Economics Quotes

Socialism may be established by force, as in the Union of Soviet Socialist Republics—or by vote, as in Nazi (National Socialist) Germany. The degree of socialization may be total, as in Russia—or partial, as in England. Theoretically, the differences are superficial; practically, they are only a matter of time. The basic principle, in all cases, is the same.

~ Ayn Rand

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

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

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

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

Laissez faire (in its full true meaning) opens the way to the realization of the noble dreams of socialism.

~ Henry George

Government should never be able to do anything you can't do. If you can't steal from your neighbor, you can't send the government to steal for you.

~ Ron Paul

There can be no greater stretch of arbitrary power than to seize children from their parents, teach them whatever the authorities decree they shall be taught, and expropriate from the parents the funds to pay for the procedure.

~ Isabel Paterson

To reverse the effects of civilization would destroy the dreams of a lot of people. There's no way around it. We can talk all we want about sustainability, but there's a sense in which it doesn't matter that these people's dreams are based on, embedded in, intertwined with, and formed by an inherently destructive economic and social system. Their dreams are still their dreams. What right do I -- or does anyone else -- have to destroy them.At the same time, what right do they have to destroy the world?

~ Derrick Jensen

If you invest all your energy in economics, world commerce, parliamentarianism, military engagements, power and power politics, -if you take the quantum of intelligence, seriousness, will, and self-overcoming that you embody and expend it all in this one direction, there there won't be any left for the other direction. Culture and the state - let us be honest with ourselves - these are adversaries.

~ Friedrich Nietzsche

When you conform to the monoculture's version of who you are and what the world is like, you lose your freedom along with your ability to be truly innovative in terms of your own life. Being able to draw on many different stories, not just the economic one, allows you to creatively and authentically meet the challenges that face you in your life. The monoculture, determinedly single-minded, insists that economic values and assumptions can be used to solve your problems, whether those problems are spiritual, political, intellectual, or relational.

~ F.s. Michaels

we deceive ourselves if we believe we can hold on to old models as ideologies whimper off to a shallow grave in prolonged agony of people, institutions and cultures.

~ Said E. Dawlabani

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

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

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

Those who believe that liberal democracy and the free market can be defended by the force of law and regulation alone, without an internalised sense of duty and morality, are tragically mistaken.

~ Jonathan Sacks

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

Economics without ethics is a caricature. Ethics without economics is a fairy tale.

~ Jakub Bożydar Wiśniewski

At the same time, however, the necessity for economic change in our countries has led us to conceive laws and accept traditions often at the expense of the individual person. Just when many are becoming conscious of the fundamental heritage of the Judeo-Christian tradition to respect each human person, friend or foe, within the actual structure of our society to apply this truth. The very efficiency demanded by our technocratic industrial society renders the life of the old, the unstable and the handicapped almost impossible. as the values of efficiency, individualism, and wealth become the only motivations, they tend to stifle the profound aspirations of man so that little by little he loses all sense of fellowship and community.

~ Jean Vanier

There is nothing as dangerous as an economist who only knows economics except the moral philosopher who knows no economics.

~ Peter J. Boettke

Does a population have informed consent when that population is not taught the inner workings of its monetary system, and then is drawn, all unknowing, into economic adventures?

~ Frank Herbert

Can we actually suppose that we are wasting, polluting, and making ugly this beautiful land for the sake of patriotism and the love of God? Perhaps some of us would like to think so, but in fact this destruction is taking place because we have allowed ourselves to believe, and to live, a mated pair of economic lies: that nothing has a value that is not assigned to it by the market; and that the economic life of our communities can safely be handed over to the great corporations. (from 'Compromise, Hell!' published in the November/December 2004 issue of ORION magazine)

~ Wendell Berry

The first thing a man will do for his ideals is lie.

~ Joseph Schumpeter

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

Sustainability is best illustrated by those who sell food … just so they afford something to eat.

~ Mokokoma Mokhonoana

In California, the state's huge dairy herd produces twenty-seven million tons of manure a year, the particulates and vapors from which have helped to make air quality in the argiculturally intensive San Joaquin Valley worse than it is Los Angeles.

~ Paul Roberts

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

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

In my considered opinion, salary is payment for goods delivered and it must conform to the law of supply and demand. If, therefore, the fixed salary is a violation of this law - as, for instance, when I see two engineers leaving college together and both equally well trained and efficient, and one getting forty thousand while the other only earns two thousand , or when lawyers and hussars, possessing no special qualifications, are appointed directors of banks with huge salaries - I can only conclude that their salaries are not fixed according to the law of supply and demand but simply by personal influence. And this is an abuse important in itself and having a deleterious effect on government service.

~ Leo Tolstoy

Governments are deemed to succeed or fail by how well they make money go round, regardless of whether it serves any useful purpose. They regard it as a sacred duty to encourage the country’s most revolting spectacle: the annual feeding frenzy in which shoppers queue all night, then stampede into the shops, elbow, trample and sometimes fight to be the first to carry off some designer junk which will go into landfill before the sales next year. The madder the orgy, the greater the triumph of economic management.

~ George Monbiot

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

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

Corporations barely pay taxes. The corporate tax rate is already very low, but corporations have worked out an array of complicated techniques so they often don't have to pay taxes at all... The scale of sheer robbery by corporate power is enormous.

~ Noam Chomsky

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

Once you understand the economics of the Austrian School and the philosophy of liberty in the tradition of Rothbard, you never look at anything – not the state, the media, the central bank, the political class, nothing – the same way again.

~ Llewellyn H. Rockwell Jr.

The big question about the American depression is not whether war with Germany and Japan ended it. It is why the Depression lasted until that war. From 1929 to 1940, from Hoover to Roosevelt, government intervention helped to make the Depression Great.

~ Amity Shlaes

The law is guilty of the evils it is supposed to punish.

~ Frédéric Bastiat

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