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The militia, who are in fact the effective part of the people at large, will render many troops quite unecessary. They will form a powerful check upon the regular troops, and will generally be sufficient to over-awe them.
One of the many disservices done to young people by our schools and colleges is giving them the puffed up notion that they are in a position to pass sweeping judgments on a world that they have barely begun to experience.
Whenever someone refers to me as someone "who happens to be black," I wonder if they realize that both my parents are black. If I had turned out to be Scandinavian or Chinese, people would have wondered what was going on.
The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that's likely to change for the better.
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
To act without rapacity, to use knowledge with wisdom, to respect interdependence, to operate without hubris and greed are not simply moral imperatives. They are an accurate scientific description of the means of survival.
The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science.
Some people harbour an awkward clash of feelings - homosexual attraction on the one hand and shame or embarrassment about that attraction on the other. It is well known that the mind struggles to sustain conflicting views.
Socialism constitutes a threat to the present and future welfare of the human race, in the sense that neither socialism nor any other known substitute for the market order could sustain the current population of the world.
This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be done centrally, by one authority for the whole economic system, or is to be divided among many individuals.
Socialism has never and nowhere been at first a working-class movement. It is by no means an obvious remedy for the obvious evil which the interests of that class will necessarily demand. It is a construction of theorists.
The richest persons in Africa are heads of state, governors and ministers. So every 'educated' African who wants to be rich - and there is nothing wrong with wanting to be rich - heads straight into government or politics.
The free market doesn't exist. Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them.
By some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.
A much larger value is consumed in lettuces than in pineapples,throughout Europe at large; and the superb shawls of Cachemere are, in France, a very poor object in trade, in comparison with the plain cotton goods of Rouen.
If the world is to avoid a collision with nature - one that humanity surely cannot win - we must act boldly on every front, particularly with respect to carbon pricing and the coherence of our economic and energy policies.
Ensuring preschool education for all and investing more in public schools is essential if the U.S. is to avoid becoming a neo-feudal country where advantages and disadvantages are passed on from one generation to the next.
Society can take two roads - the road to genuine prosperity, or the road to artificial stimulus. The first results in a permanent higher standard of living for all; the latter creates an inflationary boom that cannot last.
Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system.
Freedom in economic arrangements is itself a component of freedom broadly understood, so economic freedom is an end in itself ... Economic freedom is also an indispensable means toward the achievement of political freedom.
China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
The General Theory was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon.
We run enormous risks and we know what kind of reductions of greenhouse gases are necessary to drastically reduce risks. Reducing emissions by half by 2050 is roughly in the right ballpark. It would bring us below 550 ppm.
Derek Bok asks the right question, 'What policies would produce the greatest happiness?' and he gives great and often startling answers, combining his deep knowledge of politics with the new findings of happiness research.
One of the consequences of such notions as ‘entitlements’ is that people who have contributed nothing to society feel that society owes them something, apparently just for being nice enough to grace us with their presence.
Liberals have been driven to the desperate expedient of attributing . . .social pathology in today's ghettos to 'a legacy of slavery' even though black children grew up with two parents more often under slavery than today.
What I would like to vote for is a candidate that is socially liberal, a fiscal conservative, broadly libertarian with a small 'l' but sensible and pragmatic and with a chance of winning. That's more or less the empty set.
If economics wants to understand the new economy, it not only has to understand increasing returns and the dynamics of instability. It also has to look at cognition itself, something we have never done before in economics.
We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
Given the extent of the exposures of major banks around the world to A.I.G., and in light of the extreme fragility of the system, there was a significant risk that A.I.G.'s failure could have sparked a global banking panic.
What is different between national inequality and global inequality is you have another element there that is sometimes forgotten: what matters for global inequality is relative growth rates between poor and rich countries.
No legal plunder: This is the principle of justice, peace, order, stability, harmony, and logic. Until the day of my death, I shall proclaim this principle with all the force of my lungs (which alas! is all too inadequate).
Nothing is more senseless than to base so many expectations on the state, that is, to assume the existence of collective wisdom and foresight after taking for granted the existence of individual imbecility and improvidence.
And what is liberty, whose very name makes the heart beat faster and shakes the world? Is it not the union of all liberties - liberty of conscience, of education, of association, of the press, of travel, or labor, or trade?
The greatest danger to liberty today comes from the men who are most needed and most powerful in modern government, namely, the efficient expert administrators exclusively concerned with what they regard as the public good.
Policy makers should be compelled to take action given the serious costs of long-term unemployment when overall unemployment is already high. A week of unemployment is worse when it is experienced as part of a longer spell.
If you want poor people to work you restore their incentive by giving them less, such as by cutting social services. If you want rich people to work you restore their incentive by giving them more, such as by cutting taxes.
Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything.
In all modern depressions, recessions, or growth-correction, as variously they are called, we never miss the goods that are not produced. We miss only the opportunities for the labour - for the jobs - that are not provided.
Arthur Laffer has taught us, 'If you tax something, you get less of it.' That's why firms are moving offshore in droves. It's not about being unpatriotic. It's that it doesn't pay, after-tax, to invest in the United States.
Donating money to a few of my favorite free-market organizations used to be a pleasant duty, but now I'm literally inundated with demands from hundreds of think tanks and public-policy groups, all vying for my limited funds
Every man must have freedom, must have the scope to form, test, and act upon his own choices, for any sort of development of his own personality to take place. He must, in short, be free in order that he may be fully human.
I think one of the most important directions to be pursued in the 'sciences of human action' is to develop a natural-law ethics based on nature rather than, or at least to supplement, ethics based on theological revelation.
Apart from medieval China, which invented both paper and printing centuries before the West, the world had never seen government paper money until the colonial government of Massachusetts emitted a fiat paper issue in 1690.
Home-based businesses are one of the fastest-growing segments in our economy, and that trend will only continue, as the age of the corporation, which began barely a century ago, now gives way to the age of the entrepreneur.
The lack of monetary discipline has become a hallmark of unfettered globalization. Central banks have failed to provide a stable underpinning to world financial markets and to an increasingly asset-dependent global economy.
Our love of art is often quite temporary, dependent upon our moods, and our love of art is subservient to our demand for a positive self-image. How we look at art should account for those imperfections and work around them.
What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line.
It is sometimes argued that one of the benefits of legalizing addictive drugs is that they could be taxed, and the government revenues enhanced. From this perspective, this would be the only valid case against legalization.
Ina regular and constant employment the greatest result will always be gained by such a rate as allows a workman each day,or each week at the most, to recover all fatigue and recommence with an undiminished store of energy.