A Quote by John Bates Clark
The decree of a coercive tribunal would not need to conform to the true standard of wages, the final productivity of social labor. It would introduce into distribution a genuinely arbitrary element, with a very large ultimate power to pervert the natural system.
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In the old 20th-century income distribution system, the shares of income going to capital, mainly in profits, and labor, in wages and non-wage benefits, were roughly stable. But that system is no more.
At the beginning of this marvelous era it was natural to expect, and it was expected, that laborsaving inventions would lighten the toil and improve the condition of the laborer; that the enormous increase in the power of producing wealth would make real poverty a thing of the past... From Progress and Poverty, To those who, seeing the vice and misery that spring from the unequal distribution of wealth and privilege, feel the possibility of a higher social state and would strive for its attainment.
If each year slightly less capital is invested in industry, the time will eventually come when the amount of equipment per laborer and, in consequence, the productivity and the wages of labor are less than they otherwise would be.
A fundamental element of human nature is the need for creative work, for creative inquiry, for free creation without the arbitrary limiting effects of coercive institutions. A decent society should maximize the possibilities for this fundamental human characteristic to be realized.
Talk to people no one else is talking to. Who would have thought that giving a speech at a funeral at age 12 would introduce me to a man who would introduce me to my first business contact who would introduce me to several other important people in my life. That's luck. That's randomness.
Nothing disturbs me more than the downward trend of productivity in our nation today. The consequences of a decrease in productivity are a diminished standard of living, higher labor costs, less competitive prices, and more inflation.
Higher productivity enables companies to increase sales without adding workers. Even if job markets tighten and wages rise, corporate profits can continue to climb as long as worker productivity is growing faster than overall wages.
Many, I fear, would like glory, who have no wish for grace. They would [want to] have the wages, but not the work; the harvest, but not the labor; the reaping, but not the sowing; the reward, but not the battle. But it may not be.
The various Social Security privatization schemes, full and partial, would cost both the 'social' - that is the public, cooperative, societal - element of the program and 'security' - the rock-solid income guarantee afforded by the system. It should be rejected.
It is very different to make a practical system and to introduce it. A few experiments in the laboratory would prove the practicability of system long before it could be brought into general use. You can take a pipe and put a little coal in it, close it up, heat it and light the gas that comes out of the stem, but that is not introducing gas lighting. I'll bet that if it were discovered to-morrow in New York that gas could be made out of coal it would be at least five years before the system would be in general use.
Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.
I yearn for the darkness. I pray for death. Real death. If I thought that in death I would meet the people I've known in life I don't know what I'd do. That would be the ultimate horror. The ultimate despair. If I had to meet my mother again and start all of that all over, only this time without the prospect of death to look forward to? Well. That would be the final nightmare. Kafka on wheels.
We are the necessary element since we expend nothing. Management can create its own capital -- the profits. Its business would grow and profits increase. Labor would prosper as well, while the price of the product would remain constant, the prosperity of industry, labor and management would continually increase. We Jews glory in the fact that the stupid goy have never realized that we are the parasites consuming an increasing portion of production while the producers are continually receiving less and less.
If there is no absolute moral standard, then one cannot say in a final sense that anything is right or wrong. By absolute we mean that which always applies, that which provides a final or ultimate standard. There must be an absolute if there are to be morals, and there must be an absolute if there are to be real values. If there is no absolute beyond man's ideas, then there is no final appeal to judge between individuals and groups whose moral judgments conflict. We are merely left with conflicting opinions.
The next stage of development, perhaps in the distant future, will be a social order under which there will be no need for the coercive power of the state.
During my three years as chief economist of the World Bank, labor market issues were looked at through the lens of neoclassical economics. A standard message was to increase labor market flexibility. The not-so-subtle subtext was to lower wages and lay off unneeded workers.
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