Centenarians

"But this present window of opportunity, during which a truly peaceful and interdependent world order might be built, will not be open for long. Already there are powerful forces at work that threaten to destroy all of our hopes and efforts to erect an enduring structure of global interdependence."

"Courting Peggy McGrath provided me with a very pleasant diversion and eventually with the most important relationship of my life."

"If the disagreement was strong enough, we could end up pretty close to the borderline of incivility."

"I don't recall that I have said — and I don't think that I really feel — that we need a world government. We need governments of the world that work together and collaborate. But, I can't imagine that there would be any likelihood — or even that it would be desirable — to have a single government elected by the people of the world."

"There have been people — ever since I've had any kind of position in the world — who have accused me of being ruler of the world. I have to say that I think for the large part, I would have to decide to describe them as crack pots. It makes no sense whatsoever, and isn't true, and won't be true, and to raise it as a serious issue seems to me to be irresponsible."

"I think that one of the things that is needed is the fact that I don't think enough people in high positions in our country accept the importance of our world role with sufficient gravity. In other words, I think the tendency, because of politics and getting elected, is to stress local issues; and of course, they are important. But, I would like to see more of the leaders of our country spend more time traveling for one thing, getting to know the world, and studying history. To me, one of the sad things about our country is that our leadership — to a greater extent than I would like — is more concerned about very domestic issues than they are about our relations in the world."

"I think that that has to be related to the problems within our own country. I was reading in the papers today that there's a grave concern about what our role should be, how it should be handled, and how we should better manage our own domestic economy. And I think that this is becoming a serious issue. And it's gonna have to be addressed by any politicians who wish to be re-elected. They have to see that the issue of our economy and what influences it is better understood and more successfully addressed."

"I think that the best hope for peace and prosperity in the world is greater cooperation among nations, which in turn will be produced if both our governments and the people of our countries travel more and get to know each other better."

"For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents such as my encounter with Castro to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as 'internationalists' and of conspiring with others around the world to build a more integrated global political and economic structure — one world, if you will. If that is the charge, I stand guilty, and I am proud of it. The anti-Rockefeller focus of these otherwise incompatible political positions owes much to Populism. "Populists" believe in conspiracies and one of the most enduring is that a secret group of international bankers and capitalists, and their minions, control the world's economy. Because of my name and prominence as head of the Chase for many years, I have earned the distinction of "conspirator in chief" from some of these people. Populists and isolationists ignore the tangible benefits that have resulted in our active international role during the past half-century. Not only was the very real threat posed by Soviet Communism overcome, but there have been fundamental improvements in societies around the world, particularly in the United States, as a result of global trade, improved communications, and the heightened interaction of people from different cultures. Populists rarely mention these positive consequences, nor can they cogently explain how they would have sustained American economic growth and expansion of our political power without them."

"We are grateful to The Washington Post, The New York Times, Time magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. … It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But, the world is now much more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries."

"I think without internationalists like you, the international system we have been trying to build, the international system we have today, wouldn't be here."

"Far from having an attachment to the past and to its codes, David Rockefeller, and really all the Rockefellers, were perpetually falling for everything that was new. They embraced every new educational theory, every new artistic style, every new architectural trend, every new business fad. And so when the 60's came along and seemed to represent yet another bright new future, many of the younger Rockefellers embraced that too, even if it meant the destruction of their place in society, and the older ones had nothing to say. … there never will be another person like David Rockefeller, a person who epitomized the Establishment and attracted conspiracy theories by the score. In the 60's, a new generation came up to destroy his world, and in response, he was willing to come pretty close to the borderline of incivility."

"If I go up to Harlem or down to Sixth Street, and I’m not dressed up or I’m not wearing my jewelry, then the people feel I’m talking down to them."

"I have lost my beloved mother, and New York and the world have lost a great lady. She was one of a kind in every way. Her tombstone will be inscribed with the words she specifically asked for: 'I had a wonderful life.'"

"Today, we are all saddened by the loss of Brooke Astor, a quintessential New Yorker and one of the great philanthropists of our time. Tens of thousands of New Yorkers were the beneficiaries of Mrs Astor’s good will and kind nature, many unaware of the origins of the donations. Her contributions reached a wide variety of causes; The New York Public Library, and the entire city, would not be what they are today without her gracious support."

"Money is like manure, it should be spread around."

"If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "what would I do if I were a horse?""

"I can't remember [of a good regulation]. Regulation of transport, regulation of agriculture—agriculture is a, zoning is z. You know, you go from a to z, they are all bad. There were so many studies, and the result was quite universal: The effects were bad."

"In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics."

"Transaction costs were used in the one case to show that if they are not included in the analysis, the firm has no purpose, while in the other I showed, as I thought, that if transaction costs were not introduced into the analysis, for the range of problems considered, the law had no purpose."

"American institutionalists were not theoretical but anti-theoretical.... Without a theory they had nothing to pass on except a mass of descriptive material waiting for a theory, or a fire."

"In my view, what is wanted in industrial organization is a direct approach to the problem. This would concentrate on what activities firms undertake, and would endeavor to discover the characteristics of the groupings of activities within firms. Which activities tend to be associated and which do not? The answer may well differ for different kinds of firm."

"The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly thought of as one in which A inflicts harm on B and what has to be decided is: how should we restrain A? But this is wrong. We are dealing with a problem of a reciprocal nature. To avoid the harm to B would inflict harm on A. The real question that has to be decided is: should A be allowed to harm B or should B be allowed to harm A?"

"But a theory is not like an airline or bus timetable. We are not interested simply in the accuracy of its predictions. A theory also serves as a base for thinking. It helps us to understand what is going on by enabling us to organize our thoughts. Faced with a choice between a theory which predicts well but gives us little insight into how the system works and one which gives us this insight but predicts badly, I would choose the latter, and I am inclined to think that most economists would do the same."

"If you torture the data enough, nature will always confess."

"In mainstream economic theory, the firm and the market are, for the most part, assumed to exist and are not themselves the subject of investigation. One result has been that the crucial role of the law in determining the activities carried out by the firm and in the market has been largely ignored."

"The limit to the size of the firm is set where its costs of organizing a transaction become equal to the cost of carrying it out through the market. This determines what the firm buys, produces, and sells. As the concept of transaction costs is not usually used by economists, it is not surprising that an approach which incorporates it will find some difficulty in getting itself accepted. We can best understand this attitude if we consider not the firm but the market."

"Markets are institutions that exist to facilitate exchange, that is, they exist in order to reduce the cost of carrying out exchange transactions. In an economic theory which assumes that transaction costs are nonexistent. markets have no function to perform, and it seems perfectly reasonable to develop the theory of exchange by an elaborate analysis of individuals exchanging nuts for apples on the edge of the forest or some similar fanciful example. This analysis certainly shows why there is a gain from trade, but it fails to deal with the factors which determine how much trade there is or what goods are traded."

"What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure of production."

"Economists have uncovered the conditions necessary if Adam Smith’s results are to be achieved and where, in the real world, such conditions do not appear to be found, they have proposed changes which are designed to bring them about. It is what one finds in the textbooks. Harold Demsetz has said rightly that what this theory analyses is a system of extreme decentralisation. It has been a great intellectual achievement and it throws light on many aspects of the economic system. But it has not been by any means all gain."

"What is studied is a system which lives in the minds of economists but not on earth. I have called the result “blackboard economics.” The firm and the market appear by name but they lack any substance. The firm in mainstream economic theory has often been described as a “black box.” And so it is."

"Writers after Coase have referred to the authority structure of the firm as a "visible hand" that works in combination with Smith's invisible hand. The everyday fact that employers exercise power over their employees — not news to most employees — had been a central theme in Marx's economics, but it was (and generally continues to be) overlooked by most neoclassical economists. Early in his studies Coase noted the similarity between the hierarchical organization of capitalist firms, with their reliance on command relations, and the then-existing system of centralized economic planning in the Communist countries, where production was carried out in accordance with orders from higher authorities and where market competition played little role."

"In the early 1950s the now-famous British economist Ronald Coase announced his intention of going to the USA, and his colleagues at the LSE, myself included, gave him a farewell dinner. He explained how he became an economist. Not having been taught Latin from an early age, he was precluded from taking an Arts degree. His matriculation maths was not of the standard expected for entry to a science faculty. He found that his choice was narrowed to the taking of a B.Com. degree. 'In this mysterious way', said our honoured guest, 'the shade of Adam Smith beckoned me'. We have every reason to be grateful to the deficiencies in Coase's early education!"

"Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-coordinator, who directs production. It is clear that these are alternative methods of coordinating production. Yet, having regard to the fact that, if production is regulated by price movements, production could be carried on without any organization at all might we ask, why is there any organization?"

"A firm consist of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur."

"Why... are there any market transactions at all? Why not all production carried on by one big firm?... First, as a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organizing additional transactions within the firm may rise... Second, it may be that as the transactions which are organized increase, the entrepreneur fails to place the factors of production in the uses where their value is greatest, that is, fails to make the best use of the factors of production... Finally, the supply price of one or more of the factors of production may rise, because the "other advantages" of a small firm are greater than those of a large firm."

"The question always is, will it pay to bring an extra exchange transaction under the organizing authority? At the margin, the costs of organizing within the firm will be equal either to the costs of organizing in another firm or to the costs involved in leaving the transaction to be “organised” by the price mechanism. Business men will be constantly experimenting, controlling more or less, and in this way equilibrium will be maintained. This gives the position of equilibrium for static analysis."

"In person, Grandma Moses charmed wherever she went. A tiny, lively woman with mischievous gray eyes and a quick wit, she could be sharp-tongued with a sycophant and stern with an errant grandchild."

"There emanates from her paintings a light-hearted optimism; the world she shows us is beautiful and it is good. You feel at home in all these pictures, and you know their meaning. The unrest and the neurotic insecurity of the present day make us inclined to enjoy the simple and affirmative outlook of Grandma Moses."

"The death of Grandma Moses removed a beloved figure from American life. The directness and vividness of her paintings restored a primitive freshness to our perception of the American scene. Both her work and her life helped our nation renew its pioneer heritage and recall its roots in the countryside and on the frontier. All Americans mourn her loss."

"I have written my life in small sketches, a little today, a little yesterday, as I have thought of it, as I remember all the things from childhood on through the years, good ones, and unpleasant ones, that is how they come out and that is how we have to take them. I look back on my life like a good day's work, it was done and I am satisfied with it. I was happy and contented, I knew nothing better and made the best out of what life offered. And life is what we make it, always has been, always will be."

"If I hadn't started painting, I would have raised chickens."

"A primitive artist is an amateur whose work sells."

"I paint from the top down. From the sky, then the mountains, then the hills, then the houses, then the cattle, and then the people."

"Painting's not important. The important thing is keeping busy."

"I'll get an inspiration and start painting; then I'll forget everything, everything except how things used to be and how to paint it so people will know how we used to live."

"I look out the window sometimes to seek the color of the shadows and the different greens in the trees, but when I get ready to paint I just close my eyes and imagine a scene."

"The great contribution of President Ford was that he managed to strike a balance between the American temptation toward perfectionism and the absolute, and the temptation to abandon everything because one cannot have the perfect and the absolute. He brought about an approach that I believe is essential to the conduct of a continuing foreign policy that works toward the maximum one can achieve but does not go beyond what the American people can sustain or what the international community can comprehend."

"If you mean by "military victory" an Iraqi government that can be established and whose writ runs across the whole country, that gets the civil war under control and sectarian violence under control in a time period that the political processes of the democracies will support, I don't believe that is possible."

"If Tehran insists on combining the Persian imperial tradition with contemporary Islamic fervor, then a collision with America — and, indeed, with its negotiating partners of the Six — is unavoidable. Iran simply cannot be permitted to fulfill a dream of imperial rule in a region of such importance to the rest of the world."