A Quote by Joseph A. Schumpeter
It is quite possible that future generations will look upon arguments about the inferiority of the socialist plan as we look upon Adam Smith's argument about joint stock companies which, also, were simply false.
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Let's take Adam Smith, the patron-saint of capitalism, what did he think? He thought the main human instinct was sympathy. In fact, take a look at the word "invisible hand." Which, of course, you learned about, or you think you've learned about. Take a look at the actual way in which he used the phrase. There is almost no relation to what is claimed.
If you look at what's happened to the stock market, if you look at what's happened to housing values, if you look at what's happened to bank loan portfolios because the value of their other assets that they've already issued loans against were going down, there was a pretty good argument for trying to pass something at about this level of investment with the divisions as they were - unemployment, food stamps, and tax cuts, aid to education and healthcare, and job creation.
But if you look at WorldCom, which is the biggest failure to date, they grew dramatically, they were buying companies that were bigger than they were and they were doing it off inflated stock.
The aggregate capital appears as the capital stock of all individual capitalists combined. This joint stock company has in common with many other stock companies that everyone knows what he puts in, but not what he will get out of it.
Ultimately, the current argument is "not having net neutrality will hurt innovation," and you can make that argument, but I would rather make the public good argument, which is not just about innovation or nurturing new companies that will add to the nation's GDP, it's actually about creating a democratic public sphere.
I will say it loud and clear: at Manchester City, it is all about what you choose to look at. If you look at the money spent on players, you will only ever see that side of City. If you look at the bigger plan, which is investment in the community, facilities, and youth teams, you realise there is heart and soul in this club.
A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.
We have never owned, as a country, the damage done not only to people who were enslaved but to future generations in which they were treated. I think that has damaged the future of many African-American people. Some have risen above it quite nobly, but it has impacted generations, and we have to be able to own that as part of the past.
I have argued about the future of fiction with jaded novelists, far-seeing postmodernists, technologists, television critics. The argument that future generations will not know the pleasures of the novel has been a staple of book reviewing since at least 1960.
It may be something that future generations are more open to, but I am pretty confident that for the foreseeable future, using the argument of nondiscrimination, and "Let's get it right for the kids who are here right now," and giving them the best chance possible, is going to be a more persuasive argument.
Future generations of economists will look at the trickle-down theory in much the same way we now look at witch burning, slavery, and the Sinclair C5.
Unfortunately our stock is somehow not well understood by the markets. The market compares us with generic companies. We need to look at Biocon as a bellwether stock. A stock that is differentiated, a stock that is focused on R&D, and a very-very strong balance sheet with huge value drivers at the end of it.
Unfortunately, our stock is somehow not well understood by the markets. The market compares us with generic companies. We need to look at Biocon as a bellwether stock. A stock that is differentiated, a stock that is focused on R&D, and a very, very strong balance sheet with huge value drivers at the end of it.
I can imagine no man who will look with more horror on the End than a conscientious revolutionary who has, in a sense sincerely, been justifying cruelties and injustices inflicted on millions of his contemporaries by the benefits which he hopes to confer on future generations: generations who, as one terrible moment now reveals to him, were never going to exist. Then he will see the massacres, the faked trials, the deportations, to be all ineffaceably real, an essential part, his part, in the drama that has just ended: while the future Utopia had never been anything but a fantasy.
Well, the beginning is actually quite easy, because I can still be quite free about the way I handle things - colours, shapes. And so a picture emerges that may look quite good for a while, so airy and colourful and new. But that will only last for a day at most, at which point it starts to look cheap and fake. And then the real work begins - changing, eradicating, starting again, and so on, until it's done.
Socialist economy cannot reject the huge advantages of the world division of labor: on the contrary, it will carry it to the highest development. But in practise, it is not a question of the future socialist society, with an established internal equilibrium, but of the given technically and culturally backward country which in the interests of industrialisation and collectivization is forced to export as much as possible in order to import as much as possible.
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