Boulding was one of the finest and wisest of economists I have had the fortune of knowing. Thanks for sharing this snippet of wisdom Robert.
Daniel Underwood, Ph.D.
Coordinator of Honors Program
Professor Economics and Environmental Science
School of Environmental and Forest Science
University of Washington
Many of you on this listserv knew Kenneth Boulding or are at least familiar with his work. He was on the editorial Board of the JEI in the early years. For those interested, Palgrave recently published my biography of Boulding: http://www.palgrave.com/page/detail/kenneth-boulding-robert-scott/?K=9781137034373
One of my favorite Boulding quotes is from his second book “The Economics of Peace” (1945) in which he writes: “The […] fetish of the “sound” school is the balanced budget. Drawing an entirely false analogy from personal and business life, the conservatives argue that just as a private individual must balance his budget, so must a government. Oddly enough, this rule is relaxed in time of war—it is apparently quite proper to finance the destruction of life and property with a budget deficit, but not proper to finance slum clearance, good nutrition, and properity!”
Robert H. Scott, III
Associate Professor of Economics
Bey Hall 235