We have always known that heedless self-interest was bad morals; we know now that it is bad economics. Out of the collapse of a prosperity whose builders boasted their practicality has come the conviction that in the long run economic morality pays.
Interpretation
Self-interest can harm both morality and economics.
Franklin D. Roosevelt underscores the idea that prioritizing one's own self-interest, without regard for the broader community, leads to both moral failures and economic consequences. The collapse of a seemingly prosperous economy serves as a lesson that ethical considerations in economic practices ultimately lead to sustained success and welfare for society as a whole.
In practice
During a business seminar focusing on ethical leadership, one might quote this to emphasize the importance of integrity in economic decision-making.
There has been one persistent theme through all Axis propaganda. This theme has been that Americans are admittedly rich, that Americans have considerable industrial power - but that Americans are soft and decadent, that they cannot and will not unite and work and fight. ... Let them tell that to the Marines!
The only limit to our realization of tomorrow will be our doubts of today.
A war of ideas can no more be won without books than a naval war can be won without ships. Books, like ships, have the toughest armor, the longest cruising range, and mount the most powerful guns.
Better the occasional faults of a government that lives in a spirit of charity than the consistent omissions of a government frozen in the ice of its own indifference.
Men are not prisoners of fate, but only prisoners of their own minds.
A world turned into a stereotype, a society converted into a regiment, a life translated into a routine, make it difficult for either art or artists to survive. Crush individuality in society and you crush art as well. Nourish the conditions of a free life and you nourish the arts, too.
I cannot disagree with you that having something like 500 economists is extremely unhealthy. As you say, it is not conducive to independent, objective research. You and I know there has been censorship of the material published. Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method as opposed to substantive papers on policy and results
It is inherent in the nature of the capitalistic economy that, in the final analysis, the employment of the factors of production is aimed only toward serving the wishes of consumers.
It is an extreme perversion of capitalism if you can trade in something before you have even paid for it.
Credit markets were originally created to serve human needs; to provide businesses and individuals with capital to start or expand businesses or fulfill other financial needs.
Soon we saw that money going to women brought much more benefit to the family than money going to the men. So we changed our policy and gave a high priority to women. As a result, now 96% of our four million borrowers in Grameen Bank are women.
The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.
Subscribe for the occasional hand-picked quote. No noise.