Philosophy Quotes - Page 22

• I, place economy among the first & most important republican virtues, & public debt as the greatest of the dangers to be feared

  Thomas Jefferson

  Political, Important, Debt

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• Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.

  John Maynard Keynes

  Government, Political, Gold

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• I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investments.

  John Maynard Keynes

  Responsibility, Views, Long

  John Maynard Keynes (1988). “Keynes and Public Policy After Fifty Years: Theories and method”, Edward Elgar Pub

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• Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.

  Frank Knight

  Moving, Differences, Political

  Frank Hyneman Knight (1997). “The Ethics of Competition”, p.180, Transaction Publishers

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• There is no sense in making statements that will not continue to be true after they are made.

  Frank Knight

  Political, Economics, Made

  Frank Hyneman Knight (1997). “The Ethics of Competition”, p.178, Transaction Publishers

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• People respond to incentives. If unemployment becomes more attractive because of the unemployment benefit, some unemployed workers may no longer try to find a job or may not try to find one as quickly as they would without the benefit.

  Paul Krugman

  Jobs, People, Political

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• Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.

  Paul Krugman

  Government, Political, Unemployment

  Paul Krugman, Robin Wells (2012). “CourseSmart E-Book for Macroeconomics: A PDF-style E-Book”, p.227, Palgrave Macmillan

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• Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better idea is to have the government subsidize low-wage employment. The earned-income tax credit for low-income workers - which has been the object of proposed cuts by both President Clinton and congressional Republicans - has been a positive step in this direction.

  Paul Krugman

  Cutting, Government, Organization

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• I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.

  Paul Krugman

  Cutting, Long, Giving

  "Actually, Krugman Was A Huge Advocate Of The Housing Boom" by Joe Weisenthal, www.businessinsider.com. June 17, 2009.

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• In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing bubble, the war, and - very much in third place - tax cuts.

  Paul Krugman

  War, Cutting, Order

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• Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group pressures. The kinds of interventions that new trade theory suggests can raise national income will typically raise the welfare of small, fortunate groups by large amounts, while imposing costs on larger, more diffuse groups.

  Paul Krugman

  Government, Political, Groups

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• It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run on aggregate demand and depending in the long run on the natural rate of unemployment, with microeconomic policies like tariffs having little net effect. Trade policy should be debated in terms of its impact on efficiency, not in terms of phoney numbers about jobs created or lost.

  Paul Krugman

  Running, Jobs, Impact

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• Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.

  Paul Krugman

  Strong, Jobs, Political

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• Only now did I recognize the reciprocal relationship which exists between manufacturing power and the national system of transportation, and that the one can never develop to its fullest without the other.

  Friedrich List

  Political, Economics, Transportation

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• Capital is that part of wealth which is devoted to obtaining further wealth.

  Alfred Marshall

  Political, Wealth, Finance

  Alfred Marshall, Mary Paley Marshall (1888). “The Economics of Industry”

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• The hope that poverty and ignorance may gradually be extinguished derives indeed much support from the steady progress of the working classes during the 19th century.

  Alfred Marshall

  Ignorance, Class, Support

  Alfred Marshall (1977). “Principles of Economics: An Introductory Volume”

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• The bureaucracy is a circle from which no one can escape. Its hierarchy is a hierarchy of knowledge.

  Karl Marx

  Circles, Political, Hierarchy

  Karl Marx, Joseph O'Malley (1977). “Critique of Hegel's 'Philosophy Of Right'”, p.47, CUP Archive

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• The aim of the popularization of economic studies is not to make every man an economist. The idea is to equip the citizen for his civic functions in community life.

  Ludwig von Mises

  Men, Ideas, Political

  Ludwig Von Mises (1944). “Bureaucracy”

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• German Marxian's coined the dictum: If socialism is against human nature, then human nature must be changed.

  Ludwig von Mises

  Political, Human Nature, Socialism

  Ludwig Von Mises (1944). “Bureaucracy”

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• Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household.

  Ludwig von Mises

  Average, Years, Political

  Ludwig Von Mises (1990). “Economic freedom and interventionism: an anthology of articles and essays”

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• The main propoganda trick of supporters of the allegedly "progressive" policy of government control is to blame capitalism for all that is unsatisfactory in present-day conditions and to extol the blessings of socialism. They have never attempted to prove their fallacious dogmas, all they did was to call their adversaries names and cast suspicion upon their motives. And, unfortunately, the average citizen cannot see through these stratagems. The liars must be afraid of the truth and are therefore driven to suppress its pronouncement.

  Ludwig von Mises

  Liars, Blessing, Government

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• What does a tax do? It takes either from the producer or the consumer a more or less sizable portion of the product destined in part to consumption and in part to savings, in order to apply it to less productive or even destructive ends, and more rarely to savings.

  Gustave de Molinari

  Order, Political, Doe

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• The redistribution of wealth creates dependence on the people to whom it is redistributed, it doesn't incentivize them to create their own wealth.

  Andrew Napolitano

  People, Political, Wealth

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• Gradually, they learned that politics is fundamentally a great business, a struggling and a haggling for advantages, over whose lap collects the most rewards cast by the legislation-machine.

  Friedrich Naumann

  Struggle, Political, Lap

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• The State is the coldest of all cold monsters.

  Friedrich Nietzsche

  Government, Political, Monsters

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