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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
Fulfilling
Depression
Economics
Situation
Self
Pessimism

More quotes by Joan Robinson

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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
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If a rise in wages does not raise prices, a fall will not reduce them.
Joan Robinson
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owning capital is not a productive activity.
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.
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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.
Joan Robinson
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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.
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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Ideology is like breath: you never smell your own.
Joan Robinson
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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.
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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Marxism is the opium of the Marxists.
Joan Robinson
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Capital' is not what capital is called, it is what its name is called.
Joan Robinson
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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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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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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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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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Unemployment is a reproach to a democratic government.
Joan Robinson
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There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.
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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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