“By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.”
“Economics is a knack of managing unlimited demand with limited supply.”
“In my considered opinion, salary is payment for goods delivered and it must conform to the law of supply and demand. If, therefore, the fixed salary is a violation of this law - as, for instance, when I see two engineers leaving college together and both equally well trained and efficient, and one getting forty thousand while the other only earns two thousand , or when lawyers and hussars, possessing no special qualifications, are appointed directors of banks with huge salaries - I can only conclude that their salaries are not fixed according to the law of supply and demand but simply by personal influence. And this is an abuse important in itself and having a deleterious effect on government service.”
“What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.”
“The quasi-peaceable gentleman of leisure, then, not only consumes of the staff of life beyond the minimum required for subsistence and physical efficiency, but his consumption also undergoes a specialisation as regards the quality of the goods consumed. He consumes freely and of the best, in food, drink, narcotics, shelter, services, ornaments, apparel, weapons and accoutrements, amusements, amulets, and idols or divinities.”
“Too large a proportion of recent mathematical economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.”
“An economist is an expert who will know tomorrow why the things he predicted yesterday didn t happen today.”
“The government is indeed an institution, but the market is nothing more than an option for each individual to chose among numerous existing institutions, or to fashion new arrangements suited to his own situation and taste.”
“What all these lofty and vague phrases boil down to is that the court can impose things that the voters don t want and the Constitution does not require, but which are in vogue in circles to which the court responds.”
“The General Theory was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon.”
“The shortcomings of economics are not original error but uncorrected obsolescence. The obsolescence has occurred because what is convenient has become sacrosanct. Anyone who attacks such ideas must seem to be a trifle self-confident and even aggressive. The man who makes his entry by leaning against an infirm door gets an unjustified reputation for violence. Something is to be attributed to the poor state of the door.”
“Many find in sex and economics the meaning of life and the reason of it all. The consequence of this is that the goal of life for many has become a relief of tension.”
“Everything we get, outside of the free gifts of nature, must in some way be paid for. The world is full of so- called economists who in turn are full of schemes for getting something for nothing. They tell us that the government can spend and spend without taxing at all; that it can continue to pile up debt without ever paying it off, because we owe it to ourselves.”
“At this point we can finally see what s really at stake in our peculiar habit of defining ourselves simultaneously as master and slave, reduplicating the most brutal aspects of the ancient household in our very concept of ourselves, as masters of our freedoms, or as owners of our very selves. It is the only way that we can imagine ourselves as completely isolated beings. There is a direct line from the new Roman conception of liberty – not as the ability to form mutual relationships with others, but as the kind of absolute power of use and abuse over the conquered chattel who make up the bulk of a wealthy Roman man s household – to the strange fantasies of liberal philosophers like Hobbes, Locke, and Smith, about the origins of human society in some collection of thirty- or forty-year-old males who seem to have sprung from the earth fully formed, then have to decide whether to kill each other or begin to swap beaver pelts.”
“In the long run we are all dead.”
“Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.”
“This points to a nagging and important question about free-market ideologues: Are they ‘true believers’, driven by ideology and faith that free markets will cure underdevelopment, as is often asserted, or do the ideas and theories frequently serve as an elaborate rationale to allow people to act on unfettered greed while still invoking an altruistic motive?”