Business

"The golden hour of invention must terminate like other hours, and when the man of genius returns to the cares, the duties, the vexations, and the amusements of life, his companions behold him as one of themselves—the creature of habits and infirmities."

"For many things we can find substitutes, but there is not now, nor will there ever be, a substitute for creative thought."

"Technologies needed [to help avoid a climate disaster]: Hydrogen produced without emitting carbon, Grid-scale electricity storage that can last a full season, Electrofuels, Advanced biofuels, Zero-carbon cement, Zero-carbon steel, Plant- and cell-based meat and dairy, Zero-carbon fertilizer, Next-generation nuclear fission, Nuclear fusion, Carbon capture (both direct air capture and point capture), Underground electricity transmission, Zero-carbon plastics, Geothermal energy, Pumped hydro, Thermal storage, Drought- and flood-tolerant food crops, Zero-carbon alternatives to palm oil, [and] Coolants that don’t contain F-gases."

"Take the advice of a faithful friend, and submit thy inventions to his censure."

"A moment's insight is sometimes worth a life's experience."

"A scientist, an artist, a citizen is not like a child who needs papa methodology and mama rationality to give him security and direction, he can take care of himself, for he is the inventor not only of laws, theories, pictures, plays, forms of music, ways of dealing with his fellow man, institutions, but also entire world view, he is the inventor of entire forms of like."

"Although it is not, abstractedly speaking, of importance to know who first made a most valuable experiment, or to what individual the community is indebted for the invention of the most useful machine, yet the sense of mankind has in this, as in several other things, been in direct opposition to frigid reasoning; and we are pleased with a recollection of benefits, and with rendering honour to the memory of those who bestowed them. Were public benefactors to be allowed to pass away like hewers of wood and drawers of water, without commemoration, genius and enterprise would be deprived of their most coveted distinction, and after-times would lose incentives to that emulation which urges us to cherish and practise what has been worthy of commendation or imitation in our forefathers; and to make their works, which may have served for a light and been useful to the age in which they lived, a guide and a spur to ourselves"

"Only an inventor knows how to borrow, and every man is or should be an inventor."

"To invent, you need a good imagination and a pile of junk."

"God hath made man upright; but they have sought out many inventions."

"Everything that can be invented has been invented."

"Inventors and geniuses have almost always been looked on as no better than fools at the beginning of their career, and very frequently at the end of it also."

"Creativity is allowing yourself to make mistakes. Art is knowing which ones to keep."

"All recognized famous inventors had capable predecessors and successors and made their improvements at a time when society was capable of using their product."

"Invention is both the institution of problem solving and advancing human obsolescence. We were naturally selected to replace ourselves."

"The invention of inventing, it turns out, produces yet more inventions."

"I don't think necessity is the mother of invention — invention, in my opinion, arises directly from idleness, possibly also from laziness. To save oneself trouble."

"Want, the mistress of invention."

"Someone told me that creativity is just learning to do something with a different perspective."

"Se non è vero è ben trovato."

"Originality is going back to the origin and finding an empty chair. Would you gladly sit on it? No thank you. It is empty for a reason. That’s where my ass was. Not where my head is now."

"INVENTOR, n. A person who makes an ingenious arrangement of wheels, levers and springs, and believes it civilization."

"A tool is but the extension of a man's hand, and a machine is but a complex tool. And he that invents a machine augments the power of a man and the well-being of mankind."

"The first and the purest demand of society is for scientific knowledge: knowledge of how the economic system works. Knowledge of the consequences of economic actions. Knowledge of the causes of unemployment, of the effects of various taxes, of the sources of income inequality. Whether one is a conservative or a radical, a protectionist or a free trader, a cosmopolitan or a nationalist, a churchman or a heathen, it is useful to know the causes and consequences of economic phenomena."

"Putting human affairs in exact formulas shows in itself a lack of the sense of humor and therefore a lack of wisdom."

"Economics is a subject that really relates to core aspects of human well-being, and there’s a methodology for thinking about these things. This was a very appealing combination to me. Market systems are capable of massive breakdowns that can result in long, devastating periods of high unemployment. And I felt that economists had really learned something about how to address that."

"[E]conomics is the study of the allocation of scarce resources. But if resources aren't scarce then how can we study the allocation of something that doesn't exist? Of course, you might think that most economists are only discussing angels on pinheads anyway. And if we're honest about it all economists would insist that at least one current major theory is nothing more than that. But in the entire absence of scarce resources, economics would be even more like that. Akin to asking whether those angels could waltz or jitterbug upon their pinhead."

"Economists are being indoctrinated into a cardboard version of human nature, which they hold true to such a degree that their own behavior has begun to resemble it. Psychological tests have shown that economics majors are more egoistic than the average college student. Exposure in class after class to the capitalist self-interest model apparently kills off whatever prosocial tendencies these students have to begin with. They give up trusting others, and conversely others give up trusting them."

"Economy, the poor man's mint."

"The condition of life to which people of the well-to-do classes are accustomed is that of an abundant production of various articles necessary for their comfort and pleasure, and these things are obtained only thanks to the existence of factories and works organized as at present. And, therefore, discussing the improvement of the workers' position, the men of science belonging to the well- to-do classes always have in view only such improvements as will not do away with the system of factory-production and those conveniences of which they avail themselves."

"When people behave badly they always invent a philosophy of life which represents their bad actions to be not bad actions at all, but merely results of unalterable laws beyond their control."

"The faith... that riches are not a means but an end, implies that all economic activity is equally estimable, whether it is subordinated to a social purpose or not."

"Hard science gives sensational results with a horribly boring process; philosophy gives boring results with a sensational process; literature gives sensational results with a sensational process; and economics gives boring results with a boring process."

"Economics cannot digest the idea that the collective (and the aggregate) are disproportionately less predictable than individuals."

"I have not been able to lay my hands on any notes as to Mathematico-economics that would be of any use to you. I have very indistinct memories of what I used to think on the subject. I never read mathematics now: in fact I have even forgotten how to integrate a good many things. But I know I had a growing feeling in the later years of my work at the subject that a good mathematical theorem dealing with economic hypotheses was very well unlikely to be good economics: and I went more and more on the rules—(1) Use mathematics as a shorthand language, rather than as an engine of inquiry. (2) Keep to them till you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life. (5) Burn the mathematics. (6) If you can’t succeed in (4), burn (3). This last I do often."

"Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing."

"Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms. Economists therefore study how people make decisions: how much they work, what they buy, how much they save, and how they invest their savings. Economists also study how people interact with one another. For instance, they examine how the multitude of buyers and sellers of a good together determine the price at which the good is sold and the quantity that is sold. Finally, economists analyze forces and trends that affect the economy as a whole, including the growth in average income, the fraction of the population that cannot find work, and the rate at which prices are rising."

"I make the point to remind you, if reminder be necessary, that the study of economic growth is still in its infancy. Countries rise up and fall, and we are not in a position to predict which ones will do best or worst over the next twenty years. This is equally true of developed and developing countries. Economics is good at explaining what has happened over the past twenty years, but when we turn to predicting the future it tends to be an essay in ideology."

"Economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing."

"Since the science of economics is primarily a set of tools, as opposed to a subject matter, then no subject, however offbeat, need be beyond its reach."

"Morality, it could be argued, represents the way that people would like the world to work-whereas economics represents how it actually does work. Economics is above all a science of measurement. It comprises an extraordinarily powerful and flexible set of tools that can reliably assess a thicket of information to determine the effect of any one factor, or even the whole effect. That’s what “the economy” is, after all: a thicket of information about jobs and real estate and banking and investment. But the tools of economics can be just as easily applied to subjects that are more-well, more “interesting”."

"Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time. The object of a model is to segregate the semi-permanent or relatively constant factors from those which are transitory or fluctuating so as to develop a logical way of thinking about the latter, and of understanding the time sequences to which they give rise in particular cases. Good economists are scarce because the gift for using "vigilant observation" to choose good models, although it does not require a highly specialised intellectual technique, appears to be a very rare one."

"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil."

"Over the years and against conventional wisdom, utopians sustained a vision of life beyond the market. … Georg Lukács set forth a theory of the “old and new culture” in which he argued that the socialist economy was not the goal; it was simply a precondition for humanity to advance to a new and humane culture. Most radicals do not understand that political power and economic reorganization is not the end-all, stated Lukács. The goal is not a new economic order, but freedom from an obsession with economics."

"If one's point of view is that of the anarchist, he is led inevitably to make his war upon individuals. The more sensitive and sincere he is, the more bitter and implacable becomes that war. If one's point of view is based on what is now called the economic interpretation of history, one is emancipated, in so far as that is possible for emotional beings, from all hatred of individuals, and one sees before him only the necessity of readjusting the economic basis of our common life in order to achieve a more nearly perfect social order."

"Without question, the causes, which produce on the one hand long hours and overemployment, result on the other hand in short periods of work, underemployment, or unemployment."

"Here then we may learn the fallacy of the remark... that any particular state is weak, though fertile, populous, and well cultivated, merely because it wants money. It appears that the want of money can never injure any state within itself: For men and commodities are the real strength of any community. It is the simple manner of living which here hurts the public, by confining the gold and silver to few hands, and preventing its universal diffusion and circulation. On the contrary, industry and refinements of all kinds incorporate it with the whole state, however small its quantity may be: They digest it into every vein, so to speak; and make it enter into every transaction and contract."

"Serviet eternum qui parvo nesciet uti."

"Economy, in the estimation of common minds, often means the absence of all taste and comfort."

"Give not Saint Peter so much, to leave Saint Paul nothing."