Quotes by Economists - Page 14

Rather than justice for all, we are evolving into a system of justice for those who can afford it. We have banks that are not only too big to fail, but too big to be held accountable.
Joseph E. Stiglitz
The increase in value of the world of things is directly proportional to the decrease in value of the human world.
Karl Marx
What is a price? It is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. Past prices represent deals done in history. Current prices represent possible deals in the future. Prices embed vast information about perceived realities: resource availability, consumer demand, cultural biases and habits, speculations about the future. The price is also an amazing tool. It provides an objective basis for accounting and the assessment of profit and loss. Without prices, real prices rooted in real market experience, we’d been lost.
Jeffrey Tucker
A use-value, or useful article, therefore, has value only because abstract human labour is objectified or materialized in it. How, then, is the magnitude of this value to be measured? By means of the quantity of the "value-forming substance", the labour, contained in the article. This quantity is measured by its duration, and the labour-time is itself measured on the particular scale of hours, days etc.
Karl Marx
When I discussed the nature of value, I observed that value is nothing inherent in goods and that it is not a property of goods. But neither is value an independent thing. There is no reason why a good may not have value to one economizing individual but no value to another individual under different circumstances. The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts. What one person disdains or values lightly is appreciated by another, and what one person abandons is often picked up by another.
Carl Menger
What exclusively determines the magnitude of the value of any article is therefore the amount of labour socially necessary, or the labour-time socially necessary for its production.
Karl Marx
As exchange-values, all commodities are merely definite quantities of congealed labour-time.
Karl Marx
If you bake a cupcake, the world has one more cupcake. If you become a circus clown, the world has one more squirt of seltzer down someone's pants. But if you win an Olympic gold medal, the world will not have one more Olympic gold medalist. It will just have you instead of someone else.
Steven E. Landsburg
He freed man from outer religiosity because he made religiosity the inner man. He freed the body from chains because he enchained the heart.
Karl Marx
You must abolish your slavery yourselves. Do not depend for its abolition upon god or a superman. Remember that it is not enough that a people are numerically in the majority. They must be always watchful, strong and self-respecting to attain and maintain success.We must shape our course ourselves and by ourselves.
B.R. Ambedkar
Human nature is not a machine to be built after a model, and set to do exactly the work prescribed for it, but a tree, which requires to grow and develop itself on all sides, according to the tendency of the inward forces which make it a living thing.
John Stuart Mill
Why has government been instituted at all? Because the passions of man will not conform to the dictates of reason and justice without constraint.
Alexander Hamilton
As history has also shown, especially in the twentieth century, one of the first things an ideologue will do after achieving absolute power is kill.
Thomas Sowell
Since no individual acting separately can lawfully use force to destroy the rights of others, does it not logically follow that the same principle also applies to the common force that is nothing more than the organized combination of the individual forces?
Frédéric Bastiat
To try to cure unemployment by inflation rather than by adjustment of specific wage-rates is like trying to adjust the piano to the stool rather than the stool to the piano.
Henry Hazlitt
Someone asked me the other day if I believe in conspiracies. Well, sure. Here's one. It is called the political system. It is nothing if not a giant conspiracy to rob, trick and subjugate the population.
Jeffrey Tucker
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
Liberty is not about class war, income war, race war, national war, a war between the sexes, or any other conflict apart from the core conflict between individuals and those who would seek power and control over the human spirit. Liberty is the dream that we can all work together, in ways of our choosing and of our own human volition, to realize a better life.
Jeffrey Tucker
The struggle for freedom is ultimately not resistance to autocrats or oligarchs but resistance to the despotism of public opinion.
Ludwig von Mises
If any of the socialist chiefs had tried to earn his living by selling hot dogs, he would have learned something about the sovereignty of the consumers.
Ludwig von Mises
No one wants their stuff stolen. No one wants their physical person harmed. If you understand the implications of those two truths, you can come to see the egregious moral and practical problems of a state-managed society.
Jeffrey Tucker
When individuals combine in a joint effort to realize ends the have in common, the organizations, like the state, that they form for this purpose are given their own system of ends and their own means. But any organization thus formed remains one "person" among other, in the case of the state much more powerful than any of the others, it is true, yet still with its separate and limited sphere in which alone its ends are supreme.
Friedrich A. Hayek
Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. It is a compulsory seizure of the property of the State’s inhabitants, or subjects.
Murray N. Rothbard
Private property is redundant. "Public property" is an oxymoron. All legit property is private. If property isn't private it's stolen.
Gustave de Molinari
The issue is always the same: the government or the market. There is no third solution.
Ludwig von Mises
A nanny state is hostile to liberty. Any attempt to institute or continue it should be opposed, root and branch. Government intervention is never the solution; it is always part of the problem.
Laurence M. Vance
No people and no part of a people shall be held against its will in a political association that it does not want.
Ludwig von Mises
The law has placed the collective force at the disposal of the unscrupulous who wish, without risk, to exploit the person, liberty, and property of others. It has converted plunder into a right, in order to protect plunder. And it has converted lawful defense into a crime, in order to punish lawful defense...When, then, does plunder stop? It stops when it becomes more painful and more dangerous than labor.
Frédéric Bastiat
It is be­cause freedom means the renun­ciation of direct control of individual efforts that a free society can make use of so much more knowledge than the mind of the wisest ruler could comprehend.
Friedrich A. Hayek
Among the many other questions raised by the nebulous concept of “greed” is why it is a term applied almost exclusively to those who want to earn more money or to keep what they have already earned—never to those wanting to take other people’s money in taxes or to those wishing to live on the largesse dispensed from such taxation. No amount of taxation is ever described as “greed” on the part of government or the clientele of government.
Thomas Sowell
Income inequality has no necessary connection with poverty, the lack of material resources for a decent life, such as adequate food, shelter, and clothing. A society with great income inequality may have no poor people, and a society with no income inequality may have nothing but poor people.
Robert Higgs
The desire for an increase of wealth can be satisfied through exchange, which is the only method possible in a capitalist economy, or by violence and petition as in a militarist society, where the strong acquire by force, the weak by petitioning.
Ludwig von Mises
The demoralization that the debase­ment of the currency left in its wake played a major role in bring­ing Adolf Hitler into power in 1933.
Henry Hazlitt
Here is a principle to use in all aspects of economics and policy. When you find a good or service that is in huge demand but the supply is so limited to the point that the price goes up and up, look for the regulation that is causing it. This applies regardless of the sector, whether transportation, gas, education, food, beer, or daycare. There is something in the way that is preventing the market from working as it should. If you look carefully enough, you will find the hand of the state making the mess in question.
Jeffrey Tucker
In the same way that central banking nearly wrecked the world and created one calamity after another, bitcoin can save the world one transaction at a time.It is time for a new beginning.
Jeffrey Tucker
There is in all of us a strong disposition to regard what is lawful as legitimate, so much so that many falsely derive all justice from law. It is sufficient, then, for the law to order and sanction plunder, that it may appear to many consciences just and sacred. Slavery, protection, and monopoly find defenders, not only in those who profit by them, but in those who suffer by them. If you suggest a doubt as to the morality of these institutions, it is said directly—“You are a dangerous experimenter, a utopian, a theorist, a despiser of the laws; you would shake the basis upon which society rests.
Frédéric Bastiat
What makes anyone think that government officials are even trying to protect us? A government is not analogous to a hired security guard. Governments do not come into existence as social service organizations or as private firms seeking to please consumers in a competitive market. Instead, they are born in conquest and nourished by plunder. They are, in short, well-armed gangs intent on organized crime. Yes, rulers have sometimes come to recognize the prudence of protecting the herd they are milking and even of improving its ‘infrastructure’ until the day they decide to slaughter the young bulls, but the idea that government officials seek to promote my interests or yours is little more than propaganda—unless, of course, you happen to belong to the class of privileged tax eaters who give significant support to the government and therefore receive in return a share of the loot.
Robert Higgs
While liberals are in favor of any sexual activity engaged in by two consenting adults, when these consenting adults engage in trade or exchange, the liberals step in to harass, cripple, restrict, or prohibit that trade. And yet both the consenting sexual activity and the trade are similar expressions of liberty in action.
Murray N. Rothbard
When the state itself is held to the same moral standards as everyone else, it dies. And that's a wonderful thing.
Jeffrey Tucker
I define anarchist society as one where there is no legal possibility for coercive aggression against the person or property of any individual.
Murray N. Rothbard
Where there is commerce there is peace.
Jeffrey Tucker
There are two and only two ways that any economy can be organized. One is by freedom and voluntary choice—the way of the market. The other is by force and dictation—the way of the State.
Murray N. Rothbard
The very term ‘public utility’ … is an absurd one. Every good is useful ‘to the public,’ and almost every good … may be considered ‘necessary.’ Any designation of a few industries as ‘public utilities’ is completely arbitrary and unjustified.
Murray N. Rothbard
Libertarians make no exceptions to the golden rule and provide no moral loophole, no double standard, for government. That is, libertarians believe that murder is murder and does not become sanctified by reasons of state if committed by the government. We believe that theft is theft and does not become legitimated because organized robbers call their theft "taxation." We believe that enslavement is enslavement even if the institution committing that act calls it "conscription." In short, the key to libertarian theory is that it makes no exceptions in its universal ethic for government.
Murray N. Rothbard
Emergencies” have always been the pretext on which the safeguards of individual liberty have been eroded.
Friedrich A. Hayek
In particular, the State has arrogated to itself a compulsory monopoly over police and military services, the provision of law, judicial decision-making, the mint and the power to create money, unused land ("the public domain"), streets and highways, rivers and coastal waters, and the means of delivering mail...the State relies on control of the levers of propaganda to persuade its subjects to obey or even exalt their rulers.
Murray N. Rothbard
Experience teaches effectually, but brutally. It makes us acquainted with all the effects of an action, by causing us to feel them; and we cannot fail to finish by knowing that fire burns, if we have burned ourselves. For this rough teacher, I should like, if possible, to substitute a more gentle one. I mean Foresight. For this purpose I shall examine the consequences of certain economical phenomena, by placing in opposition to each other those which are seen, and those which are not seen.
Frédéric Bastiat
Without anarchy, there would be chaos.
Jeffrey Tucker
The first people to get the new money are the counterfeiters, which they use to buy various goods and services. The second receivers of the new money are the retailers who sell those goods to the counterfeiters. And on and on the new money ripples out through the system, going from one pocket or till to another. As it does so, there is an immediate redistribution effect. For first the counterfeiters, then the retailers, etc. have new money and monetary income they use to bid up goods and services, increasing their demand and raising the prices of the goods that they purchase. But as prices of goods begin to rise in response to the higher quantity of money, those who haven't yet received the new money find the prices of the goods they buy have gone up, while their own selling prices or incomes have not risen. In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money at all.
Murray N. Rothbard
The instant that any government obtains a monetary printing press, it becomes a deeply dishonest government, empowered to rob people by stealth. A government with the power to print money knows no limits.
Jeffrey Tucker
Recall that the minimum wage was initially conceived as a method to exclude undesirables from the workforce.
Jeffrey Tucker
Ultimately, all arguments against markets are arguments against anarchy. Marx understood this much, at least.
Jeffrey Tucker
Every socialist is a disguised dictator.
Ludwig von Mises
Voting, the be all and end all of modern democratic politicians, has become a farce, if indeed it was ever anything else. By voting, the people decide only which of the oligarchs preselected for them as viable candidates will wield the whip used to flog them and will command the legion of willing accomplices and anointed lickspittles who perpetrate the countless violations of the people’s natural rights. Meanwhile, the masters soothe the masses by assuring them night and day that they — the plundered and bullied multitudes who compose the electorate — are themselves the government.
Robert Higgs
Commerce tends toward rewarding inclusion, broadness, and liberality. Tribal loyalties, ethnic and religious bigotries, and irrational prejudices are bad for business. The merchant class has been conventionally distrusted by tribalist leaders -- from the ancient to the modern world -- precisely because merchantcraft tends to break down barriers between groups.
Jeffrey Tucker
Governments represent their citizens in the same way as parasites represent their hosts.
Jakub Bożydar Wiśniewski
People do not necessarily know what they are doing, because our ability to comprehend even matters that concern us directly is limited – or, in the jargon, we have ‘bounded rationality’. The world is very complex and our ability to deal with it is severely limited. Therefore, we need to, and usually do, deliberately restrict our freedom of choice in order to reduce the complexity of problems we have to face. Often, government regulation works, especially in complex areas like the modern financial market, not because the government has superior knowledge but because it restricts choices and thus the complexity of the problems at hand, thereby reducing the possibility that things may go wrong.
Chang Ha-Joon
The law is guilty of the evils it is supposed to punish.
Frédéric Bastiat
Every step which leads from capitalism toward planning is necessarily a step nearer to absolutism and dictatorship.
Ludwig von Mises
Copyright: a system of monopoly privilege over the expression of ideas that enables government to stop consumer-friendly economic development and reward uncompetitive and legally privileged elites to fleece the public through surreptitious use of coercion.
Jeffrey Tucker