Quotes about Economics

Communism is like prohibition, it is a good idea, but it won't work.

Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior ofcapital, and deserves muchthe higher consideration.

Labor is the true standard of value.

The fundamental evil of the world arose from the fact that the good Lord has not created money enough.

Speculation is only a word covering the making of money out of the manipulation of prices, instead of supplying goods and services.

Increasingly better product at an ever?decreasing price.

The healthy business, the business that is always making more and more opportunities for men to earn an honourable and ample living, is the business in which every man does a day's work of which he is proud. And the country that stands most securely is the country in which men work honestly and do not play tricks with the means of production. We cannot play fast and loose with economic laws, because if we do they handle us in very hard ways.

If we had borrowed we should not have been under the necessity of finding methods to cheapen production.

Free trade is not based on utility but on justice.

I believe in raising the minimum wage and equal pay for work.

Socialism never arises in the earlier phases of capitalism, as, for instance, among the pioneers of civilisation in a country where there is plenty of land available for private appropriation by the last comer.

The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency.