Quotes on Economics

I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.

The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.

The most valuable of all capital is that invested in human beings

There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.

It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.

He who acts under an emotional impulse also acts. What distinguishes an emotional action from other actions is the valuation of input and output. Emotions disarrange valuations. Inflamed with passion, man sees the goal as more desirable and the price he has to pay for it as less burdensome than he would in cool deliberation.

Our real battlefield today is Asia and our real battle is the one between democracy and communism. . . . We have to prove to the world and particularly to downtrodden areas of the world which are the natural prey to the principles of communist economics that democracy really brings about happier and better conditions for the people as a whole.

Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.

I often quote myself. It adds spice to my conversation.

Let me issue and control a nation's money and I care not who writes the laws.

Economics is a subject profoundly conducive to cliche, resonant with boredom. On few topics is an American audience so practiced in turning off its ears and minds. And none can say that the response is ill advised.

The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all.

Nothing so weakens government as persistent inflation.

Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion - the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals - the technique of the marketplace.

No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.

In economics, the majority is always wrong.

Investing in women is smart economics, and investing in girls, catching them upstream, is even smarter economics.

A wise and frugal Government, which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government, and this is necessary to close the circle of our felicities.

Let us remember that the automatic machine is the precise economic equivalent of slave labor. Any labor which competes with slave labor must accept the economic consequences of slave labor.

Investing is the intersection of economics and psychology.

It is much more difficult to measure non-performance than performance. Performance stands out like a ton of diamonds. Non-performance can almost always be explained away