Economies Quotes

“Much has been written of the perceived "clash" between Islamic and western civilisations and of the need for reconciliation.... Sergei Bulgakov left a rich repository of economic thought that philosophically bridges a gap between the rationality of western market economies and the transcendent awareness of Islamic social structures. Bulgakov's philosophy of economy embraces ideas of freedom even as it recog- nises the need for "guidance" and the essential nature of economic relationships to the preservation of community. By engaging Bulgakov's economic ideas, westerners can better understand the apprehensions of intellectuals in traditional cultures concerning globalisation and the reticence of many Muslims to embrace it.”

“Much has been written of the perceived "clash" between Islamic and western civilisations and of the need for reconciliation.... Sergei Bulgakov left a rich repository of economic thought that philosophically bridges a gap between the rationality of western market economies and the transcendent awareness of Islamic social structures. Bulgakov's philosophy of economy embraces ideas of freedom even as it recog- nises the need for "guidance" and the essential nature of economic relationships to the preservation of community. By engaging Bulgakov's economic ideas, westerners can better understand the apprehensions of intellectuals in traditional cultures concerning globalisation and the reticence of many Muslims to embrace it.”

“The world economy would collapse if a significant number of people were to realize and then act on the realization that it is possible to enjoy many if not most of the things that they enjoy without first having to own them.”

“You can get to oppression through regulation, especially in an "Idea Economy" which necessitates liberty of the mind to explore.”

“If economies collapse and lawlessness rules and resources are scarce, many people who claim with their mouths that they follow Jesus... will abandon him with their lives.”

“There cannot exist in the future an economy which is still mercantile but which isn't capitalist anymore. Before capitalism there were economies which were partially mercantile, but capitalism is the last of this genre.”

“Centrally planned economies are upended by out of control population. Their escape valve is eugenics.”

“The blatant harassment of electromagnetic radiation researchers should be expected to be a feature of transitioning out of the energy based economies.”

“...the centrality of competitiveness as the key to growth is a recurrent EU motif. Two decades of EC directives on increasing competition in every area, from telecommunications to power generation to collateralizing wholesale funding markets for banks, all bear the same ordoliberal imprint. Similarly, the consistent focus on the periphery states’ loss of competitiveness and the need for deep wage and cost reductions therein, while the role of surplus countries in generating the crisis is utterly ignored, speaks to a deeply ordoliberal understanding of economic management. Savers, after all, cannot be sinners. Similarly, the most recent German innovation of a constitutional debt brake (Schuldenbremse) for all EU countries regardless of their business cycles or structural positions, coupled with a new rules-based fiscal treaty as the solution to the crisis, is simply an ever-tighter ordo by another name.If states have broken the rules, the only possible policy is a diet of strict austerity to bring them back into conformity with the rules, plus automatic sanctions for those who cannot stay within the rules. There are no fallacies of composition, only good and bad policies. And since states, from an ordoliberal viewpoint, cannot be relied upon to provide the necessary austerity because they are prone to capture, we must have rules and an independent monetary authority to ensure that states conform to the ordo imperative; hence, the ECB. Then, and only then, will growth return. In the case of Greece and Italy in 2011, if that meant deposing a few democratically elected governments, then so be it.The most remarkable thing about this ordoliberalization of Europe is how it replicates the same error often attributed to the Anglo-American economies: the insistence that all developing states follow their liberal instruction sheets to get rich, the so-called Washington Consensus approach to development that we shall discuss shortly. The basic objection made by late-developing states, such as the countries of East Asia, to the Washington Consensus/Anglo-American idea “liberalize and then growth follows” was twofold. First, this understanding mistakes the outcomes of growth, stable public finances, low inflation, cost competitiveness, and so on, for the causes of growth. Second, the liberal path to growth only makes sense if you are an early developer, since you have no competitors—pace the United Kingdom in the eighteenth century and the United States in the nineteenth century. Yet in the contemporary world, development is almost always state led.”

“The economy of early hominids and that of twenty-first century society have enormous differences, but they do share one important feature: in both of these economies, humans accumulate information in objects. Our world is different from that of early hominids only in the way in which atoms are arranged.”

“Productivity - the amount of output delivered per hour of work in the economy - is often viewed as the engine of progress in modern capitalist economies. Output is everything. Time is money. The quest for increased productivity occupies reams of academic literature and haunts the waking hours of C.E.O.s and finance ministers.”