Austrian Economics Quotes

For anyone who thinks "profit" is evil, I have a challenge for you: try NOT to get any profit in the next week. Profit simply means increasing how much valuable stuff you have, and if you don't profit, you die. Literally. For example, don't buy any food for a week, because when you buy food (or anything), it's because you value the food MORE than you value the money you trade for it. If you didn't, you wouldn't make the trade. So you PROFIT (and so does the seller) every time you buy something. And every time you sell something, or work for money, etc. So before condemning "profit" (or "greed" or "selfishness," for that matter), see if you can survive without it. Then stop repeating vague collectivist BS, and learn to distinguish between "win/win" events (voluntary exchange) where BOTH sides profit, and "win/lose" events, where one side benefits by harming the other side. By the way, "government" is ALWAYS the latter. ~ - Larken Rose

To the Austrian economics of subjectivity, time provides an objective foundation. ~ George Gilder

No man can rightfully be required to join, or support, an association whose protection he does not desire. ~ Lysander Spooner

Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. It is a compulsory seizure of the property of the State's inhabitants, or subjects. ~ Murray N. Rothbard

The struggle for freedom is ultimately not resistance to autocrats or oligarchs but resistance to the despotism of public opinion. ~ Ludwig Von Mises

Freedom is the foundation for all wonderful things in life. ~ Jeffrey Tucker

In proportion as you give the state power to do things for you, you give it power to do things to you. ~ Albert Jay Nock

It's great to be with you gun-toting, 10ther, pro-life, Austrian-economics, home-schooling, redoubt-living, Constitutionalist patriots this evening. I think that covers the SPLC's list. ~ Matt Shea

The government is a giant logjam in the eternal river of human potential. ~ Stefan Molyneux

Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure. A centrally planned totalitarian state represents a complete defeat for the civilized world, while a totally voluntary society represents its ultimate success. ~ Mark Skousen

What is a price? It is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. Past prices represent deals done in history. Current prices represent possible deals in the future. Prices embed vast information about perceived realities: resource availability, consumer demand, cultural biases and habits, speculations about the future. The price is also an amazing tool. It provides an objective basis for accounting and the assessment of profit and loss. Without prices, real prices rooted in real market experience, we'd been lost. ~ Jeffrey Tucker

If any of the socialist chiefs had tried to earn his living by selling hot dogs, he would have learned something about the sovereignty of the consumers. ~ Ludwig Von Mises

Ultimately, we need to take control over the money supply out of the hands of our governments and make the production of money again subject to the principle of free association. The first step to endorsing and promoting this strategy is to realize that governments do not - indeed cannot - fulfill any positive role whatever through the control of our money. ~ Jorg Guido Hulsmann

Income inequality has no necessary connection with poverty, the lack of material resources for a decent life, such as adequate food, shelter, and clothing. A society with great income inequality may have no poor people, and a society with no income inequality may have nothing but poor people. ~ Robert Higgs

The disdain of profit is due to ignorance, and to an attitude that we may if we wish admire in the ascetic who has chosen to be content with a small share of the riches of this world, but which, when actualised in the form of restrictions on profits of others, is selfish to the extent that it imposes asceticism, and indeed deprivations of all sorts, on others. ~ Friedrich Hayek

The Marxians love of democratic institutions was a stratagem only, a pious fraud for the deception of the masses. Within a socialist community there is no room left for freedom. ~ Ludwig Von Mises

Socialism" for the Nazis denotes the principle of collectivism as such and its corollary, statism - in every field of human action, including but not limited to economics. "To be a socialist," says Goebbels, "is to submit the I to the thou; socialism is sacrificing the individual to the whole."9 ~ Leonard Peikoff

Economics is more than just a way to see patterns or to unravel puzzling anomalies. Its fundamental concern is with the material standard of living of society as a whole and how that is affected by particular decisions made by individuals and institutions. One of the ways of doing this is to look at economic policies and economic systems in terms of the incentives they create, rather than simply the goals they pursue. This means that consequences matter more than intentions - and not just the immediate consequences, but also the longer run repercussions of decisions, policies, and institutions. ~ Thomas Sowell

Christ represents originally: 1) men before God; 2) God for men; 3) men to man.
Similarly, money represents originally, in accordance with the idea of money: 1) private property for private property; 2) society for private property; 3) private property for society.
But Christ is alienated God and alienated man. God has value only insofar as he represents Christ, and man has value only insofar as he represents Christ. It is the same with money. ~ Karl Marx

Politics is a continuation of economics by other means ~ Michael Ruppert

There is no ready vocabulary to describe the ways in which artists become artists, no recognition that artists must learn to be who they are (even as they cannot help being who they are.) We have a language that reflects how we learn to paint, but not how we learn to paint our paintings. How do you describe the [reader to place words here] that changes when craft swells to art?

"Artists come together with the clear knowledge that when all is said and done, they will return to their studio and practice art alone. Period. That simple truth may be the deepest bond we share. The message across time from the painted bison and the carved ivory seal speaks not of the differences between the makers of that art and ourselves, but of the similarities. Today these similarities lay hidden beneath urban complexity -- audience, critics, economics, trivia -- in a self-conscious world. Only in those moments when we are truly working on our own work do we recover the fundamental connection we share with all makers of art. The rest may be necessary, but it's not art. Your job is to draw a line from your art to your life that is straight and clear. ~ David Bayles

The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know) served almost no function in an investment bank. The bankers used economics as a sort of standardized test of general intelligence. ~ Michael Lewis

I don't think that that's a desirable option for us. Besides, it wouldn't work, because there are too many other countries that are willing to work economically with China. But I don't think the basic relationship depends on economics. It depends on a political understanding of what is required for peace in Asia. ~ Henry A. Kissinger

When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly. ~ Paul Krugman

This paper was one of my digressions into abstract economics. ~ William Vickrey

If the present economic structure can change only by collapsing, then it had better collapse as soon as possible. ~ Germaine Greer

Economics is sometimes associated with the study and defense of selfishness and material inequality, but it has an egalitarian and civil libertarian core that should be celebrated. ~ Tyler Cowen

The existing world economic order constitutes a system of plundering and exploitation like no other in history. ~ Fidel Castro

Thinking is a physical process, the human brain is not exempt from evolution ~ Steven Pinker

There is no other proposition in economics that has more solid empirical evidence supporting it than the Efficient Market Hypothesis ... In the literature of finance, accounting, and the economics of uncertainty, the EMH is accepted as a fact of life. ~ Michael Jensen

Our market-intensive societies measure material progress by the increase in the volume and variety of commodities produced. And taking our cue from this sector, we measure social progress by the distribution of access to these commodities. Economics has been developed as propaganda for the takeover by large-scale commodity producers. ~ Ivan Illich

Can there be in our age any peace that is not honorable, any war that is not dishonorable? ~ Charles Sumner

Lunches don't get free just because you don't see the prices on the menu. And economists don't get popular by reminding people of that. ~ Thomas Sowell

Close the weak banks and impose serious capital requirements on the strong ones ... You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs. ~ Paul Krugman

Economic activity is carried out by individuals in organisations that require a high degree of social co-operation ~ Francis Fukuyama

A large part of crime is economics - if people are working and and have a home and family to support, then I believe you can reduce the crime rate. ~ Vincent Frank

I mean, these good folks are revolutionizing how businesses conduct their business. And, like them, I am very optimistic about our position in the world and about its influence on the United States. We're concerned about the short-term economic news, but long-term I'm optimistic. And so, I hope investors, you know - secondly, I hope investors hold investments for periods of time - that I've always found the best investments are those that you salt away based on economics. ~ George W. Bush

Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence. ~ Ludwig Von Mises

When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional. ~ Michael Hudson

I chose to write about food: food is inherently political, but it's also an essential part of people's real lives. It's where the public and private spheres connect. I wanted to show readers that the larger politics of war and economics and U.S. foreign policy are inextricably bound to the supposedly trivial details of our everyday lives. ~ Annia Ciezadlo

The agrarian crisis [in India] is an unnecessary tragedy, resulting directly from an economics of greed and a politics driven by the economies of greed. ~ Vandana Shiva

I have an economics degree with a minor in sociology. The reason I have that is because I want to do a ministry in urban areas and help with underprivileged kids. ~ Jeremy Lin

We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis. ~ Paul Krugman

The key words of violent economics are urbanization, industrialization, centralization, efficiency, quantity, speed ... The problem of evolving a nonviolent way of economic life [in the West] and that of developing the underdeveloped countries may well turn out to be largely identical. ~ E.F. Schumacher

If it's okay to enrich ourselves by denying foreigners the right to earn a living, why shouldn't we enrich ourselves by invading peaceful countries and seizing their assets? Most of us don't think that's a good idea, and not just because it might backfire. We don't think it's a good idea because we believe human beings have human rights, whatever their colour and wherever they live. Stealing assets is wrong, and so is stealing the right to earn a living, no matter where the victim was born. ~ Steven E. Landsburg

I think it is true to say that I am not the first Nobel Prize winner in economics to have little formal training in economics. ~ Clive Granger

The rewards that will flow from a successful shift to a low carbon economy are high. Neither governments nor business can afford to let these opportunities pass them by ~ Margaret Beckett

It takes a pillage. ~ Nomi Prins

I was born in 1923 into a middle class Jewish family in Vienna, a few years after the end of World War I, which was disastrous from the Austrian point of view. ~ Walter Kohn

An economic system which can only expand or expire must be false to all that is human. ~ Edward Abbey

Deuteronomy's notion of tithes - that for two out of three years surplus is shared broadly with the disadvantaged, and in the third year is given to them outright - is sound economics when seen in light of conceptions of redistributive economics in primitive societies. In modern capitalist societies, surplus earnings are placed into savings, and insurance policies are taken out to hedge against various forms of adversity. The laws of tithing may be construed as another element in a program of primitive insurance. In a premodern society, A will give some of his surplus in a good year to B, who may have fallen on hard times in exchange for B's commitment to reciprocate should their roles one day be reversed. ~ Joshua A. Berman

But the economy's out of control. Money just doesn't need human beings anymore. Most of us only get in the way. ~ Bruce Sterling

Politics is economics by other means, and war is politics by other means. ~ Stan Goff

Lthough the basic principles of economics are not very complicated, the very ease with which they can be learned also makes them easy to dismissed as "simplistic" by those who do not want to accept analyses which contradict their cherished beliefs. Evasions of the obvious are often far more complicated than the facts. Nor is it automatically true that complex effects must have complex causes. The ramifications of something very simple can become enormously complex. ~ Thomas Sowell

The bureaucracy is a circle from which one cannot escape. Its hierarchy is a hierarchy of knowledge. The top entrusts the understanding of detail to the lower levels, whilst the lower levels credit the top with understanding of the general, and so all are mutually deceived. ~ Karl Marx

It is true that from a behavioral economics perspective we are fallible, easily confused, not that smart, and often irrational. We are more like Homer Simpson than Superman. So from this perspective it is rather depressing. But at the same time there is also a silver lining. There are free lunches! ~ Dan Ariely

Nothing is easier to achieve than full employment, once it is divorced from the goal of full production and taken as an end in itself ~ Henry Hazlitt

But if all maximizing models are really arguing is that "people will always seek to maximize something," then they obviously can't predict anything, which means employing them can hardly be said to make anthropology more scientific. All they really add to analysis is a set of assumptions about human nature. The assumption, most of all, that no one ever does anything primarily out of concern for others; that whatever one does, one is only trying to get something out of it for oneself. In common English, there is a word for this attitude. It's called "cynicism." Most of us try to avoid people who take it too much to heart. In economics, apparently, they call it "science. ~ David Graeber

What is called storing money is a way of using wealth. The uncertainty of the future makes it seem advisable to hold a larger or smaller part of one's possessions in a form that will facilitate a change from one way of using wealth to another, or transition from the ownership of one good to that of another, in order to preserve the opportunity of being able without difficulty to satisfy urgent demands that may possibly arise in the future for goods that will have to be obtained by way of exchange. ~ Ludwig Von Mises

I think that the economics of book publishing favor hits with long book runs. You make all your money on the last bunch of books, not the first. ~ Seth Godin

I took a few steps toward the kitchen window although I'd already realized I couldn't look through the kitchen window because, as already mentioned, it's covered with filth from top to bottom. Austrian kitchen windows are all totally filthy and we can't look through them and naturally it's to our greatest advantage, I thought, not to be able to look through them because then we find ourselves staring into the mouth of catastrophe, into the chaos of Austrian kitchen filth. ~ Thomas Bernhard