Quotes by Economists - Page 15

Just as war is the natural consequence of monopoly, peace is the natural consequence of liberty.
Gustave de Molinari
It was Thomas Edison who brought us electricity, not the Sierra Club. It was the Wright brothers who got us off the ground, not the Federal Aviation Administration. It was Henry Ford who ended the isolation of millions of Americans by making the automobile affordable, not Ralph Nader. Those who have helped the poor the most have not been those who have gone around loudly expressing 'compassion' for the poor, but those who found ways to make industry more productive and distribution more efficient, so that the poor of today can afford things that the affluent of yesterday could only dream about.
Thomas Sowell
Anarcho-capitalism: the realization that the only way to effectively govern the market is to have an effective market in governance.
Jakub Bożydar Wiśniewski
Constitutions should consist only of general provisions; the reason is that they must necessarily be permanent, and that they cannot calculate for the possible change of things
Alexander Hamilton
When avarice takes the lead in a state, it is commonly the forerunner of its fall.
Alexander Hamilton
The earliest use of writing was strictly commercial and economic, not political or bureaucratic. It was trade, entrepreneurship, and stewardship of private property, not politics, "public education" or the creation of national mythology that allowed humankind to transition from prehistory to history. Just as trade, entrepreneurship, and stewardship of private property have always been on the forefront of civilization's advancement, so were they also the driving force behind civilization's emergence.
Jakub Bożydar Wiśniewski
It is illogical to say, as many etatists do, that liberalism is hostile to or hates the state, because it is opposed to the transfer of the ownership of railroads or cotton mills to the state. If a man says that sulphuric acid does not make a good hand lotion, he is not expressing hostility to sulphuric acid as such; he is simply giving his opinion concerning the limitations of its use.
Ludwig von Mises
Despots prefer the friendship of the dog, who, unjustly mistreated and debased, still loves and serves the man who wronged him.
Charles Fourier
In fact, if law were restricted to protecting all persons, all liberties, and all properties; if law were nothing more than the organized combination of the individual's right to self-defense; if law were the obstacle, the check, the punisher of all oppression and plunder — is it likely that we citizens would then argue much about the extent of the franchise?
Frédéric Bastiat
The social organs are constituted so as to enable them to develop harmoniously in the grand air of liberty. Away, then, with quacks and organizers! Away with their rings, and their chains, and their hooks, and their pincers! Away with their artificial methods! Away with their social laboratories, their governmental whims, their centralization, their tariffs, their universities, their State religions, their inflationary or monopolizing banks, their limitations, their restrictions, their moralizations, and their equalization by taxation! And now, after having vainly inflicted upon the social body so many systems, let them end where they ought to have begun — reject all systems, and try of liberty — liberty, which is an act of faith in God and in His work
Frédéric Bastiat
What all these lofty and vague phrases boil down to is that the court can impose things that the voters don't want and the Constitution does not require, but which are in vogue in circles to which the court responds.
Thomas Sowell
To me, patriotism means dedication to the principles on which the country was founded and a willingness to stand firm and fight for these principles regardless of what the government says or does
Richard J. Maybury
Despotism is a legitimate mode of government in dealing with barbarians, provided the end be their improvement.
John Stuart Mill
By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.
John Maynard Keynes
A mere enumeration of government activity is evidence -- often the sole evidence offered -- of "inadequate" nongovernment institutions, whose "inability" to cope with problems "obviously" required state intervention. Government is depicted as acting not in response to its own political incentives and constraints but because it is compelled to do so by concern for the public interest: it "cannot keep its hands off" when so "much is at stake," when emergency "compels" it to supersede other decision making processes. Such a tableau simple ignores the possibility that there are political incentives for the production and distribution of "emergencies" to justify expansions of power as well as to use episodic emergencies as a reason for creating enduring government institutions.
Thomas Sowell
My definition of democracy is - A form and a method of Government whereby revolutionary changes in the social life are brought about without bloodshed. That is the real test. It is perhaps the severest test. But when you are judging the quality of the material you must put it to the severest test.
B.R. Ambedkar
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
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
Adam Smith
Anarchists did not try to carry out genocide against the Armenians in Turkey; they did not deliberately starve millions of Ukrainians; they did not create a system of death camps to kill Jews, gypsies, and Slavs in Europe; they did not fire-bomb scores of large German and Japanese cities and drop nuclear bombs on two of them; they did not carry out a ‘Great Leap Forward’ that killed scores of millions of Chinese; they did not attempt to kill everybody with any appreciable education in Cambodia; they did not launch one aggressive war after another; they did not implement trade sanctions that killed perhaps 500,000 Iraqi children.In debates between anarchists and statists, the burden of proof clearly should rest on those who place their trust in the state. Anarchy’s mayhem is wholly conjectural; the state’s mayhem is undeniably, factually horrendous.
Robert Higgs
To be GOVERNED is to be watched, inspected, spied upon, directed, law-driven, numbered, regulated, enrolled, indoctrinated, preached at, controlled, checked, estimated, valued, censured, commanded, by creatures who have neither the right nor the wisdom nor the virtue to do so. To be GOVERNED is to be at every operation, at every transaction noted, registered, counted, taxed, stamped, measured, numbered, assessed, licensed, authorized, admonished, prevented, forbidden, reformed, corrected, punished. It is, under pretext of public utility, and in the name of the general interest, to be place under contribution, drilled, fleeced, exploited, monopolized, extorted from, squeezed, hoaxed, robbed; then, at the slightest resistance, the first word of complaint, to be repressed, fined, vilified, harassed, hunted down, abused, clubbed, disarmed, bound, choked, imprisoned, judged, condemned, shot, deported, sacrificed, sold, betrayed; and to crown all, mocked, ridiculed, derided, outraged, dishonored. That is government; that is its justice; that is its morality."General Idea of the Revolution in the Nineteenth Century, translated by John Beverly Robinson (London: Freedom Press, 1923), pp. 293-294.
Pierre-Joseph Proudhon
Why are some countries able, despite their very real and serious problems, to press ahead along the road to reconciliation, recovery, and redevelopment while others cannot? These are critical questions for Africa, and their answers are complex and not always clear. Leadership is crucial, of course. Kagame was a strong leader–decisive, focused, disciplined, and honest–and he remains so today. I believe that sometimes people's characters are molded by their environment. Angola, like Liberia, like Sierra Leone, is resource-rich, a natural blessing that sometimes has the sad effect of diminishing the human drive for self-sufficiency, the ability and determination to maximize that which one has. Kagame had nothing. He grew up in a refugee camp, equipped with only his own strength of will and determination to create a better life for himself and his countrymen.
Ellen Johnson Sirleaf
A man who is good from docility, and not from stern self-control, has no character.
Henry Hazlitt
Logic issues in tautologies, mathematics in identities, philosophy in definitions; all trivial, but all part of the vital work of clarifying and organising our thought.
Frank Plumpton Ramsey
It seems to be almost a law of human nature, that it is easier for people to agree on a negative programme, on the hatred of an enemy, on the envy of those better off, than on any positive task. The contrast between the “we” and the “they,” the common fight against those outside the group, seems to be an essential ingredient in any creed which will solidly knit together a group for common action. It is consequently always employed by those who seek, not merely support of a policy, but the unreserved allegiance of huge masses. From their point of view it has the great advantage of leaving them greater freedom of action than almost any positive programme.
Friedrich A. Hayek
First, if any opinion is compelled to silence, that opinion may, for aught we can certainly know, be true. To deny this is to assume our own infallibility. Secondly, though the silenced opinion be an error, it may, and very commonly does, contain a portion of the truth; and since the general or prevailing opinion on any subject is rarely or never the whole truth, it is only by the collision of adverse opinions that the remainder of the truth has any chance of being supplied.
John Stuart Mill
The lesson about food is that the most predictable and the most orderly outcomes are always not the best. They are just easier to describe. Fads are orderly. Food carts and fires aren't. Feeding the world could be a delicious mess, full of diverse flavors and sometimes good old-fashioned smoke.
Tyler Cowen
Food is a product of supply and demand, so try to figure out where the supplies are fresh, the suppliers are creative, and the demanders are informed.
Tyler Cowen
The first thing a man will do for his ideals is lie.
Joseph Schumpeter
By the time most people pick up a parenting book, it is far too late. Most of the things that matter were decided long ago—who you are, whom you married, what kind of life you lead. If you are smart, hardworking, well educated, well paid, and married to someone equally fortunate, then your children are more likely to succeed. (Nor does it hurt, in all likelihood, to be honest, thoughtful, loving, and curious about the world.) But it isn’t so much a matter of what you do as a parent; it’s who you are.
Steven D. Levitt
Many parents have discovered, perhaps with some guilt, that they can read a story to a child while thinking of something else.
Daniel Kahneman
It is true that a great statesman is he who knows when to depart from traditions, as well as when to adhere to them. But it is a great mistake to suppose that he will do this better for being ignorant of the traditions.
John Stuart Mill
Ignorance never yet helped anybody.
Karl Marx
At work here is that powerful WYSIATI ("what you see is all there is") rule. You cannot help dealing with the limited information you have as if it were all there is to know. You build the best possible story from the information available to you, and if it is a good story, you believe it. Paradoxically, it is easier to construct a coherent story when you know little, when there are fewer pieces to fit into the puzzle. Our comforting conviction that the world makes sense rests on a secure foundation: our almost unlimited ability to ignore our ignorance.
Daniel Kahneman
Should a professor of accounting or chemistry be fired for using up class time to sound off about homelessness or the war in Iraq? Yes! There is no high moral principle that prevents it. What prevents it are tenure rules that have saddled so many colleges with so many self-indulgent prima donnas who seem to think that they are philosopher kings, when in fact they are often grossly ignorant or misinformed outside the narrow confines of their particular specialty.
Thomas Sowell
There have always been ignorant people, but they haven't always had college degrees to make them unaware of their ignorance. Some people imagine that they are well informed because they have memorized a whole galaxy of trendy dogmas and fashionable attitudes.
Thomas Sowell
If a man wishes to ensure the bad opinion of others, his best course probably is to be honest about himself.
William Hurrell Mallock
The prudent man is always sincere, and feels horror at the very thought of exposing himself to the disgrace which attends upon the detection of falsehood. But though always sincere, he is not always frank and open; and though he never tells any thing but the truth, he does not always think himself bound, when not properly called upon, to tell the whole truth. As he is cautious in his actions, so he is reserved in his speech; and never rashly or unnecessarily obtrudes his opinion concerning either things or persons.
Adam Smith
No one can be a great thinker who does not recognize that as a thinker it is his first duty to follow his intellect to whatever conclusions it may lead.
John Stuart Mill
Virtue is excellence, something uncommonly great and beautiful, which rises far above what is vulgar and ordinary.
Adam Smith
Have intercourse with females, acquire wealth.
John Stuart Mill
One basis for life and another basis for science is a priori a lie.
Karl Marx
I came to realize that life lived to help others is the only one that matters and that it sis my duty ... This is my highest and best use as a human.
Ben Stein
There is nothing as dangerous as an economist who only knows economics except the moral philosopher who knows no economics.
Peter J. Boettke
For we conceive it as the aim of a philosopher, as such, to do somewhat more than define and formulate the common normal opinions of mankind. His function is to tell men what they ought to think, rather than what they do think: he is expected to transcend Common Sense in his premises, and is allowed a certain divergence from Common Sense in his conclusions. It is true that the limits of this deviation are firmly, though indefinitely, fixed: the truth of a philosopher's premises will always be tested by the acceptability of his conclusions: if in any important point he be found in flagrant conflict with common opinion, his method is likely to be declared invalid. Still, though he is expected to establish and concatenate at least the main part of the commonly accepted moral rules, he is not necessarily bound to take them as the basis on which his own system is constructed. Rather, we should expect that the history of Moral Philosophy--so far at least as those whom we may call orthodox thinkers are concerned--would be a history of attempts to enunciate, in full breadth and clearness, those primary intuitions of Reason, by the scientific application of which the common moral thought of mankind may be at once systematized and corrected.
Henry Sidgwick
In the common degree of the moral, there is no virtue. Virtue is excellence.
Adam Smith
Economics without ethics is a caricature. Ethics without economics is a fairy tale.
Jakub Bożydar Wiśniewski
Let us suppose that the great empire of China, with all its myriads of inhabitants, was suddenly swallowed up by an earthquake, and let us consider how a man of humanity in Europe, who had no sort of connection with that part of the world, would be affected upon receiving intelligence of this dreadful calamity. He would, I imagine, first of all, express very strongly his sorrow for the misfortune of that unhappy people, he would make many melancholy reflections upon the precariousness of human life, and the vanity of all the labours of man, which could thus be annihilated in a moment. He would too, perhaps, if he was a man of speculation, enter into many reasonings concerning the effects which this disaster might produce upon the commerce of Europe, and the trade and business of the world in general. And when all this fine philosophy was over, when all these humane sentiments had been once fairly expressed, he would pursue his business or his pleasure, take his repose or his diversion, with the same ease and tranquillity, as if no such accident had happened. The most frivolous disaster which could befall himself would occasion a more real disturbance. If he was to lose his little finger to-morrow, he would not sleep to-night; but, provided he never saw them, he will snore with the most profound security over the ruin of a hundred millions of his brethren, and the destruction of that immense multitude seems plainly an object less interesting to him, than this paltry misfortune of his own. To prevent, therefore, this paltry misfortune to himself, would a man of humanity be willing to sacrifice the lives of a hundred millions of his brethren, provided he had never seen them? Human nature startles with horror at the thought, and the world, in its greatest depravity and corruption, never produced such a villain as could be capable of entertaining it. But what makes this difference? When our passive feelings are almost always so sordid and so selfish, how comes it that our active principles should often be so generous and so noble? When we are always so much more deeply affected by whatever concerns ourselves, than by whatever concerns other men; what is it which prompts the generous, upon all occasions, and the mean upon many, to sacrifice their own interests to the greater interests of others? It is not the soft power of humanity, it is not that feeble spark of benevolence which Nature has lighted up in the human heart, that is thus capable of counteracting the strongest impulses of self-love. It is a stronger power, a more forcible motive, which exerts itself upon such occasions. It is reason, principle, conscience, the inhabitant of the breast, the man within, the great judge and arbiter of our conduct.
Adam Smith
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
as long as agreat number of those impressions which form character, like the nicemotions of the arm, remain absolutely independent of the will of man,though it would be the height of folly and presumption to attempt tocalculate the relative proportions of virtue and vice at the future periodsof the world, it may be safely asserted that the vices and moralweakness of mankind, taken in the mass, are invincible.
Thomas Robert Malthus
Unorganized morality is called sociability. Organized morality is called civilization. Unorganized immorality is called barbarity. Organized immorality is called statism.
Jakub Bożydar Wiśniewski
I can never look at these apparent contradictions between the great laws of nature without a feeling of physical uneasiness which amounts to suffering. Were mankind reduced to the necessity of choosing between two parties, one of whom injures his interest, and the other his conscience, we should have nothing to hope from the future. Happily, this is not the case; and to see Aristus regain his economical superiority, as well as his moral superiority, it is sufficient to understand this consoling maxim, which is no less true from having a paradoxical appearance, “To save is to spend.
Frédéric Bastiat
No society can exist unless the laws are respected to a certain degree, but the safest way to make them respected is to make them respectable. When the law and morality are in contradiction to each other, the citizen finds himself in the cruel alternative of either losing his moral sense, or of losing his respect for the law--two evils of equal magnitude, between which it would be difficult to choose. It is so much in the nature of law to support justice that in the minds of the masses they are one and the same.
Bastiat
If it's okay to enrich ourselves by denying foreigners the right to earn a living, why shouldn't we enrich ourselves by invading peaceful countries and seizing their assets? Most of us don't think that's a good idea, and not just because it might backfire. We don't think it's a good idea because we believe human beings have human rights, whatever their colour and wherever they live. Stealing assets is wrong, and so is stealing the right to earn a living, no matter where the victim was born.
Steven E. Landsburg
The individualism of current economic theory is manifest in the purely self-interested behavior it generally assumes. It has no real place for fairness, malevolence, and benevolence, nor for the preservation of human life or any other moral concern.
Herman E. Daly
I will call no being good who is not what I mean when I apply that epithet to my fellow creatures; and if such a creature can sentence me to hell for not so calling him, to hell I will go .
John Stuart Mill
Christian morality (so called) has all the characters of a reaction; it is, in great part, a protest against Paganism. Its ideal is negative rather than positive; passive rather than action; innocence rather than Nobleness; Abstinence from Evil, rather than energetic Pursuit of Good: in its precepts (as has been well said) 'thou shalt not' predominates unduly over 'thou shalt.
John Stuart Mill
Now here's somebody who wants to smoke a marijuana cigarette. If he's caught, he goes to jail. Now is that moral? Is that proper? I think it's absolutely disgraceful that our government, supposed to be our government, should be in the position of converting people who are not harming others into criminals, of destroying their lives, putting them in jail. That's the issue to me. The economic issue comes in only for explaining why it has those effects. But the economic reasons are not the reasons
Milton Friedman
Nothing in life is as important as you think it is when you are thinking about it.
Daniel Kahneman
The test of real and vigorous thinking, the thinking which ascertains truths instead of dreaming dreams, is successful application to practice.
John Stuart Mill
The difficulty lies not so much in developing new ideas as in escaping from old ones.
John Maynard Keynes