A Quote by Charlie Munger

I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.

Charlie Munger

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About Academic Appraise Based Common Conditions Creating Current Economics Economists Effect Effects Extreme Happened Involve Japan Last Mathematical Most Nearly Never Obviously Out Over PhD Physics Power Puzzles Recession Reverse Roughly Shaken Should Stock Strong Ten Ten Years Theories Up Wealth Well Worked Worries Years

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Charlie Munger
American - Businessman
Born: January 1, 1924

Japan became an imperialist country in many ways, but that was much later, after it had already made big progress. I don?t think Japan?s wealth was based on exploiting China. Japan?s wealth was based on its expansion in international trade.

Amartya Sen

I love creating things, and as an entrepreneur, I've taken on quite a lot of major corporations and done well. Capitalism is the only system that works, but it has its flaws; for one, it brings great wealth to only a few people. That wealth obviously brings extreme responsibility.

Richard Branson

Suddenly absurdism wasn’t an intellectual abstraction, it was actually realism. You could see the way that wealth was begetting wealth, wealth was begetting comfort — and that the cumulative effect of an absence of wealth was the erosion of grace.

George Saunders

For a successful entrepreneur it can mean extreme wealth. But with extreme wealth comes extreme responsibility. And the responsibility for me is to invest in creating new businesses, create jobs, employ people, and to put money aside to tackle issues where we can make a difference.

Richard Branson

If you don't put a value on money and seek wealth, you most probably won't receive it. You must seek wealth for it to seek you. If no burning desire for wealth arises within you, wealth will not arise around you. Having definiteness of purpose for acquiring wealth is essential for its acquisition.

John Frederick Demartini

If exclusive privileges were not granted, and if the financial system would not tend to concentrate wealth, there would be few great fortunes and no quick wealth. When the means of growing rich is divided between a greater number of citizens, wealth will also be more evenly distributed; extreme poverty and extreme wealth would be also rare.

Denis Diderot

Today, we live in a world of incredible wealth and technology, alongside the most horrendous conditions of poverty, war and environmental crisis. This is result of capitalism, a system based on prioritizing profits not human need where the wealth is concentrated in the hands of a capitalist elite.

Kshama Sawant

I think, with Obama and the progressives, you've seen a massive expansion of big government, and it's all based on a moral premise. The moral premise is that wealth is theft. And I don't just mean the wealth of America, I mean, your wealth, my wealth.

Dinesh D'Souza

As long as we see America and her wealth as something that we want, we will never leave Pharaoh. As God's hand touched the wealth of Pharaoh, it is now touching the wealth of America. As the Black man and woman become more awakened to the wicked machinations of government, the aim is the same today: We should never be free of their influence and power.

Louis Farrakhan

In the last recession, 99 percent of us have lost wealth, but did you know that the top 1 percent increased their wealth five times? It tells you they create recessions so they get wealthier.

Jesse Ventura

Even if the wealth and power be well distributed throughout a community, its members will not be happy unless they are inwardly so, and obviously where the distribution is bad, where the few have a vast superfluity and the many are consumed by anxiety or want, or where a few controllers can exercise their will over the many, society has failed, even though its total wealth and power be increased.

Hilaire Belloc

One of the profound effects of economics in our day is that the people with the money and the power have embraced the guilt-free, external-less, everything-will-turn-out-okay-in-the-end philosophy of economics in order to justify their own evil works. And the economists, for the most part, have sucked up to that money.

Jane Smiley

If wealth is accumulated in the hands of a few, either by a feudal or a stock monopoly, it carries the power also; and a government becomes as certainly aristocratical, by a monopoly of wealth, as by a monopoly of arms. A minority, obtaining a majority of wealth or arms in any mode, becomes the government.

John Taylor

Bare-faced covetousness was the moving spirit of civilization from its first dawn to the present day; wealth, and again wealth, and for the third time wealth; wealth, not of society, but of the puny individual, was its only and final aim.

Friedrich Engels

The amassing of unfettered wealth of individuals and corporations should stop. The inheritance of rich people's wealth by their children should stop. The expropriators should have their wealth expropriated and redistributed.

Arundhati Roy

The environmental crisis is somber evidence of an insidious fraud hidden in the vaunted productivity and wealth of modern, technology-based society. This wealth has been gained by rapid short-term exploitation of the environmental system, but it has blindly accumulated a debt to nature-a debt so large and so pervasive that in the next generation it may, if unpaid, wipe out most of the wealth it has gained us.

Barry Commoner

A Quote by Charlie Munger

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