Trade Off Economics Quotes & Sayings

I became convinced that the advanced industrial countries, through international organizations like the International Monetary Fund (IMF), the World Trade Organization (WTO), and the World Bank, were not only not doing all that they could to help these [developing] countries but were sometimes making their life more difficult. IMF programs had clearly worsened the East Asian crisis, and the "shock therapy" they had pushed in the former Soviet Union and its satellites played an important role in the failure of the transition. — Joseph E. Stiglitz

Trade unionism is not socialism. It is the capitalism of the proletariat. — George Bernard Shaw

Long ago, during my apprenticeship in the wine trade, I learned that wine is more than the sum of its parts, and more than an expression of its physical origin. The real significance of wine as the nexus of just about everything became clearer to me when I started writing about it. The more I read, the more I traveled, and the more questions I asked, the further I was pulled into the realms of history and economics, politics, literature, food, community, and all else that affects the way we live. Wine, I found, draws on everything and leads everywhere. — Gerald Asher

It's well proved economics that if a country which is rich and a country that is poor come together in global trade, sooner or later the standard of living of the poor country will go up towards that of the rich country. — N. R. Narayana Murthy

The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise. — Joan Robinson

Here's something I still can't get over. Amazes and thrills me every time. I'm sitting here and want a certain book. So I search, click, and then I have the book. Every time, my heart does a little leap of joy. What a beautiful world the market is making. — Jeffrey Tucker

So much barbarism, however, still remains in the transactions of most civilized nations, that almost all independent countries choose to assert their nationality by having, to their inconvenience and that of their neighbors, a peculiar currency of their own. — John Stuart Mill

At the time, most bodies worked on by anatomists were cold indeed. They were brought to Edinburgh from all over Britain
some came by way of the Union Canal. The resurrectionists
body-snatchers
pickled them in whisky for transportation. It was a lucrative trade."
"But did the whisky get drunk afterwards?"
Devlin chuckled. "Economics would dictate that it did. — Ian Rankin

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. — Adam Smith

NAFTA, supported by the Secretary cost, us 800,000 jobs nationwide, tens of thousands of jobs in the Midwest. Permanent normal trade relations with China cost us millions of jobs. Look, I was on a picket line in early 1990's against NFATA because you didn't need a PhD in economics to understand that American workers should not be forced to compete against people in Mexico making 25 cents an hour. — Bernie Sanders

According to the Institute for International Economics, trade barriers cost American consumers $80 billion a year or more than $1,200 per family. — Walter E. Williams

To many a mother's heart has come the disappointment of a loss of power, a limitation of influence when early manhood takes the boy from the home, or when even before that time, in school, or where he touches the great world and begins to be bewildered with its controversies, trade and economics and politics make their imprint even while his lips are dewy with his mother's kiss. — Judith Ellen Foster

But things have been so admirably arranged by the Divine inventor of social order that in this, as in everything else, political economy and morality, far from clashing, agree; and the wisdom of Aristus is not only more dignified, but still more profitable, than the folly of Mondor. And when I say profitable, I do not mean only profitable to Aristus, or even to society in general, but more profitable to the workmen themselves - to the trade of the time. — Frederic Bastiat

I wonder how many such men in America would know that Communism, the New Deal, Fascism, Nazism, are merely so-many trade-names for collectivist Statism, like the trade-names for tooth-pastes which are all exactly alike except for the flavouring. — Albert Jay Nock

Protectionism does not produce wealth, and free trade and economic openness are ultimately in everyone's interest — Thomas Piketty

The human world lives in a framework called global economics. We live in a system based on GDP, which drives consumption. it causes people to compete with each other through trade in a way that they all grow. — John Sulston

It is true that there are important differences between that money which plays the chief part in domestic trade, is the instrument of most exchanges, predominates in the dealings between consumers and sellers of consumption goods, and in loan transactions, and is recognized by the law as legal tender, and that money which is employed in relatively few transactions, is hardly ever used by consumers in their purchases, does not function as an instrument of loan operations, and is not legal tender. In popular opinion, the former money only is domestic money, the latter foreign money. Although we cannot accept this if we do not want to close the way to an understanding of the problem that occupies us, we must nevertheless emphasize that it has great significance in other connexions. — Ludwig Von Mises

At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell

In sum, economists (and those who listened to them) became overconfident in their preferred models of the moment: markets are efficient, financial innovation improves the risk-return trade-off, self-regulation works best, and government intervention is ineffective and harmful. They forgot about the other models. There was too much Fama, too little Shiller. The economics of the profession may have been fine, but evidently there was trouble with its psychology and sociology. — Dani Rodrik

Simplicity and non-violence are obviously closely related. The optimal pattern of consumption, producing a high degree of human satisfaction by means of a relatively low rate of consumption, allows people to live without great pressure and strain and to fulfill the primary injunction of Buddhist teaching: "Cease to do evil; try to do good." As physical resources are everywhere limited, people satisfying their needs by means of a modest use of resources are obviously less likely to be at each other's throats than people depending upon a high rate of use. Equally, people who live in highly self-sufficient local communities are less likely to get involved in large-scale violence than people whose existence depends on world-wide systems of trade. — E.F. Schumacher

Chinese commentaries stress the opportunity that the investments and aid they offer presents to developing countries to avoid the hazards of reliance on Western dominated financial institutions: austerity programs that call for severe cuts in state-subsidized social welfare, deregulation of state-owned facilities, trade liberalization, and an open door for multinational corporation investment. — Melvin Gurtov

Monsanto actually emerged as a war chemicals industry. It is known for Agent Orange, and for toxics. It wasn't ever in seed and agriculture. This is a recent entry, because they realized controlling the seed means controlling the entire food chain and the profits they can make from that are so much more than they can make at any other level. So in a way they brought war to our farmlands. They brought war against our farmers. The economics of it are first and foremost the economics of a monopoly, created by a highly undemocratic, international trade treaty, which brought clauses on control over the seed. — John Robbins

To attempt to increase the wealth of any country, either by introducing or by detaining in it an unnecessary quantity of gold and silver, is as absurd as it would be to attempt to increase the good cheer of private families by obliging them to keep an unnecessary number of kitchen utensils. — Adam Smith

The balance-of-payments theory forgets that the volume of foreign trade is completely dependent upon prices; that neither exportation nor importation can occur if there are no differences in prices to make trade profitable. — Ludwig Von Mises

Economics works great for planning your life when you don't have a work passion, since we tend to assume that your job delivers only money and you trade off job hours with leisure hours. If you think your job will just be a job, pick one that pays well per hour and leaves you some time off, even if the activity of the job is boring. — Emily Oster

In many cases, water stress is more about politics, economics, behaviour and governance than absolute water scarcity. Better planning is needed, to allocate water where societal need is greatest, and to allow trade-offs between alternative uses. — Ian Goldin

Armed with the new right to sell their products back to host societies, they can bleed both producing and buying populations at the same time. That is why under new international "free trade" agreements private corporations and businesses have increasingly demanded that governments deregulate and lower taxes so that they are not obliged to pay the cost of sustaining the life of host-societies or their environments. — John McMurtry

Even in recent times, the empirical evidence does not support the claim that trade liberalization or incentive neutrality leads to faster growth. It is true that higher manufacturing growth rates have been typically associated with higher export growth rates (mostly in countries where export and import shares to GDP grew), but there is no statistical relation between either of these growth rates or degree of trade restrictions. Rather, almost all of successful export-oriented growth has come with selective trade and industrialization policies. In this regard, stable exchange rates and national price levels seem to be considerably more important than import policy in producing successful export-oriented growth — Anwar Shaikh

Along with the mystical wonderment and sense of ecological responsibility that comes with the recognition of connectedness, more disturbing images come to mind. When applied to economics, connectedness seems to take the form of chain stores, multinational corporations, and international trade treaties which wipe out local enterprise and indigenous culture. When I think of it in the realm of religion, I envision smug missionaries who have done such a good job of convincing native people everywhere that their World-Maker is the same as God, and by this shoddy sleight of hand have been steadily impoverishing the world of the great fecundity and complex localism of belief systems that capture truths outside the Western canon. And I wonder - if everything's connected, does that mean that everything can be manipulated and controlled centrally by those who know how to pull strings at strategic places? — Malcolm Margolin

The law is guilty of the evils it is supposed to punish. — Frederic Bastiat

As technology accumulates and people in more parts of the planet become interdependent, the hatred between them tends to decrease, for the simple reason that you can't kill someone and trade with him too. — Steven Pinker

Trade and money, which go together in a stream of energy, inevitably wash away the enclosing walls of a society of status. — Isabel Paterson

Meanwhile, time is one of our most scarce resources. At the moment, you are reading instead of working, playing with the dog, applying to law school, shopping for groceries, or having sex. Life is about trade-offs, and so is economics. — Charles Wheelan

In the past few years, genetics have confirmed that the hunter-gatherers were not overwhelmed by the new wave of sedentary farmers, and that the first agricultural revolution spread well in advance of its first users, by contact and trade in ideas. Nice to see science catching up with economics and military history. Any economist could tell you technology spreads beyond its first adopters, even if they stay at home. And any military historian could tell you that, in a contest between people who hunt and kill aurochs and farmers armed with hoes, the smart money is on the hunters. — Markham Shaw Pyle