“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” KnowsMenLittlesLibertyImagineEconomicDesignEconomicsTasksLibertarianCuriousEconomistCentral PlanningMixed Economy Author:Friedrich August von Hayek
“We rarely hear, it has been said, of the combinations [that is, unions or colluding organizations] of masters, though frequently of those of workmen. But whoever imagines, upon this account, that masters rarely combine, is as ignorant of the world as of the subject. Masters are always and everywhere in a sort of tacit, but constant and uniform combination, not to raise the wages of labor above their actual price.” WorldHas BeensSaidImagineSubjectsMastersEconomicsLaborOrganizationAccountsRaisesConstantUnionsIgnorantCombinationUniformsWagesWorkmenTacitWealth Of Nations Author:Adam Smith
“The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.")” KnowsMenBelieveWellsLittlesStillsGovernmentLawMotherMoralEconomyImagineDesignCostEconomicsTasksFinancialCuriousLegacyLastingContractsInvestorsRescueInterfereDoomedConvenientHazardsFinancial MarketsHayekFriedrich HayekLasting LegacyMoral Hazard Author:Seth Klarman
“Your role as a leader is even more important than you might imagine. You have the power to help people become winners.” PeopleImportantHelpingMightBusinessLeaderRolesLearningTeacherImagineEconomicsManagementWinnerTeachers Day Book:The Heart of a Leader Source: The Heart of a Leader
“There are people who think that plunder loses all its immorality as soon as it becomes legal. Personally, I cannot imagine a more alarming situation.” PeopleThinkingLosesSituationLibertyImagineEconomicEconomicsLibertarianLibertarianismImmoralityPlunder Author:Frederic Bastiat
“I am not sure of anything, I know nothing . . . can you imagine that I don't even know the date of my own death?” KnowsMy OwnImagineIgnoranceEconomicsNot SureImagine That Author:Jorge Luis Borges
“The liberals who demanded equality of taxation on behalf of the poor, for instance, did not imagine that they would obtain progressive taxation to the disadvantage of the well-off, and that they would end up with an arrangement in which taxes are voted by those who do not pay them.” WellsEndsPhilosophyPoliticalPoorPayImagineTaxesEconomicsInstanceProgressiveImagine ThatArrangementsBehalfTaxationDisadvantagesProgressive Taxation Author:Vilfredo Pareto
“The more one considers the matter, the clearer it becomes that redistribution is in effect far less a redistribution of free income from the richer to the poorer, as we imagined, than a redistribution of power from the individual to the State.” MatterStatesGovernmentIndividualWealthPoorPowerEconomyRichClearImagineEffectsBecomingEconomicsIncomeWealthyConsideringDistribution Book:The Ethics of Redistribution Source: The Ethics of Redistribution
“American democracy is a chess-game in which pawns imagine themselves to be free individuals with wills of their own: that delusion is one of the rules of the game, without which the game could not continue. I doubt anyone, no matter how sharp and sharp-tongued, could succeed in getting across to high school students how vital an acute mind is for just keeping a grip on one's life and earnings in our mendacious politics and economics. No wonder our school system is devoutly dedicated to demoralizing and blunting such minds.” MindMatterSchoolAmericaGamesIndividualEducationWonderDemocracyDoubtImagineStudentsSucceedHigh SchoolEconomicsChessDelusionDedicatedEarningPawnsSchool SystemChess GameAmerican DemocracyRules Of The GameDemoralizingHigh School StudentsPolitics And Economics Author:Kenny Smith