Quotes & Sayings About Economic Institutions

BECAUSE THIS MONEY came from Texas, the rise of Lyndon Johnson sheds light on the new economic forces that surged out of the Southwest in the middle of the twentieth century, on the immense influence exerted over America's politics, its governmental institutions, its foreign and domestic policies by these forces: the oil and sulphur and gas and defense barons of the Southwest. As the robber barons of the last century looted the nation's earth of its wealth - its coal and coke, its oil and ore, its iron, its forests, the very surface of its earth to provide a footing for the rails of their railroads - and used part of that wealth to ensure that the nation's government would not force them to give more than a pittance of their loot back to the nation's people, so the robber barons of this century have drained the earth of the Southwest of its riches and have used those riches to bend government to their ends. — Robert A. Caro

They are the key components of our civilization. I want to show that inside these political, economic, legal and social black boxes are highly complex sets of interlocking institutions. Like the circuit boards inside your computer or your smartphone, it is these institutions that make the gadget work. And if it stops working, it is probably because of a defect in the institutional wiring. You cannot understand what is wrong just by looking at the shiny casing. You need to look inside. — Niall Ferguson

The concurrence of two elements is necessary for bringing about a revolution; and by revolution I do not mean the street warfare, nor the bloody conflicts of two parties - both being mere incidents dependent upon many circumstances - but the sudden overthrow of institutions which are the outgrowths of centuries past, the sudden uprising of new ideas and new conceptions, and the attempt to reform all political and economical institutions in a radical way - all at the same time. Two separate currents must converge to come to that result: a widely spread economic revolt, tending to change the economical conditions of the masses, and a political revolt, tending to modify the very essence of the political organisation - an economical change, supported by an equally important change of political institutions. — Pyotr Kropotkin

Because evangelicals view their primary task as evangelism and discipleship,1 they tend to avoid issues that hinder these activities. Thus, they are generally not counter-cultural. With some significant exceptions, they avoid "rocking the boat," and live within the confines of the larger culture. At times they have been able to call for and realize social change, but most typically their influence has been limited to alterations at the margins. So, despite having the subcultural tools to call for radical changes in race relations, they most consistently call for changes in persons that leave the dominant social structures, institutions, and culture intact. This avoidance of boat-rocking unwittingly leads to granting power to larger economic and social forces. It also means that evangelicals' views to a considerable extent conform to the socioeconomic conditions of their time. — Christian Smith

The adaptive markets hypothesis says that all economic institutions, like our own species, develop and change over time, depending on the population of investors that are engaged with them. — Andrew Lo

The scarcity that afflicts the world is not the fault of either science or nature. The cause is defective economic institutions which abort technology's affluence producing potential. — Louis O. Kelso

Economic growth is quite simply incapable of satisfying this democratic and meritocratic hope, which must create specific institutions for the purpose and not rely solely on market forces or technological progress. — Thomas Piketty

We live in a world where there is a need for pluralistic institutions and for recognizing different types of freedom, economic, social, cultural, and political, which are interrelated. — Amartya Sen

Inclusive economic institutions require secure property rights and economic opportunities not just for the elite but for a broad cross-section of society. — Daron Acemoglu

History shows that great economic and social forces flow like a tide over communities only half conscious of that which is befalling them. Wise statesmen foresee what time is thus bringing, and try to shape institutions and mold men's thoughts and purposes in accordance with the change that is silently coming on. The unwise are those who bring nothing constructive to the process, and who greatly imperil the future of mankind by leaving great questions to be fought out between ignorant change on one hand and ignorant opposition to change on the other. — John Stuart Mill

While women once acquired relationship skills to "hook," "snare," or "catch" a husband who would provide access to economic security and social status, the position of contemporary women has not changed that radically. Much of our success still depends on our attunement to "male culture," our ability to please men, and our readiness to conform to the masculine values of our institutions. — Harriet Lerner

Every socialist wishes to revolutionize society from the economic angle and all the blessings he expects are to come through a change in economic institutions. This of course implies a theory about social causation - the theory that the economic pattern is the really operative element in the sum total of the phenomena that we call society. — Joseph Alois Schumpeter

The intercourse between the Mediterranean and the North or between the Atlantic and Central Europe was never purely economic or political; it also meant the exchange of knowledge and ideas and the influence of social institutions and artistic and literary forms. — Christopher Dawson

Differences between Catholic and Protestant countries did not incite rivalries between European states, or cause the growing sense of national identity and, sometimes, isolationism that was developing among the countries of Europe. These were happening anyway, for a complex variety of political and economic reasons. But religious differences did, at times, contribute to them - for example in Spain, where the inward-looking institutions of the Counter-Reformation seemed aimed at creating a nation of soldiers and ecclesiastics in great contrast to the outgoing, trade-based, profit-minded society of the Calvinist Netherlands. These generalizations hide many local variations - there were busy Spanish merchants, and contemplative, spiritual, people in many Protestant lands. But travelers across Europe remarked on the increasingly striking differences between nations. — Fiona MacDonald

The philanthropic tradition is older than democracy, older than Christianity, and older than higher education. It gives form and purpose to personal and social life that cannot be provided by the self-interest of economic enterprise or required by the mandate of political institutions. — Robert L. Payton

Let it be immediately added, however, that this economic independence and prosperity has always been absolutely associated in the American mind with free political institutions. — Herbert Croly

A spirituality that is only private and self-absorbed, one devoid of an authentic political and social consciousness, does little to halt the suicidal juggernaut of history. On the other hand, an activism that is not purified by profound spiritual and psychological self-awareness and rooted in divine truth, wisdom, and compassion will only perpetuate the problem it is trying to solve, however righteous its intentions. When, however, the deepest and most grounded spiritual vision is married to a practical and pragmatic drive to transform all existing political, economic and social institutions, a holy force - the power of wisdom and love in action - is born. This force I define as Sacred Activism. — Andrew Harvey

We in the West have arranged our institutions to prevent the concentration of political power. ... But we have failed utterly to prevent the concentration of economic power, or take account of how such concentration damages the conditions under which full human flourishing becomes possible (it is never guaranteed). — Matthew Crawford

I am here because libraries and museums are singular and important institutions with unique contributions to make to our nation. But more importantly, I am here as an advocate for children and families, for healthy communities, for economic development, for scholars and researchers, for individuals who seek educational and informational resources throughout their lives. — Robert Cecil Martin

Eventually became convinced that the Cuban government was completely committed to eliminating all forms of racism. There were no racist institutions, structures, or organizations, and i understood how the Cuban economic system undermined rather than fed racism. — Assata Shakur

The base-superstructure metaphor when misunderstood as a causal rather than reciprocal relationship often leads to characterisations of historical materialism as determinist. The superstructure doesn't just reflect the base but has a reciprocal relation with the superstructure often enabling the base, i.e. the forces of production require property rights which are reliant upon political decisions at the level of the superstructure. The material base of every society is capped by an "ideological superstructure" that serves to legitimise and justify the arrangements and institutions in that society. It is from this superstructure that emanates ruling-class ideas and ultimately social consciousness, and thus we can see that the consciousness determined by the superstructure justifies and maintains the economic structure found in the base. — Anonymous

The Greek city-states politicised citizen and subject, creating institutions that were way ahead of anything in China or India. The politicians of antiquity exercised a political and military, if not economic, hegemony on the culture as a whole. The idea of democracy was first born and practised here. — Tariq Ali

In order to gain some insight into the forces that elevate certain products to the level of 'works of art' it is helpful - among other investigations - to look into the economic and political underpinnings of the institutions, individuals and groups who share in the control of power. — Hans Haacke

In spite of their exhaustive sociological analyses of these various bureaucracies and how they did or did not represent the will of the working class or whether a political or economic revolution could bring workers to power, these Marxists never applied the same rigorous analyses to their own organizations. Implicit was always the assumption that their organization was somehow exempt from the pressures of society such as the racist and sexist muck that we are all raised with. They also held the assumption that their organization would not succumb to the very basic pressures society applies to all organizations, bureaucracies and institutions. — Anonymous

This understanding, underlying constitutional interpretation since the New Deal, reflects the Constitution's demands for structural flexibility sufficient to adapt substantive laws and institutions to rapidly changing social, economic, and technological conditions. — Stephen Breyer

The development of a political-economic framework to explore long-run institutional change occupied me during all of the 1980s and led to the publication of Institutions, Institutional Change and Economic Performance in 1990. — Douglass North

What a museum chooses to exhibit is sometimes less important than how such decisions are made and what values inform them. To have the crucial role of museum professionals usurped by self-serving tycoons in the name of economic imperative threatens not only the integrity of individual institutions but the very principle of art held in public trust. — Martin Filler

I believe that we can create a poverty-free world because poverty is not created by poor people. It has been created and sustained by the economic and social systems that we have designed for ourselves; the institutions and concepts that make up that system; the policies that we pursue. — Muhammad Yunus

The more consciously democratic Americans became, however, the less they were satisfied with a conception of the Promised Land, which went no farther than a pervasive economic prosperity guaranteed by free institutions. — Herbert Croly

But given the changes that had already taken place in economic and political institutions, long-run repression was not a solution in England. The Peterloo Massacre would remain an isolated incident. Following the riot, the political institutions in England gave way to the pressure, and the destabilizing threat of much wider social unrest, — Daron Acemoglu

Economics is more than just a way to see patterns or to unravel puzzling anomalies. Its fundamental concern is with the material standard of living of society as a whole and how that is affected by particular decisions made by individuals and institutions. One of the ways of doing this is to look at economic policies and economic systems in terms of the incentives they create, rather than simply the goals they pursue. This means that consequences matter more than intentions - and not just the immediate consequences, but also the longer run repercussions of decisions, policies, and institutions. — Thomas Sowell

China today has the economy of a twenty-first-century economic superpower with a political regime little changed since the 1950s. Is this slow evolution in political institutions down to the concentration or the dispersion of power? — Matt Ridley

Most of us would like to think that we possess a "moral instinct." Perhaps we imagine that we would be rescuers in some future catastrophe. Yet if states were destroyed, local institutions corrupted, and economic incentives directed towards murder, few of us would behave well. There is little reason to think that we are ethically superior to the Europeans of the 1930s and 1940s, or for that matter less vulnerable to the kind of ideas that Hitler so successfully promulgated and realized. A — Timothy Snyder

Sambit Bal may be right that this is a scandal the IPL needed. It certainly brings fans face-to-face with the tangled reality of their amusement, based as it is on a self-seeking, self-perpetuating commercial oligarchy issued licenses to exploit cricket as they please. Whether the fans care is another matter: one of the reasons Indians have embraced economic liberalisation so fervently is a shoulder-shrugging resignation about the efficiency and integrity of their institutions. Given the choice between Lalit Modi, with his snappy suits and his soi-disant 'Indian People's League', and the BCCI, stuffed with grandstanding politicians and crony capitalists, where would your loyalties lie? — Gideon Haigh

In Economics as almost everywhere else, with all our cleverness, we have become decidedly less wise, while knowing more and more about less and less. We have lost the sense of proportion--so indispensable for every economist--while analysing the curiosities of hypothetical economic situations and forgetting what has a bearing on real economic life. In spinning out the fine threads of the New Economics, we forget the most elementary principles of economics, and while stressing what might
at best in highly exceptional circumstances we overlook what are almost perennial truths. While proudly parading our elaborate equations we unlearnt that simple common sense which consists in reckoning with human reactions and institutions as they really are. — Wilhelm Ropke

The only standard we have for judging all of our social, economic, and political institutions and arrangements as just or unjust, as good or bad, as better or worse, derives from our conception of the good life for man on earth, and from our conviction that, given certain external conditions, it is possible for men to make good lives for themselves by their own efforts. — Mortimer Adler

During the 1970s and the 1980s, economic realities became increasingly central to international relations. Thus, the sub-field of international political economy (IPE) grew and became a major part of international relations. To quote Goldstein again, 'Scholars of IPE study trade relations and financial relations among nations and try to understand how nations have separated politically to create and maintain institutions that regulate the flow of international economic and financial institutions. — V N Khanna

All economic and political institutions are contrivances that should serve the interests of the people. When they fail to do so, they should be replaced by something more responsive, more just, and more democratic. Marx said this, and so did Jefferson. It is a revolutionary doctrine, and very much an American one. — Michael Parenti

it was not so much the new machines that revolutionized the world, impressive and important as they were. The truly heroic invention was the economic, social, and political institutions in which these machines were embedded. — Sven Beckert

The social institutions and attitudes inherited from earlier times and maintained with increasing rigidity made it difficult to adapt to changing circumstances or to create new political and economic institutions which would facilitate such an adaption. An attitude towards unbelievers that varied from condescension in good times, to hostility and mistrust in bad times, made it difficult to learn from them, or even to understand them, at a time when it was the West, and not as previously the Islamic world, that had something to teach. — Bernard Lewis

We must remove government's smothering hand from where it does harm; we must seek to revitalize the proper functions of government. We do these things to set loose again the energy and the ingenuity of the American people. We do these things to reinvigorate those social and economic institutions which serve as a buffer and a bridge between the individual and the state - and which remain the real source of our progress as a people. — Ronald Reagan

The Fascist State lays claim to rule in the economic field no less than in others; it makes its action felt throughout the length and breadth of the country by means of its corporate, social, and educational institutions, and all the political, economic, and spiritual forces of the nation, organised in their respective associations, circulate within the State. — Benito Mussolini

You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible. — Gordon Brown

Natural capitalism is not about making sudden changes, uprooting institutions, or fomenting upheaval for a new social order. Natural capitalism is about making small, critical choices that can tip economic and social factors in positive ways. — Paul Hawken

Partly because of the desperate economic situation in the country, what were once the leading institutions of conservatism are constrained. — David Frum

The images of the Jubilee traditions highlight the fact that in Christ people are met by the healing, freeing, redeeming presence of God at their points of greatest pain. The redemptive work of Christ is depicted as touching all of human life. The Jubilee images point towards God's liberating and healing intent wherever institutions, customs, or physical conditions are seen to limit human life. Divisions between sacred and secular are removed. The political, economic, and social realities of life do not provide mere illustrations of the way in which God's reign is experienced. Rather they are identified as the precise arenas where the impact of God's reign is felt. — Sharon H. Ringe

When economics is regarded as 'the most important key to every lock of every door,' it is only natural that the worth of man should come to be decided largely, even wholly, by his effectiveness as an economic tool.8 This is at variance with the vision of a world where economic, political and social institutions work to serve man, instead of the other way round; where culture and development coalesce to create an environment in which human potential can be realized to the full. The differing views ultimately reflect differences in how the valuation of the various components of the social and national entity are made; how such basic concepts as poverty, progress, culture, freedom, democracy and human rights are defined and, of crucial importance, who has the power to determine such values and definitions. The — Suu Kyi, Aung San

Certain American uses of deconstruction, Derrida has observed, work to ensure 'an institutional closure' which serves the dominant political and economic interests of American society. Derrida is clearly out to do more than develop new techniques of reading: deconstruction is for him an ultimately political practice, an attempt to dismantle the logic by which a particular system of thought, and behind that a whole system of political structures and social institutions, maintains its force. He is not seeking, absurdly, to deny the existence of relatively determinate truths, meanings, identities, intentions, historical continuities; he is seeking rather to see such things as the effects of a wider and deeper history of language, of the unconscious, of social institutions and practices. — Terry Eagleton

Capitalism is a system in which the central institutions of society are, in principle, under autocratic control. Thus, a corporation or an industry is, if we were to think of it in political terms, fascist, that is, it has tight control at the top and strict obedience has to be established at every level ... Just as I'm opposed to political fascism, I am opposed to economic fascism. I think that until the major institutions of society are under the popular control of participants and communities, it's pointless to talk about democracy. — Noam Chomsky

These are economic issues that should get resolved. There are creative solutions to every problem. Hopefully between the lending institutions and the city, we'll be able to find creative solutions. — Bob DuPuy

The goal of politics in the twenty-first century should be to create societies which maximize knowledge, the well-spring of economic growth and democratic self-governance. Markets and communities, companies and social institutions should be devoted to that larger goal. Finance and social capital should be harnessed to the goal of advancing and spreading knowledge. That will make us better off, put us more in charge of our lives and make us better able to look after ourselves. — Charles W. Leadbeater

The business of scepticism is to be dangerous. Scepticism challenges established institutions. If we teach everybody, including, say, high school students, habits of sceptical thought, they will probably not restrict their scepticism to UFOs, aspirin commercials and 35,000-year-old channellees. Maybe they'll start asking awkward questions about economic, or social, or political, or religious institutions. Perhaps they'll challenge the opinions of those in power. Then where would we be? — Carl Sagan

Thus, the capital owner is not a parasite or a rentier but a worker - a capital worker. A distinction between labor work and capital work suggests the lines along which we could develop economic institutions capable of dealing with increasingly capital-intensive production, as our present institutions cannot. — Louis O. Kelso

But what is now encompassed by the one word ("school") are two very different kinds of institutions that, in function, finance and intention, serve entirely different roles. Both are needed for our nation's governance. But children in one set of schools are educated to be governors; children in the other set of schools are trained for being governed. The former are given the imaginative range to mobilize ideas for economic growth; the latter are provided with the discipline to do the narrow tasks the first group will prescribe. — Jonathan Kozol

Much theoretical work, of course, focuses on existing economic institutions. The theorist wants to explain or forecast the economic or social outcomes that these institutions generate. — Eric Maskin

Free trade holds much of the blame for continued international conflict. Markets are said to possess wisdom that is somehow superior to man. Those of us in business who travel in the developing world see the results of such western wisdom and have a rumbling disquiet about much of what our economic institutions have bought into. — Anita Roddick

These days, nearly everyone claims to be democratic. I have even heard it claimed that the Chinese Communist Party is democratic. 'Capitalist', by contrast, is a word too often used as a term of abuse to be much heard in polite company. How do the institutions of the democratic state and those of the market economy relate to one another? Do corporations play an active part in politics, through lobbyists and campaign contributions? Do governments play an active part in economic life, through subsidies, tariffs and other market-distorting devices, or through regulation? What is the right balance to be struck — Niall Ferguson

It is intended to signify a coordinated plan of different actions aiming at the destruction of essential foundations of the life of national groups, with the aim of annihilating the groups themselves. The objectives of such a plan would be the disintegration of the political and social institutions, of culture, language, national feelings, religion, and the economic existence of national groups, and the destruction of the personal security, liberty, health, dignity, and even the lives of the individuals belonging to such groups. — Raphael Lemkin

We believe in a flexible union of free member states who share treaties and institutions and pursue together the ideal of co-operation, to represent and promote the values of European civilisation in the world, advance our shared interests by using our collective power to open markets, and to build a strong economic base across the whole of Europe. — David Cameron

Once we break out of the framework of national states as unified entities with no internal divisions within them, we can see that there is a global shift of power, but it's from the global workforce to the owners of the world: transnational capital, global financial institutions. So, for example, the earnings of working people as a percentage of national income has by and large declined in the last couple of decades, but apparently it's declined in China more than in most places. There is certainly economic growth in China and India. Hundreds of millions of people live a lot better than they did before, but then there are hundreds of millions more who don't. In fact, it's getting worse for them in many ways. — Noam Chomsky

Beginning in the mid to late 1980s, poverty, underdevelopment, economic dependence, ethnic and class conflict, lack of political practices prioritizing equal citizenship rights, and fragile political and economic institutions all came to be structural handicaps from the legacy of European colonialism. Colonialism was not the source of all of Africa's problems, but it was a significant contributor. What — Edmond J. Keller

The genuine history of mankind is the history of ideas. It is
ideas that distinguish man from all other beings. Ideas
engender social institutions, political changes, technologi-
cal methods of production, and all that is called economic
conditions. — Ludwig Von Mises

The World Trade Organization, The World Bank, The International Monetary Fund and other financial institutions virtually write economic policy and parliamentary legislation. With a deadly combination of arrogance and ruthlessness, they take their sledgehammers to fragile, interdependent, historically complex societies and devastate them, all under the fluttering banner of 'reform'. — Arundhati Roy

What makes America unique is not that it built MIT, or that its grads are generating economic growth and innovation, but that every state in the country has universities trying to do the same. "America has 4,000 colleges and universities," said Allan E. Goodman, president of the Institute of International Education. "The rest of the world combined has 7,768 institutions of higher education. — Thomas L. Friedman

The accepted ideas of any period are singularly those that serve the dominant economic interest ... What economists believe and teach, whether in the United States or in the Soviet Union, is rarely hostile to the institutions - the private business enterprise, the Communist Party - that reflect the dominant economic power. Not to notice this takes effort, although many succeed. — John Kenneth Galbraith

These economic royalists complain that we seek to overthrow the institutions of America. What they really complain of is that we seek to take away their power. Our allegiance to American institutions requires the overthrow of this kind of power. In vain they seek to hide behind the flag and the Constitution. In their blindness they forget what the flag and the Constitution stand for. — Franklin D. Roosevelt

Many Nigerians believe that Babangida 'institutionalized corruption', yet few admit their own complicity in creating the situation where corruption became the norm. The citizenry are simultaneously victims, accomplices and active participants in their own corrupt downfall. Corruption in Nigeria is not just an offshoot of collapsed social and governmental institutions, nor is it the result of a hostile economic environment. The roots go much deeper and are more symptomatic of a residual breakdown of Nigerian societal values and morality. It is the result of a nationwide refusal to condemn dishonesty... While the government must take blame for not cracking down on corruption, the public deserves its share of blame for encouraging it, and letting the government get away with it. — Max Siollun

It was the Faith which gradually and indirectly transformed the slave into the serf, and the serf into the free peasant ... You will not be able to set up in a pagan or an heretical or a wholly indifferent society the institutions characteristic of economic freedom; you will not be able to curb competition which alone would be sufficient to destroy such freedom, nor pursue permanently and consecutively anyone part of the program. The thing must be done as a whole, and it can be done as a whole only by the ambient influence of Catholicism. — Hilaire Belloc

Anarchism is a definite intellectual current in the life of our times, whose adherents advocate the abolition of economic monopolies and of all political and social coercive institutions within society. In place of the present capitalistic economic order Anarchists would have a free association of all productive forces based upon co-operative labour, which would have as its sole purpose the satisfying of the necessary requirements of every member of society, and would no longer have in view the special interest of privileged minorities within the social union. — Rudolf Rocker

Schools, the institutions traditionally called upon to correct social inequality, are unsuited to the task; without economic opportunity to follow educational opportunity, the myth of equality can never become real. Far more than a hollow promise of future opportunity for their children, parents need jobs, income, and services. And children whose backgrounds have stunted their sense of the future need to be taught by example that they are good for more than they dared dream. — Kenneth Keniston

Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics. — George Akerlof

Not only our future economic soundness but the very soundness of our democratic institutions depends on the determination of our government to give employment to idle men. — Franklin D. Roosevelt

But would the young do any better under the same circumstances? Will they do any better when their turns come? The answer is that youth would not and cannot, given the financial and economic framework within which the elders are operating. While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events - particularly the institutions of finance. — Louis O. Kelso

Yet if states were destroyed, local institutions corrupted, and economic incentives directed towards murder, few of us would behave well. — Timothy Snyder

Whether we understand work spiritually depends in large part on whether we understand the economy spiritually. If we view the economy materialistically, thinking that economics is just about numbers on spreadsheets and arcane policy issues, we'll tend to view work materialistically. On the other hand, if we have the vision to see that the economy is really a moral system, a vast web of human relationships where people exchange their work with one another, we'll tend to see the spiritual dignity and meaning of our work. That's why dramatic economic changes, like the ones we're all going through right now, make people especially likely to despiritualize their work. At such times, the older economic systems and institutions that had embodied the spirituality of work for earlier generations become obsolete. We lose the sense that our work is part of a greater social whole that has dignity and purpose. As a result, our own work loses its sense of dignity and purpose. — Greg Forster

Political institutions are a superstructure resting on an economic foundation. — Vladimir Lenin

While the changes that are necessary are actually simple, they're painful, and require courage and sacrifice. Living standards will decline in real terms. Citizens will have to save more and consume less. Working lives with lengthen. For many, retirement will be revert to being a luxury. Taxes and charges for government services will rise to match the cost of providing them. There has to be greater emphasis on the real economy - the creation and sale of goods and services. Financial institutions need to return to their actual role of supporting economic activity. — Satyajit Das

academic literature. Major influences on my thinking include Douglass North, who won the Nobel Prize for Economics for his work on institutions; the pre-eminent economist of modern Africa, Paul Collier, author of The Bottom Billion and Plundered Planet; Hernando de Soto, the Peruvian economist and author of The Mystery of Capital; Andrei Shleifer and his numerous co-authors, who have pioneered an economic approach to the comparative study of legal systems; and Jim Robinson and Daron Acemoglu, whose book Why Nations Fail asks similar questions to the ones that interest me. — Niall Ferguson

Economic management involves the operation of economic frameworks in real time - for example, in the private sector, the management of complex financial institutions or, in the public sector, the day-to-day supervision of those institutions. — Ben Bernanke

Refugee problems may often seem intractable but they are not insoluble. In our experience there are two basic prerequisites for solution: the political will of leaders to tackle the causes and to settle for peace, and international determination to push for peace and then to consolidate it. Consolidating peace means helping societies emerging from war to reintegrate refugees in safety and dignity, to rebuild their institutions - including in the field of justice and human rights - and to resume their economic development. — Sadako Ogata

Two courses were open to us. We might have done nothing. That would have been utter ruin. Instead, we met the situation with proposals to private business and to the Congress of the most gigantic program of economic defense and counterattack ever evolved in the history of the Republic. We put that program in action. Our measures have repelled these attacks of fear and panic ... We have used the credit of the Government to aid and protect our institutions, both public and private. We have provided methods and assurances that none suffer from hunger or cold amongst our people. We have instituted measures to assist our farmers and our homeowners. We have created vast agencies for employment. — Herbert Hoover

Economic institutions shape economic incentives: the incentives to become educated, to save and invest, to innovate and adopt new technologies, and so on. It is the political process that determines what economic institutions people live under, and it is the political institutions that determine how this process works. — Daron Acemoglu

As the worldly philosophers of the past affirmed, the goal of economics is to improve the way society functions. In The New Financial Order, Robert Shiller joins this proud tradition by directing his brilliant economic skills toward the creation of financial institutions designed to reduce the risks an unknown future visits on most members of our society and others. Shiller's imaginative and compelling analysis will appeal to all readers who share his passion for initiating not only a richer, but a better, century. — Peter L. Bernstein

Economist Peter Orszag witnessed the workings of vetocracy and its nefarious consequences. Writing in 2011, he reflected on what he had just witnessed as one of the top economic policymakers in the United States: "During my recent stint in the Obama administration as director of the Office of Management and Budget, it was clear to me that the country's political polarization was growing worse - harming Washington's ability to do the basic, necessary work of governing. . . . Radical as it sounds we need to counter the gridlock of our political institutions by making them a bit less democratic. I know that such ideas carry risk. And I have arrived at these proposals reluctantly: they come more from frustration than from inspiration. But we need to confront the fact that a polarized, gridlocked government is doing real harm to our country. And we have to find some way out of it. — Moises Naim

Gods also remain important because of their functions. We can turn to places with relatively less religiosity to see why gods are so important everywhere else. In Sacred and Secular (2004), the political scientists Pippa Norris of Harvard and Ronald Inglehart of the University of Michigan show that, in prosperous regions where secular forms of social services and justice become really effective, religiosity dwindles. This inverse relationship between secular justice and economic equality and religious adherence suggests that the social functions of religion can be co-opted by secular institutions, thus rendering our obsession with what God knows and cares about more or less irrelevant. — Anonymous

The faith of a church or of a nation is an adequate faith only when it inspires and enables people to give of their time and energy to shape the various institutions - social, economic, and political - of the common life. — James Luther Adams

What's more, sharia finance is another tool of Islamic separatism; instead of assimilating into American society, Muslims are demanding, and receiving, parallel financial institutions that reinforce the idea that they are unique, not subject to the laws and norms to which the rest of us are subject-a privileged class. At the same time, sharia finance initiatives are giving Islamic interests increased control over Western economic life. — Robert Spencer

We deem it opportune to remind our children of their duty to take an active part in public life and to contribute toward the attainment of the common good of the entire human family as well as to that of their own political community. They should endeavor, therefore, in the light of their Christian faith and led by love, to insure that the various institutions - whether economic, social, cultural or political in purpose - should be such as not to create obstacles, but rather to facilitate or render less arduous man's perfecting of himself in both the natural order and the supernatural.... Every believer in this world of ours must be a spark of light, a center of love, a vivifying leaven amidst his fellow men. And he will be this all the more perfectly, the more closely he lives in communion with God in the intimacy of his own soul — Pope John XXIII

As it developed in the late eighteenth and early nineteenth centuries, the intellectual movement that went under the name of liberalism emphasized freedom as the ultimate goal and the individual as the ultimate entity in the society. It supported laissez faire at home as a means of reducing the role of the state in economic affairs and thereby enlarging the role of the individual; it supported free trade abroad as a means of linking the nations of the world together peacefully and democratically. In political matters, it supported the development of representative government and of parliamentary institutions, reduction in the arbitrary power of the state, and protection of the civil freedoms of individuals. — Milton Friedman

Trilateralists look forward to a pseudo postnational age in which social, economic, and political values originating in the trilatleral regions are transformed into universal values. Expanding networks of like-minded governmental officials, businessmen, and technocrats - elite products of Western civilization - are to carry out national and international policy formation. Functionally specific institutions with 'more technical focus, and lesser public awareness' [italics mine] are best suited for addressing international issues in the trilateral model. Trilateralists call this decision making process 'piecemeal functionalism.' No comprehensive blueprints would be proposed and debated, but bit and bit the overall trilateral design would take shape. Its 'functional' components are to be adopted in more or less piecemeal fashion, lessening the chance people will grasp the overall scheme and organize resistance. — Holly Sklar

Economic science concerns itself primarily with theoretical and empirical generalizations about the behavior of individuals, institutions, markets, and national economies. Most academic research falls in this category. — Ben Bernanke

Conservatives believe that international institutions such as the United Nations are anti-American and anti-Israeli cabals. Progressives do not like the economic medicine that the International Monetary Fund (IMF) and World Bank force down the throats of developing countries. — Michael Ignatieff

Our party, he declared, stands for "the right of property" and "the right of liberty," for institutions that have "stood the test of time," and for an economic system that rewards "energy, courage, enterprise, attention to duty, hard work, thrift, and providence" rather than "laziness, lack of attention, lack of industry, the yielding to appetite and passion. — Doris Kearns Goodwin

Objectivity is a peculiar demand to make of institutions which, as business corporations, are dedicated first of all to economic survival. It is a peculiar demand to make of institutions which often, by tradition or explicit credo, are political organs. It is a peculiar demand to make of editors and reporters who have none of the professional apparatus which, for doctors or lawyers or scientists, is supposed to guarantee objectivity. — Michael Schudson