Steve Keen: Banks, Debt, Money

Meaning of Steve Keen Money Quote: saying economists don’t discuss some important aspects for economic models ignoring key points. Steve Keen said:

 

 

“If you look at mainstream economics there are three things you will not find in a mainstream economic model – Banks, Debt, and Money … Like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings” — Steve Keen

In this quote, Steve Keen is criticizing mainstream economic theories for failing to adequately account for or model key real-world economic phenomena.

When he says mainstream models don’t include “banks, debt, and money”, Keen is referring to the central roles that banking, lending, and currency/monetary policy play in real economies, but are often abstracted or ignored in simplified theoretical frameworks.

He likens this to an ornithologist studying flight without acknowledging birds have wings – pointing out the absurdity of analyzing economic functions without representing formative institutions like banks and incorporating debt and money flows.

Overall, the quote suggests Keen views mainstream economics as incomplete and not fully reflective of reality due to its neglect of these defining economic features that shape macroeconomic behavior and outcomes in practice.

Nassim Nicholas Taleb: Cure Greed

Meaning of Nassim Nicholas Taleb Money Quote: saying it’s naive to believe that experts in finance industry, of greed, banking & Economics. Nassim Nicholas Taleb said:
 

 

“Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending” — Nassim Nicholas Taleb

In this quote, Nassim Nicholas Taleb is criticizing the notion that complex societal problems can be solved simply by relying more on the factors that may have contributed to the issues in the first place.

When he says things like trying to cure “greed with money” or “banking with bankers”, Taleb suggests that directly addressing problems within their own domains without broader reform is misguided.

His view seems to be that complex challenges require fresh, outside-the-box thinking rather than doubling down on conventional or status quo approaches.

The quote conveys Taleb’s skepticism of those who naively believe further engaging the core elements of issues can provide straightforward cures, without recognizing the potential need for systemic changes or new perspectives to resolve deep-rooted problems.

Ben Bernanke: Economics Engine

Ben Bernanke Money Quote saying that learning economics is similar to manufacturing a car while it is being driven. Ben Bernanke said:
 

 

“Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running” — Ben Bernanke

In this quote, Ben Bernanke is acknowledging that economics is a very challenging field to study and understand. He compares comprehending economics to trying to learn how to fix a car while its engine is running, implying it is difficult to fully analyze an economic system when you are inside it as it is constantly changing and evolving in real-time.

Bernanke seems to be suggesting that the dynamic, fluid nature of economic activity makes the subject difficult to grasp, similar to how repairing a running engine would be complicated.

The quote conveys Bernanke’s view that economics is a complex discipline because the “lab” is the real world economy that cannot be paused for examination like an engine can be turned off.

Joe Biden: Trickle Down Economics

Joe Biden Money Quote saying that history shows that ‘trickle-down’ economics fails those at the bottom. The middle class must do well first. Joe Biden said:
 

 

“Trickle-down economics has never worked, but when working families do well — everybody does well. That’s what the economy we’re building is all about” — Joe Biden

Biden argues that trickle-down economics, also known as supply-side economics, has failed to deliver promised benefits to the middle and lower classes. The core idea of trickle-down economics is that tax cuts for corporations and wealthy individuals will cause them to invest and spend more, creating jobs and economic growth that benefits everyone.

However, Biden and other critics say there is little evidence this effect trickles down significantly. They argue the economy performs better when the middle class has more disposable income to spend, driving broader consumer demand and growth from the middle-out rather than the top-down.

Trickle-down economics has never worked, but when working families do well — everybody does well.

That’s what the economy we’re building is all about.

— President Biden (@POTUS) July 28, 2021

John Hope Bryant: Economic Slave

John Hope Bryant Money Quote saying If you don’t comprehend the language of money, you are likely to become a slave to economics. John Hope Bryant said:
 

 

“If you don’t understand the language of money, and you don’t have a bank account, then you’re just an economic slave” — John Hope Bryant

In this quote, John Hope Bryant is emphasizing the importance of financial literacy and participation in the modern economic system.

When he states that not understanding “the language of money” or lacking a bank account means one is “just an economic slave”, Bryant is suggesting that a lack of financial knowledge and inclusion leaves people vulnerable to exploitation and with little autonomy or security.

His view implies that to gain true independence and freedom of choice, one must be able to competently navigate monetary matters rather than remaining on the financial fringes of society.

The quote conveys Bryant’s belief that mastering basic concepts like savings, credit, investments and more is empowering and prevents being subject to the financial whims of others without one’s consent or full comprehension.

John Kenneth Galbraith: Study $

John Kenneth Galbraith Money Quote saying of all the fields of economic understanding, the study of money is the muddiest and least clear. John Kenneth Galbraith said:
 

 

“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it” — John Kenneth Galbraith

In this quote, John Kenneth Galbraith is criticizing how the field of economics often uses complex theories or analysis regarding money in a way that obscures the truth rather than clarifying it. His implication seems to be that the subject of money lends itself to obfuscation through complicated models and discussions when in reality the truths about monetary systems may be more straightforward.

The best interpretation is that Galbraith believes economists at times deliberately or unintentionally employ complexity to avoid acknowledging simple or inconvenient truths about how money and monetary policies actually function in practice. He appears to be calling for more transparency and less obfuscation in the economic study and discussion of money and its role.

Birthday: October 15, 1908 – Death: April 29, 2006

Quincy Jones: Disguise Economics

Quincy Jones Money Quote saying racism disguises financial motives, however feeble. Quincy Jones said:
 

 

“I found this out over the years, that racism is a thinly veiled disguise over economics and money. It really is” — Quincy Jones

In this quote, Quincy Jones is suggesting that issues of racism are often fundamentally tied to underlying economic motivations and conflicts over financial resources.

When Jones states that racism is a “thinly veiled disguise over economics and money”, he means that prejudice and discrimination tend to mask deeper drives related to competition for wealth, property and influence.

His view implies that racial tensions are frequently driven by desires to maintain power and privilege in economic spheres, using racism as a cover for financial self-interest.

The quote conveys Jones’ perspective that racism serves as a proxy or rationalization for safeguarding monetary advantages and status along racial lines.

He appears to believe economic factors are a primary driver that racism is subsequently employed to further or defend.

Ellen Willis: Free-Market Economics

Ellen Willis Money Quote saying allowing the free market to run it’s course assumes rational, expected behavior. Ellen Willis said:
 

 

“The crackpot rationalism of free-market economics merely relies on an abstract model of how people ‘must’ behave” — Ellen Willis

In this quote, Ellen Willis is criticizing the assumptions and theoretical models underlying mainstream “free-market economics”. When she refers to the “crackpot rationalism” of its perspectives, Willis suggests the field relies on unrealistic and oversimplified ideas about human behavior.

Specifically, she argues that free-market economics builds models based on how people “must” act according to its abstract theories, rather than how individuals and societies actually operate in the real world.

The quote conveys Willis’ view that mainstream economics focuses too much on theoretical constructs divorced from reality, and presents an overly rigid view of human psychology and decision-making that does not reflect the complexity and variability of human nature.

She appears to believe the field’s frameworks are flawed due to being grounded in conjectural behavior rather than empirical evidence.