There can be no liberty unless there is economic liberty.
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Economics and Finance
in Quotes & Aphorisms (Economics and Finance)
In my opinion it is harmful to place important things in the hands of philanthropy, which in Russia is marked by a chance character. Nor should important matters depend on leftovers, which are never there. I would prefer that the government treasury take care of it.
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The study of economics does not seem to require any specialized gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy and pure science? Yet good, or even competent, economists are the rarest of birds. An easy subject, at which very few excel! The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher – in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician. Much, but not all, of this many-sidedness Marshall possessed. But chiefly his mixed training and divided nature furnished him with the most essential and fundamental of the economist's necessary gifts – he was conspicuously historian and mathematician, a dealer in the particular and the general, the temporal and the eternal, at the same time.
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Capitalism is the astonishing belief that the nastiest motives of the nastiest men somehow or other work for the best results in the best of all possible worlds.
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Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done... The introduction of a substantial government transfer tax on all transactions might prove the most serviceable reform available, with a view to mitigating the predominance of speculation over enterprise in the United States.
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Socialist governments traditionally do make a financial mess. They always run out of other people's money. It's quite a characteristic of them.
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in Quotes & Aphorisms (Economics and Finance)
England has got successful competitors in America, Japan, France, Germany. It has competitors in the handful of mills in India, and as there has been an awakening in India, even so there will be an awakening in South Africa with its vastly richer resources: natural, mineral and human. The mighty English look quite pigmies before the mighty races of Africa. They are noble savages after all, you will say. They are certainly noble, but no savages and in the course of a few years the Western nations may cease to find in Africa a dumping ground for their wares.
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Political institutions are a superstructure resting on an economic foundation.
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My policies are based not on some economics theory, but on things I and millions like me were brought up with: an honest day's work for an honest day's pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police.
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in Quotes & Aphorisms (Economics and Finance)
The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency.
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