In all the talk in the Principles (as opposed to the formal analysis) it is not the saving of rentiers but the energy of entrepreneurs which governs accumulation. Joan Robinson More Quotes by Joan Robinson More Quotes From Joan Robinson science progresses by trial and error, and when it is forbidden to admit error there can be no progress. Joan Robinson progresserrorsscience There is an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he offers an intelligible theory, it is made up of elements borrowed from Keynes. Joan Robinson keyneselementstheory The very nature of economics is rooted in nationalism. ... It [was] developed ... in the hope of throwing light upon questions of policy. But policy means nothing unless there is an authority to carry it out, and authorities are national. Joan Robinson economicslightmean A depression is a situation of self-fulfilling pessimism. Joan Robinson pessimismeconomicsself Progress is slow partly from mere intellectual inertia. In a subject where there is no agreed procedure for knocking out errors, doctrines have a long life. A professor teaches what he was taught, and his pupils, with a proper respect and reverence for teachers, set up a resistance against his critics for no other reason than that it was he whose pupils they were. Joan Robinson errorsteacherlong Unemployment is a reproach to a democratic government. Joan Robinson democraticunemploymentgovernment we make a great fuss about national conscience, but it consists mainly in insisting upon everyone ascribing our national policy to highly moral motives, rather than in examining what our motives really are. Joan Robinson united-statesmoralmotivation Utility is a metaphysical concept of impregnable circularity; utility is the quality in commodities that makes individuals want to buy them, and the fact that individuals want to buy commodities shows that they have utility. Joan Robinson circularityqualitywant Marx, however imperfectly he worked out the details, set himself the task of discovering the law of motion of capitalism, and if there is any hope of progress in economics at all, it must be in using academic methods to solve the problems posed by Marx. Joan Robinson detailsprogresslaw At any moment there is certainly not balanced trade between the various areas of the habitable globe that happens to be under seperate national governments - there is an ever-changing pattern of deficits and surpluses. Joan Robinson patternsgovernmentmoments I came away from the talk with the perception that the risk of adverse side effects is so much greater than the risk of cervical cancer, I couldn’t help but question why we need the vaccine at all. Joan Robinson vaccinescancerrisk The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future. Joan Robinson moneynaturework Where is the pricing system that offers the consumer a fair choice between air to breathe and motor cars to drive about in? Joan Robinson carchoicesair Even if the crises that are looming up are overcome and a new run of prosperity lies ahead, deeper problems will still remain. Modern capitalism has no purpose except to keep the show going. Joan Robinson overcomingrunninglying owning capital is not a productive activity. Joan Robinson activityeconomicsmoney Voltaire remarked that it is possible to kill a flock of sheep by witchcraft if you give them plenty of arsenic at the same time. The sheep, in this figure, may well stand for the complacent apologists of capitalism; Marx's penetrating insight and bitter hatred of oppression supply the arsenic, while the labour theory of value provides the incantations. Joan Robinson hatredsheepgiving economics limps along with one foot in untested hypotheses and the other in untestable slogans. Joan Robinson hypothesiseconomicsfeet If a rise in wages does not raise prices, a fall will not reduce them. Joan Robinson wagesdoefall The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise. Joan Robinson lastsgoldmessages Not only subjective poverty is never overcome by growth, but absolute poverty is increased by it. ... Absolute misery grows while wealth increases. Joan Robinson povertygrowthovercoming
