Quotes of All Topics . Occasions . Authors
Governments have persistently tried their best to promote, encourage, and expand the circulation of bank and government paper, and to discourage the people's use of gold itself.
This, by the way, is the welfare state in action: Its a whole bunch of special interest groups screwing consumers and taxpayers, and making them think they're really benefiting.
Economics has revealed a great truth about the natural law of human interaction: that not only is production essential to man's prosperity and survival, but so also is exchange.
One of the worst of errors would be the general admission of the proposition that a Government has no right to interfere for any purpose except for that of affording protection.
It's very important that there should be cross-fertilisation between government and academia. Both parties can benefit from having a better understanding of how the other works.
The present Indian government, however, is neither able or willing to accept the challenge and to provide the leadership in breaking the resistance of urban and rural interests.
Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.
Although the United States cannot unilaterally lower the price of oil, it can reduce its consumption by using oil more efficiently and by developing alternative sources of fuel.
There is more uncertainty than usual about job futures because computers are replacing more and more human intelligence, and globalization is proceeding at an accelerating pace.
We know - or should know - what lies at the end of the road of racial polarization. A 'race card' is not something to play, because race is a very dangerous political plaything.
From the ownership of women the concept of ownership extends itself to include the products of their industry, and so there arises the ownership of things as well as of persons.
Collective judgment of new ideas is so often wrong that it is arguable that progress depends on individuals being free to back their own judgment despite collective disapproval.
We might as well reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper, as whether value is governed by demand or supply.
If you like the post office and the Department of Motor Vehicles and you think they're run well, just wait till you see Medicare, Medicaid and health care done by the government.
When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve... mustered the moral courage to do what was necessary.
Sector-specific price declines, uncomfortable as they may be for producers in that sector, are generally not a problem for the economy as a whole and do not constitute deflation.
To alter the money value of commodities, by altering the value of money, and yet to raise the same money amount by taxes, is then undoubtedly to increase the burthens of society.
There is no formula that will guarantee success in forecasting, no magic words that will part the clouds. The real problem, as the old saw puts it, is that the future lies ahead.
The biggest food-related risk in pregnancy is listeria. It's a dangerous bacteria, to which pregnant women are especially susceptible, that can lead to miscarriage or stillbirth.
The mission of law is not to oppress persons and plunder them of their property, even thought the law may be acting in a philanthropic spirit. Its mission is to protect property.
The moral consequences of totalitarian propaganda...are destructive of all morals because they undermind one of the foundations of all morals: the sense of and respect for truth.
We can either have a free Parliament or a free people. Personal freedom requires that all authority is restrained by long-run principles which the opinion of the people approves.
The concentration and reciprocal effect of industry and agriculture conjoin in a growth of productive powers, which increases more in geometrical than in arithmetical proportion.
My mother, whose interest in chemistry was rather minimal, nevertheless went to graduate school in the subject and married my father, for whom it was as important as life itself.
Food and energy account for a significant portion of household budgets, so the Federal Reserve's inflation objective is defined in terms of the overall change in consumer prices.
An uniformity of weights and measures, arranged upon mathematical principles, would be a benefit to the whole commercial world, if it were wise enough to adopt such an expedient.
One blames politicians, not for inconsistency but for obstinacy. They are the interpreters, not the masters, of our fate. It is their job, in fact, to register the fact accompli.
The uneasy ghost of Marx must suffer the torments of the damned at the truth glaring from the pages of history that one does not abolish property by transferring it to the state.
The heart of the liberal philosophy is a belief in the dignity of the individual, in his freedom to make the most of his capacities and opportunities according to his own lights.
In the United States, after World War II, it took about two decades for the message to slowly seep in that inflation was going to be a permanent fact of the American way of life.
I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they develop a product that has become known as index funds.
All the risky things that were happening back in ’06 and ‘07 are back again to the same level, if not more. So we are in the beginning of a credit bubble, but just the beginning.
Ronald Coase, in his classic 1937 paper on 'The Nature of the Firm,' was the first to bring the concept of transaction costs to bear on the study of firm and market organization.
When I met with Chinese policymakers in 2006, I advised them that there was a limit to how long they could rely on the U.S. consumer market, as jobs offshoring was destroying it.
There's nothing in Keynesian economics that would allow you to solve stagflation. But there's nothing in neoclassical economics that would allow you to solve stagflation, either.
Today about 95% of the prescription drugs sold are Maintenance drugs-drugs that treat only the symptoms of a disease, and that you are expected to take for the rest of your life.
How much you discipline your mind to step out of its routines and look into new ways of doing things that you haven't yet adopted, is what will determine your economic potential.
Every political creation of new money transfers wealth from workers and savers to those who are spending in the market place newly created monetary units which no one has earned.
We should not be focusing on quick solutions. The really important concern for policymakers everywhere is to prevent disasters - that is, the outlier events that matter the most.
The purpose of a business is to get and keep a customer. Without customers, no amount of engineering wizardry, clever financing, or operations expertise can keep a company going.
I am afraid that if you don't find peaceful domestic solutions to our inequality and social problems, then it's always tempting to find other people responsible for our problems.
Much of the self-righteous nonsense that abounds on so many subjects cannot stand up to three questions: (1) Compared to what? (2) At what cost? and (3) What are the hard facts?.
We should view our government the way we should a friendly, cuddly lion. Just because he's friendly and cuddly shouldn't blind us to the fact that he's still got teeth and claws.
Its very easy to capture pictures of jubilant people in the street after the nuclear bomb. But there were no pictures of morose people sitting in their kitchens and living rooms.
In several quarters in the 2000s, if you added up all the private savings of everyone in the United States, it was less than nothing. You can't sustain that as a driver of growth.
In a mature economy like India's, which is becoming modern and a financially-oriented economy, an independent central bank, responsible central bank, is really central to success.
In the end, a theory is accepted not because it is confirmed by conventional empirical tests, but because researchers persuade one another that the theory is correct and relevant.
They will come to learn in the end, at their own expense, that it is better to endure competition for rich customers than to be invested with monopoly over impoverished customers.
Few are ready to recognize that the rise of fascism and Nazism was not a reaction against the socialist trends of the preceding period but a necessary outcome of those tendencies.
Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try.