Saturday, 14 March 2026

Economics

Although as a Stoic, Seneca officially despised riches, he amassed a huge fortune, amounting, it was said, to three hundred million sesterces … Much of this he acquired by lending money in Britain; according to Dio, the excessive rates of interest he exacted were among the causes of revolt in that country. The heroic Queen Boadicea, if this is true, was heading a rebellion against capitalism as represented by the philosophic apostle of austerity.
— Bertrand Russell, History of Western Philosophy, Allen and Unwin, 1946, 267.

Ill fares the land, to hastening ills a prey,
Where wealth accumulates, and men decay.
— Oliver Goldsmith (1728 – 1774), The Deserted Village.

I trust a good deal to common fame, as we all must. If a man has good corn, or wood, or boards, or pigs, to sell, or can make better chairs or knives, crucibles, or church organs, than anybody else, you will find a broad, hard-beaten road to his house, though it be in the woods.
— Ralph Waldo Emerson (1803 – 1882), journal, 1855.

The effects are precisely similar to those which follow from the use of improved machinery at home. Whilst the use of the machine is confined to one, or a very few manufacturers, they may obtain unusual profits, because they are enabled to sell their commodities at a price much above the cost of production — but as soon as the machine becomes general to the whole trade, the price of the commodities will sink to the actual cost of production, leaving only the usual and ordinary profits.
— David Ricardo (1772 – 1823), An Essay on Profits, 1815.

Therefore when I consider and weigh in my mind all these commonwealths, which nowadays do flourish, so god help me, I can perceive nothing but a certain conspiracy of rich men procuring their own commodities under the name and title of the commonwealth. They invent and devise all means and crafts … to hire and abuse the work and labor of the poor for as little money as may be. These devices, when the rich men have decreed … be made laws
— Sir Thomas More (1478 – 1535) Utopia.

The lawn unquestionably has an element of sensuous beauty...no doubt it appeals pretty directly to the eye of nearly all races and all classes; but it is, perhaps, more unquestionably beautiful to the eye of the dolicho-blond than to most other varieties of men. This higher appreciation of a stretch of greensward in this ethnic element than in the other elements of the population, goes along with certain other features of the dolicho-blond temperament that indicate that this racial element had once been for a long time a pastoral people inhabiting a region with a humid climate. The close-cropped lawn is beautiful in the eyes of a people whose inherited bent it is to readily find pleasure in contemplating a well-preserved pasture or grazing land.
— Thorstein Veblen (1857 – 1929), The Theory of the Leisure Class.

Such a park is of course best kept by grazing, and the cattle on the grass are themselves no mean addition to the beauty of the thing, as need scarcely be insisted on with anyone who has once seen a well-kept pasture. But it is worth noting, as an expression of the pecuniary element in popular taste, that such a method of keeping public grounds is seldom resorted to.
— Thorstein Veblen (1857 – 1929), The Theory of the Leisure Class.

We learn how Thales, being taunted with his poverty, bought up all the olive-presses on the instalment plan, and was then able to charge monopoly rates for their use. This he did to show that philosophers can make money, and, if they remain poor, it is because they have something more important than wealth to think about.
— Bertrand Russell, History of Western Philosophy, Allen and Unwin, 1946, 197.

By opening a new and inexhaustible market to all the commodities of Europe, it gave occasion to new divisions of labour and improvements of art, which, in the narrow circle of the ancient commerce, could never have taken place for the want of a market to take off a greater part of the produce. The productive powers of labour were improved, and its produce increased in all the different countries of Europe, and together with it the real revenue and wealth of the inhabitants.
— Adam Smith, (1723 – 1790) The Wealth of Nations, quoted by Boorstin, The Discoverers, 655.


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   I wish I’d said that. — Oscar Fingall O’Flahertie Wills Wilde (1854 – 1900). You will, Oscar, you will. — James Abbott McNeill Whis...