If precious metals had been abundant, they would not have been precious.
Interpretation
Scarcity creates value; if something is readily available, it loses its worth.
This quote by Henry Hazlitt highlights the intrinsic relationship between scarcity and value. Precious metals, like gold and silver, are considered valuable not because of their physical properties alone, but largely due to their limited availability. If these metals were abundant, they would lose their allure and significance, as their rarity is what makes them precious to people.
In practice
In a discussion about investments, one might reference this quote to explain why rare assets tend to appreciate over time.
A man with a scant vocabulary will almost certainly be a weak thinker. The richer and more copious one's vocabulary and the greater one's awareness of fine distinctions and subtle nuances of meaning, the more fertile and precise is likely to be one's thinking. Knowledge of things and knowledge of the words for them grow together. If you do not know the words, you can hardly know the thing.
Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.
Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine - the special pleading of selfish interests.
The only way we could remember would be by constant re-reading, for knowledge unused tends to drop out of mind. Knowledge used does not need to be remembered; practice forms habits and habits make memory unnecessary. The rule is nothing; the application is everything.
The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice.
If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.
The civilized have created the wretched, quite coldly and deliberately, and do not intend to change the status quo; are responsible for their slaughter and enslavement; rain down bombs on defenseless children whenever and wherever they decide that their "vital interests" are menaced, and think nothing of torturing a man to death: these people are not to be taken seriously when they speak of the "sanctity" of human life, or the "conscience" of the civilized world.
When we reach the outer limit of what Scripture says, it is time to stop arguing and start worshipping.
Moral philosophy is nothing else but the science of what is good, and evil, in the conversation, and society of mankind. Good, and evil, are names that signify our appetites, and aversions; which in different tempers, customs, and doctrines of men, are different.
Awake, my St. John! leave all meaner things To low ambition and the pride of kings. Let us (since life can little more supply Than just to look about us, and to die) Expatiate free o'er all this scene of man; A mighty maze! but not without a plan.
I suffer whenever I see that common sight of a parent or senior imposing his opinion and way of thinking and being on a young soul to which they are totally unfit. Cannot we let people be themselves, and enjoy life in their own way? You are trying to make that man another you. One's enough.
Man is a wingless animal with two feet and flat nails.
Subscribe for the occasional hand-picked quote. No noise.