Quotes by Economists - Page 4

To recapitulate: the exchange-ratio subsisting between commodities and money is everywhere the same. But men and their wants are not everywhere the same, and neither are commodities. Only if these distinctions are ignored is it possible to speak of local differences in the purchasing power of money or to say that living is dearer in one place than in another.

Ludwig von Mises

The welfare state is the oldest con game in the world. First you take people's money away quietly and then you give some of it back to them flamboyantly.

Thomas Sowell

Rebels usually have something to complain about, and if they don't they make it up. All too often the really disadvantaged are in no position to rebel; they just suffer quietly.

Paul Collier

There are two parts to the problem of measuring the objective exchange-value of money. First we have to obtain numerical demonstration of the fact of variations in the objective exchange-value of money; then the question must be decided whether it is possible to make a quantitative examination of the causes of particular price movements, with special reference to the question whether it would be possible to produce.So far as the first-named problem is concerned, it is self-evident that its solution must assume the existence of a good, or complex of goods, of unchanging objective exchange-value. The fact that such goods are inconceivable needs no further elucidation.If the one is proved to be soluble, then so also is the other; and proof of the insolubility of the one is also proof of the insolubility of the other.

Ludwig von Mises

Virtue is excellence, something uncommonly great and beautiful, which rises far above what is vulgar and ordinary.

Adam Smith

The sum of productive forces, capital funds and social forms of intercourse, which every individual and generation finds in existence as something given, is the real basis of what the philosophers have conceived as "substance" and "essence of man," and what they have deified and attacked: a real basis which is not in the least disturbed, in its effect and influence on the development of men, by the fact that these philosophers revolt against it as "self-consciousness" and the "Unique.

Karl Marx

Even today we don't pay serious attention to the issue of poverty, because the powerful remain relatively untouched by it. Most people distance themselves from the issue by saying that if the poor worked harder, they wouldn't be poor.

Muhammad Yunus

Alterations in real prices occur slowly as a rule. But this stability of prices has its cause in the stability of the price-determinants, not in the Law of Price-determination itself. Prices change slowly because the subjective valuations of human beings change slowly. Human needs, and human opinions as to the suitability of goods for satisfying those needs, are no more liable to frequent and sudden changes than are the stocks of goods available for consumption, or the manner of their social distribution;

Ludwig von Mises

They did not understand that by liberalizing imports, the government was also promoting exports.

Jeffrey D. Sachs

The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society's legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand. This faith will be confirmed. I, Pencil, seemingly simple though I am, offer the miracle of my creation as testimony that this is a practical faith, as practical as the sun, the rain, a cedar tree, the good earth.

Leonard Edward Read

In boom times companies have high profits. They increase production to satisfy demand for goods. This leads to excess supply. Companies cut prices to compete for customers. leading to lower profits, lay-offs, and economic depression. Eventually lower prices lead to an increase in demand and profits go back up. The economy is a yo-yo.

Niall Kishtainy

Or how does it happen that trade, which after all is nothing more than the exchange of products of various individuals and countries, rules the whole world through the relation of supply and demand—a relation which, as an English economist says, hovers over the earth like the fate of the ancients, and with invisible hand allots fortune and misfortune to men, sets up empires and overthrows empires, causes nations to rise and to disappear—while with the abolition of the basis of private property, with the communistic regulation of production (and implicit in this, the destruction of the alien relation between men and what they themselves produce), the power of the relation of supply and demand is dissolved into nothing, and men get exchange, production, the mode of their mutual relation, under their own control again?

Karl Marx

It opens the mind toward an understanding of humannature and destiny. It increases wisdom. It is the veryessence of that much misinterpreted concept, a liberaleducation. It is the foremost approach to humanism,the lore of the specifically human concerns that distinguishman from other living beings. . . . Personal cultureis more than mere familiarity with the presentstate of science, technology, and civic affairs. It ismore than acquaintance with books and paintings andthe experience of travel and of visits to museums. It isthe assimilation of the ideas that roused mankind fromthe inert routine of a merely animal existence to a lifeof reasoning and speculating. It is the individual’seffort to humanize himself by partaking in the traditionof all the best that earlier generations havebequeathed.

Ludwig von Mises

Religion is the sigh of the oppressed creature, the heart of a heartless world, just as it is the spirit of a spiritless situation. It is the opium of the people.

Karl Marx

A specter is haunting Europe—the specter of Communism. All the powers of old Europe have entered into a holy alliance to exorcise this specter; Pope and Czar, Metternich and Guizot, French radicals and German police spies.Where is the party in opposition that has not been decried as Communistic by its opponents in power? Where the opposition that has not hurled back the branding reproach of Communism, against the more advanced opposition parties, as well as against its reactionary adversaries?Two things result from this fact.I. Communism is already acknowledged by all European powers to be in itself a power.II. It is high time that Communists should openly, in the face of the whole world, publish their views, their aims, their tendencies, and meet this nursery tale of the Specter of Communism with a Manifesto of the party itself.

Karl Marx

I think that nothing is so important for freedom as recognizing in the law each individual’s natural right to property, and giving individuals a sense that they own something that they’re responsible for, that they have control over, and that they can dispose of.

Milton Friedman

Paper money in time of war, the new notes will first go into the pockets of the war contractors. 'As a result, these persons' demands for certain articles will increase and so also the price and the sale of these articles, but especially in so far as they are luxury articles. Thus the position of the producers of these articles will be improved, their demand for other commodities will also increase, and thus the increase of prices and sales will go on, distributing itself over a constantly augmented number of articles, until at last it has reached them all.

Ludwig von Mises

The poor stay poor here because they do not save enough.

Abhijit V. Banerjee

The government never minds having more power, and is always prepared to paper over the problems it creates. An economy not bludgeoned by powerful elites is the ideal we should seek, even if it has a name that is wildly unpopular: capitalism

Jeffrey Tucker

Economics also has to become a fundamentally monetary discipline—from the consideration of how individuals make market decisions through to our understanding of macroeconomics. The myth of "the money illusion" (which can only be true in a world without debt) has to be immediately dispelled, while our macroeconomics have to reflect a monetary economy in which nominal magnitudes matter, precisely because they are the link between the value of current output and the financing of accumulated debt. The dangers of excessive debt and deflation simply cannot be comprehended from a neoclassical perspective.The discipline must also become fundamentally empirical, in contrast to the faux empiricism of econometrics. By this I mean basing itself on the economic and financial data first and foremost—the collection and interpretation of which has been the hallmark of contributions by econophysicists—and by respecting economic history, a topic which has been systematically expunged from economics departments around the world.

Steve Keen

Human beings, viewed as behaving systems, are quite simple. The apparent complexity of our behavior over time is largely a reflection of the complexity of the environment in which we find ourselves.

Herbert A. Simon

A foolish environmentalist wants to save nature from the greed of the market by exposing it to the tragedy of the commons. A smart environmentalist wants to save nature from the tragedy of the commons by exposing it to the greed of the market.

Jakub Bożydar Wiśniewski

It is quite wrong to assume that poor people are generally unwilling to change; but the proposed change must stand in some organic relationship to what they are doing already, and they are rightly suspicious of, and resistant to, radical changes proposed by town-based and office-bound innovators who approach them in the spirit of: "You just get out of my way and I shall show you how useless you are and how splendidly the job can be done with a lot of foreign money and outlandish equipment.

Ernst F. Schumacher

In spite of its alluring name, the welfare state stands or falls by compulsion. It is compulsion imposed upon us with the state’s power to punish noncompliance. Once this is clear, it is equally clear that the welfare state is an evil the same as every restriction of freedom.

Wilhelm Röpke

According to the current view, the maintenance of sound monetary conditions is only possible with a 'credit balance of payments'.The confutation of this and related objections is implicit in the Quantity Theory and in Gresham's Law. The Quantity Theory shows that money can never permanently flow abroad from a country in which only metallic money is used (the 'purely metallic currency' of the Currency Principle). The tightness in the domestic market called forth by the efflux of part of the stock of money reduces the prices of commodities, and so restricts importation and encourages exportation, until there is once more enough money at home. The precious metals which perform the function of money are distributed among individuals, and consequently among separate countries, according to the extent and intensity of the demand of each for money. State intervention to assure to the community the necessary quantity of money by regulating its international nlovements is supererogatory.

Ludwig von Mises

Everything we get, outside of the free gifts of nature, must in some way be paid for. The world is full of so- called economists who in turn are full of schemes for getting something for nothing. They tell us that the government can spend and spend without taxing at all; that it can continue to pile up debt without ever paying it off, because "we owe it to ourselves.

Henry Hazlitt

When in doubt as to what you should do, err on the side of 'giving.

Tony Cleaver

When the state itself is held to the same moral standards as everyone else, it dies. And that's a wonderful thing.

Jeffrey Tucker

My take on socialism is this: Socialism only seems to work when you don't fully implement it, when you keep enough capitalism around to pay socialism's bills, at least for a time. It's the difference between milking the cow and killing it. Socialism has no theory of wealth creation; it's just a destructive, envy-driven fantasy about redistributing it after something else (and somebody else) creates it first.

Lawrence W. Reed

The truth unquestionably is, that the only path to a subversion of the republican system of the Country is, by flattering the prejudices of the people, and exciting their jealousies and apprehensions, to throw affairs into confusion, and bring on civil commotion.

Alexander Hamilton

need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.

Henry Hazlitt

It takes a common thug to commit injustice, but it takes an exceptional thug to call it "social justice".

Jakub Bożydar Wiśniewski

Are people innately altruistic?" is the wrong kind of question to ask. People are people, and they respond to incentives. They can nearly always be manipulated--for good or ill--if only you find the right levers.

Steven D. Levitt

The theory of Communism may be summed up in one sentence: Abolish all private property.

Karl Marx

The idea that truth always triumphs over persecution is one of those pleasant falsehoods, which most experience refutes. History is teeming with instances of truth put down by persecution. If not put down forever, it may be set back for centuries.

John Stuart Mill

Parents are not alone in focusing their expectations on success at the graduation exam: The whole education system colludes with them. The curriculum and organization of schools often date back to a colonial past, when schools were meant to train a local elite to be the effective allies of the colonial state, and the goal was to maximize the distance between them and the rest of the populace.

Abhijit V. Banerjee and Esther Duflo

Hitherto men have always formed wrong ideas about themselves, about what they are and what they ought to be. They have arranged their relations according to their ideas of God, of normal man, etc. The products of their brains have got out of their hands. They, the creators, have bowed down before their creations.

Karl Marx

All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.

Adam Smith

Local differences in the prices of commodities whose natures are technologically identical are to be explained on the one hand by differences in the cost of preparing them for consumption (expenses of transport, cost of retailing etc.) and on the other hand by the physical and legal obstacles that restrict the mobility of commodities and human beings.

Ludwig von Mises

It is impossible to say how far the present value of money depends on its monetary employment and how far on its industrial employment. When the institution of money was first established, the industrial basis of the value of the precious metals may have preponderated; but with progress in the monetary organization of economic life the monetary employment has become more and more important. It is certain that nowadays the value of gold is largely supported by its monetary employment, and that its demonetization would affect its price in an overwhelming fashion.

Ludwig von Mises

Such is the facility with which mankind believe at one and the same time things inconsistent with one another, and so few are those who draw from what they receive as truths, any consequences but those recommended to them by their feelings, that multitudes have held the undoubting belief in an Omnipotent Author of Hell, and have nevertheless identified that being with the one best conception they were able to form of perfect goodness.

John Stuart Mill

Academics place much more importance on rigorous logic. There is also admiration in the profession for subtle reasoning. And mastery of the craft shows itself in the elegance of the intellectual super-structure…. The practitioner, on the other hand, uses economic theory only to the extent that he finds it useful in comprehending the problem at hand, so that practical courses of action will emerge which can be evaluated not merely in narrow economic cost-benefit terms, but by taking into account a wider range of considerations…. A practitioner is not judged by the rigour of his logic or by the elegance of his presentation. He is judged by results.

Goh Keng Swee

As these contrasts show, capitalism has undergone enormous changes in the last two and a half centuries. While some of Smith’s basic principles remain valid, they do so only at very general levels.For example, competition among profit-seeking firms may still be the key driving force of capitalism, as in Smith’s scheme. But it is not between small, anonymous firms which, accepting consumer tastes, fight it out by increasing the efficiency in the use of given technology. Today, competition is among huge multinational companies, with the ability not only to influence prices but to redefine technologies in a short span of time (think about the battle between Apple and Samsung) and to manipulate consumer tastes through brand-image building and advertising.

Ha-Joon Chang

Cultures that do not wish to exist cannot be dissuaded from destroying themselves.

David P. Goldman

The liberty of the individual must be thus far limited, he must not make himself a nuisance to other people.

John Stuart Mill

Advertising - A judicious mixture of flattery and threats.

Stephen Leacock

The State does not govern the market; in the market in which products are exchanged it may quite possibly be a powerful party, but nevertheless it is only one party of many, nothing more than that. All its attempts to transform the exchange-ratios between economic goods that are determined in the market can only be undertaken with the instruments of the market.

Ludwig von Mises

Democracy is not merely a form of Government. It is primarily a mode of associated living, of conjoint communicated experience. It is essentially an attitude of respect and reverence towards our fellow men.

B.R. Ambedkar

In a perfect world what poor countries at the lowest rungs of economic development need is not a multi-party democracy, but in fact a decisive benevolent dictator to push through the reforms required to get the economy moving

Dambisa Moyo

The market system is the basis of our civilization. Its only alternative is the Führer principle.

Ludwig von Mises

None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economics is not likely to be important.

John Kenneth Galbraith

Jesus is compelling in the way the discovery of the stars or the experience of a one-of-a-kind romance is compelling. His presence draws you in to the deep.

Michael Spencer

So long as all the increased wealth which modern progress brings goes but to build up great fortunes to increase luxury and make sharper the contest between the House of Have and the House of Want progress is not real and cannot be permanent.

Henry George

A half truth like half a brick is always more forcible as an argument than a whole one. It carries better.

Stephen Leacock

At the foundation of the Christian life, there is a kind of sacred individuality, a sort of holy aloneness that cries out to be left alone with God. This isn't all of the Christian life. It doesn't erase those parts of a Christian's experience that happen in the context of relationships, but this sacred solitude needs to be discovered, respected, and protected.It is that place where we most irrefutably hear God tell us that he loves us, and we come to know that, no matter what other people may say about us or do to us, God will not abandon us. That holy solitude is the place where we find God's Spirit changing our affections and redirecting our identities. It is, for Jesus-followers, holy ground.

Michael Spencer

All Nazi champions insist again and again that Marxism and Bolshevism are the quintessence of the Jewish mind, and that it is the great historic mission of Nazism to root out this pest. It is true that this attitude did not prevent the German nationalists either from coöperating with the German communists in undermining the Weimar Republic, or from training their black guards in Russian artillery and aviation camps in the years 1923–1933, or— in the period from August, 1939, until June, 1941—from entering into a close political and military complicity with Soviet Russia. Nevertheless, public opinion supports the view that Nazism and Bolshevism are philosophies—Weltanschauungen—implacably opposed to each other.

Ludwig von Mises

The great misfortune of our generation is that the direction which by the amazing progress of the natural sciences has been given to its interests is not one which assists us in comprehending the larger process of which as individuals we form merely a part or in appreciating how we constantly contribute to a common effort without either directing it or submitting to orders of others.

Friedrich A. Hayek

The role played by man in production always consists solely in combining his personal forces with the forces of Nature in such a way that the cooperation leads to some particular desired arrangement of material. No human act of production amounts to more than altering the position of things in space and leaving the rest to Nature.

Ludwig von Mises

It is true that the virtues which are less esteemed and practiced now--independence, self-reliance, and the willingness to bear risks, the readiness to back one's own conviction against a majority, and the willingness to voluntary cooperation with one's neighbors--are essentially those on which the of an individualist society rests. Collectivism has nothing to put in their place, and in so far as it already has destroyed then it has left a void filled by nothing but the demand for obedience and the compulsion of the individual to what is collectively decided to be good.

Friedrich A. Hayek

The prudent man always studies seriously and earnestly to understand whatever he professes to understand, and not merely to persuade other people that he understands it; and though his talents may not always be very brilliant, they are always perfectly genuine

Adam Smith

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