"It's a recession when your neighbor loses his job; it's a depression when you lose your own," Harry S. Truman
"Whether it is the debate on Social Security, Health Care, the Minimum Wage, Taxes or Income Inequality - Get involved, know the issues, your livelihood may depend on it," Joseph Hight
President Lyndon Johnson asked John Kenneth Galbraith to write him a speech on economic policy. After glancing at it LBJ said "You know Ken, the trouble with economics is it's like peeing in your pants. It feels hot to you, but leaves everyone else cold."
“Give me a one-handed Economist. All my economists say 'on the one hand...', then 'but on the other...” Harry S, Truman
Robinson Hall home of Brown University Economics, circa 1965
“The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist,” John Maynard Keynes
"Studying economics changes the way you look at the world, you begin to think in terms of choices in a world of scarcity, of maximizing and minimizing, of costs - minimum, fixed, variable, short term, long term, external and opportunity; of marginal utility, of competition, perfect and not so perfect , of full employment equilibrium or not so full employment, of John Maynard Keynes and his macroeconomic revolution and whether capitalism is inherently stable or whether it needs a helping hand of government policy to make it so," Joseph Hight
John Maynard Keynes, Tract on Monetary Reform. pages 80-82, “in the long run we are all dead”
In his 1942 book "Capitalism, Socialism and Democracy," Joseph Alois Schumpeter wrote, "Whatever their nature, entrepreneurs, by advancing new products, technology or production methods, provide an impulse for change he called "creative destruction."
Morrill Hall home of University of New Hampshire Economics, circa 1965
Joseph Hight is on Facebook and on twitter @joe_hight