Tag Archives: economics

Adam Smith – Regard for own interest

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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)

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Milton Friedman – Economic and political freedom

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Milton FriedmanFreedom 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)
Capitalism and Freedom

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Herbert Hoover – Curing economic depression

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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)

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Thomas Sowell – The zero-sum fallacy

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Thomas SowellMany 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-)
Economic Facts and Fallacies: Second Edition

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Ron Paul – Capitalism presumes sound money

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Ron PaulA 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-)

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