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Economics Quotes

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Economics Quotes

“Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.”

States Government Political Certain Results Money Existence Power Economic Products Authority Economics Independent Invention Commodity Legislation Sanctions

Author:Carl Menger

“If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer.”

Source: The Economic Consequences of the Peace: The classic text on the Treaty of Versailles and post war Europe

“Unless the fundamental categories of economics such as 'property' were to be redefined in a radically personal way the liberal rationalist curse which had established economics as a scientific discipline cut off from human interests would proliferate. Economic models ... have failed to incorporate any meaningful index of individual benefit other than the original utilitarian one, ... the index of increasing income or an increasing flow of commodities.”

“Utility is a metaphysical concept of impregnable circularity; utility is the quality in commodities that makes individuals want to buy them, and the fact that individuals want to buy commodities shows that they have utility.”

Want Facts Shows Individual Quality Concepts Economics Commodity Metaphysical Utility Circularity

Book:Economic philosophy

Source: Economic philosophy

“A demand for commodities is not a demand for labor. The demand for labor is determined by the amount of capital directly devoted to the remuneration of labor: the demand for commodities simply determines in what direction labor shall be employed.”

Amount Demand Economics Labor Determine Determined Devoted Commodity Employed Remuneration

Author:Millicent Fawcett

“In raising the price of commodities, the rise of wages operates in the same manner as simple interest does in the accumulation of debt. Our merchants and master manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods, both at home and abroad. They say nothing concerning the bad effects of high profits; they are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.”

People Doe Philosophy Political Interest Simple Effects Masters Gains Economics Regard Silent Profit Complaining Goods Commodity Wages Compounds Merchants Pernicious Compound Interest

Author:Adam Smith

“Money is misunderstood. The fact is if you want to be successful - the money will follow you. If you are a doctor, something else will follow you. If you are successful there is an accompaniment. If your goal is just to make money you won't succeed. Money is a commodity to use, not to be dictated by.”

Ifs Want Facts Use Wisdom Goal Business Successful Succeed Economics Doctors Making Money Being Successful Commodity Misunderstood

Author:Frank Lowy

“It is here we come to the heart of the matter. The economic principle of comparative advantage', 'a country may, in return for manufactured commodities, import corn even if it can be grown with less labour than in the country from which it is imported”

Ifs Heart May Country Matter Principles Economic Return Advantage Economics Labour Commodity Corn Imports Comparative Advantage

Author:David Ricardo

“If the gains from trade in commodities are substantial, they are small compared to trade in ideas”

Ifs Ideas Gains Economics Trade Commodity

Author:David Landes

“Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark.”

“Quality, quality, quality: never waver from it, even when you don't see how you can afford to keep it up. When you compromise, you become a commodity and then you die”

Dies Business Quality Economics Management Compromise Commodity

Author:Gary Hirshberg