Quotes by Economists - Page 23

All varieties of the producers' policy are advocated on the ground of their alleged ability to raise the party members' standard of living. Protectionism and economic self-sufficiency, labor union pressure and compulsion, labor legislation, minimum wage rates, public spending, credit expansion, subsidies, and other makeshifts are always recommended by their advocates as the most suitable or the only means to increase the real income of the people for whose votes they canvass. Every contemporary statesman or politician invariably tells his voters: My program will make you as affluent as conditions may permit, while my adversaries' program will bring you want and misery.
Ludwig von Mises
These people look upon inequality as upon an evil. They do not assert that a definitedegree of inequality which can be exactly determined by a judgment free of anyarbitrariness and personal evaluation is good and has to be preserved unconditionally.They, on the contrary, declare inequality in itself as bad and merely contend that alower degree of it is a lesser evil than a higher degree in the same sense in which asmaller quantity of poison in a man’s body is a lesser evil than a larger dose. But ifthis is so, then there is logically in their doctrine no point at which the endeavorstoward equalization would have to stop. Whether one has already reached a degree ofinequality which is to be considered low enough and beyond which it is not necessaryto embark upon further measures toward equalization is just a matter of personaljudgments of value, quite arbitrary, different with different people and changing in thepassing of time. As these champions of equalization appraise confiscation and“redistribution” as a policy harming only a minority, viz., those whom they considerto be “too” rich, and benefiting the rest—the majority—of the people, they cannotoppose any tenable argument to those who are asking for more of this allegedlybeneficial policy. As long as any degree of inequality is left, there will always bepeople whom envy impels to press for a continuation of the equalization policy.Nothing can be advanced against their inference: If inequality of wealth and incomesis an evil, there is no reason to acquiesce in any degree of it, however low;equalization must not stop before it has completely leveled all individuals’ wealth andincomes.
Ludwig von Mises
It is true that some secluded intellectuals in their esoteric circles talk differently. They proclaim the priority of what they call eternal absolute values and feign in their declamations—not in their personal conduct—a disdain of things secular and transitory. But the public ignores such utterances. The main goal of present-day political action is to secure for the respective pressure group memberships the highest material well-being. The only way for a leader to succeed is to instill in people the conviction that his program best serves the attainment of this goal.
Ludwig von Mises
But there is merit even in the mentally retarded legislator. He asks the questions that everyone is afraid to ask for fear of seeming simple.
John Kenneth Galbraith
All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include among the ignorant themselves as well as the wisest. Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that the most ignorant individual can deliberately employ is comparatively insignificant.
Friedrich A. Hayek
Clearly, only very unequal intellectual and moral standing could justify having equality imposed, whether the people want it or not, as Dworkin suggests, and only very unequal power would make it possible.
Thomas Sowell
The media are desperately afraid of being accused of bias. And that's partly because there's a whole machine out there, an organized attempt to accuse them of bias whenever they say anything that the Right doesn't like. So rather than really try to report things objectively, they settle for being even-handed, which is not the same thing. One of my lines in a column—in which a number of people thought I was insulting them personally—was that if Bush said the Earth was flat, the mainstream media would have stories with the headline: 'Shape of Earth—Views Differ.' Then they'd quote some Democrats saying that it was round.
Paul Krugman
These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.Wait—Texas? Wasn't Texas supposed to be thriving even as the rest of America suffered? Didn't its governor declare, during his re-election campaign, that 'we have billions in surplus'? Yes, it was, and yes, he did. But reality has now intruded, in the form of a deficit expected to run as high as $25 billion over the next two years.And that reality has implications for the nation as a whole. For Texas is where the modern conservative theory of budgeting—the belief that you should never raise taxes under any circumstances, that you can always balance the budget by cutting wasteful spending—has been implemented most completely. If the theory can't make it there, it can't make it anywhere.
Paul Krugman
Politics is a strong and slow boring of hard boards. It takes both passion and perspective. Certainly all historical experience confirms the truth - that man would not have attained the possible unless time and again he had reached out for the impossible. But to do that a man must be a leader, and not only a leader but a hero as well, in a very sober sense of the word. And even those who are neither leaders nor heroes must arm themselves with that steadfastness of heart which can brave even the crumbling of all hopes. This is necessary right now, or else men will not be able to attain even that which is possible today.
Max Weber
When I applied to graduate school many years ago, I wrote an essay expressing my puzzlement at how a country that could put a man on the moon could still have people sleeping on the streets. Part of that problem is political will; we could take a lot of people off the streets tomorrow if we made it a national priority. But I have also come to realize that NASA had it easy. Rockets conform to the unchanging laws of physics. We know where the moon will be at a given time; we know precisely how fast a spacecraft will enter or exist the earth's orbit. If we get the equations right, the rocket will land where it is supposed to--always. Human beings are more complex than that. A recovering drug addict does not behave as predictably as a rocket in orbit. We don't have a formula for persuading a sixteen-year-old not to drop out of school. But we do have a powerful tool: We know that people seek to make themselves better off, however they may define that. Our best hope for improving the human condition is to understand why we act the way we do and then plan accordingly. Programs, organizations, and systems work better when they get the incentives right. It is like rowing downstream.
Charles Wheelan
The staunchest conservatives advocate a range of changes which differ in specifics, rather than in number or magnitude, from the changes advocated by those considered liberal…change, as such, is simply not a controversial issue. Yet a common practice among the anointed is to declare themselves emphatically, piously, and defiantly in favor of 'change.' Thus those who oppose their particular changes are depicted as being against change in general. It is as if opponents of the equation 2+2=7 were depicted as being against mathematics. Such a tactic might, however, be more politically effective than trying to defend the equation on its own merits.
Thomas Sowell
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
John Maynard Keynes
A party of order or stability, and a party of progress or reform, are both necessary elements of a healthy state of political life.
John Stuart Mill
What sense would it make to classify a man as handicapped because he is in a wheelchair today, if he is expected to be walking again in a month, and competing in track meets before the year is out? Yet Americans are generally given 'class' labels on the basis of their transient location in the income stream. If most Americans do not stay in the same broad income bracket for even a decade, their repeatedly changing 'class' makes class itself a nebulous concept. Yet the intelligentsia are habituated, if not addicted, to seeing the world in class terms.
Thomas Sowell
I was quite depressed two weeks ago when I spent an afternoon at Brentano's Bookshop in New York and was looking at the kind of books most people read. Once you see that you lose all hope.
Friedrich A. Hayek
I believe in a relatively equal society, supported by institutions that limit extremes of wealth and poverty. I believe in democracy, civil liberties, and the rule of law. That makes me a liberal, and I’m proud of it.
Paul Krugman
Let the ruling classes tremble at a Communistic revolution. The proletarians have nothing to lose but their chains. They have a world to win.Workingmen of all countries unite!
Karl Marx
The oppressed are allowed once every few years to decide which particular representatives of the oppressing class are to represent and repress them.
Karl Marx
Economics is extremely useful as a form of employment for economists.
John Kenneth Galbraith
Advertising - A judicious mixture of flattery and threats.
Stephen Leacock
Government as we now know it in the USA and other economically advanced countries is so manifestly horrifying, so corrupt, counterproductive, and outright vicious, that one might well wonder how it continues to enjoy so much popular legitimacy and to be perceived so widely as not only tolerable but indispensable. The answer, in overwhelming part, may be reduced to a two-part formula: bribes and bamboozlement (classically "bread and circuses"). Under the former rubric falls the vast array of government "benefits" and goodies of all sorts, from corporate subsidies and privileges to professional grants and contracts to welfare payments and health care for low-income people and other members of the lumpenproletariat. Under the latter rubric fall such measures as the government schools, the government's lapdog news media, and the government's collaboration with the producers of professional sporting events and Hollywood films. Seen as a semi-integrated whole, these measures give current governments a strong hold on the public's allegiance and instill in the masses and the elites alike a deep fear of anything that seriously threatens the status quo.
Robert Higgs
The fact that so many successful politicians are such shameless liars is not only a reflection on them, it is also a reflection on us. When the people want the impossible, only liars can satisfy.
Thomas Sowell
Producing laws is not an easier job than producing cars and food, so if the government is incompetent to produce cars or food, why do you expect it to do a good job producing the legal system within which you are then going to produce the cars and the food?
David D. Friedman
In a covenant...among proprietor and community tenants for the purpose of protecting their private property, no such thing as a right to free (unlimited) speech exists, not even to unlimited speech on one’s own tenant-property. One may say innumerable things and promote almost any idea under the sun, but naturally no one is permitted to advocate ideas contrary to the very covenant of preserving and protecting private property, such as democracy and communism. There can be no tolerance toward democrats and communists in a libertarian social order. They will have to be physically separated and removed from society.
Hans-Hermann Hoppe
The movement that I’m in favor of is a movement of libertarians who do not substitute whim for reason. Now some of them do, obviously, and I’m against that. I’m in favor of reason over whim. As far as I’m concerned, and I think the rest of the movement, too, we are anarcho-capitalists. In other words, we believe that capitalism is the fullest expression of anarchism, and anarchism is the fullest expression of capitalism. Not only are they compatible, but you can’t really have one without the other. True anarchism will be capitalism, and true capitalism will be anarchism.
Murray N. Rothbard
In the natural sciences, some checks exist on the prolonged acceptance of nutty ideas, which do not hold up well under experimental and observational tests and cannot readily be shown to give rise to useful working technologies. But in economics and the other social studies, nutty ideas may hang around for centuries. Today, leading presidential candidates and tens of millions of voters in the USA embrace ideas that might have been drawn from a 17th-century book on the theory and practice of mercantilism, and multitudes of politicians and ordinary people espouse notions that Adam Smith, David Ricardo, and others exploded more than two centuries ago. In these realms, nearly everyone simply believes whatever he feels good about believing.
Robert Higgs
We know how the people of Argentina ruined their country. We know how the people of Venezuela ruined their country. Few Americans know much about the history of Argentina or Venezuela. But if they wish to know how the people of the USA are ruining their own country, all they have to do is look around themselves, including, in most cases, looking in the mirror.
Robert Higgs
It's WW2 and there are wage controls in place. Instead of health care, companies decide to offer employees shoes. Having absorbed those costs, they later lobby for every company to be required to offer shoes. That calls forth regulation and monopolization of the shoe industry. Shoes are heavily subsidized. Every shoe must be approved. Producers must be domestic. They must adhere to a certain quality. They can't discriminate based on foot size or individual need. Prices rise, and some people lack shoes, so the Affordable Shoe Act forces everyone to buy into an official shoe plan or pay a fee. Here we have a perfect plan for making shoes egregiously expensive. The entire country would be consumed with the fear of being shoeless if they lose their job. The left wing calls for a single shoe provider to offer universal shoes and the right wing meekly suggests that shoe makers be permitted to sell across state lines.Meanwhile, libertarians suggest that we just forget the whole thing and let the market make and deliver shoes of every quality to anyone from anyone. Everyone screams that this is an insane and dangerous idea.
Jeffrey Tucker
Free-market capitalism is a network of free and voluntary exchanges in which producers work, produce, and exchange their products for the products of others through prices voluntarily arrived at.
Murray N. Rothbard
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
Socialism is not really an option in the material world. There can be no collective ownership of anything materially scarce. One or another faction will assert control in the name of society. Inevitably, the faction will be the most powerful in society -- that is, the state. This is why all attempts to create socialism in scarce goods or services devolve into totalitarian systems of top-down planning.
Jeffrey Tucker
Socialism is an alternative to capitalism as potassium cyanide is an alternative to water.
Ludwig von Mises
Anarcho-capitalism is not by definition libertarian. It is rather a prediction, not a definition.
David D. Friedman
Mis-define the law of brotherly love by giving men a claim on their neighbors and you have destroyed freedom, justified despotism, and assumed that there can be a master mind, in an ordinary human being, as the mind of God.
Frederick Nymeyer
It is the consumers who make poor people rich and rich people poor.
Ludwig von Mises
If all mankind minus one were of one opinion, and only one person were of the contrary opinion, mankind would be no more justified in silencing that one person than he, if he had the power, would be justified in silencing mankind. Were an opinion a personal possession of no value except to the owner, if to be obstructed in the enjoyment of it were simply a private injury, it would make some difference whether the injury was inflicted only on a few persons or on many. But the peculiar evil of silencing the expression of an opinion is that it is robbing the human race, posterity as well as the existing generation-- those who dissent from the opinion, still more than those who hold it.
J.S. Mill
Whenever someone starts talking about 'fair competition' or indeed, about 'fairness' in general, it is time to keep a sharp eye on your wallet, for it is about to be picked.
Murray N. Rothbard
Do all you have agreed to do, and do not encroach on other persons or their property.
Richard J. Maybury
Self-interest is not myopic selfishness. It is whatever it is that interests the participants, whatever they value, whatever goals they pursue. The scientist seeking to advance the frontiers of his discipline, the missionary seeking to convert infidels to the true faith, the philanthropist seeking to bring comfort to the needy - all are pursuing their interests, as they see them, as they judge them by their own values.
Milton Friedman
Freedom necessarily means that many things will be done which we do not like.
Friedrich A. Hayek
Those who are willing to surrender their freedom for security have always demanded that if they give up their full freedom it should also be taken from those not prepared to do so.
Freidrich Hayek
Man is everywhere in chains, and his chains will not be broken till he feels that it is degrading to be a bondsman, whether to an individual or to a State. The disease of civilization is not so much the material poverty of the many as the decay of the spirit of freedom and self-confidence. The revolt that will change the world will spring, not from the benevolence that breeds "reform", but from the will to be free. Men will act together in the full consciousness of their mutual dependence; but they will act for themselves. Their liberty will not be given them from above; they will take it on their own behalf.
G. D. H. Cole
Judgment is given to men that they may use it. Because it may be used erroneously, are men to be told that they ought not to use it at all? To prohibit what they think pernicious is not claiming exemption from error, but fulfilling the duty incumbent on them, although fallible, of acting on their conscientious conviction. If we were never to act on our opinions, because those opinions ‘lay be wrong, we should leave all our interests uncared for, and all our duties unperformed. An objection which applies to all conduct can be no valid objection to any conduct in particular.
John Stuart Mill
In a battle between force and an idea, the latter always prevails.
Ludwig von Mises
Political figures who talk a lot about liberty and freedom invariably turn out to mean the freedom to not pay taxes and discriminate based on race; freedom to hold different ideas and express them, not so much.
Paul Krugman
Moreover, in the system of criminal punishment in the libertarian world, the emphasis would never be, as it is now, on "society's" jailing the criminal; the emphasis would necessarily be on compelling the criminal to make restitution to the victim of his crime. The present system, in which the victim is not recompensed but instead has to pay taxes to support the incarceration of his own attacker — would be evident nonsense in a world that focuses on the defense of property rights and therefore on the victim of crime.
Murray N. Rothbard
Against what is stupid, nonsensical, erroneous, and evil, [classical] liberalism fights with the weapons of the mind, and not with brute force and repression.
Ludwig von Mises
If one prevents a man from working for the good of society while at the same time providing for the satisfaction of his own needs, then only one way remains open to him: to make himself richer and others poorer by the violent oppression and spoliation of his fellow men.
Ludwig von Mises
Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household. He is fully confident that this trend will prevail also in the future. He simply calls it the American way of life and does not give serious thought to the question of what made this continuous improvement in the supply of material goods possible.
Ludwig von Mises
It is because every individual knows little and, in particular, because we rarely know which of us knows best best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.
Friedrich A. Hayek
The sacred rights of mankind are not to be rummaged for among old parchments or musty records. They are written, as with a sunbeam, in the whole volume of human nature, by the Hand of Divinity itself, and can never be erased or obscured by mortal power.
Alexander Hamilton
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
The only freedom which deserves the name is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it. Each is the proper guardian of his own health, whether bodily, or mental or spiritual. Mankind are greater gainers by suffering each other to live as seems good to themselves, than by compelling each to live as seems good to the rest.
John Stuart Mill
Our faith in freedom does not rest on the foreseeable results in particular circumstances but on the belief that it will, on balance, release more forces for the good than for the bad.
Friedrich A. Hayek
Freedom has cost too much blood and agony to be relinquished at the cheap price of rhetoric.
Thomas Sowell
When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.
Frédéric Bastiat
A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
Milton Friedman
Freedom of mind is the real freedom. A person whose mind is not free though he may not be in chains, is a slave, not a free man. One whose mind is not free, though he may not be in prison, is a prisoner and not a free man. One whose mind is not free though alive, is no better than dead. Freedom of mind is the proof of one's existence.
B.R. Ambedkar
The worship of the state is the worship of force. There is no more dangerous menace to civilization than a government of incompetent, corrupt, or vile men. The worst evils which mankind ever had to endure were inflicted by bad governments. The state can be and has often been in the course of history the main source of mischief and disaster.
Ludwig von Mises
Created by wars that required it, the machine now created the wars it required.
Joseph Alois Schumpeter