“Many politicians and pundits claim that the credit crunch and high mortgage foreclosure rate is an example of market failure and want government to step in to bail out creditors and borrowers at the expense of taxpayers who prudently managed their affairs. These financial problems are not market failures but government failure. ... The credit crunch and foreclosure problems are failures of government policy.” WantProblemGovernmentStepsPolicyExamplePoliticianEconomicsClaimsRateAffairFinancialCreditDebtExpensesTaxpayersMortgagePunditsCreditorsBailCrunchGovernment PolicyBorrowersForeclosureMarket FailureFinancial ProblemsCredit Crunch Author:Walter E. Williams
“For one thing, there are many "inventions" that are not patentable. The "inventor" of the supermarket, for example, conferred great benefits on his fellowmen for which he could not charge them. Insofar as the same kind of ability is required for the one kind of invention as for the other, the existence of patents tends to divert activity to patentable inventions.” KindAbilityExistenceOne ThingExampleActivityBenefitsEconomicsInventionInventorPatentsSupermarkets Book:Capitalism and Freedom: Fortieth Anniversary Edition Source: Capitalism and Freedom: Fortieth Anniversary Edition
“In the great depression, things could only be set right by causing the idle plant to work again . . . Roosevelt . . . spent billions of public money and created a huge public debt, but by so doing he revived production and brought his country out of the depression. Businessmen, who in spite of such a sharp lesson continued to believe in old-fashioned economics, were infinitely shocked, and although Roosevelt saved them from ruin, they continued to curse him and to speak of him as 'the madman in the White House.' . . . [It's one more] striking example of inability to learn from experience.” BelieveCountryHouseSpeakWhiteExampleHugeLessonsEconomicsPlantProductionsDebtBillionsSavedRuinsCurseSpiteWhite HouseIdleBusinessmanShockedOld FashionedInabilityMadmenGreat DepressionLearning ExperiencePublic Money Author:Bertrand Russell
“By the way on economics, South Carolina is an example to the country of what we should be doing as Americans. This country has a vast manufacturing base. It is growing in manufacturing where America is shrinking and it's because they have reduced taxes and lower regulatory burdens and been pro-business.” WayShouldCountryAmericaGrowingExampleTaxesEconomicsSouthBurdenManufacturingCarolinaShrinkingSouth Carolina Author:Marco Rubio