people-from-trenton

"It is one thing to commit crimes against property, and a vastly different thing to commit crimes in behalf of property. Such is the edict of a system inspired by the sway of property."

"I have no doubt that many of you here are fathers and mothers, and have boys and girls in Missionary schools even now. Frankly, do you not think that it is your duty to have them educated as Hindus? For the sake of Government jobs. Are you prepared to sacrifice the interest of your own blood, your own ancestral cultural inheritance, and your own religion? If your boys become doctors, or lawyers and cease to be Hindus, what is the benefit? Is that the ideal transmitted to you by the great Rishis?"

"My friends, the Missionaries have already corrupted and denationalised a large proportion of the boys and girls of the Kendyan chiefs. I could give you names of boys and girls who are at this moment ashamed of their own Singhalese parents; and these boys and girls were educated in Missionary school. And so, from this point of view, the Missionaries have done much positive harm to Ceylon. Let us now sum up- (1) The Missionaries have taught false doctrines. (2) They have misrepresented Christianity. (3) They have divorced you from your ancestral culture. (4) The have made you worldly. (5) They have made your boys and girls ashamed of their own parents."

"Fundamentally, the camera is nothing more than a light-tight box, having an arrangement for holding a light-sensitive substance (plate or film) and a device (lens or pinhole) for projecting on this sensitive substance an image of objects external to the camera."

"...both company managements and stockholders might well consider a lesson King Lear learned -that when the role of dissenter is left to the Fool, there may be trouble ahead for everybody."

"In the law of torts there is the maxim: Every dog has one free bite."

"I find that companies are inclined to be at their most interesting when they are undergoing a little misfortune, and therefore I chose the fall of 1966 as the time to have a look at Xerox."

"On Thursday, March 14th, panic was added to chaos. London gold dealers, in describing the day´s action, used the un-British words "stampede", "catastrophe", and "nightmare"."

"Basel has several first-rate restaurants, and it may be that in the view of the central-bank delegates this advantage outweighs the travel inconvenience, for central banking -or at least European central banking- has a firmly established association with good living."

"A man´s study reflects himself as he wishes to be seen publicly, but his journal, if he is honest, reflects something else."

"I found that business life is full of creative original minds -along with the usual number of second-guessers, of course."

"The Internal Revenue Code of 1954, a document longer than "War and Peace", is phrased -inevitably, perhaps- in the sort of jargon that stuns the mind and disheartens the spirit."

"...Complains that his son has a low opinion of business; attributes this to ´reverse snobbery´"

"(A newspaper columnist who disagreed with the judge´s finding was to remark that the guesses had been so educated as to qualify for summa cum laude.)"

"We have not put our trust in Kings; let us not put it in natural resources, but grasp the truth that exhaustless wealth lies in the latent and as yet undeveloped capacities of individuals, of corporations, of States."

"Staff standards are not theological abstractions, but scientific approximations, and are evolved for the use of the line, the sole justification of the standards being that they will make line work more efficient. Staff standards being for the benefit of the line and often entrusted to line officials, must be put in the form of permanent instructions so that all may understand what is being aimed at, and deviations by the line be noted and reprimanded."

"The estimate that at least $1,000,000 a day could be saved by the pursuit of methods of scientific management was first made by Mr. Harrington Emerson. It is submitted that, with aggregate operating expenses by the railroads in 1908 of $1,669,938,717, of which $1,035,437,528 was for labor, this estimate appears moderate."

"With the triumph of scientific management, unions would have nothing left to do, and they would have been cleansed of their most evil feature: the restriction of output. To underscore this idea, Taylor fashioned the myth that 'there has never been a strike of men working under scientific management', trying to give it credibility by constant repetition. In similar fashion he incessantly linked his proposals to shorter hours of work, without bothering to produce evidence of "Taylorized" firms that reduced working hours, and he revised his famous tale of Schmidt carrying pig iron at Bethlehem Steel at least three times, obscuring some aspects of his study and stressing others, so that each successive version made Schmidt's exertions more impressive, more voluntary and more rewarding to him than the last. Unlike Harrington Emerson, Taylor was not a charlatan, but his ideological message required the suppression of all evidence of worker's dissent, of coercion, or of any human motives or aspirations other than those his vision of progress could encompass."

"In selecting human assistants such superficialities as education, as physical strength, even antecedent morality, are not as important as the inner attitudes, proclivities, character, which after all determine the man or woman."

"By the time of Frederick Winslow Taylor's death, the gospel of industrial efficiency preached by American scientific managers was commonplace on both sides of the Atlantic. In the following years of world war, reconstruction, and adjustment, scientific management attracted a new generation of advocates and practitioners, many of whom would have perplexed and shocked Taylor and his immediate circle. Of the entrepreneurs of scientific management who succeeded Frank Gilbreth, Harrington Emerson, Richard Feiss, and other pioneers, none was more successful than (1886-1944). Unlike Tay­lor and his colleagues, Bedaux was and still is a mysterious figure. Secretive to a fault, he avoided professional contacts, refused to write for popular or technical journals, and spurned publicity. Yet he was a master salesman whose operations were global in scope and impact. Only in recent years, with the discovery of the papers of the British Bedaux Company, is it possible to gauge the impact of Bedaux and his extraordinary career."

"The type for the great newspaper is set up by linotype operators. Apprenticeship is rigorously limited. Some operators can never get beyond the 2500-em class, others with no more personal effort can set 5000 ems. Do the employers test out applicants for apprenticeship so as to be sure to secure boys who will develop into the 5000-em class? They do not: they select applicants for any near reason except the fundamental important one of innate fitness."

"The competent specialist who has supplemented natural gifts and good judgment by analysis and synthesis can perceive attitudes and proclivities even in the very young, much more readily in those semi-matured, and can with almost infallible certainty point out, not only what work can be undertaken with fair hope of success, but also what slight modification or addition and diminution will more than double the personal power."

"Twelve Principles of Efficiency"

"The schedule is a moral contract or agreement with the men as to a particular machine operation, rate of wages and time. Any change in men [etc.] calls for a new schedule."

"The individual effort method of increasing the reward of the wage-earner includes all that is best in other methods, and attempts to exclude all that is objectionable. Its good points are summed up as follows:"

"It is psychology, not soil or climate, that enables a man to raise five times as many potatoes per acre as the average in his own state."

"Microeconomics and macroeconomics are closely intertwined. Because changes in the overall economy arise from the decisions of millions of individuals, it is impossible to understand macroeconomic developments without considering the associated microeconomic decisions."

"A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Markets take many forms. Some markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales. More often, markets are less organized."

"Countries as well as families benefit from the ability to trade with one another. Trade allows countries to specialize in what they do best and to enjoy a greater variety of goods and services. The Japanese, as well as the French and the Egyptians and the Brazilians, are as much our partners in the world economy as they are our competitors."

"Economics is a young science, and there is still much to be learned. Economists sometimes disagree because they have different hunches about the validity of alternative theories or about the size of important parameters that measure how economic variables are related."

"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."

"To find a substitute for laboratory experiments, economists pay close attention to the natural experiments offered by history."

"Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources efficiently. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting market failures. As you continue your study of economics, you will see that the tools of welfare economics developed here are readily adapted to that endeavor. Despite the possibility of market failure, the invisible hand of the marketplace is extraordinarily important."

"A few years ago, I had the good fortune of running across a first edition of Paul's textbook (not the recent reprint of the original text, but an actual 1948 edition). It was a real find. I bought the volume in an online auction for, if my recollection is correct, $35. Talk about consumer surplus! I would have gladly paid many times that. At the next Boston Fed meeting, I took the book along to get Paul to sign it. Below is the book's title page, along with Paul's gracious inscription."

"Which brings us to a third group of macroeconomists: those who fall into neither the pro- nor the anti-Keynes camp. I count myself among the ambivalent. We credit both sides with making legitimate points, yet we watch with incredulity as the combatants take their enthusiasm or detestation too far. Keynes was a creative thinker and keen observer of economic events, but he left us with more hard questions than compelling answers."

"After more than a quarter-century as a professional economist, I have a confession to make: There is a lot I don’t know about the economy. Indeed, the area of economics where I have devoted most of my energy and attention — the ups and downs of the business cycle — is where I find myself most often confronting important questions without obvious answers."

"Although Keynes’s General Theory provides the foundation for much of our current understanding of economic fluctuations, it is important to remember that classical economics provides the right answers to many fundamental questions."

"If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront."

"The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households and firms in the economy. The two loops of the circular-flow diagram are distinct but related. The inner loop represents the flows of inputs and outputs. The households sell the use of their labor, land, and capital to the firms in the markets for the factors of production. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods..."

"Colander: What’s your view of the New Keynesian approach? Tobin: I’m not sure what that means. If it means people like Greg Mankiw, I don’t regard them as Keynesians. I don’t think they have involuntary unemployment or absence of market clearing. It is a misnomer to call Mankiw any form of Keynesian. Colander: How about real-business-cycle theorists? Tobin: Well, that’s just the enemy."

"Today, Keynesian theorizing does not inspire whispers and giggles from the audience. There are many economists under the age of forty who do not take offense when their work is called ‘Keynesian’, and I count myself as one of them. If Keynesian economics was dead in 1980, then today it has been reincarnated."

"It is too early to say there is a consensus about how all these topics fit together. Yet one can say that the new classical challenge has been met: Keynesian economics has been reincarnated into a body with firm microeconomic muscle."

"Despite its flaws, Peddling Prosperity has much to recommend it. There is no book written for a lay audience that explains the economics profession with more perception or clarity than this one."

"In the most general sense, organizational psychology is the scientific study of individual and group behavior in formal organizational settings. Katz and Kahn, in their classic work, The Social Psychology of Organizations (1978), stated that the essence of an organization is “patterned” human behavior. When behavior is patterned, some structure is imposed on individuals. This structure typically comes in the form of roles (normative standards governing behavior) as well as a guiding set of values. An organization cannot exist when people just “do their own thing” without any awareness of the behavior of others."

"The open system approach to organizations is contrasted with common-sense approaches, which tend to accept popular names and stereotypes as basic organizational properties and to identify the purpose of an organization in terms of the goals of its founders and leaders. The open system approach, on the other hand, begins by identifying and mapping the repeated cycles of input, transformation, output, and renewed input which comprise the organizational pattern. This approach to organizations represents the adaptation of work in biology and in the physical sciences by von Bertalanffy and others."

"The homeostatic principle does not apply literally to the functioning of all complex living systems, in that in counteracting entropy they move toward growth and expansion."

"Traditional organizational theories have tended to view the human organization as a closed system. This tendency has led to a disregard of differing organizational environments and the nature of organizational dependency on environment. It has led also to an over-concentration on principles of internal organizational functioning, with consequent failure to develop and understand the processes of feedback which are essential to survival."

"The aims of social science with respect to human organizations are like those of any other science with respect to the events and phenomena of its domain. Social scientists wish to understand human organizations, to describe what is essential in their form, aspects, and functions."

"Social organizations are flagrantly open systems in that the input of energies and the conversion of output into further energy input consists of transactions between the organization and its environment."

"System theory is basically concerned with problems of relationships, of structure, and of interdependence rather than with the constant attributes of objects. In general approach it resembles field theory except that its dynamics deal with temporal as well as spatial patterns. Older formulations of system constructs dealt with the closed systems of the physical sciences, in which relatively self-contained structures could be treated successfully as if they were independent of external forces. But living systems, whether biological organisms or social organizations, are acutely dependent on their external environment and so must be conceived of as open systems"