Economics

"No man can be a good citizen unless he has a wage more than sufficient to cover the bare cost of living, and hours of labor short enough so that after his day's work is done he will have time and energy to bear his share in the management of the community, to help in carrying the general load."

"The present model – while it can boast of successes – is ill-equipped to respond to the challenges and opportunities of the time, and must go. Materialistic values are built into the system: selfishness, desire and excess promoted, and (speaking generally throughout) while philanthropy is part of some corporate strategies, presented with the choice of saving lives but losing money, administrators side with the money. Fundamental change has been needed for some time. The advance of automation adds one more imperative to the process. A new, sustainable, humane economic model is required, worthy of the 21st Century and beyond. The revolution in work requires an evolution in living: a new approach, in which the acknowledgment that humanity is One is primary. We are brothers and sisters of One humanity; the systems that govern our lives should be based on and encourage the realization ofthis fact. Sharing as a principle that animates human affairs naturally follows such an understanding and when pragmatically applied will allow everyone tolive dignified lives free from fear of poverty. Everyone is entitled to the means required to meet their needs, irrespective of whether they have a job and income or are unable to secure either…."

"All the politicians want to talk about jobs. They want to say we need jobs. People don't want a "job". They want the stuff that they get because they have a job. If they can have the stuff and skip the job, most people would do that. That's why people look forward to retirement, because they don't have to work anymore. So we don't want to create jobs, we really want to eliminate jobs and create leisure."

"There are, in every country, some magnificent charities established by individuals. It is, however, but little that any individual can do, when the whole extent of the misery to be relieved is considered. He may satisfy his conscience, but not his heart. He may give all that he has, and that all will relieve but little. It is only by organizing civilization upon such principles as to act like a system of pulleys, that the whole weight of misery can be removed."

"Separate an individual from society, and give him an island or a continent to possess, and he cannot acquire personal property. He cannot be rich. So inseparably are the means connected with the end, in all cases, that where the former do not exist the latter cannot be obtained. All accumulation, therefore, of personal property, beyond what a man's own hands produce, is derived to him by living in society; and he owes on every principle of justice, of gratitude, and of civilization, a part of that accumulation back again to society from whence the whole came."

"Despotic government supports itself by abject civilization, in which debasement of the human mind, and wretchedness in the mass of the people, are the chief criterions. Such governments consider man merely as an animal; that the exercise of intellectual faculty is not his privilege; that he has nothing to do with the laws but to obey them; and they politically depend more upon breaking the spirit of the people by poverty, than they fear enraging it by desperation."

"I care not how affluent some may be, provided that none be miserable in consequence of it. But it is impossible to enjoy affluence with the felicity it is capable of being enjoyed, while so much misery is mingled in the scene."

"Artificial intelligence is here and it is accelerating, and you're going to have driverless cars, and you're going to have more and more automated services, and that's going to make the job of giving everybody work that is meaningful tougher, and we're going to have to be more imaginative, and the pact of change is going to require us to do more fundamental reimagining of our social and political arrangements, to protect the economic security and the dignity that comes with a job. It's not just money that a job provides; it provides dignity and structure and a sense of place and a sense of purpose. And so we're going to have to consider new ways of thinking about these problems, like a universal income, review of our workweek, how we retrain our young people, how we make everybody an entrepreneur at some level. But we're going to have to worry about economics if we want to get democracy back on track."

"Men did not make the earth... It is the value of the improvements only, and not the earth itself, that is individual property. ... Every proprietor owes to the community a ground rent for the land which he holds."

"I propose a new approach that will make it more attractive to go to work than to go on welfare, and will establish a nationwide minimum payment to dependent families with children. I propose that the Federal government pay a basic income to those American families who cannot care for themselves in whichever State they live. ... I propose that we make available an addition to the incomes of the "working poor," to encourage them to go on working, and to eliminate the possibility of making more from welfare than from wages. We could adopt a "guaranteed minimum income for everyone", which would appear to wipe out poverty overnight. It would also wipe out the basic economic motivation for work, and place an enormous strain on the industrious to pay for the leisure of the lazy. Or, we could adopt a totally new approach to welfare, designed to assist those left far behind the national norm, and provide all with the motivation to work and a fair share of the opportunity to train."

"An army of principles will penetrate where an army of soldiers cannot; it will succeed where diplomatic management would fall: it is neither the Rhine, the Channel, nor the ocean that can arrest its progress: it will march on the horizon of the world, and it will conquer."

"The State owes all its citizens a secure subsistence, food, suitable clothes and a way of life that does not damage their health."

"This method of dealing with thieves is both unjust and undesirable. As a punishment, it's too severe, and as a deterrent, it's quite ineffective. Petty larceny isn't bad enough to deserve the death penalty. And no penalty on earth will stop people from stealing, if it's their only way of getting food. In this respect, you English, like most other nations, remind me of these incompetent schoolmasters, who prefer caning their pupils to teaching them. Instead of inflicting these horrible punishments, it would be far more to the point to provide everyone with some means of livelihood, so that nobody's under the frightful necessity of becoming, first a thief, and then a corpse."

"I want to dismantle all the bureaucracies that dole out income transfers, whether they be public housing benefits or Social Security or corporate welfare, and use the money they spend to provide everyone over the age of 21 with a guaranteed income, deposited electronically every month into a bank account."

"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."

"The most skilfully combined, and with the greatest foresight of objections, of all the forms of Socialism, is that commonly known as Fourierism. This system does not contemplate the abolition of private property, nor even of inheritance; on the contrary, it avowedly takes into consideration, as an element in the distribution of the produce, capital as well as labour. ... In the distribution, a certain minimum is ... assigned for the subsistence of every member of the community, whether capable or not of labour."

"Computers and robots replace humans in the exercise of mental functions in the same way as mechanical power replaced them in the performance of physical tasks. As time goes on, more and more complex mental functions will be performed by machines. Any worker who now performs his task by following specific instructions can, in principle, be replaced by a machine. This means that the role of humans as the most important factor of production is bound to diminish—in the same way that the role of horses in agricultural production was first diminished and then eliminated by the introduction of tractors."

"There shall be paid to every person, when arrived at the age of twenty-one years, the sum. ... as a compensation in part, for the loss of his or her natural inheritance, by the introduction of the system of landed property."

"Ultimately, we will have to have some sort of Universal Basic Income. I don't think we're going to have a choice."

"I am now convinced that the simplest approach will prove to be the most effective – the solution to poverty is to abolish it directly by a new widely discussed measure: the guaranteed income."

"The assurance of a certain minimum income for everyone, or a sort of floor below which nobody need fall even when he is unable to provide for himself, appears not only to be a wholly legitimate protection against a risk common to all, but a necessary part of the Great Society in which the individual no longer has specific claims on the members of the particular small group into which he was born."

"A host of positive psychological changes inevitably will result from widespread economic security. The dignity of the individual will flourish when the decisions concerning his life are in his own hands, when he has the assurance that his income is stable and certain, and when he knows that he has the means to seek self-improvement. Personal conflicts between husband, wife, and children will diminish when the unjust measurement of human worth on a scale of dollars is eliminated."

"The problem isn't that we have some inequality. Some inequality is necessary for a high-functioning capitalist democracy. The problem is that inequality is at historic highs today and it's getting worse every day. And if wealth, power, and income continue to concentrate at the very tippy top, our society will change from a capitalist democracy to a neo-feudalist rentier society like 18th-century France. That was France before the revolution and the mobs with the pitchforks. So I have a message for my fellow plutocrats and zillionaires and for anyone who lives in a gated bubble world: Wake up. Wake up. It cannot last. Because if we do not do something to fix the glaring economic inequities in our society, the pitchforks will come for us, for no free and open society can long sustain this kind of rising economic inequality. All highly prosperous capitalist democracies are characterized by massive investments in the middle class and the infrastructure that they depend on."

"And the biggest question mark of all is whether, at long last, robots and artificial intelligence really will make large numbers of people completely unemployable. If human labor is less needed in the future, that in principle is excellent news: a paradise of robotic servants awaits us. But our economies have always relied on the idea that people provide for themselves by selling their labor. If the robots make that impossible, then societies will simply come apart unless we reinvent the welfare state. Not all economists think that’s worth worrying about just yet. But those who do are reviving an idea that dates back to Thomas More’s 1516 book Utopia: a universal basic income. The idea still seems utopian, in the sense of fantastically unrealistic. Could we really imagine a world in which everyone gets a regular cash handout, enough to meet their basic needs, no questions asked? Some evidence suggests it’s worth considering. From 1974 to 1979, the idea was tried in a small Canadian town, Dauphin, in Manitoba. For five years, thousands of Dauphin’s poorest residents got monthly checks funded jointly by the provincial and federal governments. And it turns out that guaranteeing people an income had interesting effects. Fewer teenagers dropped out of school. Fewer people were hospitalized with mental health problems. And hardly anyone gave up work. New trials are under way to see if the same thing happens elsewhere. It would, of course, be enormously expensive. Suppose you gave every American adult $12,000 a year. That would cost 70 percent of the entire federal budget. It seems impossibly radical. But then, impossibly radical things do sometimes happen, and quickly. In the 1920s, not a single U.S. state offered old-age pensions; by 1935, Frances Perkins had rolled out Social Security across the nation."

"If machines produce everything we need, the outcome will depend on how things are distributed. Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality."

"There is nothing except shortsightedness to prevent us from guaranteeing an annual minimum – and livable – income for every American family."

"That's why I talk about basic income ... there has to be a stronger social safety net because when people don't have options, they're going to make bad choices. Let's have better choices on the table."

"A full-fledged UBI — one that unconditionally provides every person with enough income to meet their basic needs—would fundamentally alter the paradigm of capitalism that has locked workers into the dominant system ever since its inception. Capitalism has endured by commoditizing people’s lives, forcing them to sell the bulk of their available time and energy, or else face destitution and starvation. A true UBI would transform the relationship between labor and capital and weaken the power of the wealthy elite to control the population."

"The very nature of work will change. The governments may have to consider stronger social safety nets, and eventually universal basic income."

"Under a negative income tax, poor families would receive financial assistance without having to demonstrate need. The only qualification required to receive assistance would be a low income. Depending on one’s point of view, this feature can be either an advantage or a disadvantage. On the one hand, a negative income tax does not encourage illegitimate births and the breakup of families, as critics of the welfare system believe current policy does. On the other hand, a negative income tax would subsidize not only the unfortunate but also those who are simply lazy and, in some people’s eyes, undeserving of government support."

"I once heard someone defend that belief by declaring that "human nature is to do as little as necessary." This prejudice is refuted not just by a few studies but the entire branch of psychology dealing with motivation. Normally, it's hard to stop happy, satisfied people from trying to learn more about themselves and the world, or from trying to do a job of which they can feel proud."

"We need to change the fundamentals of our society. We must move from a wealth-based civilization to one that is life-affirming—an ecological civilization. Without this Great Transition, we are leaving future generations to face the horrors of a collapsing civilization on a devastated planet. Can we transition rapidly enough? And can the transition occur without the old civilization collapsing catastrophically around us? Given this context, I have been surprised by how much the discussion of a universal basic income sounds like arguing how to stack the deck chairs on the Titanic... In my view, the fundamental issues need to be: Does UBI help with the process of transforming civilization from within?"

"It is proposed that the payments ... be made to every person, rich or poor ... because it is in lieu of the natural inheritance, which, as a right, belongs to every man, over and above property he may have created, or inherited from those who did."

"If the picture I’ve drawn is at all right, the only way we could have anything resembling a middle-class society — a society in which ordinary citizens have a reasonable assurance of maintaining a decent life as long as they work hard and play by the rules — would be by having a strong social safety net, one that guarantees not just health care but a minimum income, too."

"It's as if someone were out there making up pointless jobs just for the sake of keeping us all working."

"In all sectors of society there should be roughly equal prospects of culture and achievement for everyone similarly motivated and endowed. The expectations of those with the same abilities and aspirations should not be affected by their social class."

"The Republican Party is part of a larger American discussion about the tension between equality of opportunity and protection of property. ... Republicans began with the idea that they would be the political arm of the Declaration of Independence's equality of opportunity. Throughout their history, three times now, they have swung from that pole through a sort of racist and xenophobic backlash against that principle, tied themselves to big business, and come out protecting the other American principle, which is the protection of property."

"I look forward confidently to the day when all who work for a living will be one with no thought to their separateness as Negroes, Jews, Italians or any other distinctions. This will be the day when we bring into full realization the American dream — a dream yet unfulfilled. A dream of equality of opportunity, of privilege and property widely distributed; a dream of a land where men will not take necessities from the many to give luxuries to the few; a dream of a land where men will not argue that the color of a man's skin determines the content of his character; a dream of a nation where all our gifts and resources are held not for ourselves alone, but as instruments of service for the rest of humanity; the dream of a country where every man will respect the dignity and worth of the human personality."

"EQUAL OPPORTUNITY FOR ALL.... Nature is no respecter of birth or money power when she lavishes her mental and physical gifts. We fight God when our Social System dooms the brilliant clever child of a poor man to the same level as his father."

"Abraham Lincoln and others recoiled from the idea of government as a prop for the rich. In organizing the Republican Party, they highlighted the equality of opportunity promised in the Declaration of Independence and warned that a healthy economy depended on widespread prosperity. Northerners and hardscrabble westerners flocked to that vision, and elected Lincoln to the White House in 1860."

"It is not, however, difficult to foresee which of the two parties must, upon all ordinary occasions, have the advantage in the dispute, and force the other into a compliance with their terms. The masters, being fewer in number, can combine much more easily; and the law, besides, authorizes, or at least does not prohibit their combinations, while it prohibits those of the workmen. We have no acts of parliament against combining to lower the price of work; but many against combining to raise it. In all such disputes the masters can hold out much longer. A landlord, a farmer, a master manufacturer, a merchant, though they did not employ a single workman, could generally live a year or two upon the stocks which they have already acquired. Many workmen could not subsist a week, few could subsist a month, and scarce any a year without employment. In the long run the workman may be as necessary to his master as his master is to him; but the necessity is not so immediate."

"White is a metaphor for power, and that is simply a way of describing Chase Manhattan Bank."

"The ownership and the consumption of goods is a means to an end, and Buddhist economics is the systematic study of how to attain given ends with the minimum means. Modern economics, on the other hand, considers consumption to be the sole end and purpose of all economic activity, taking the factors of production—labour and capital—as the means. The former, in short, tries to maximise human satisfactions by the optimal pattern of consumption, while the latter tries to maximise consumption by the optimal pattern of productive effort."

"The cultivation and expansion of needs is the antithesis of wisdom. It is also the antithesis of freedom and peace. Every increase of needs tends to increase one’s dependence on outside forces over which one cannot have control, and therefore increases existential fear. Only by a reduction of needs can one promote a genuine reduction in those tensions which are the ultimate causes of strife and war."

"At that time in the great city of Vaishali there was a rich man named Vimalakirti. [...] In a spirit of trust and harmony he conducted all kinds of business enterprises, but though he reaped worldly profits, he took no delight in these."

"Beings in the ghost world do not farm, herd cattle, trade, buy, sell, or use gold and money. They survive on merits shared by humans. As water that rains on a mountain-top flows down to the bottom, so will the merits shared from the human world reach the beings in the ghost world. Just as streams of water fill the ocean, so will the merits shared from the human world reach the beings in the ghost world. One should share merits with departed relatives recalling, “He gave to me, he worked for me, he was a relative, friend, and companion.”"

"Selling poison, selling weapons, selling living beings, selling alcohol, selling meat, and, without having inspected (first), pounding sesame and mustard seed (and so on) is wrong livelihood, abstaining from it is right livelihood."

"One might give alms impartially with a thousand coins of money month by month for a hundred years; but that is not worth a sixteenth part of having confidence in the Buddha. ...of having confidence in the Dhamma. ...of having confidence in the Sangha. ...of those who have mastered Dhamma."

"There must always be an inequality of bargaining power between masters and men in every contract, until that day shall arrive when the sacrifices of each master in a strike or lock out will affect his present comfort and future destiny as seriously, in its way, as it does that of each of his workmen."

"Alongside their work on pure economic theory, the classical political economists engaged in a parallel project: to promote the forcible reconstruction of society into a purely market-oriented system. ... Most people in Britain did not enthusiastically engage in wage labor—at least so long as they had an alternative. To make sure that people accepted wage labor, the classical political economists actively advocated measures to deprive people of their traditional means of support. ... Perhaps because so much of what the classical economists wrote about traditional systems of agricultural production was divorced from the seemingly more timeless remarks about pure theory, later readers have passed over such portions of their works in haste. ... I argue that these interventionist recommendations were a significant element in the overall thrust of their works. Specifically, classical political economy advocated restricting the viability of traditional occupations in the countryside to coerce people to work for wages."