Home25 Greatest Quotes About Economics And Capitalism (You Probably Never Heard Of)

25 Greatest Quotes About Economics And Capitalism (You Probably Never Heard Of)

There is A bunch of economics books Everyone should read.

Economics in one lesson And You are free to choose, the classic works by Henry Hazlett and Milton Friedman, respectively, are on that list. Favorite character is Thomas Sewell basic economicsA book that piqued my interest in economics many years ago.

from Wealth of Nations (1776) to Freakonomics (2005), there are many and more works that people would argue are must-read economic texts, including Ludwig von Miseshumanitarian work.

Although I encourage people to read in full everyone The best economics books, you are unlikely to find most of the time. Fortunately, with the upcoming book by David L. Bahnsen There’s No Free Lunch: 250 Economic FactsAnd They don’t necessarily have to.

In his latest work, Bahnsen-a National Review Contributor, Bahnsen Group Chief Investment Officer, and FEE Supporter – he combined centuries of economic wisdom in one text to show exactly what the title means: There be No free lunches.

The idea of ​​no free lunches –TNSTAFFThe idea promoted by Nobel Prize winner Friedman and who used it as the title of a 1975 book – is self-evident and obvious. However, a year later the Federal Reserve saw “Flooding the system with money“To fund an unprecedented government expansion — which simply involved sending Checks worth $1,400 For individuals – it’s a lesson that has never been more important.

Bahnsen’s book, due out on November 9, helps readers understand why there is no such thing as a “free lunch” — and so much more. Bahnsen explores topics ranging from self-interest, free trade, incentives, credit, sound money, private property, and socialism (and many more), laying out some of history’s most profound economic ideas, adding his own along the way.

While some of the musings will be familiar to readers, many won’t – even to seasoned economics readers. Here is just a small sample of the ideas you’ll find.

  1. “The farmer and the manufacturer cannot live without profit any more than the worker without wages.” – David Ricardo
  2. “The fundamental question is not what is best, but who will decide what is best.” – Thomas Sewell
  3. “Nothing is more lethal to achievement than the belief that effort will not be rewarded, that the world is a bleak and discriminatory place in which only a predator and a particularly favourite can advance.” – George Gilder
  4. “I prefer true but imperfect knowledge, even if it leaves a lot of unidentified and unexpected information, than to pretend accurate knowledge that is likely to be false.” – FA Hayek
  5. “Price matters not because money is so important but because prices are a fast and efficient transmission of information through a broad society where fragmentary knowledge must be coordinated.” – Thomas Sewell
  6. “What one person despises or cherishes lightly is valued by another, and what one person gives up is often picked up by another.” – Karl Menger
  7. “Demand and supply are the opposite extremes of the bundle, hence the scales of cost and cheapness depend; price is the equilibrium point, where the momentum of one stops and the momentum of the other begins.” – Jean Baptiste say
  8. “The contempt for profit is due to ignorance, and to the attitude we might have if we were to admire an ascetic who has chosen to be content with a small share of the wealth of this world, but when it is realized in the form of restrictions on the profits of others, is so selfish that it imposes asceticism, even deprivation of all kinds. , on others. – FA Hayek
  9. “All people, no matter how fanatic they may be in their zeal to disparage and fight capitalism, implicitly pay tribute to it by enthusiastically claiming the products that appear.” – Ludwig von Mises
  10. Everyone wants to live at the expense of the state. They forgot that the state lives at the expense of everyone.” – Frédéric Bastiat
  11. “Everything we get, outside of the free gifts of nature, has to be paid for in some way. The world is full of so-called economists who in turn are full of schemes to get something for nothing.” – Henry Hazlitt
  12. “The principle that the end justifies the means is in individual morality is a denial of all morality. In collective morality it necessarily becomes the supreme rule.” – FA Hayek
  13. “No one spends another person’s money as carefully as he spends his own. Nobody uses another person’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want to use knowledge properly, you have to do it through the means of private ownership.” – Milton Friedman
  14. “All crafts, arts, and handicrafts have been acquired through the division of labour, that is, when each individual, instead of one man doing everything, restricts himself to a certain kind of work which differs from others in the treatment it requires, so as to be able to perform it with the utmost ease and in the highest degrees of perfection. And where the different kinds of labor are not distinguished and divided, and where each one is the master of trades, the manufacturers are still in their greatest barbarism.” – Immanuel Kant
  15. “It is not true that Congress spends money like a drunken sailor. Drunken sailors spend their own money. Congress spends our money.” – Dr. Art Lover
  16. “The message from history is starkly clear – that free trade leads to mutual prosperity while protectionism leads to poverty – and it seems inconceivable that anyone would think otherwise. There is not a single example of a country opening its borders to trade and ending up poorer.” – Matt Ridley
  17. “Love domestically, trade global.” – Ross Roberts
  18. “The greatest danger to the consumer is monopoly – whether private or governmental. The most effective protection for him is free competition at home and free trade throughout the world. The consumer is protected from exploitation by one seller by having another seller from whom he can buy and who is eager to sell. for him “. – Milton Friedman
  19. “People who lack the ability to earn a decent living need help, but no minimum wage laws, union wage pressures, or other devices that seek to compel employers to pay them more than [labor] He deserves. The most likely consequence of these regulations is that the intended beneficiaries do not work at all.” — James Tobin
  20. “Nothing should be more evident than that a commercial organism cannot act by design when the most important ‘labour standards’ – wages, prices, benefits – are transferred into the political sphere and are dealt with according to the requirements of the political game or, which is the most serious matter in some Sometimes, according to the ideas of some planners. ” – Joseph A. Schumpeter
  21. “Failure is part of the natural cycle of business. Companies are born, companies die, and capitalism advances.” – Thomas Sewell
  22. “The method of maximizing production is maximizing incentives for production. The way to do this, as the modern world has discovered, is through the system known as capitalism—a system of private property, free markets, and free enterprise.”—Henry Hazlitt
  23. “The people who hate the establishment of private property are without the first elements of freedom.” – Lord Acton
  24. “Once the principle that it is the duty of the government to protect the individual from his folly is recognized, no serious objections can be made against further encroachments.” – Ludwig von Mises
  25. “Citizens who are excessively dependent on their government to do everything not only become dependent on their government, but end up doing whatever the government requires. In the meantime, their initiative and their self-respect have been destroyed.” – Charles J. Koch