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If a commodity were in no way useful, - in other words, if it could in no way contribute to our gratification, - it would be destitute of exchangeable value, however scarce it might be, or whatever quantity of labour might be necessary to procure it.
These wars appear also to have given its death blow to colonialism and to imperialism in its colonial form, under which weaker peoples were treated as possessions to be economically exploited. At least we hope that such colonialism is on the way out.
The logic is that when you provide schools or any social service to people, they have no choice. They have to take what you give them, because they don't have the money to pay for schools themselves; that's why you provide schools in the first place.
I have arrived at the conviction that the neglect by economists to discuss seriously what is really the crucial problem of our time is due to a certain timidity about soiling their hands by going from purely scientific questions into value questions.
In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.
To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated with each other. One hundred securities whose returns rise and fall in near unison afford little protection than the uncertain return of a single security.
The individualism of current economic theory is manifest in the purely self-interested behaviour 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.
In fact, for just about 1/6 of the cost of an Iraq War, we could have put the social security system on sound financial footings for the next 50 to 75 years. The problems can be managed - but not if we continue to fight this war for another 80 years.
The political objective of universal capitalism is maximum individual autonomy, the separation of political power wielded by the holders of public office from economic power held by citizens, and the broad diffusion of privately owned economic power.
There is no other proposition in economics that has more solid empirical evidence supporting it than the Efficient Market Hypothesis... In the literature of finance, accounting, and the economics of uncertainty, the EMH is accepted as a fact of life.
Of all the numerous forms that governments have taken over the centuries, of all the concepts and institutions that have been tried, none has succeeded in keeping the State in check. The problem of the State is evidently as far from solution as ever.
It's hard to have any idea of how much money is enough to finance an appropriate lifestyle in retirement. But if a lump sum is translated into a monthly income, it's much easier to determine whether you have enough put away to afford to stop working.
Any judicial nominee who has said that the Constitution means what it says, not what judges would like it to mean, is going to be called an 'extremist.' That person will be said to be 'out of the mainstream.' But the mainstream is itself the problem.
The 'low' quality of many American films, and of much American popular culture, induces many art lovers to support cultural protectionism. Few people wish to see the cultural diversity of the world disappear under a wave of American market dominance.
All governments use force and all assert that they are founded on reason. In fact, whether universal suffrage prevails or not, it is always an oligarchy that governs, finding ways to give to'the will of the people'the expression which the few desire.
If we are to remain preeminent in transforming knowledge into economic value, America's system of higher education must remain the world's leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
It is here we come to the heart of the matter. The economic principle of comparative advantage', 'a country may, in return for manufactured commodities, import corn even if it can be grown with less labour than in the country from which it is imported
Of the laws of nature, on which the condition of man depends, that which is attended with the greatest number of consequences, is the necessity of labor for obtaining the means of subsistence, as well as the means of the greatest part of our pleasure.
And let no government imagine, that, to strip them of the power of defrauding their subjects, is to deprive them of a valuable privilege. A system of swindling can never be long lived, and must infallibly in the end produce much more loss than profit.
The command of a large sum is a dangerous temptation to a national administration. Though accumulated at their expense, the people rarely, if ever profit by it: yet in point of fact, all value, and consequently, all wealth, originates with the people.
We've taken the view that if the rest of the world would democratize and create market economies, that would spread the benefits of prosperity around the world, and that it would enhance our own prosperity, and our own stability and security, as well.
Things that come from the private sector are in abundant supply; things that depend on the public sector are widely a problem. We're a world, as I said in The Affluent Society, of filthy streets and clean houses, poor schools and expensive television.
It isn't only rich countries that suffer from the effects of tax havens. Developing countries also lose billions of dollars in tax revenues due each year because wealthy individuals and some companies use tax havens to move assets and income offshore.
Now you know my credo: Free-market capitalism is the best path to prosperity. And let me add to that from our Founding Fathers: Our Creator endowed us with the inalienable rights to life, liberty, and the pursuit of happiness. In other words, freedom.
Great innovators like Thomas Alva Edison, Henry Ford, and Andrew Carnegie didn't rely on government. There was hardly any of it in those days. More recently, Steve Jobs, Bill Gates, and Larry Ellison used genius to put brand-new ideas into production.
The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system.
Hillary Clinton, an agent for the Oligarchy, was defeated despite the vicious media campaign against Donald Trump. This shows that the media and the political establishments of the political parties no longer have credibility with the American people.
A company invites their employees to sign up for a plan where every time they get a raise, some part of that raise goes to increasing their contribution rate to the 401k plan. In the first company we convinced to adopt this plan, saving rates tripled.
It may be worth noticing as a curious circumstance, when persons past forty before they were at all acquainted form together a very close intimacy of friendship. For grafts of old wood to take, there must be a wonderful congeniality between the trees.
And for man to look upon himself as a capital good, even if it did not impair his freedom, may seem to debase him... by investing in themselves people can enlarge the range of choice available to them. It is one way free men can enhance their welfare.
Hilary Clinton said you know, it takes a village to raise a child and somebody said it takes a village idiot to believe that … it is part of the whole thing of third parties wanting to make decisions for which they pay no price for when they’re wrong.
Women can say anything they want to men, or blacks to whites, with impunity. But strong words in the other direction can bring down on students the wrath of the campus thought police - as well as punishments that can extend to suspension or expulsion.
The cavemen had the same natural resources at their disposal as we have today, and the difference between their standard of living and ours is a difference between the knowledge they could bring to bear on those resources and the knowledge used today.
Social values in general are incrementally variable: neither safety, diversity, rational articulation, nor morality is categorically a good thing to have more of, without limits. All are subject to diminishing returns, and ultimately negative returns.
Here's Williams' roadmap out of poverty: Complete high school; get a job, any kind of a job; get married before having children; and be a law-abiding citizen. Among both black and white Americans so described, the poverty rate is in the single digits.
I have long argued that paying down the national debt is beneficial for the economy: it keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
I've been truly blessed. I've been a fly on the wall of history. I've been just so many lucky places just by chance and serendipity, and obviously a huge portion of that serendipity had to do with my relationship with the real president, Ronald Reagan.
Google will make us more informed. The smartest person in the world could well be behind a plow in China or India. Providing universal access to information will allow such people to realize their full potential, providing benefits to the entire world.
A shop-keeper in good business is quite as well off as a pedlar that travels the country with his wares on his back. Commercial jealousy is, after all, nothing but prejudice: it is a wild fruit, that will drop of itself when it has arrived at maturity.
While no inference is intended here, it is worth noting, in connection with Milton Friedman's comment that "Kelso just turned Marx upside down," that it is not necessarily amiss to turn a fellow upside down if that in fact straightens out his thinking.
" many seemingly independent businessmen or craftsman are more or less well paid retainers of larger corporations, such as the cobbler, operating a United States shoe machine or an automobile dealer holding a license of the General Motors Corporation."
What Republicans have actually put on the table is almost nothing. All of the rest is just big talk. So how is the president supposed to negotiate with people who say, 'Here's my demands. By the way, I can't give you any specifics. Just make me happy'?
After 1960, anyone who wanted to discuss almost any aspect of U.S. public policy - from how to make cars safer to whether to abolish the draft, from how to support the housing market to whether to regulate the financial sector - had to speak economics.
Hesitation is often like procrastination. One may have vague doubts and feel a need to mull things over; meanwhile, other issues intrude on thought, and no decision is taken. Ask people why they procrastinate, and you probably won't get a crisp answer.
Someone once defined a social problem as a situation in which the real world differs from the theories of intellectuals. To the intelligentsia, it follows, as the night follows the day, that it is the real world that is wrong and which needs to change.
The grand delusion of contemporary liberals is that they have both the right and the ability to move their fellow creatures around like blocks of wood - and that the end results will be no different than if people had voluntarily chosen the same action
Gold, unlike all other commodities, is a currency...and the major thrust in the demand for gold is not for jewelry. It's not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
Hollywood wants its heroes to be virtuous, but it defines virtue in a way that excludes any action that is self-interested. If virtue means putting others ahead of self, then it's clear that most people, let alone most capitalists, aren't very virtuous.
Why was there so much work-sharing in the 1930s? One reason is that government pushed for it. In his memoirs, President Herbert Hoover estimated that as many as two million workers avoided unemployment as a result of his efforts to promote work-sharing.
Another cause of change, one less noticeable but fundamental, is the modern growth of population closely connected with scientific and medical discoveries. It is interesting that the United Nations has set up a special Commission to study this question.