Good economic theory must give the people the chance to use their talents to build their own lives. We must get away from the traditional route where the rich will do the business and the poor will depend on private or public charity.
Interpretation
Economic theory should empower individuals to utilize their skills for personal success rather than relying on charity.
This quote by Muhammad Yunus emphasizes the importance of an economic system that allows individuals to harness their talents and capabilities to improve their own lives, rather than being dependent on the charity of the wealthy or the state. Yunus advocates for a shift from traditional economic models that perpetuate inequality, suggesting that a more equitable system should enable everyone, regardless of their socio-economic status, to participate fully in the economy and achieve self-sufficiency.
In practice
In a discussion about economic reform, one could use this quote to illustrate the need for empowering individuals rather than creating dependency.
Civilization has given us enormous successes: going to the moon, technology. But then this is the civilisation that took us to debt, environmental crisis, every single crisis. We need a civilization where we say goodbye to these things.
What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.
People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.
Some people think that poor people are lazy. Actually, it takes a lot of work to survive when you are dirt-poor.
Once poverty is gone, we'll need to build museums to display its horrors to future generations. They'll wonder why poverty continued so long in human society - how a few people could live in luxury while billions dwelt in misery, deprivation and despair.
By simply capitalizing on core strengths and knowledge, companies and entrepreneurs can engage in an emerging business model that will enable them to create - and demonstrate - real, sustainable social impact in society.
The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
The tendency of a national bank is to increase public and private credit. The former gives power to the state, for the protection of its rights and interests: and the latter facilitates and extends the operations of commerce among individuals. Industry is increased, commodities are multiplied, agriculture and manufacturers flourish: and herein consists the true wealth and prosperity of a state.
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.
The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
It has often been found that profuse expenditures, heavy taxation, absurd commercial restrictions, corrupt tribunals, disastrous wars, seditions, persecutions, conflagrations, inundation, have not been able to destroy capital so fast as the exertions of private citizens have been able to create it.
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