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Economy Quotes

“Not understanding the process of a spontaneously-ordered economy goes hand-in-hand with not understanding the creation of resources and wealth. And when a person does not understand the creation of resources and wealth, the only intellectual alternative is to believe that increasing wealth must be at the cost of someone else. This belief that our good fortune must be an exploitation of others may be the taproot of false prophecy about doom that our evil ways must bring upon us.”

“Had there been any existent vital and energetic institution left in Society after the Reformation for the use of small property in coordinated form-that is, in combination, so that the average man's holding could be put to useful purpose in company with the holdings of a great number of other men of his own sort, the new evils would not have arisen.”

“Let us then repeat and firmly fix this main point: the evil, the root evil, of that to which the term Capitalism has come to be applied, is neither its functioning for profit nor its dependence upon legally protected private property; but the presence of a Proletariat, that is of men possessing political freedom, but dispossessed of economic freedom, and existing in such large numbers in any community as to determine the tone of all that community.”

“The terror in which English capitalists now stand of organized proletarian resistance gives to the naturally protected craft organizations the power to receive the wages they demand. They act as they have been trained to act by capitalist society, which denies the doctrine of the Just Price, which proclaims work to be an evil and the goal of human endeavor to be the avoidance of it; which puts it up as an ideal that individuals should get as much money as they possibly can out of their fellows by any means in their power.”

“One man in one mood will attack Industrial Capitalism for its destruction of beauty; another for its incompetence; another for the vileness of the men who chiefly prosper under it; another for its mere confusion and noise; another for its false values; it was until recently most fiercely attacked for its impoverishment of the workers, its margin of unemployment and the rest - indeed so fiercely that it was compelled to seek palliatives for the evil. With a mass of men it was attacked from a vague but strong sense of injustice; it allowed a few rich to exploit mankind.”

“At times like the present, when the evils of unsound finance threaten us, the speculator may anticipate a harvest gathered from the misfortune of others, the capitalist may protect himself by hoarding or may even find profit in the fluctuations of values; but the wage earner - the first to be injured by a depreciated currency and the last to receive the benefit of its correction - is practically defenseless.”

“We are overdone with banking institutions, which have banished the precious metals, and substituted a more fluctuating and unsafe medium... These have withdrawn capital from useful improvements and employments to nourish idleness... These are evils more easily to be deplored than remedied.”

“With all of its false assumptions and evil methods, communism grew as a protest against the hardships of the underprivileged. Communism in theory emphasized a classless society, and a concern for social justice, though the world knows from sad experience that in practice it created new classes and a new lexicon of injustice.”

“Whoso turns his attention to the bitter strifes of these days and seeks a reason for the troubles that vex public and private life must come to the conclusion that a fruitful cause of the evils which now afflict, as well as of those which threaten us, lies in this: that false conclusions concerning divine and human things, which originated in the schools of philosophy, have crept into all the orders of the state, and have been accepted by the common consent of the masses.”

“It has been the fashion to speak of the conflict between human rights and property rights, and from this it has come to be widely believed that the use of private property is tainted with evil and should not be espoused by rational and civilized men... the only dependable foundation of personal liberty is the personal economic security of private property. The Good Society.”

“One ideological claim is that private property is theft, that the natural product of the existence of property is evil, and that private ownership therefore should not exist... What those who feel this way don't realize is that property is a notion that has to do with control - that property is a system for the disposal of power. The absence of property almost always means the concentration of power in the state.”

“To each, therefore, must be given his own share of goods, and the distribution of created goods, which, as every discerning person knows, is laboring today under the gravest evils due to the huge disparity between the few exceedingly rich and the unnumbered propertyless, must be effectively called back to and brought into conformity with the norms of the common good, that is, social justice.”

“The best lesson that any people can learn is that there is no patent cure-all which will make the body politic perfect, and that any man who is able glibly to answer every question as to how to deal with the evils of the body politic is at best a foolish visionary and at worst an evil-minded quack.”

“Some representatives of monopolistic capitalism, sensing this evil in their system, have tried to silence criticism by pointing to the diffused ownership in the great corporations. They advertise, "No one owns more than 4 percent of the stock of this great company." Or they print lists of stockholders, showing that these include farmers, schoolteachers, baseball players, taxi drivers, and even babies.”

“A disordered currency is one of the greatest political evils. It undermines the virtues necessary for the support of the social system, and encourages propensities destructive to its happiness. It wars against industry, frugality, and economy, and it fosters the evil spirits of extravagance and speculation.”