Quotes by Economists - Page 16

It is almost possible to sum up the whole process of thinking as the occurrence of suggestions for the solution of difficulties and the testing out of those suggestions. The suggestions or suppositions are tested by observation,memory, experiment.
Henry Hazlitt
To think at all requires a purpose, no matter how vague. The best thinking, however, requires a definite purpose, and the more definite this purpose the more definite will be our thinking. Therefore in taking up any special line of thought, we must first find just what our end or purpose is, and thus get clearly in mind what our problems are.
Henry Hazlitt
It may be said with truth that man is always susceptible ofimprovement
Thomas Robert Malthus
The vices and moral weakness of man are not invincible: Man is perfectible, or in other words, susceptible of perpetual improvement.
Thomas Robert Malthus
One cannot have any respect or regard for men who take the position of the reformer and then refuse to see the logical consequences of that position, let alone following them out in action.
B.R. Ambedkar
It’s hard not to empathize with the mayor’s anger, given the injustices he’d suffered, but righteous anger rarely leads to wise policy.
Edward L. Glaeser
Hatred and anger are the greatest poison to the happiness of a good mind. There is, in the very feeling of those passions, something harsh, jarring, and convulsive, something that tears and distracts the breast, and is altogether destructive of that composure and tranquillity of mind which is so necessary to happiness, and which is best promoted by the contrary passions of gratitude and love.
Adam Smith
To challenge humanism in any field, you must possess a uniquely biblical view of God, man, law, and time.
Gary North
... the invention of the mechanical clock in medieval Europe. This was one of the great inventions in this history of mankind -- not in a class with fire and the wheel, but comparable to movable type in its revolutionary implications for cultural values, technological change, social and political organization, and personality.
David S. Landes
No one chooses which culture to be born into or can be blamed for how that culture evolved in past centuries.
Thomas Sowell
Every civilisation has had its irrational but reassuring myth. Previous civilisations have used their culture to sing about it and tell stories about it. Ours has used its mathematics to prove it.
David Fleming
Language is the light of the mind.
John Stuart Mill
Whenever the nature of the subject permits the reasoning process to be without danger carried on mechanically, the language should be constructed on as mechanical principles as possible; while in the contrary case it should be so constructed, that there shall be the greatest possible obstacle to a mere mechanical use of it
John Stuart Mill
Language is as old as consciousness, language is practical, real consciousness that exists for other men as well, and only therefore does it also exist for me; language, like consciousness, only arises from the need, the necessity, of intercourse with other men.
Karl Marx
Common man does not speculate about the great problems. With regard to them he relies upon other people's authority, he behaves as "every decent fellow must behave,'' he is like a sheep in the herd. It is precisely this intellectual inertia that characterizes a man as a common man. Yet the common man does choose. He chooses to adopt traditional patterns or patterns adopted by other people because he is convinced that this procedure is best fitted to achieve his own welfare. And he is ready to change his ideology and consequently his mode of action whenever he becomes convinced that this would better serve his own interests.
Ludwig von Mises
A person may cause evil to others not only by his actions but by his inaction, and in either case he is justly accountable to them for the injury.
John Stuart Mill
The antagonists of finance’s future, the diaboli ex machina, may have no face at all.
Usman W. Chohan
Some years ago I read a book that brought Einstein's theory of relativity down to an eighth grade level. This convinced me that any subject can be made easy. In other words, always beware of anyone who tells you a topic is above you or better left to experts. This person may, for some reason, be trying to shut you out. You CAN understand almost anything.
Richard J. Maybury
The mystery of this courage of Bauer’s is Hegel’s Phenomenology. As Hegel here puts self-consciousness in the place of man, the most varied human reality appears only as a definite form, as a determination of self-consciousness. But a mere determination of self-consciousness is a “pure category,” a mere “thought” which I can consequently also abolish in “pure” thought and overcome through pure thought. In Hegel’s Phenomenology the material, perceptible, objective bases of the various estranged forms of human self-consciousness are left as they are. Thus the whole destructive work results in the most conservative philosophy because it thinks it has overcome the objective world, the sensuously real world, by merely transforming it into a “thing of thought” a mere determination of self-consciousness and can therefore dissolve its opponent, which has become ethereal, in the “ether of pure thought.” Phenomenology is therefore quite logical when in the end it replaces human reality by “Absolute Knowledge”—Knowledge, because this is the only mode of existence of self-consciousness, because self-consciousness is considered as the only mode of existence of man; absolute knowledge for the very reason that self-consciousness knows itself alone and is no more disturbed by any objective world. Hegel makes man the man of self-consciousness instead of making self-consciousness the self-consciousness of man, of real man, man living in a real objective world and determined by that world. He stands the world on its head and can therefore dissolve in the head all the limitations which naturally remain in existence for evil sensuousness, for real man. Besides, everything which betrays the limitations of general self-consciousness—all sensuousness, reality, individuality of men and of their world—necessarily rates for him as a limit. The whole of Phenomenology is intended to prove that self-consciousness is the only reality and all reality.
Karl Marx
Laissez faire (in its full true meaning) opens the way to the realization of the noble dreams of socialism.
Henry George
Price controls almost invariably produce black markets, where prices are not only higher than the legally permitted prices, but also higher than they would be in a free market, since the legal risks must also be compensated. While small-scale black markets may function in secrecy, large-scale black markets usually require bribes to officials to look the other way.
Thomas Sowell
There is only a certain amount of wealth in the world, this thinking goes. Economics is a matter of acquiring and allocating, not creating. This was the view of the world’s smartest people, all top philosophers and not stupid people, for many thousands of years before the age of the enlightenment. It still is.
Jeffrey Tucker
Growing economies are built by billions of actors behaving according to their own interests, coordinated through institutions that no one in particular created.Realizing this requires humility, a trait that is in short supply among would-be dictators, politicians, and bureaucrats, which is precisely why these groups are the proven enemies of prosperity in all times and places.
Jeffrey Tucker
What ranks above all else for economic and political reconstruction is a radical change of ideologies. Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spiritual, and moral problem.
Ludwig von Mises
Clowns to the left of me, jokers to the right, here I am -- not stuck in the middle, but hovering above the entire farcical spectrum, weeping as I behold my fellow man's devotion to political illusion and self-destruction.
Robert Higgs
The overwhelming tendency of markets is to bring people together, break down prejudices, persuade people of the need to cooperate regardless of class, race, religion, sex/gender, and physical ability. The same is obviously and especially true of sexual orientation. It is the market that rewards people who put aside their biases and seek gains through trade. This is why states devoted to racialist and hateful policies always resort to violence in control of the marketplace.
Jeffrey Tucker
Conflict is not unavoidable. However, it is nonsensical to consider the institution of a state as a solution to the problem of possible conflict, because it is precisely the institution of a state which first makes conflict unavoidable and permanent.
Hans-Hermann Hoppe
There are two principles between which there can be no compromise—liberty and coercion.
Frédéric Bastiat
The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule.
Friedrich A. Hayek
Libertarians make no exceptions to the golden rule and provide no moral loophole, no double standard, for government.
Murray N. Rothbard
A valid contract requires voluntary offer, acceptance, and consideration.
Robert Higgs
Monopoly is a market, or part of a market, reserved to the exclusive possession of one or more sellers by means of the initiation of physical force by the government, or with the sanction of the government. Monopoly exists insofar as the freedom of competition is violated, with the freedom of competition being understood as the absence of the initiation of physical force as the preventive of competition. Where there is no initiation of physical force to violate the freedom of competition, there is no monopoly. The freedom of competition is violated only insofar as individuals are excluded from markets or parts of markets by means of the initiation of physical force. Monopoly is thus a market or part of a market reserved to the exclusive possession of one or more sellers by means of the initiation of physical force. It is thus something imposed upon the market from without—by the government. (Private individuals—gangsters—can initiate force to reserve markets only if the government allows it and thereby sanctions it.)Thus, monopoly is not something which emerges from the normal operation of the economic system, and which the government must control.
George Reisman
There can be no socialism without a state, and as long as there is a state there is socialism. The state, then, is the very institution that puts socialism into action; and as socialism rests on aggressive violence directed against innocent victims, aggressive violence is the nature of any state.
Hans-Hermann Hoppe
We feel a deep pleasure from realizing that we believe something in common with our friends, and different from most people. We feel an even deeper pleasure letting everyone know of this fact. This feeling is EVIL. Learn to see it in yourself, and then learn to be horrified by how thoroughly it can poison your mind. Yes evidence may at times force you to disagree with a majority, and your friends may have correlated exposure to that evidence, but take no pleasure when you and your associates disagree with others; that is the road to rationality ruin.
Robin Hanson
Ignorance is an evil weed, which dictators may cultivate among their dupes, but which no democracy can afford among its citizens.
William Beveridge
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
Writers, like teeth, are divided into incisors and grinders.
Walter Bagehot
We must arm ourselves with patience and wisdom and listen to the poor what they want. This is the best way to avoid the trap of ignorance, ideology and inertia on our side.
Abhijit V. Banerjee
But then it is easy, too easy, to sermonize about the dangers of paternalism and the need to take responsibility for our own lives, from the comfort of our couch in our safe and sanitary home. Aren't we, those who live in the rich world, the constant beneficiaries of a paternalism now so thoroughly embedded into the system that we hardly notice it?
Abhijit V. Banerjee
The poor stay poor here because they do not save enough.
Abhijit V. Banerjee
The essential difference between rich societies and poor societies does not stem from any greater effort the former devote to work, nor even from any greater technological knowledge the former hold. Instead it arises mainly from the fact that rich nations possess a more extensive network of capital goods wisely invested from an entrepreneurial standpoint. These goods consists of machines, tools, computers, buildings, semi-manufactured goods, software, etc., and they exist due to prior savings of the nation's citizens. In other words, comparatively rich societies possess more wealth because they have more time accumulated in the form of capital goods, which places them closer in time to the achievement of much more valuable goals.
Jesús Huerta de Soto
External explanations of black-white differences — discrimination or poverty, for example—seem to many to be more amenable to public policy than internal explanations such as culture. Those with this point of view tend to resist cultural explanations but there is yet another reason why some resist understanding the counterproductive effects of an anachronistic culture: Alternative explanations of economic and social lags provide a more satisfying ability to blame all such lags on the sins of others, such as racism or discrimination. Equally important, such external explanations require no painful internal changes in the black population but leave all changes to whites, who are seen as needing to be harangued, threatened, or otherwise forced to change.In short, prevailing explanations provide an alibi for those who lag—and an alibi is for many an enormously valuable asset that they are unlikely to give up easily.
Thomas Sowell
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
The best state for human nature is that in which, while no one is poor, no one desires to be richer, nor has any reason to fear being thrust back, by the efforts of others to push themselves forward.
John Stuart Mill
Granted, many of them replied, that socialism may not result in riches for all but rather in a smaller production of wealth; nevertheless the masses will be happier under socialism, because they will share their worries with all their fellow citizens, and there will not be wealthier classes to be envied by poorer ones. The starving and ragged workers of Soviet Russia, they tell us, are a thousand times more joyful than the workers of the West who live under conditions which are luxurious compared to Russian standards; equality in poverty is a more satisfactory state than well-being where there are people who can flaunt more luxuries than the average man.
Ludwig von Mises
Not all developing countries are the same.
Paul Collier
Poverty is not intrinsically a trap, otherwise we would all still be poor.
Paul Collier
What good does it do a black youth to know that an employer must pay him $2 an hour if the fact that he must be paid that amount is what keeps him from getting a job?
Paul A. Samuelson
Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.
Henry Hazlitt
Remember, aid cannot achieve the end of poverty. Only homegrown development base on the dynamism of individuals and firms in free markets can do that.
William Easterly
Like navigation markings in unknown waters, definitions of poverty need to be distinctive and unambiguous. A definition that is not precise is as bad as no definition at all.
Muhammad Yunus
Without an informed electorate, politicians will continue to use the bottom billion merely for photo opportunities, rather than promoting real transformation.
Paul Collier
the larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax burden grows beyond a bearable size, the problem of devising taxes that will not discourage and disrupt production becomes insoluble.
Henry Hazlitt
Th direct elimination of elimination of poverty should be the objective of all development aid. Development should be viewed as a human rights issue, not as a question of simply increasing the gross national product (GNP).
Muhammad Yunus
I believe that the emphasis on curbing population growth diverts attention from the more vital issue of pursuing policies that allow the population to take care of itself.
Muhammad Yunus
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
Poverty does not belong in civilized human society. Its proper place is in a museum. That's where it will be.
Muhammad Yunus
When a destitute mother starts earning an income, her dreams of success invariably center around her children. A woman's second priority is the household. She wants to buy utensils, build a stronger roof, or find a bed for herself and her family. A man has an entirely different set of priorities. When a destitute father earns extra income, he focuses more attention on himself. Thus money entering a household through a woman brings more benefits to the family as a whole.
Muhammad Yunus
What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.
Muhammad Yunus
People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.
Muhammad Yunus