What many economists fail to understand is that poor people are no less concerned about improving their lot and that of their children than rich people are.
Interpretation
Both rich and poor people share a common desire for better lives and futures for themselves and their children.
The quote by Theodore Schultz emphasizes that the aspirations and concerns for improvement in life are universal among all socioeconomic classes. It highlights the misconception that poor individuals are less motivated to seek better opportunities for themselves and their offspring, when in fact, they possess the same drive and determination as those in wealthier circumstances.
In practice
In a discussion about social programs, one might say, 'As Theodore Schultz noted, poor people are just as motivated to improve their lives and their children's futures.'
People who are rich find it hard to understand the behavior of poor people. Economists are no exception, for they, too, find it difficult to comprehend the preferences and scarcity constraints that determine the choices that poor people make.
There's no reason to think that_x000D_ markets always drive people to_x000D_ what's good for them.
The powers of financial capitalism had a far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences.
Budget consolidation and economic growth are two sides of the same coin.
In a world with weak aggregate demand, countries are engaging in a futile competition for a greater share of it. In the process, they are creating financial-sector and cross-border risks that will become increasingly apparent as countries exit their unconventional policies.
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.
Contrary to a tenacious myth, France is not owned by California pension funds or the Bank of China, any more than the United States belongs to Japanese and German investors. The fear of getting into such a predicament is so strong today that fantasy often outstrips reality. The reality is that inequality with respect to capital is a far greater domestic issue than it is an international one.
Subscribe for the occasional hand-picked quote. No noise.