day is that the people with the money and the power have embraced the guilt-free, external-less, everything-will-turn-out-okay-in-the-end philosophy of economics in order to justify their own evil works...
Obama and the Democrats' preposterous argument is that we are just one more big tax increase away from solving our economic problems. The inescapable conclusion, however, is that the primary driver of the short-term deficit is not tax cuts but the la...
No matter what political reasons are given for war, the underlying reason is always economic.
Look, America is no more a democracy than Russia is a Communist state. The governments of the U.S. and Russia are practically the same. There's only a difference of degree. We both have the same basic form of government: economic totalitarianism. In ...
From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single u...
The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many peo...
Politicians have often declared that unbridled competition among financial intermediaries promotes failures that will harm the public. Although the evidence that competition does this is extremely weak, it has not stopped the state and federal govern...
