Economics Quotes

Recall that the minimum wage was initially conceived as a method to exclude undesirables from the workforce.

~ Jeffrey Tucker

Where there is commerce there is peace.

~ Jeffrey Tucker

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

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

Poverty can be brought about by law, it cannot be forbidden by law.

~ Isabel Paterson

Rights are something made up by governments to make you feel like you're buying something with your taxes.

~ Stefan Molyneux

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

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

The first enslaving illusion is the idea that people are born to be consumers and that they can attain any of their goals by purchasing goods and services....What people do or make but will not or cannot put up for sale is as immeasurable and as invaluable for the economy as the oxygen they breathe.

~ Ivan Illich

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 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

As the several items can be exchanged, they must be equal; but in what terms? Not in pounds, yards, or hours; they are equal in value. Then what is wanted is a unit of value to reckon by.

~ Isabel Paterson

Failure to recognize the historical specificity of the bourgeois conception of rights and duties leads to serious errors. It is for this reason that Marx registers...a vigorous indictment of the anarchist Proudhon... Proudhon in effect took the specifics of bourgeois legal and economic relations and treated them as universal and foundational for the development of an alternative, socially just economic system. From Marx's standpoint, this is no alternative at all since it merely re-inscribes bourgeois conceptions of value in a supposedly new form of society. This problem is still with us, not only because of the contemporary anarchist revival of interest in Proudhon's ideas but also because of the rise of a more broad-based liberal human rights politics as a supposed antidote to the social and political ills of contemporary capitalism. Marx's critique of Proudhon is directly applicable to this contemporary politics. The UN Universal Declaration of Human Rights of 1948 is a foundational document for a bourgeois, market-based individualism and as such cannot provide a basis for a thoroughgoing critique of liberal or neoliberal capitalism. Whether it is politically useful to insist that the capitalist political order live up to its own foundational principles is one thing, but to imagine that this politics can lead to a radical displacement of a capitalist mode of production is, in Marx's view, a serious error.

~ David Harvey

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

And one day we must ask the question, Why are there forty million poor people in America? And when you begin to ask that question, you are raising questions about the economic system, about a broader distribution of wealth. When you ask that question, you begin to question the capitalistic economy.

~ Martin Luther King Jr.

What I'm saying to you this morning is that Communism forgets that life is individual. Capitalism forgets that life is social, and the Kingdom of Brotherhood is found neither in the thesis of Communism nor the antithesis of capitalism but in a higher synthesis.

~ Martin Luther King Jr.

The poor man is called a socialist if he believes that the wealth of the rich should be divided among the poor, but the rich man is called a financier if he devises a plan by which the pittance of the poor can be converted to his use.

~ William Jennings Bryan

People and their values are almost infinitely diverse, and people will never agree on many elements of social arrangements that might be subjected to uniform rules of governance. Hence, the greater the scope of strictly individual self-determination, the lesser the scope of governance, and the greater the tolerance with which people live and let live among their fellows, the more peaceful and flourishing society will be

~ Robert Higgs

If a theory of justice is to guide reasoned choice of policies, strategies or institutions, then the identification of fully just social arrangements is neither necessary nor sufficient.

~ Amartya Sen

Programmers have a saying: garbage in, garbage out.

~ Paul Krugman

Economists have a singular method of procedure. There are only two kinds of institutions for them, artificial and natural. The institutions of feudalism are artificial institutions, those of the bourgeoisie are natural institutions. In this, they resemble the theologians, who likewise establish two kinds of religion. Every religion which is not theirs is an invention of men, while their own is an emanation from God. When the economists say the present-day relations--the relations of bourgeois production--are natural, they imply that these are the relations in which wealth is created and productive forces developed in conformity with the laws of nature. These relations therefore are themselves natural laws independent of the influence of time. They are eternal laws which must always govern society. Thus, there has been history, but there is no longer any. There has been history, since there were institutions of feudalism, and in these institutions of feudalism we find quite different relations of production from those of bourgeois society, which the economists try to pass off as natural and, as such, eternal.

~ Karl Marx

Given greater freedom about where to send their children, parents of a kind would flock together and so prevent a healthy intermingling of children from decidedly different backgrounds.

~ Milton Friedman

It is a choice, and therefore within the province of economics.

~ Jason Potts

There's a way that money is freedom, but it isn't money, it's that money stands for having a choice.

~ Jo Walton

Romanticism is man's revolt against reason, as well as against the condition under which nature has compelled him to live.

~ Ludwig Von Mises

Jean-Baptiste Say may have coined the term 'entrepreneur' but he totally missed the opportunity to put it on a t-shirt and sell it.

~ Ryan Lilly

To appreciate how income taxation reduces prosperity form what it could be, imagine a 100 percent tax on incomes. We wouldn't expect much prosperity in such a society. People would have no incentive to earn money. They would devote resources to hiding the little they did earn. No investments would be made. No savings would exist to increase living standards. People's activities would be grossly influenced by the tax. If we lower the rate from 100 percent, the principle does not change. . . If you want less of something, tax it.

~ Sheldon Richman

The profit of the one is the profit of the other.

~ Frédéric Bastiat

Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.

~ Carl Menger

Here's something I still can't get over. Amazes and thrills me every time. I'm sitting here and want a certain book. So I search, click, and then I have the book. Every time, my heart does a little leap of joy. What a beautiful world the market is making.

~ Jeffrey Tucker

Honoring the value of competence and steadfastness requires a generosity of spirit and a curbing of the passion for envy, traits that few people value and fewer still cultivate and acquire. Not until there is more of Smith and less of Hobbes in the human heart, will the majority of people prefer peaceful and boring market relations to the violent and exciting relations between coercer and coerced, predator and victim

~ Thomas Szasz

In spite of its alluring name, the welfare state stands or falls by compulsion. It is compulsion imposed upon us with the state’s power to punish noncompliance. Once this is clear, it is equally clear that the welfare state is an evil the same as every restriction of freedom.

~ Wilhelm Röpke

War has been the necessary and inevitable consequence of the establishment of a monopoly on security.

~ Gustave De Molinari

Ultimately, we need to take control over the money supply out of the hands of our governments and make the production of money again subject to the principle of free association. The first step to endorsing and promoting this strategy is to realize that governments do not—indeed cannot—fulfill any positive role whatever through the control of our money.

~ Jörg Guido Hülsmann

The disdain of profit is due to ignorance, and to an attitude that we may if we wish admire in the ascetic who has chosen to be content with a small share of the riches of this world, but which, when actualised in the form of restrictions on profits of others, is selfish to the extent that it imposes asceticism, and indeed deprivations of all sorts, on others.

~ Friedrich A. Hayek

In arguing against free enterprise capitalism, the collectivist always adopts the false assumption of a fixed number of jobs in that system. Conversely, in arguing for collectivism, he always assumes that there will be as many jobs as there are workers. The government will make the jobs.

~ Isabel Paterson

Some say it's wrong to profit from the misfortune of others. I ask my students whether they'd support a law against doing so. But I caution them with some examples. An orthopedist profits from your misfortune of having broken your leg skiing. When there's news of a pending ice storm, I doubt whether it saddens the hearts of those in the collision repair business. I also tell my students that I profit from their misfortune—their ignorance of economic theory.

~ Walter E. Williams