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A modern economy is marked by the feasibility of endogenous change: Modernization brings myriad arrangements from expanded property rights to company law and financial institutions.

— Edmund Phelps

Sentiment: POSITIVE

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✓Similar Perspectives

As our economy advances, our government and our laws need to modernize, too.

— Doug Ducey

The principle of building an economy without foreign monopoly capital has become a principle which, for us, is no longer subject to amendment.

— Sukarno

The only thing that makes change possible is the idea of developing some kind of institution, because the institutions will survive individuals.

— Wadada Leo Smith

Labor diligently to increase your property.

— Horace

Markets are as old as the crossroads. But capitalism, as we know it, is only a few hundred years old, enabled by cooperative arrangements and technologies, such as the joint-stock ownership company, shared liability insurance, double-entry bookkeeping.

— Howard Rheingold

Our approach to economic development must be modern, focused and in tune with the global trend.

— Ibrahim Babangida

From the 1970s, there has been a significant change in the U.S. economy, as planners, private and state, shifted it toward financialization and the offshoring of production, driven in part by the declining rate of profit in domestic manufacturing.

— Noam Chomsky

Government has no other end, but the preservation of property.

— John Locke

✗Opposing Perspectives

Legislation has been and is still directed towards the protection of wealth, rather than towards the far more important interests of labor on which everything of value to mankind depends.

— Leland Stanford

The beginning of reform is not so much to equalize property as to train the noble sort of natures not to desire more, and to prevent the lower from getting more.

— Aristotle