There are men regarded today as brilliant economists, who…
““There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: "In the long run we are all dead." And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.””
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Short‑term pleasure is often prioritized over long‑term fiscal responsibility, leading to policies that ignore future consequences.
In simple terms: People favor immediate gains over future stability.
Key Takeaway
Consider long‑term impacts before endorsing wasteful spending.
Themes
economics
short‑termism
fiscal responsibility
policy
future thinking
Mood
cautious
critical
reflective
Type
analytical
philosophical
political
When to use this quote
- government budgeting
- personal finance
- business investment
- environmental planning
- public discourse
Key Concepts
intertemporal choice
public policy
tragedy of the commons
Questions to Reflect On
- How do short‑term incentives shape policy decisions?
- What mechanisms can align immediate desires with long‑term sustainability?
A Different Perspective
The quote assumes all economists share this view, which may not reflect the diversity of economic thought.