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Economy Quotes

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Economy Quotes

“The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future.”

“It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time.”

“Liberalism makes this mistake in regard to private property and Marxism makes it in regard to socialized property... The Marxist illusion is partly derived from a romantic conception of human nature... It assumes that the socialization of property will eliminate human egotism... The development of a managerial class in Russia, combing economic with political power, is an historic refutation of the Marxist theory.”

“If a man surrenders all power of self-determination in regard to the profits, management or ownership of the place where he works, he not only loses that special prerogative which marks him off from a cow in a pasture, but what is worse, he loses all capacity for determining any work. This is the beginning of a slavery which sometimes goes by the name of security.”

“To an American, that which deprives him of his freedom he regards as injustice, and that which allows him to enjoy that freedom he regards as justice. The concept of justice is as central to the totality of his being as freedom is, and this is not surprising, since the motivating idea behind the American Declaration of Independence was the fervent desire for justice.”

“the New Englander landed on a stony, barren tract, and a large share of his strength during two centuries has gone to force a living out of it. Hence he has come to regard economy - a necessary unpleasant quality at best - as the chief of virtues. He has cultivated habits which verge on closeness in dealing with food, and with the expression of feeling, and even - his enemies think - with feeling itself.”

“There are two very natural propensities which we may distinguish in the most virtuous and liberal dispositions, the love of pleasure and the love of action. If the former is refined by art and learning, improved by the charms of social intercourse, and corrected by a just regard to economy, to health, and to reputation, it is productive of the greatest part of the happiness of private life.”