Inspirational Quote of the Day: One by an English Economist

I published a quote from his wife yesterday. Even though Kenneth Boulding was a genius, he admitted that he did not understand Keynes General Theory, the basis for Keynesian economics. I never understood it either.


Kenneth Ewart Boulding (January 18, 1910 – March 18, 1993) was an English-born American economist, educator, peace activist, poet, religious mystic, devoted Quaker, systems scientist, and interdisciplinary philosopher.[4][5] He published over three dozen books and over one-hundred dozen articles. Current Contents found him to be one of those rare authors of a “Citation Classic.” Indeed, even more rare, he was the author of two Citation Classics: The Image: Knowledge in Life and Society (1956) and Conflict and Defense: A General Theory (1962). He was cofounder of General Systems Theory and founder of numerous ongoing intellectual projects in economics and social science. He was married to Elise M. Boulding.

Inspirational Quote of the Day: One by a Quaker Woman

I went looking for a quote by a Nobel winner and found this instead.


Elise M. Boulding (July 6, 1920 – June 24, 2010) was a Quaker sociologist, and author credited as a major contributor to creating the academic discipline of Peace and Conflict Studies. Her holistic, multidimensional approach to peace research sets her apart as an important scholar and activist in multiple fields. Her written works span several decades and range from discussion of family as a foundation for peace, to Quaker spirituality to reinventing the international “global culture.” Particularly of note is her emphasis on women and family in the peace process.

Elise Biorn-Hansen was born in Oslo, Norway in 1920. Her family moved to the United States when she was three years old.[1] She and her family were greatly affected by the outbreak of World War II and the German invasion of Norway. Elise became strongly convinced by living through the WWII years that violence was not the answer to the world’s problems and that if even her peaceful homeland was at risk, violence was truly a systemic world concern. In her youth, she became active in anti-war activities and converted to a historic peace church, the Religious Society of Friends (Quakers). It was at a Quaker meeting in May 1941 that she met her future husband, Kenneth Boulding (1910–1993), a respected English economist who would collaborate extensively with Elise on her peace work.

Interesting. Everyone in economics studies Kenneth Boulding. I’ll do a quote by him tomorrow.

Inspirational Quote of the Day: One by the 1934 Winner of the Nobel Peace Prize

In his Wikipedia page it’s stated that The Soviet Union’s Vladimir Lenin viewed Arthur Henderson as stupid. What Henderson could not see is that for the left, social justice is not a real thing to be accomplished, but is rather a talking point to promote endless agitation and conflict. The emphasis in culture on social justice does not promote peace, but rather social justice promotes aggrieved peoples who are ready to go to war with each other.

His Nobel Prize was as much a waste as Obama’s.


Arthur Henderson PC (13 September 1863 – 20 October 1935) was a British iron moulder and Labour politician. He was the first Labour cabinet minister, won the Nobel Peace Prize in 1934 and, uniquely, served three separate terms as Leader of the Labour Party in three different decades. He was popular among his colleagues, who called him “Uncle Arthur” in acknowledgement of his integrity, his devotion to the cause and his imperturbability. He was a transitional figure whose policies were, at first, close to those of the Liberal Party, and the trades unions rejected his emphasis on arbitration and conciliation, and thwarted his goal of unifying the Labour Party and the trade unions.

Inspirational Quote of the Day: One by the Leader of the Antifa, George Soros

Wow! Such evil.

Inspirational Quote of the Day: One by Joseph Stalin

Stalin–still inspiring the antifa, Jeb Bush, John McCain, the Republican establishment, Democrats, the press, the SPLC, the ADL, et. al.

Inspirational Quote of the Day: One by an Economics Nobel Winner

Hmmm. Is he saying that workers should be kept toiling until the day they die? Modigliani is on the List of Jewish Nobel Laureates. He was an icon in my world when I was in economics.


Franco Modigliani (Italian: [ˈfraŋko modiʎˈʎani]; June 18, 1918 – September 25, 2003) was an Italian economist naturalized American, a professor at UIUC, Carnegie Mellon University and MIT and who won the Nobel Memorial Prize in Economics in 1985.

Born in Rome, Italy, Modigliani left Italy because of his Jewish origin and antifascist views, although he had previously published fascist economic papers and had personally received an award from Mussolini.[2] He first went to Paris with the family of his then-girlfriend, Serena, whom he married in 1939, and then to the United States. From 1942 to 1944, he taught at Columbia University and Bard College as an instructor in economics and statistics. In 1944, he obtained his D. Soc. Sci. from the New School for Social Research working under Jacob Marschak. In 1946, he became a naturalized citizen of the United States, and in 1948, he joined the University of Illinois at Urbana-Champaign faculty. From 1952 to 1962, he was faculty at Carnegie Mellon University, where several path-breaking contributions to economic science were made:

Along with Merton Miller, he formulated the important Modigliani–Miller theorem in corporate finance (1958). This theorem demonstrated that under certain assumptions, the value of a firm is not affected by whether it is financed by equity (selling shares) or debt (borrowing money).

He was also the originator of the life-cycle hypothesis, which attempts to explain the level of saving in the economy. Modigliani proposed that consumers would aim for a stable level of consumption throughout their lifetime, for example by saving during their working years and spending during their retirement.

He has claimed that the Rational Expectations Hypothesis (REH) rests in his and Emile Grunberg’s paper.[3] He has also used the concept Macro Rational Expectations Hypothesis (MREH).[4]

In 1962, he joined the faculty at MIT, achieving distinction as an Institute Professor, where he stayed until his death. In 1985 he received MIT’s James R. Killian Faculty Achievement Award.[5]

Modigliani also co-authored the textbooks, “Foundations of Financial Markets and Institutions” and “Capital Markets: Institutions and Instruments” with Frank J. Fabozzi of Yale School of Management.

In the 1990s he teamed up with Francis Vitagliano to work on a new credit card, and he also helped to oppose changes to a patent law that would be harmful to inventors.

He is the co-author of Rethinking Pension Reform (2009), Cambridge University Press, and along with Arun Muralidhar, critiqued the privatization model of Social Security reform proposed by the World Bank (in the 1990s) and President Bush in the early 2000s, and offered a better alternative to reform Social Security systems globally.

Modigliani was a trustee of the Economists for Peace and Security.

Inspirational Quote of the Day: One by the First Woman Nobel Prize Winner

Selma Lagerlof was an openly white supremacist. She never married, apparently waiting for the right man. There is also some evidence that she was a lesbian, although that was kept secret from her many fans.


Selma Ottilia Lovisa Lagerlöf (Swedish: [ˈsɛlˈma ˈlɑːɡə(r)ˈløːv] (About this sound listen); 20 November 1858 – 16 March 1940) was a Swedish author and teacher. She was the first female writer to win the Nobel Prize in Literature.

She met Sophie Elkan in 1894. A Swedish writer of Jewish origin, Elkan became her friend and companion and their letters suggest Lagerlöf fell deeply in love with her.[6] Over many years, Elkan and Lagerlöf critiqued each other’s work. Lagerlöf wrote of Elkan’s strong influence on her work, often disagreeing sharply with the direction Lagerlöf wanted to take in her books. Selma’s letters to Sophie were published in 1993, titled Du lär mig att bli fri [5]

In 1902, Lagerlöf was asked by the National Teacher’s Association to write a geography book for children. She wrote Nils Holgerssons underbara resa genom Sverige (The Wonderful Adventures of Nils), a novel about a boy from the southernmost part of Sweden, who had been shrunk to the size of a thumb and who travelled on the back of a goose across the country. Lagerlöf mixed historical and geographical facts about the provinces of Sweden with the tale of the boy’s adventures until he managed to return home and was restored to his normal size.[2] The novel is one of Lagerlöf’s most well-known books, and it has been translated into more than 30 languages.[10]

At the start of World War II, she sent her Nobel Prize medal and gold medal from the Swedish Academy to the government of Finland to help raise money to fight the Soviet Union.[17] The Finnish government was so touched that it raised the necessary money by other means and returned her medal to her.

More here.