Academics From The United States

"Marx did do original work in analyzing patterns of circular inter-dependency among industries. Such work gains few converts and is not very helpful in promoting revolution or counterreactions. But like all pioneering effort it deserves the commendation of later craftmen, and it deserves further development. There is half-truth in Schumpeter's adaption of Clemenceau: "Marxian economics is too hard to be left to the Marxians." Only half, because the present paper is seen to involve little worse than school algebra and to be well within the frontier of modern economic theory."

"Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference."

"Dynamic process analysis also liberates economists from the necessity of having separate theories of the “turning-points” in addition to theories of cumulative upward and downward swings. Even a simple theory of inventory cycles, or acceleration-multipliers, can explain all four phases of an idealized cycle. At its best, dynamic analysis can enrich our understanding of possibilities without leading to credulity in new, over-narrow, monistic dogmas concerning the cyclical process."

"Needless to say, the partial equilibrium assumptions involved in the domestic demand schedules and the neglect of aggregative relations constitute a serious defect of such a model except as a rough first approximation to the answers in especially favorable cases. Good economic theory will recognize these limitations rather than be predisposed to neglect them."

"I think the acceptance of "mathematical expectation of utility" or its "arithmetic mean" was an unthinking carryover from the mathematical theory of the law of large numbers as applied to asymptotic processes."

"Figure 12-6 pulls together in a simplified way the main elements of income determination. Without saving and investment, there would be a circular flow of income between business and the public: above, business pays out wages, interest, rents, and profits to the public in return for the services of labor and property; and below, the public pays consumption dollars to business in return for goods and services. Realistically, we must recognize that the public will wish to save some of its income, as shown at the spigot Z. Hence, businesses cannot expect their consumption sales to be as large as the total of wages, interest, rents, and profits."

"In the preface to the reissue of Risk, Uncertainty and Profit, Frank Knight makes the penetrating observation that under the conditions envisaged above the velocity of circulation would become infinite and so would the price level. This is perhaps an over-dramatic way of saying that nobody would hold money, and it would become a free good to go into the category of shell and other things which once served as money. We should expect too that it would not only pass out of circulation, but it would cease to be used as a conventional numeraire in terms of which prices are expressed. Interest bearing money would emerge. Of course, the above does not happen in real life, precisely because uncertainty, contingency needs, non-synchronization of revenues and outlay, transaction frictions, etc., etc., all are with us. But the abstract special case analyzed above should warn us against the facile assumption that the average levels of the structure of interest rates are determined solely or primarily by these differential factors. At times they are primary, and at other times, such as the twenties in this country, they may not be. As a generalization I should hazard the hypothesis that they are likely to be of great importance in an economy in which there is a “quasi-zero" rate of interest. I think by this hypothesis one can explain many of the anomalies of the United States money market in the thirties."

"The general method involved may be very simply stated. In cases where the equilibrium values of our variables can be regarded as the solutions of an extremum (maximum or minimum) problem, it is often possible regardless of the number of variables involved to determine unambiguously the qualitative behavior of our solution values in respect to changes of parameters."

"The existence of analogies between central features of various theories implies the existence of a general theory which underlies the particular theories and unifies them with respect to those central features. This fundamental principle of generalization by abstraction was enunicated by the eminent American mathematician E. H. Moore more than thirty years ago. It is the purpose of the pages that follow to work out its implication for theoretical and applied economics."

"I was lucky to enter economics in 1932. Analytical economics was poised for its take-off. I faced a lovely vacuum that young economists today can hardly imagine. So much remained to be done. Everything was still in an imperfect state. It was like fishing in a virgin lake: a whopper at every cast, but so many lovely new specimens that the palate never cloyed."

"Just as Hegel is said to have understood his philosophy for the first time when he read its French translation, Vilfredo Pareto could have learned what it was he meant exactly to say when he read Bergson's 1938 classic."

"Love means never having to say you're sorry."

"It takes someone very special to help you forget someone very special."

"They glanced at one another like tigers taking measure of a menacing new rival. But in this kind of jungle you could never be sure where the real danger lurked."

"Those who think Roman slavery was such a benign institution have not explained why fugitive slaves were a constant problem. Owners did not lightly countenance the loss of valuable property. They regularly used chains, metal collars, and other restraining devices. Slaves who fled were hunted down and returned to irate masters who were keen to inflict a severe retribution."

"It is never explained why God could not have freely granted us redemption and salvation, assuming we were deemed worthy of it, without contriving to have some of us brutalize and murder his son."

"They who struggled against formidable odds with the fear and courage of ordinary humans, whose names we shall never know, whose blood and tears we shall never see, whose cries of pain and hope we shall never hear, to them we are linked by a past that is never dead nor ever really past. And so, when the best pages of history are finally written, it will be not by princes, presidents, prime ministers, or pundits, nor even by professors, but by the people themselves. For all their faults and shortcomings, the people are all we have. Indeed, we ourselves are the people."

"History has many enemies, including some who profess to serve its cause. The struggle to define the past is part of the struggle to control society itself."

"Imperialism has created what I call “maldevelopment”: modern office buildings and luxury hotels in the capital city instead of housing for the poor, cosmetic surgery clinics for the affluent instead of hospitals for workers, highways that go from the mines and latifundios to the refineries and ports instead of roads in the back country for those who might hope to see a doctor or a teacher."

"Superior firepower, not superior culture, has brought the Europeans and Euro-North Americans to positions of global supremacy."

"The secret to wealth usually is not to work hard, but to have others work hard for you."

"Democracy is something more than a set of political procedures. To be worthy of its name, democracy should produce outcomes that advance the well-being of the people."

"It is somewhat ironic to credit capitalism with the genius of gradual reform when most reforms through history have been vehemently and sometimes violently resisted by the capitalist class and were won only after prolonged and bitter contest."

"The conceptual distinction between state and government allows us to understand why taking office in government seldom guarantees full access to the instruments of state power."

"In short, it is possible to demonstrate that (a) many people support positions or political forces that violate their own professed interests, and (b) many people profess interests that violate their actual well-being."

"Something has got to be done about the internal combustion engine before it does something irreversible to us—assuming it already has not. It is not a rational and survivable form of technology. Its social, ecological, and human costs are far greater than any benefit it brings."

"Facing a campus that is not nearly as reactionary as they would wish, ultra-conservatives rail about how academia is permeated with doctrinaire, “politically correct” leftists. This is not surprising, since they describe as “leftist” anyone to the left of themselves, including mainstream centrists. Their diatribes usually are little more than attacks upon socio-political views they find intolerable and want eradicated from college curricula. Through all this, one seldom actually hears from the “politically correct” people who supposedly dominate the universe of discourse."

"Devoid of the supportive background assumptions of the dominant belief system, the deviant view sounds too improbable and too controversial to be treated as reliable information."

"People who never complain of the orthodoxy of their mainstream political education are the first to complain about the dogmatic “political correctness” of any challenge to it. Far from seeking a diversity of views, they defend themselves from exposure to such diversity, preferring to leave their unexamined background assumptions and conventional political opinions unruffled."

"Our readiness to accept something as true, or reject it as false, rests less on its argument and evidence and more on how it aligns with the preconceived notions embedded in the dominant culture, assumptions we have internalized due to repeated exposure."

"The efficacy of a label is that it propagates an evocative but undefined image lacking a specific content that can be held up to the test of evidence."

"Some critics complain that the press is sensationalistic and intrusive. In fact, the media’s basic modus operandi is evasive rather than invasive. More common than the sensationalistic hype is the artful avoidance."

"The struggle against plutocracy and the striving for peace and democracy are forever reborn."

"Throughout history, in the name of “liberty,” owning classes have opposed political leaders who have sought a more equitable distribution and use of wealth. And in the name of “stability” and “public safety,” they have repeatedly surrendered some of their own power to autocratic leaders dedicated to preserving the privileged socioeconomic order."

"While unsparingly praised by generations of classicists for his principled ways, Cicero was often an unprincipled opportunist and dissembler. In 50 BC, for example, with Caesar's fame and power ascendant, he persuaded the senate to decree a thanksgiving service in Caesar's honor, and himself delivered a hypocritical panegyric - which he privately recanted shortly thereafter in a letter to Atticus: “I was not exactly proud of my palinode. But goodnight to principle, sincerity and honor!”"

"Throughout the ages, in keeping with their ideological proclivities, gentlemen historians have tended to dismiss the populares of the Roman Republic as self aggrandizing demagogues who affronted constitutional principles by encroaching upon the Senate's domain."

"Like most other people, Gibbon tended to perceive reality in accordance with the position he occupied in the social structure. As a gentleman scholar, he produced what elsewhere I have called "gentlemen's history," a genre heavily indebted to an upper class ideological perspective. In 1773, we find him beginning a work on his magus opus, A History of the Decline and Fall of the Roman Empire, while settled in a comfortable town house tended by half-a-dozen servants. Being immersed in what he called the "decent luxuries," and saturated with his own upper-class prepossession, Edward Gibbon was able to look kindly upon ancient Rome's violently acquisitive aristocracy. He might have produced a much different history had he been a self-educated cobbler, sitting in a cold shed, writing into the wee hours after a long day of unrewarding toil. No accident that the impoverished laborer, even if literate, seldom had the agency, agency to produce scholarly tomes."

"An imperialism without imperialists, a design of conquest devoid of human agency or forethought, such a notion applies neither to Rome nor to any other empire in history."

"The writing of history has long been a privileged calling undertaken within the church, royal court, landed estate, affluent town house, government agency, university, and corporate-funded foundation."

"Here is a story of latifundia and death squads, masters and slaves, patriarchs and subordinated women, self-enriching capitalists and plundered provinces, profiteering slumlords and urban rioters. Here is a struggle between the plutocratic few and the indigent many, the privileged versus the proletariat, featuring corrupt politicians, money-driven elections, and the political assassination of popular leaders. I leave it to the reader to decide whether any of this might resonate with the temper of our own times."

"They have yet to consider that republicanism might largely be a cloak for oligarchic privilege—as it often is to this day—worn grudgingly by the elites as long as it proved serviceable to their interests."

"Caesar’s sin, I shall argue, was not that he was subverting the Roman constitution—which was an unwritten one—but that he was loosening the oligarchy’s overbearing grip on it. Worse still, he used state power to effect some limited benefits for small farmers, debtors, and urban proletariat, at the expense of the wealthy few."

"History has many unanswered questions, but it is no mystery as such—except for those who make it so."

"Whether a leader is acting with admirable “firmness” or “aggressive rigidity” in a situation will often depend on the political values and views of the observer."

"To conclude, history is not just what the historians say it is, but what government agencies, corporate publishing conglomerates, chain store distributors, mass media pundits, editors, reviewers, and other ideological gatekeepers want to put into circulation. Not surprisingly, the deck is stacked to favor those who deal the cards."

"In their eagerness to neutralize themselves, scholars tend to neutralize the subject matter. But history is never neutral. And relatively little of it is purely stochastic and accidental. While we need not assume there is a grand design to all that happens, we cannot rule out human agency, human intent, and political interests that are purposive in their actions. Such history does not come off as very “gentlemanly” in the patrician sense, nor very nuanced—if by “nuanced” we mean the academically trained ability to mute and dilute the brute realities of political economy and class power."

"Indeed, what really bothers those who endlessly carp about the campus tyranny of “political correctness” is not the orthodoxy of the politically correct “tyrants” but their departure from orthodoxy, their willingness to critically explore gender, ethnic, and class topics in ways that normally are treated as taboo."

"If the founders of the American Historical Association could visit a contemporary campus, they might be puzzled by the swarthy complexions among the professors, they might wonder at the strange-sounding Celtic, Latin, or Semitic names, but the flavor, the atmosphere of college life would not be unfamiliar to them."

"Throughout its history, the CIA has resorted to every conceivable crime and machination to make the world safe for the Fortune 500, using false propaganda, economic warfare, bribery, rigged elections, sabotage, demolition, theft, collusion with organized crime, narcotics trafficking, death squads, terror bombings, torture, massacres, and wars of attrition."

"Standard histories of the Cold War assume that the Soviet Union exercised a lockstep control over the docile “satellite nations,” the latter being little more than puppets within a monolithic “Soviet Bloc.” The new documents throw a different light on the relationship between Moscow and its allies. Communist leaders in Poland, Hungary, East Germany, Cuba, Afghanistan, and elsewhere “could and did act in pursuit of their own interests, sometimes goading the Kremlin into involvements it did not want.”"