Top Economics Quotes

Goods are traded, but services are consumed and produced in the same place. And you cannot export a haircut. But we are coming close to exporting a haircut, the appointment part. What kind of haircut...

The problems on campus life today are not about free speech. They are about how the students have absolutely nothing to do with their lives but sit and listen to lectures, find the best parties to att...

Economics Definition

(n.) The science of household affairs, or of domestic management.

(n.) Political economy; the science of the utilities or the useful application of wealth or material resources. See Political economy, under Political.

The great hatred of capitalism in the hearts of the oppressed, ancient and modern, I think, stems not merely from the ensuing vast inequality in wealth, and the often unfair and arbitrary nature of wh...

The desire for an increase of wealth can be satisfied through exchange, which is the only method possible in a capitalist economy, or by violence and petition as in a militarist society, where the str...

Recall that the minimum wage was initially conceived as a method to exclude undesirables from the workforce.

There can be no greater stretch of arbitrary power than to seize children from their parents, teach them whatever the authorities decree they shall be taught, and expropriate from the parents the fund...

Man does not know most of the rules on which he acts and even what we call his intelligence is largely a system of rules which operate on him but which he does not know.

Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.

He never sat an examination in economics: his knowledge came from pondering problems and discussing them as much as from book-learning.

Democracy is a pathetic belief in the collective wisdom of individual ignorance.

The rich run a global system that allows them to accumulate capital and pay the lowest possible price for labour. The freedom that results applies only to them. The many simply have to work harder, in...

An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.

The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule.

What ranks above all else for economic and political reconstruction is a radical change of ideologies. Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spir...

The rich feel much less need than their predecessors to account for their wealth, whether to society, to governments or to God. Their attitudes and values are not seriously challenged by anyone. The r...

To whom is an international corporation answerable? Often they do not employ workers. They outsource manufacturing to places far away. If wages rise in one place, they can, almost instantly, transfer...

You will miss a normal life while living a successful life, but not as much as the craving for a successful life while you were living a normal life.

They did not understand that by liberalizing imports, the government was also promoting exports.

To attempt to increase the wealth of any country, either by introducing or by detaining in it an unnecessary quantity of gold and silver, is as absurd as it would be to attempt to increase the good ch...

Growing economies are built by billions of actors behaving according to their own interests, coordinated through institutions that no one in particular created.Realizing this requires humility, a trai...