Economist Quotes

We now have an opportunity, though, to do something we didn't do in the industrial age, and that is to get a leg up on this, to bring the public in quickly, to have an informed debate.
We were making the first step out of the age of chemistry and physics, and into the age of biology.
What I'm suggesting to you is that this could be a renaissance. We may be on the cusp of a future which could provide a tremendous leap forward for humanity.
What the public needs to understand is that these new technologies, especially in recombinant DNA technology, allow scientists to bypass biological boundaries altogether.
What's different here is that we have now technologies that allow these life science companies to bypass classical breeding. That's what makes it both powerful and exciting.
When we seed millions of acres of land with these plants, what happens to foraging birds, to insects, to microbes, to the other animals, when they come in contact and digest plants that are producing materials ranging from plastics to vaccines to pharmaceutical products?
You can eliminate, for example, a Brazil nut gene if you know that it will create an allergenic effect.
A laborer no longer makes whole articles. He receives raw materials, puts his touch on them, and passes them to another worker in the series. When the articles are quite finished they are carried out of sight by currents of commercial exchange. These currents are untraceable.
Dull would be the man who should merely tolerate this plan of social industry. Weak would be the position of him who should take an apologetic tone in defending it, or present its claims in a merely negative way, by exposing the evils and perils of the socialistic plan.
Experience alone can give a final answer. The knowledge gained in a few years by a commission of the kind suggested would be worth more than volumes of mere assertions and contradictions.
If a man were living in isolation his income would be literally his product. Make him the monarch and owner of an island, and the fruits that he raises and the clothing that he makes constitute, in themselves, his income. This ceases to be true when trading begins.
If the adjustment made by a court can be accepted or not, it will be refused whenever the men can gain more by continuing the strike, with whatever of violence that involves.
In a recent decision of the Supreme Court, not made, however, by the full court, and concurred in by only four justices, it was held that the seller of a patented mimeograph could bind the purchaser to use only his ink in the machine, though the ink was not patented.
Socialism appeals to better classes and has far more strength. Attack the state and you excite feelings of loyalty even among the disaffected classes; but attack the industrial system and appeal to the state, and you may have loyalty in your favor.
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.
The first issue to be settled is whether socialism has a right to exist Are its allegations concerning the present system true? Is industry proceeding on a principle of fraud? I wish to test the power of recent economic theory to give an exact answer to this question.
The limit is not as narrow as it might be. I do not claim for this action, as it now goes on, an ideal degree of efficiency. What I do claim is that this type of competition already reveals its nature and its ultimate power to hold seeming monopolies in check.
The market tends to pay as a wage what an individual laborer is worth. But the case last studied suggests the question how accurately the law operates in practice. May it not be an honest law, but be so vitiated in its working as to give a dishonest result?
We cannot afford to have any large section of the business world in doubt whether they have broken the laws or not, and we cannot let the laws become a dead letter through vagueness. In this view it is clear that an administrative commission can render invaluable service.
When we say that the persistence of competition is ensured by fate, we mean that individual freedom is so guaranteed. The one thing to which fate binds us is liberty.
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