Posts in Economics
Words Worth Noting - September 15, 2022

“there is little reason to believe that this socialism [that he saw coming in Britain and the U.S.] will mean the advent of the civilization of which orthodox socialists dream. It is much more likely to present fascist features. That would be a strange answer to Marx’s prayer. But history sometimes indulges in jokes of questionable taste.”

Joseph Schumpeter Capitalism, Socialism and Democracy

Words Worth Noting - September 14, 2022

“Job explosion stuns analysts/ The economy’s job-generating power – more than 100,000 new jobs last month – has stunned analysts, and even though they agree it can’t last, they cheered the unexpected surge in employment.”

Headline and first sentence in news story in Ottawa Citizen Dec. 5, 1998

Words Worth Noting - August 31, 2022

“Economics, for instance, is a collection of occasionally useful truisms. As prophets of the future, economists are about equal to witch doctors.”

Val Sears in Ottawa Sun November 3, 1999 [I do not agree, at least about sound economists, but sometimes I quote something because I consider it an instructive error, including for being widely but wrongly believed]