A Quote by Henry David Thoreau
Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.
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If you have a sane economy, and by sane economy I mean one which is not addicted to debt, not a Ponzi economy, then the change in debt each year should contribute a minor amount to demand. Therefore, if you tried to correlate debt to the level of unemployment you would not find much of a correlation. Unfortunately that is not the economy we live in.
When Trump lied and claimed credit for 'the greatest economy in the history of our country,' even though it wasn't, and even though he inherited a strong economy, and goosed it up with trillions of dollars in debt, it didn't matter to most people.
All those who, since Adam Smith, have turned their attention to Political Economy, agree that in reality we do not buy articles of consumption with money, the circulating medium with which we pay for them. We must in the first instance have bought this money itself by the sale of our produce.
Only by transforming our own economy to one of peace can we make possible economic democracy in the Third World or our own country. The present economy generates wars to protect its profits and its short-term interests, while squandering the future. Unless we transform the economy, we cannot end war.
There's more student debt than credit card debt! Everywhere I go, I run into young people trying to build careers while they keep shelling out money on their education loans. If the economy is looking for a new generation of home-buyers, I can't imagine they'll get it from these folks.
There are all sorts of institutions in the economic world which depart from the simple price/market model which I worked on in an earlier incarnation and which has been sort of the mainstream of economic theories since Adam Smith and David Ricardo. There are all sorts of contractual relations between firms and individuals which do not conform to the simple price theory - profit-sharing schemes and so forth - and the explanation for these suddenly became clear. We now understand why these emerged and that they are based on differences in information in the economy.
Canadians no longer have any financial room. Half of Canadians are $200 away from insolvency. They are facing a slowing economy with a diminishing number of jobs, and a rising cost of living to go along with it. That is the consequence of the Trudeau, Morneau tax-and-spend agenda, which is driving our economy down.
We want an economy that grows health and wellbeing, not debt and carbon emissions. An economy that prepares and protects us from shocks to come, rather than making them worse. An economy that shares resources to meet all our needs, regardless of background. An economy that lets us live.
We're in a tightening cycle and the reason is the economy is growing, there's no expectation that the global economy and the Polish economy as a consequence could slow down dramatically.
If time, like money, could be laid by while one was not using it, there might be some excuse for the idleness of half of the world, but yet not a full one. For even this would be such an economy as the living on a principal sum, without making it purchase interest.
Student loan debt is certainly not a fitting topic for a commencement speech, but it's an issue we must confront - not only for thousands of college graduates who deserve a fair shot, but also for our economy.
Unfortunately, this will have a ripple effect in the economy. People carrying heavy student-loan debt won't buy houses, start families, or start businesses. This will hurt the future economy.
Italy is the fourth-largest economy in Europe and the eighth-largest economy in the world, and its banking system is collapsing. And Germany is desperate. It must maintain its standard of living. It can only do that with exports and Deutsche Bank is very exposed to Italian debt. But so is the rest of Europe.
We feel led to caution . . . against forming the bad habit of incurring debt and taking upon themselves obligations which frequently burden them heavier than they can bear, and lead to the loss of their homes and other possessions. We know it is the fashion of the age to use credit to the utmost limit. . . . We, therefore, repeat our counsel . . . to shun debt. Be content with moderate gains, and be not misled by illusory hopes of acquiring wealth. . . . Let our children also be taught habits of economy, and not to indulge in tastes which they cannot gratify without running into debt.
Our economy, for a long while, has been transitioning from one reliant on industrial strength to one based on digital information. The next step in this transition is a digital economy shaped by connectivity.
The bottom line for housing is that the concerns we used to hear about the possibility of a devastating collapse—one that might be big enough to cause a recession in the U.S. economy—while not fully allayed have diminished. Moreover, while the future for housing activity remains uncertain, I think there is a reasonable chance that housing is in the process of stabilizing, which would mean that it would put a considerably smaller drag on the economy going forward.
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