Quotes on Economy

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Economy is the art of making the most of life.
 
The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed.
 
CORPORATION: An ingenious device for obtaining individual profit without individual responsibility.
 
An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.
 
Under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth... The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
 
Economics, even capitalist economics, assumes that there are desiring beings, but it does not ask why these beings desire one thing rather than another. Economists say that they are interested not in the reasons for people’s preferences, but in revealed preferences, i.e. preferences that are enacted. Economics does not ask about the reasons for these preferences – why would a mass of people prefer to buy cocaine rather than books or cruise vacations...? – it takes into account and calculates the preferences expressed, i.e., the exchange that is acted out. Exchange is an act, not a belief, and it is a more or less risky exchange.
 
It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.
 
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