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A depression is a situation of self-fulfilling pessimism.

Joan Robinson

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Joan Robinson
Age: 79 †
Born: 1903
Born: October 31
Died: 1983
Died: August 5
Economist
University Teacher
Camberley
Surrey
Joan Violet Robinson
Joan Violet Maurice
Economics
Situation
Self
Pessimism
Fulfilling
Depression

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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.
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There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.
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owning capital is not a productive activity.
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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.
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It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.
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Marxism is the opium of the Marxists.
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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.
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If a rise in wages does not raise prices, a fall will not reduce them.
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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
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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.
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It's a terrible thing to be a worker exploited in the capitalist system. The only worse thing is to be a worker unable to find anyone to exploit you.
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The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
Joan Robinson
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Income from property is not the reward of waiting, it is the reward of employing a good stockbroker.
Joan Robinson
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An economy may be in equilibrium from a short-period point of view and yet contain within itself incompatibilities that are soon going to knock it out of equilibrium.
Joan Robinson
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Economic theorists should not make such a production about taking a rabbit out of a hat after having put the rabbit into the hat in full view of the audience.
Joan Robinson
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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
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The point of studying economics is so as not to be fooled by economists.
Joan Robinson
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Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.
Joan Robinson
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When I came up to Cambridge (in October 1921) to read economics, I did not have much idea of what it was about.
Joan Robinson
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I do not regard the Keynesian revolution as a great intellectual triumph. On the contrary, it was a tragedy because it came so late. Hitler had already found out how to cure unemployment before Keynes had finished explaining why it occured.
Joan Robinson