|It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
– Adam Smith (1723-1790)
|Freedom in economic arrangements is itself a component of freedom broadly understood, so economic freedom is an end in itself. . .Economic freedom is also an indispensable means toward the achievement of political freedom.
– Milton Friedman (1912-2006)
|Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body – the producers and consumers themselves.
– Herbert Hoover (1874-1964)
|Many individual fallacies in economics are founded on the larger, and usually implicit, fallacious assumption that economic transactions are a zero-sum process, in which what is gained by someone is lost by someone else. But voluntary economic transactions — whether between employer and employee, tenant and landlord, or international trade — would not continue to take place unless both parties were better off making these transactions than not making them.
– Thomas Sowell (1930-)
|A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.
– Ron Paul (1935-)