8+ Best Economy Quotes in English
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Derivatives are financial weapons of mass destruction.- Warren Buffett -
A derivative is a financial contract whose value is tied to an underlying asset. Common derivatives include futures contracts and options. Derivatives can be used to hedge price risk as well as for speculative trading to make profits. The issues with derivatives arise when investors hold too many, are overleveraged, and are not able to meet margin calls if the value of the derivative moves against them.
The production of too many useful things results in too many useless people.
Marx argues, “The production of too many useful things results in too many useless people.” This suggests that there is a great problem with the society that we live in: Production and the division of labor yield detrimental consequences to the contemporary world. There is a staggering need for the skilled, no doubt, as we are an immense world with an immense number of job opportunities, but because of this technological advancement, so-called ‘useless people’ are created.
Nothing can have value without being an object of utility.
Value is a property of commodities sold in the market, the socially embodies labor time required to produce them. Marx means that capitalists cannot sell anything in the market if it’s not good for something to someone. That’s what it is to be an object of utility.
The rich will do anything for the poor but get off their backs.
This is a famous quote by Karl Marx, who was a socialist. He wanted to have social equality among the masses instead of a few businessmen running the economy. By this quote, he means that the rich can do anything for the poor, but will still exploit them. Getting off the back signifies that the rich would still be rich and poor. Like rich will always be above them.
The history of all previous societies has been the history of class struggles.
Marx, one of the principal architects of modern social science, believed that history was made of upstages driven by class conflict. Famously, Marx wrote in The Communist Manifesto, “The history of all hitherto existing society is the history of class struggles. ” Class struggle pushed society from one stage to the next, in a dialectical process. In each stage, an ownership class controls the means of production while a lower class provides labor for production. The two classes come into conflict and that conflict leads to social change.
Banana republics are run on cronyism.- Ratan Tata -
A banana republic is a politically unstable country with an economy dependent entirely on revenue from exporting a single product or resource, such as bananas or minerals. The country is operated as a private commercial enterprise for the exclusive profit of the ruling class. Such exploitation is enabled by collusion between the state and favored economic monopolies.
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labor as to be themselves tolerably well fed, clothed, and lodged.
Wherever there is great property, there is great inequality.
Wherever there is great property there is great inequality. For one very rich man, there must be at least five hundred poor, and the affluence of the few supposes the indigence of the many. The affluence of the rich excites the indignation of the poor, who are often both driven by want, and prompted by envy, to invade his possessions.