Absence Quote by Arthur Melvin Okun
“The market, if it can be kept honest and competitive, does provide very strong incentives for work effort and productive contributions. In their absence, society would thrash about for alternative incentives-some unreliable, like altruism; some perilous like collective loyalty; some intolerable, like coercion or oppression.”
About This Quote
Source Book: The Political Economy of Unemployment, Arthur M. Okun, 1975
A fair, competitive market motivates hard work and productivity, while lacking such a market forces societies to rely on unreliable or harmful incentives.
In simple terms: Markets reward effort; without them we need other motivators.
Key Takeaway
Ensure market fairness to sustain productivity.
Themes
economics
incentives
society
work
productivity
Mood
analytical
concerned
Type
economic
policy
When to use this quote
- policy design
- business strategy
- public administration
Key Concepts
market competition
motivation theory
social contract
Questions to Reflect On
- How can we balance market incentives with social welfare?
- What alternative incentives are ethical and effective?
A Different Perspective
Markets can fail without regulation, leading to inequality.
