Political economy Quotes

“A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product." [in Nordhaus, William D. and James Tobin., "Is growth obsolete?" Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80]”

“It is certain that there can be no work in political economy on any other than an altruistic basis... If our work is to retain any meaning it can only be informed by this: concern for the future, for those who will come after us.”

“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.”

“In symbolic exchange, of which the gift is our most proximate illustration, the object is not an object: it is inseparable from the concrete relation in which it is exchanged, the transferential pact that it seals between two persons: it is thus not independent as such. It has, properly speaking, neither use value nor (economic) exchange value. The object given has symbolic exchange value.”

“In the social production of their existence, men inevitably enter into definite relations, which are independent of their will, namely relations of production appropriate to a given stage in the development of their material forces of production. The totality of these relations of production constitutes the economic structure of society, the real foundation, on which arises a legal and political superstructure and to which correspond definite forms of social consciousness. The mode of production of material life conditions the general process of social, political and intellectual life. It is not the consciousness of men that determines their existence, but their social existence that determines their consciousness. At a certain stage of development, the material productive forces of society come into conflict with the existing relations of production or – this merely expresses the same thing in legal terms – with the property relations within the framework of which they have operated hitherto. From forms of development of the productive forces these relations turn into their fetters. Then begins an era of social revolution. The changes in the economic foundation lead sooner or later to the transformation of the whole immense superstructure.”

“The theory of Economics must begin with a correct theory of consumption.”

“Since the state must necessarily provide subsistence for the criminal poor while undergoing punishment, not to do the same for the poor who have not offended is to give a premium on crime.”

“I have previously reduced the whole science of logic to two facts.The first is that our perceptions being every thing for us, we areperfectly, completely, and necessarily sure of whatever we actually feel.The second is that consequently none of our judgments, separatelytaken, can be erroneous: inasmuch as we see one idea in another it isactually there; but their falsity, when it takes place, is purely relativeto anterior judgments, which we permit to subsist; and it consists inthis, that we believe the idea in which we perceive a new element tobe the same as that we have always had under the same sign, when itis really different, since the new element which we actually see thereis incompatible with some of those which we have previously seen;so that to avoid contradiction we must either take away the former ornot admit the latter.”

“Society does not consist of individuals, but expresses the sum of interrelations, the relations within which these individuals stand.”