I think if you look back through time, the history of income, wealth and taxation is full of surprise. So I am not terribly impressed by those who know in advance what will or will not happen.
Thomas PikettyRead
Markets as well as mobs respond to human emotions; markets as well as mobs can be inflamed to their own destruction.
Interpretation
Both markets and mobs are influenced by human emotions, which can lead to negative consequences.
This quote highlights the power of human emotions in influencing collective behavior, whether in financial markets or social groups. When emotions run high, both markets and mobs can act irrationally, potentially leading to outcomes that are harmful or destructive. The comparison underscores the volatility of human behavior and the consequences that can arise from collective emotional responses, particularly in economic contexts.
In practice
During a financial workshop to explain market volatility.
I think if you look back through time, the history of income, wealth and taxation is full of surprise. So I am not terribly impressed by those who know in advance what will or will not happen.
Economic growth is very important, but it is not the only thing, and it must be accompanied by sharing with those who are left behind, through effective social services and provision.
The more the division of labor and the application of machinery extend, the more does competition extend among the workers, the more do their wages shrink together.
I will cut taxes - cut taxes - for 95 percent of all working families, because, in an economy like this, the last thing we should do is raise taxes on the middle class.
Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess
Inflation is the fiscal complement of statism and arbitrary government. It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism .
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