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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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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
Made
Somehow
Intelligible
Mere
Insofar
Offers
Promotes
Elements
Expenditures
Theory
Borrowed
Unearthly
Existence
Mystical
Friedman
Money
Stock
Keynes
Thought
Element
Expenditure
More quotes by Joan Robinson
There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.
Joan Robinson
The point of studying economics is so as not to be fooled by economists.
Joan Robinson
Unemployment is a reproach to a democratic government.
Joan Robinson
owning capital is not a productive activity.
Joan Robinson
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
Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.
Joan Robinson
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
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
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
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
A depression is a situation of self-fulfilling pessimism.
Joan Robinson
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
The first essential for economists ... is to ... combat, not foster, the ideology which pretends that values which can be measured in terms of money are the only ones that ought to count.
Joan Robinson
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
If a rise in wages does not raise prices, a fall will not reduce them.
Joan Robinson
Ideology is like breath: you never smell your own.
Joan Robinson
It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.
Joan Robinson
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.
Joan Robinson
Income from property is not the reward of waiting, it is the reward of employing a good stockbroker.
Joan Robinson
Marxism is the opium of the Marxists.
Joan Robinson
