A Quote by Theodore Schultz
The adverse economic events following the First World War turned me toward economics.
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Economic, political and military intervention following the first world war is frequently blamed for current friction between east and west.
Until the late 1950s Britain's leaders were slow to appreciate the social and economic value of motorways. The first stretch of German Autobahn had opened before the first world war, as did the first highway in the U.S. Other countries followed suit in the inter-war years.
Discovering various economists, economic works, reading financial periodicals and keeping up on current events in geopolitics and economics around the world opened my eyes to many facets of how the extended order works.
Our generation was born during the turmoil following the First World War. That war marked the dividing line - at least for the Western World - between the comfortable security of the 19th century and the instability and flux of our own time.
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
Thou art merciful; when all my endeavour is turned toward Thee because all Thy endeavour is turned toward me; when I look unto Thee alone with all my attention, nor ever turn aside the eyes of my mind, because Thou dost enfold me with Thy constant regard; when I direct my love toward Thee alone because Thou, who art Love's self, hast turned Thee toward me alone. And what, Lord, is my life, save that embrace wherein Thy delightsome sweetness doth so lovingly enfold me?
Economists operate with this image of the homo economicus, the rational economic agent, and while such agents are rare in the wider world, they are common in economics departments. Exemplifying the homo economicus paradigm, economists typically choose their research projects and hypotheses so as to promote their own careers, to maximize their lifetime income. This explains the astonishing pressures toward conformity in academic economics: how deviant views (except those by a few who have already achieved stardom) get crushed by an army of conformists.
In their war against Israel's existence, the Arab governments took advantage of the Cold War. They enlisted the military, economic, and political support of the communist world against Israel, and they turned a local, regional conflict into an international powder keg.
Benedict Arnold was a war hero, wounded in battle--before he turned against his country. Hitler was likewise a decorated and wounded veteran of the First World War. Being a war hero is not a lifetime...exempt[ion]...from responsibility for what you do thereafter.
If in previous decades large historic events drew people together and oriented them toward collective action, the recent double trend toward greater choice but less security leads the young to see their lives in more individual terms. Big events collectivize. Little events atomize.
Racism is not nearly as important as poverty. That's the same around the world. What look like ethnic problems are really economic issues. If you look closely at all these conflicts around the world, they come down to poverty and economics and resources. The more poverty, the worse the war.
The participation if women in some armies in the world is in reality only symbolic. The talk about the role of Zionist women in fighting with the combat units of the enemy in the war of 5 June 1967 was intended more as propaganda than anything real or substantial. It was calculated to intensify and compound the adverse psychological effects of the war by exploiting the backward outlook of large sections of Arab society and their role in the community. The intention was to achieve adverse psychological effects by saying to Arabs that they were defeated, in 1967, by women.
... there was the first Balkan war and the second Balkan war and then there was the first world war. It is extraordinary how having done a thing once you have to do it again, there is the pleasure of coincidence and there is the pleasure of repetition, and so there is the second world war, and in between there was the Abyssinian war and the Spanish civil war.
World War Two was a world war in space. It spread from Europe to Japan, to the Soviet Union, etc. World War Two was quite different from World War One which was geographically limited to Europe. But in the case of the Gulf War, we are dealing with a war which is extremely local in space, but global in time, since it is the first 'live' war.
[There will be movement toward] behavioral economics... [which] involves study of those aspects of men's images, or cognitive and affective structures that are more relevant to economic decisions.
Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
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