Endurance is nobler than strength, and patience than beauty.
John RuskinRead
Large fortunes are all founded either on the occupation of land, or lending or the taxation of labor.
Interpretation
Wealth is primarily derived from land, lending, or taxing work.
This quote by John Ruskin highlights the three main sources of substantial wealth in society: the ownership and exploitation of land, the practice of lending money that generates interest, and the taxation imposed on labor. It suggests that large fortunes are not just a result of individual talent or effort but are deeply rooted in systemic structures related to land use and economic practices.
In practice
In an economic discussion, this quote can help illustrate the foundations of wealth accumulation.
Endurance is nobler than strength, and patience than beauty.
In health of mind and body, men should see with their own eyes, hear and speak without trumpets, walk on their feet, not on wheels, and work and war with their arms, not with engine-beams, nor rifles warranted to kill twenty men at a shot before you can see them.
You talk of the scythe of Time, and the tooth of Time: I tell you, Time is scytheless and toothless; it is we who gnaw like the worm - we who smite like the scythe. It is ourselves who abolish - ourselves who consume: we are the mildew, and the flame.
To be able to ask a question clearly is two-thirds of the way to getting it answered.
See that your children be taught, not only the labors of the earth, but the loveliness of it.
A little thought and a little kindness are often worth more than a great deal of money.
Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.
The strongest argument for free enterprise is that it prevents anybody from having too much power. Whether that person is a government official, a trade union official, or a business executive. If forces them to put up or shut up. They either have to deliver the goods, produce something that people are willing to pay for, are willing to buy, or else they have to go into a different business.
The focus of our public discourse has been on how American companies are competing with Japanese, German, and other foreign companies. What this allows us to ignore is how each of those American companies is really in competition with the families of the workers. That's the real competition.
History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.
Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people's savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.
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