Economies are supposed to serve human ends.. not the other way round. We forget at our peril that markets make a good servant, a bad master and a worse religion.
Interpretation
Economies should prioritize human needs rather than control them.
This quote emphasizes the role of economies in serving humanity, warning against letting markets dictate human priorities. It suggests that while markets can effectively facilitate human prosperity, relying on them too heavily can lead to negative consequences, acting as a dangerous driving force rather than a beneficial tool.
In practice
In a discussion about economic policy, this quote can remind policymakers to focus on human welfare.
Our energy future is choice, not fate. Oil dependence is a problem we need no longer have-and it's cheaper not to. U.S. oil dependence can be eliminated by proven and attractive technologies that create wealth, enhance choice, and strengthen common security.
Today we have a temporary aberration called "industrial capitalism" which is inadvertently liquidating its two most important sources of capital, the natural world and properly functioning societies._x000D_ _x000D_ No sensible capitalist would do that.
Bankruptcy exposes the economic vulnerability and insecurity of middle class women.
Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
Perhaps the hardest challenge has been to persuade the public, impatient for rapid growth, of the need to ensure stability first. Growth, it is argued, is always more important, regardless of the looming economic risks.
It is better that a man should tyrannize over his bank balance than over his fellow-citizens and whilst the former is sometimes denounced as being but a means to the latter, sometimes at least it is an alternative.
Economy consists in a due and proper application of the means afforded according to the ability of the employer and the situation chosen; care being taken that the expenditure is prudently conducted.
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