Quotes on Economics

Now that virtually every career is an option for ambitious girls, it can no longer be considered regressive or reactionary to reintroduce discussion of marriage and motherhood to primary education. We certainly do not want to return to the simplistic duality of home economics classes for girls and wood shop for boys.

Yet the basic fact remains: every regulation represents a restriction of liberty, every regulation has a cost. That is why, like marriage (in the Prayer Book's words), regulation should not "be enterprised, nor taken in hand, unadvisedly, lightly, or wantonly"

Wherever there is great property, there is great inequality.

It is true that from a behavioral economics perspective we are fallible, easily confused, not that smart, and often irrational. We are more like Homer Simpson than Superman. So from this perspective it is rather depressing. But at the same time there is also a silver lining. There are free lunches!

In a free society, government has the responsibility of protecting us from others, but not from ourselves.

What we call the market is really a democratic process involving millions, and in some markets billions, of people making personal decisions that express their preferences. When you hear someone say that he doesn't trust the market, and wants to replace it with government edicts, he's really calling for a switch from a democratic process to a totalitarian one.

The true test of one's commitment to liberty and private property rights doesn't come when we permit people to be free to do those voluntary things with which we agree. The true test comes when we permit people to be free to do those voluntary things with which we disagree.

Blessed are the young for they shall inherit the national debt.

The desire for economic prosperity is itself not culturally determined but almost universally shared

Every central government worships uniformity: uniformity relieves it from inquiry into an infinity of details.

The right to vote is a consequence, not a primary cause, of a free social system - and its value depends on the constitutional structure implementing and strictly delimiting the voters' power; unlimited majority rule is an instance of the principle of tyranny.

Capitalism is not the system of the past; it is the system of the future -- if mankind is to have a future

In the world of traditional economics, it shouldn't matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference.

Given the complexity of interpersonal relationships and institutions and the complexity of co-ordination of the actions of many people, it is enormously unlikely that, even if there were one ideal pattern for society, it could be arrived at in an a priori fashion. And even supposing that some great genius did come along with a blueprint, who could have the confidence that it could work

If you are not willing to risk the unusual, you will have to settle for the ordinary.

Really, the proper study of economics is fulfilment, not consumption... It doesn't even matter if it's a green product or a green house... It's still consumption. What matters in this world is the fulfilment of people's needs and the fulfilment of their aspirations.

If one person has a right to something he did not earn, of necessity it requires that another person not have a right to something that he did earn.

This is one of those cases in which the imagination is baffled by the facts.

What must never be lost sight of is that a public functionary, in his capacity as functionary, produces absolutely nothing; that, on the contrary, he exists only on the products of the industrious class; and that he can consume nothing that has not been taken from the producers.

We always plan too much and always think too little.

If a tax cut increases government revenues, you haven't cut taxes enough.