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 RobinsonCapitalism with near-full employment was an impressive spectacle. But a growth in wealth is not at all the same thing as reducing poverty. A universal paean was raised in praise of growth. Growth was going to solve all problems. No need to bother about poverty. Growth will lift up the bottom and poverty will disappear without any need to pay attention to it. The economists, who should have known better, fell in with the same cry.
Joan RobinsonEven 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 RobinsonUtility is a metaphysical concept of impregnable circularity; utility is the quality in commodities that makes individuals want to buy them, and the fact that individuals want to buy commodities shows that they have utility.
Joan Robinson