Bertrand Russell Quotes About Economics
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In the great depression, things could only be set right by causing the idle plant to work again . . . Roosevelt . . . spent billions of public money and created a huge public debt, but by so doing he revived production and brought his country out of the depression. Businessmen, who in spite of such a sharp lesson continued to believe in old-fashioned economics, were infinitely shocked, and although Roosevelt saved them from ruin, they continued to curse him and to speak of him as 'the madman in the White House.' . . . [It's one more] striking example of inability to learn from experience.
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If the ordinary wage-earner worked four hours a day, there would be enough for everybody, and no unemployment — assuming a certain very moderate amount of sensible organization. This idea shocks the well-to-do, because they are convinced that the poor would not know how to use so much leisure.
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Obviousness is always the enemy of correctness.
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While economics is about how people make choice, sociology is about how they don't have any choice to make.
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Man has existed for about a million years. He has possessed writing for about 6,000 years, agriculture somewhat longer, but perhaps not much longer. Science, as a dominant factor in determining the belief of educated men, has existed for about 300 years; as a source of economic technique, for about 150 years. In this brief period it has proved itself an incredibly powerful revolutionary force. When we consider how recently it has risen to power, we find ourselves forced to believe that we are at the very beginning of its work in transforming human life.
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