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“A false alarm is sounded that government budget deficits will increase consumer prices â€� with no discussion of how private-sector credit deflates economies. The problem is that credit is debt â€� and paying debt service to bankers and bondholders (and various grades of loan sharks) leaves less income available to spend on goods and services. So debt deflation is today’s major problem, not inflation.”
― Michael Hudson, The Bubble and Beyond

“Whenever I hear an economist use the word “efficiencyâ€� (or “productivityâ€�), I can guess with near 100% accuracy that he (it usually is a he, as I’ll explain below) hasn’t the slightest idea what he’s talking about. With rare exceptions, he is inappropriately applying an engineering term to an economic process he does not understand.”
― L. Randall Wray

“The doctor asks the patient some form of the following: “So, what is wrong?â€� (or, in my case, my doc always asks “So, what are your concerns?â€�). The doctor listens for an average of 9 seconds, then intervenes with a prognosis. The amount of time the doctor is willing to listen before intervening has gone down over time, presumably as health insurers have pressured doctors to increase throughput and as they have greatly increased the amount of paperwork required of doctors. In other words, it is in the name of efficiency. The efficiency fairies are at work in the doctor’s office to eliminate all that wasteful time spent in creating a doctor-patient relationship.”
― L. Randall Wray