This preview shows page 1. Sign up to view the full content.
Unformatted text preview: Match the quotes The table below lists some wellknown economists. Below the table is a set of famous economics quotations. Match each quotation and the economist to which it belongs. Economist Friedrich von Hayek John Maynard Keynes Ludwig von Mises Adam Smith Karl Marx Alfred Marshall David Ricardo Paul Samuelson John Kenneth Galbraith Milton Friedman Quotation number 1. "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices...But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies, much less to render them necessary" 2. "If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid" 3. "Inflation is taxation without legislation" 4. "The stock market has forecast 9 of the last 5 recessions" 5. "Capital is that part of wealth which is devoted to obtaining more wealth" 6. "A rise in wages...produces a general effect on price, and for that reason it produces no real effect whatever on profits" 7. "All people, no matter how fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamouring for the products it turns out" 8. "Few can believe that suffering, especially by others, is in vain. Anything that is disagreeable must surely have beneficial economic effects" 9. "The state should confine itself to establishing rules applying to general types of situation and should allow the individuals freedom in everything which depends on the circumstances of time and place, because only the individuals concerned in each instance can fully know these circumstances and adapt their actions to them" 10. "Machines were, it may be said, the weapon employed by capitalist to quell the revolt of specialised labour" ...
View Full Document
This note was uploaded on 02/08/2012 for the course ECO 51844 taught by Professor Sabet during the Spring '11 term at FIU.
- Spring '11