Quotes by Economists

The state is that great fiction by which everyone tries to live at the expense of everyone else.
Frédéric Bastiat
Free-market capitalism is a network of free and voluntary exchanges in which producers work, produce, and exchange their products for the products of others through prices voluntarily arrived at.
Murray N. Rothbard
It has been proposed that monetary liabilities should be settled in terms of gold and not according to their nominal amount. If this proposal were adopted, for each mark that had been borrowed that sum would have to be repaid that could at the time of repayment buy the same weight of gold as one mark could at the time when the debt contract was entered into. The fact that such proposals are now put forward and meet with approval shows that etatism has already lost its hold on the monetary system and that inflationary policies are inevitably approaching their end. Even only a few years ago, such a proposal would either have been ridiculed or else branded as high treason.
Ludwig von Mises
[Conventional wisdom] very heavily tends to reflect the preferences and the interests of the elite.
Paul Krugman
Most important, of course, we all care intensely for the narrative of our own life and very much want it to be a good story, with a decent hero.
Daniel Kahneman
It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.
Murray N. Rothbard
As more and more work is done by machines, people can spend more time on other activities. Not just leisure and amusements, but also on the deeper satisfactions that come from invention and exploration, from creativity and building, and from love, friendship, and community. ... If the first machine age helped unlock the forces of energy trapped in chemical bonds to reshape the physical world, the real promise of the second machine age is to help unleash the power of human ingenuity.
Erik Brynjolfsson and Andrew McAfee
So much perfection argues rottenness somewhere.
Beatrice Potter Webb
The protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. But increasingly, and especially in the US, it seems that the political system is more akin to "one dollar one vote" than to "one person one vote". Rather than correcting the market failures, the political system was reinforcing them.
Joseph E. Stiglitz
But, in general, the protective system of our day is conservative, while the free trade system is destructive. It breaks up old nationalities and pushes the antagonism of the proletariat and the bourgeoisie to the extreme point. In a word, the free trade system hastens the social revolution. It is in this revolutionary sense alone, gentlemen, that I vote in favor of free trade.
Karl Marx
If the world were full of the self-seeking individuals found in economics textbooks, it would grind to a halt because we would be spending most of our time cheating, trying to catch the cheaters, and punishing the caught. The world works as it does only because people are not the totally self seeking agents that free-market economics believes them to be. We need to design an economic system that, while acknowledging that people are often selfish, exploits other human motives to the full and gets the best out of people. The likelihood is that, if we assume the worst about people, we will get the worst out of them.
Ha-Joon Chang
The greatest pleasure in life is doing what people say you cannot do
Walter Bagehot
Walt reorganized the fickleness of audiences and the challenge of always providing something new. For me, this great entrepreneurial adventure was an exposure to 'yes if' consulting as a more useful format than 'no because'...'Yes if' was the language of an enabler, pointing to what needed to be done to make the possible plausible. Walt liked this language. 'No because' is the language of a deal killer. 'Yes if' is the approach of a deal maker. Creative people thrive on 'yes if'.
Harrison Price
It is of great importance in a republic not only to guard against the oppression of its rulers but to guard one part of society against the injustice of the other part.
Alexander Hamilton
Lord Ronald said nothing he flung himself from the room flung himself upon his horse and rode madly off in all directions.
Stephen Leacock
Humans are mortal. So are ideas. An idea needs propagation as much as a plant needs watering. Otherwise both will wither and die.
B.R. Ambedkar
Recall that the minimum wage was initially conceived as a method to exclude undesirables from the workforce.
Jeffrey Tucker
Man is the highest essence of man, hence with the categorical imperative to overthrow all relations in which man is a debased, enslaved, abandoned, despicable essence.
Karl Marx
Religion is the sigh of the oppressed creature, the heart of a heartless world, just as it is the spirit of a spiritless situation. It is the opium of the people.
Karl Marx
Life, faculties, production-in other words, individuality, liberty, property-this is man. And in spite of the cunning of artful political leaders, these three gifts from God precede all human legislation, and are superior to it.
Frédéric Bastiat
Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.
Charles Henry Dow
Probably it is true enough that the great majority are rarely capable of thinking independently, that on most questions they accept views which they find ready-made, and that they will be equally content if born or coaxed into one set of beliefs or another. In any society freedom of thought will probably be of direct significance only for a small minority. But this does not mean that anyone is competent, or ought to have power, to select those to whom this freedom is to be reserved. It certainly does not justify the presumption of any group of people to claim the right to determine what people ought to think or believe.
Friedrich A. Hayek
Rebels usually have something to complain about, and if they don't they make it up. All too often the really disadvantaged are in no position to rebel; they just suffer quietly.
Paul Collier
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
John Maynard Keynes
Truth gains more even by the errors of one who, with due study and preparation, thinks for himself, than by the true opinions of those who only hold them because they do not suffer themselves to think…
John Stuart Mill
For we conceive it as the aim of a philosopher, as such, to do somewhat more than define and formulate the common normal opinions of mankind. His function is to tell men what they ought to think, rather than what they do think: he is expected to transcend Common Sense in his premises, and is allowed a certain divergence from Common Sense in his conclusions. It is true that the limits of this deviation are firmly, though indefinitely, fixed: the truth of a philosopher's premises will always be tested by the acceptability of his conclusions: if in any important point he be found in flagrant conflict with common opinion, his method is likely to be declared invalid. Still, though he is expected to establish and concatenate at least the main part of the commonly accepted moral rules, he is not necessarily bound to take them as the basis on which his own system is constructed. Rather, we should expect that the history of Moral Philosophy--so far at least as those whom we may call orthodox thinkers are concerned--would be a history of attempts to enunciate, in full breadth and clearness, those primary intuitions of Reason, by the scientific application of which the common moral thought of mankind may be at once systematized and corrected.
Henry Sidgwick
Nevertheless statesmen are still greatly exercised by the problem of the international distribution of money. For hundreds of years, the Midas Theory, systematized by Mercantilism, has been the rule followed by governments in taking measures of commercial policy. In spite of Hume, Smith, and Ricardo, it still dominates men's minds more than would be expected. Phoenix-like, it rises again and again from its own ashes.
Ludwig von Mises
For the etatist, money is a creature of the State, and the esteem in which money is held is the economic expression of the respect or prestige enjoyed by the State. The more powerful and the richer the State, the better its money. Thus, during the War, it was asserted that 'the monetary standard of the victors' would ultimately be the best money. Yet victory and defeat on the battlefield can exercise only an indirect influence on the value of money.
Ludwig von Mises
The capacity for erroneous belief is very great, especially where it coincides with convenience.
John Kenneth Galbraith
The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.
John Kenneth Galbraith
Have you heard the joke about the chemist, physicist and economist who get wrecked on a desert isle, with a huge supply of canned baked beans as their only food? The chemist says that he can start a fire using the neighbouring palm trees, and calculate the temperature at which a can will explode. The physicist says that she can work out the trajectory of each of the baked beans, so that they can be collected and eaten. The economist says "Hang on guys, you're doing it the hard way. Let's assume we have a can opener.
Steve Keen
Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.
Thomas Sowell
A new type of superstition has got hold of people's minds, the worship of the state. People demand the exercise of the methods of coercion and compulsion, of violence and threat. Woe to anybody who does not bend his knee to the fashionable idols!
Ludwig von Mises
In 1980 candidate Reagan asked whether we were better off than we had been 4 years earlier. In 1992 we will be asked whether we expect our children to live better than we do.
Frank Levy
Let the ruling classes tremble at a Communist revolution. The proletarians have nothing to lose but their chains. They have a world to win. Working men of all countries unite!
Karl Marx
When avarice takes the lead in a state, it is commonly the forerunner of its fall.
Alexander Hamilton
It opens the mind toward an understanding of humannature and destiny. It increases wisdom. It is the veryessence of that much misinterpreted concept, a liberaleducation. It is the foremost approach to humanism,the lore of the specifically human concerns that distinguishman from other living beings. . . . Personal cultureis more than mere familiarity with the presentstate of science, technology, and civic affairs. It ismore than acquaintance with books and paintings andthe experience of travel and of visits to museums. It isthe assimilation of the ideas that roused mankind fromthe inert routine of a merely animal existence to a lifeof reasoning and speculating. It is the individual’seffort to humanize himself by partaking in the traditionof all the best that earlier generations havebequeathed.
Ludwig von Mises
There is less leisure now than in the Middle Ages when one third of the year consisted of holidays and festivals.
Ralph Borsodi
Unemployment or the loss of income which will always affect some in any society is certainly less degrading if it is the result of misfortune and not deliberately imposed by authority.
Friedrich A. Hayek
Writers, like teeth, are divided into incisors and grinders.
Walter Bagehot
I came to realize that life lived to help others is the only one that matters and that it sis my duty ... This is my highest and best use as a human.
Ben Stein
Ultimately, all arguments against markets are arguments against anarchy. Marx understood this much, at least.
Jeffrey Tucker
As for me, I prefer truth to goodthink. I feel surer on my ground.
David S. Landes
Conservatism is the maintenance of conventions already in force.
Thorstein Veblen
Above a certain level of income, the relative value of material consumption vis-a-vis leisure time is diminished, so earning a higher income at the cost of working longer hours may reduce the quality of your life. More importantly, the fact that the citizens of a country work longer than others in comparable countries does not necessarily mean that they like working longer hours. They may be compelled to work long hours, even if they actually want to take longer holidays.
Ha-Joon Chang
Self-interest is not myopic selfishness. It is whatever it is that interests the participants, whatever they value, whatever goals they pursue. The scientist seeking to advance the frontiers of his discipline, the missionary seeking to convert infidels to the true faith, the philanthropist seeking to bring comfort to the needy - all are pursuing their interests, as they see them, as they judge them by their own values.
Milton Friedman
I do not want that our loyalty as Indians should be in the slightest way affected by any competitive loyalty whether that loyalty arises out of our religion, out of our culture or out of our language. I want all people to be Indians first, Indian last and nothing else but Indians.
B.R. Ambedkar
Since its appearance the view that prostitution is a product of capitalism has gained ground enormously. And as, in addition, preachers still complain that the good old morals have decayed, and accuse modern culture of having led to loose living, everyone is convinced that all sexual wrongs represent a symptom of decadence peculiar to our age.
Ludwig von Mises
Jesus-shaped spirituality hears Jesus say "believe and repent," but the call that resonates most closely in the heart of a disciple is "follow me." The command to follow requires that we take a daily journey in the company of other students. It demands that we be lifelong learners and that we commit to constant growth in spiritual maturity. Discipleship is a call to me, but it is a journey of "we.
Michael Spencer
As a rule, however, an increase in the value of money spreads only gradually. The first of those who have to content themselves with lower prices than before for the commodities they sell, while they still have to pay the old higher prices for the commodities they buy, are those who are injured by the increase in the value of money. Those, however, who are the last to have to reduce the prices of the commodities they sell, and have meanwhile been able to take advantage of the fall in the prices of other things, are those who profit by the change.
Ludwig von Mises
Why should a financial engineer be paid four, four times... to a hundred times more than the, uh... real engineer?A real engineer build bridges, a financial engineer build, build dreams.And when those dream turn out to be nightmares, other people pay for it.
Andrew Sheng
Defining by a general law the expenditures on the...school....is a very different thing from appointing the state as educator of the people. Government and church should rather be equally excluded from any influence on the school.
Karl Marx
Society can and does execute its own mandates: and if it issues wrong mandates instead of right, or any mandates at all in things with it ought not to meddle, it practices a social tyranny more formidable than many kinds of political oppression, since, though not usually upheld by such extreme penalties, it leaves fewer means of escape, penetrating much more deeply into the details of life, and enslaving the soul itself.
John Stuart Mill
The tendency has always been strong to believe that whatever received a name must be an entity or being, having an independent existence of its own. And if no real entity answering to the name could be found, men did not for that reason suppose that none existed, but imagined that it was something peculiarly abstruse and mysterious.
John Stuart Mill
I should be inclined, therefore, as I have hinted before, to consider the world and this life as the mighty process of God, not for the trial, but for the creation and formation of mind, a process necessary to awaken inert, chaotic matter into spirit, to sublimate the dust of the earth into soul, to elicit an ethereal spark from the clod of clay. And in this view of the subject, the various impressions and excitements which man receives through life may be considered as the forming hand of his Creator, acting by general laws, and awakening his sluggish existence, by the animating touches of the Divinity, into a capacity of superior enjoyment. The original sin of man is the torpor and corruption of the chaotic matter in which he may be said to be born.
Thomas Robert Malthus
Nothing in life is as important as you think it is when you are thinking of it.
Daniel Kahneman
The young are right if they have little confidence in the ideas which rule most of their elders. But they are mistaken or misled when they believe that these are still the liberal ideas of the nineteenth century, which, in fact, the younger generation hardly knows. We have little right to feel in this respect superior to our grandfathers; and we should never forget that it is we, the twentieth century, and not they, who have made a mess of things. If in the first attempt to create a world of free men we have failed, we must try again. The guiding principle that a policy of freedom for the individual is the only truly progressive policy remains as true today as it was in the nineteenth century.
Friedrich A. Hayek
Regular crises perpetuate the past by reinvigorating cycles which started long ago. In contrast, (capital-C) Crises are the past's death knell. They function like laboratories in which the future is incubated. They have given us agriculture and the industrial revolution, technology and the labour contract, killer germs and antibiotics. Once they strike, the past ceases to be a reliable predictor of the future and a brave new world is born.
Yanis Varoufakis
The government never minds having more power, and is always prepared to paper over the problems it creates. An economy not bludgeoned by powerful elites is the ideal we should seek, even if it has a name that is wildly unpopular: capitalism
Jeffrey Tucker
The essence of strategy is choosing what not to do.
Michael E. Porter