A Quote by Richard Thaler
How can government reduce the frequency and the severity of future catastrophes? Companies that have the potential to create significant harm must be required to pay for the costs they inflict, either before or after the fact. Economists agree on this general approach. The problem is in putting such a policy into effect.
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One of the biggest reasons for higher medical costs is that somebody else is paying those costs, whether an insurance company or the government. What is the politicians' answer? To have more costs paid by insurance companies and the government. ... [H]aving someone else pay for medical care virtually guarantees that a lot more of it will be used. Nothing would lower costs more than having each patient pay those costs. And nothing is less likely to happen.
Every company that manufactures something is causing some damage either to the soil or water or air. Most companies treat these as externalities. But the growing movement of sustainability calls for companies to internalize these costs. Once companies do this, they will have a strong incentive to reduce their carbon footprint.
Many economists and industry experts agree that the United States faces unfair competition and artificially low prices that have damaged the domestic steel industry. But they don't agree that a tariff is the right approach for addressing the problem.
Typical pay increases are not enough to motivate employees, but they are enough to irritate them. … Even when companies create seemingly significant pay differentiation between low and high performers, the actual cash increase is insufficient to sustain performance – or it drives the wrong behaviors. … Effective management is a system, not a pay plan. The mistake is that companies try to solve all their problems with pay.
Cap-and-trade is a dangerous policy fraught with the potential for significant corruption, and it would hurt my constituents and our economy by raising energy costs.
Punishments of unreasonable severity, especially where indiscriminately afflicted, have less effect in preventing crimes, and amending the manners of a people, than such as are more merciful in general, yet properly intermixed with due distinctions of severity.
The media has brainwashed the electorate to expect the government to do something. The best economic policy of any government is to do nothing but reduce the size of the government, reduce the size of the laws, and reduce the size of regulations.
The Commission agrees that the federal government should help alleviate these costs. The best way to do so is to reduce illegal immigration.... We recommend immediate reimbursement of criminal justice costs, because these conditions can now be met, but we urge further study of the costs of health care and education before impact aid is provided.
We can reduce the effect of future disruptions by reducing our dependence on oil, not putting up more rigs and drilling our special places. The fact is, we cannot drill our way to oil independence.
Economists agree about economics - and that's a science - and they disagree about economic policy because that's a value judgment... I've had profound disagreements on policy with the famous Milton Friedman. But, on economics, we agree.
We cannot put Connecticut's future on the credit card. The state has had a problem putting costs on Connecticut's credit card that it simply can't afford to pay.
I wanted to do a lot of things in wine, but I didn't know how to do it. So before I invested in anything, before I really put my dollars into it, I put my whole heart, soul, mind into it so that I really understand the severity of each outcome, the severity of success and the severity of failure.
The economic costs of starting your own business can be significant; in fact, most new startup companies fail because of undercapitalization.
If there is one thing that most economists agree about in the realm of tax policy, it is that it's best to broaden the base of any tax, all else being equal. That means minimizing the number of deductions and exclusions from taxable income in order to lower marginal rates and reduce distortions.
It yet remains a problem to be solved in human affairs, whether any free government can be permanent, where the public worship of God, and the support of religion, constitute no part of the policy or duty of the state in any assignable shape. The future experience of Christendom, and chiefly of the American states, must settle this problem, as yet new in the history of the world, abundant, as it has been, in experiments in the theory of government.
There is a single theme behind all our work-we must reduce population levels. Either governments do it our way, through nice clean methods, or they will get the kinds of mess that we have in El Salvador, or in Iran or in Beirut. Population is a political problem. Once population is out of control, it requires authoritarian government, even fascism, to reduce it.
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