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Quotation Source Page Subject
A dictum of Lord Keynes: In the long run we are all dead. I do not question the truth of this statement; I even consider it as the only correct declaration of the neo-British Cambridge school. Planning for Freedom p. 7 Keynes, John Maynard
A man who is forced to provide of his own account for his old age must save a part of his income or take out an insurance policy... Such a man is more likely to get an idea of the economic problems of his country than a man whom a pension scheme seemingly relieves of all worries. Planning for Freedom p. 92 Social Security
A nation cannot prosper if its members are not fully aware of the fact that what alone can improve their conditions is more and better production. And this can only be brought about by increased saving and capital accumulation. Planning for Freedom pp. 92-93 Material Well-Being
A policy of deficit spending saps the very foundation of all interpersonal relations and contracts. It frustrates all kinds of savings, social security benefits and pensions. Planning for Freedom p. 89 Deficits
After 15 million human beings had perished in the war, the foremost statesmen of the world were assembled to give mankind a new international order and lasting peace . . . and the British Empires financial expert was amused by the rustic style of the French Prime Ministers footwear. Planning for Freedom p. 56 Keynes, John Maynard
All that good government can do to improve the material well-being of the masses is to establish and to preserve an institutional setting in which there are no obstacles to the progressive accumulation of new capital and its utilization for the improvement of technical methods of production. Planning for Freedom p. 6 Good Government
As people think that they owe to unionism their high standard of living, they condone violence, coercion, and intimidation on the part of unionized labor and are indifferent to the curtailment of personal freedom inherent in the union-shop and closed-shop clauses. Planning for Freedom p. 153 Unions
Credit expansion is not a nostrum to make people happy. The boom it engenders must inevitably lead to a debacle and unhappiness. Planning for Freedom p. 189 Credit
Depression is the aftermath of credit expansion. Planning for Freedom p. 7 Money Supply
Entrance into the ranks of the entrepreneurs in a market society, not sabotaged by the interference of government or other agencies resorting to violence, is open to everybody. Planning for Freedom p. 117 Class Mobility
Estate taxes of the height they have already attained for the upper brackets are no longer to be qualified as taxes. They are measures of expropriation. Planning for Freedom p. 32 Taxes
Everybody is eager to charge for his services and accomplishments as much as the traffic can bear. In this regard there is no difference between the workers, whether unionized or not, the ministers and teachers on the one hand and the entrepreneurs on the other hand. Neither of them has the right to talk as if he were Francis dAssisi. Planning for Freedom p. 145 Workers
Exclusively preoccupied with wage rates and pensions, the unions boast of their Pyrrhic victories. The union members are not conscious of the fact that their fate is tied up with the flowering of their employers enterprises. Planning for Freedom p. 91 Unions
For what many people have admiringly called Keynes's brilliance of style and mastery of language were, in fact, cheap rhetorical tricks. Planning for Freedom p. 55 Keynes, John Maynard
Governments deliberately sabotaged it, and still go on sabotaging it. Planning for Freedom p. 185 Gold Standard
Great conflicts of ideas must be solved by straight and frank methods; they cannot be solved by artifices and makeshifts. Planning for Freedom p. 14 Ideas
If it were really possible to substitute credit expansion (cheap money) for the accumulation of capital goods by saving, there would not be any poverty in the world. Planning for Freedom p. 190 Money Supply
If one rejects laissez faire on account of mans fallibility and moral weakness, one must for the same reason also reject every kind of government action. Planning for Freedom p. 44 Capitalism vs. Socialism
If one rejects laissez faire on account of mans fallibility and moral weakness, one must for the same reason also reject every kind of government action. Planning for Freedom p. 44 Laissez Faire
If one rejects laissez faire on account of mans fallibility and moral weakness, one must for the same reasons also reject every kind of government action. Planning for Freedom p. 44 Human Frailty
If one wants to study the reasons for Europe's backwardness, it would be necessary to examine the manifold laws and regulations that prevented in Europe the establishment of an equivalent of the American drug store and crippled the evolution of chain stores, department stores, super markets and kindred outfits. Planning for Freedom p. 136 Europe
If the present tax rates had been in effect from the beginning of our century, many who are millionaires today would live under more modest circumstances. But all those new branches of industry which supply the masses with articles unheard of before would operate, if at all, on a much smaller scale, and their products would be beyond the reach of the common man. Planning for Freedom p. 16 Taxes
In nature there is nothing that could be called freedom. Nature is inexorable necessity. Planning for Freedom p. 215 Nature
In talking about equality and asking vehemently for its realization, nobody advocates a curtailment of his own present income. Planning for Freedom p. 137 Equality
Interest is the difference in the valuation of present goods and future goods; it is the discount in the valuation of future goods as against that of present goods. Planning for Freedom pp. 187-88 Interest Rate
Interventionism cannot be considered as an economic system destined to stay. It is a method for the transformation of capitalism into socialism by a series of successive steps. Planning for Freedom p. 28 Interventionism
It is not a lack of the know how that prevents foreign countries from fully adopting American methods of manufacturing, but the insufficiency of capital available. Planning for Freedom p. 197 Development
It is not true that human conditions must always improve, and that a relapse into very unsatisfactory modes of life, penury and barbarism is impossible. Planning for Freedom p. 177 Progress
It is not true that the economic backwardness of foreign countries is to be imputed to technological ignorance on the part of their peoples. Planning for Freedom p. 196 Development
It is precisely the necessity of making profits and avoiding losses that gives to the consumers a firm hold over the entrepreneurs and forces them to comply with the wishes of the people. Planning for Freedom p. 134 Profit and Loss
Keynes did not refute Says Law. He rejected it emotionally, but he did not advance a single tenable argument to invalidate its rationale. Planning for Freedom p. 70 Keynes, John Maynard
Keynes did not refute Says Law. He rejected it emotionally, but he did not advance a single tenable argument to invalidate its rationale. Planning for Freedom p. 70 Say's Law
Keynes did not teach us how to perform the miracle . . . of turning a stone into bread, but the not at all miraculous procedure of eating the seed corn. Planning for Freedom p. 71 Keynes, John Maynard
Laissez faire does not mean: let soulless mechanical forces operate. It means: let individuals choose how they want to cooperate in the social division of labor and let them determine what the entrepreneurs should produce. Planning for Freedom p. 45 Laissez Faire
Mass unemployment is not proof of the failure of capitalism, but the proof of the failure of traditional union methods. Planning for Freedom p. 13 Unemployment
Minimum wage rates, whether decreed and enforced by the government or by labor union pressure and violence, result in mass unemployment. Planning for Freedom p. 27 Wage Rates
Money is merely the commonly used medium of exchange; it plays only an intermediary role. . Planning for Freedom p. 66 Money
No one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion. Planning for Freedom p. 63 Credit
Nobody is called upon to determine what could make another man happier or less unhappy. Planning for Freedom p. 118 Happiness
Now nobody ever contended that one could produce without working. But neither is it possible to produce without capital goods, the previously produced factors of further production. Planning for Freedom p. 111 Capital
Of course, as a rule capitalists and entrepreneurs are not saints excelling in the virtue of self-denial. But neither are their critics saintly. Planning for Freedom p. 146 Businessmen
On a free labor market wage rates tend toward a height at which all employers ready to pay these rates can find all the men they need and all the workers ready to work for this rate can find jobs. There prevails a tendency toward full employment. Planning for Freedom p. 84 Unemployment
Profit is a product of the mind, of success in anticipating the future state of the market. It is a spiritual and intellectual phenomenon. Planning for Freedom p. 120 Profit and Loss
Profits and loss withdraw the material factors of production from the hands of the inefficient and convey them into the hands of the more efficient. Planning for Freedom p. 16 Profit and Loss
Say emerged victoriously from his polemics with Malthus and Sismondi. He proved his case, while adversaries could not prove theirs. Henceforth, during the whole rest of the nineteenth century, the acknowledgement of the truth contained in Says Law was the distinctive mark of an economist. Planning for Freedom p. 67 Say's Law
Seen from the point of view of the particular group interests of the bureaucrats, every measure that makes the governments payroll swell is progress. Planning for Freedom p. 48 Bureaucracy
Taxing profits is tantamount to taxing success. Planning for Freedom p. 121 Taxes
The American worker is badly mistaken when he believes that his high standard of living is due to his own excellence. Planning for Freedom p. 136 Workers
The better the tools are which the worker uses in his job, the more he can perform in an hour, the higher is, consequently, his remuneration. Planning for Freedom p. 151 Wage Rates
The buyers do not pay for the toil and trouble the worker took nor for the length of time he spent in working. They pay for the products. Planning for Freedom p. 151 Wage Rates
The comparatively greater prosperity of the United States is an outcome of the fact that the New Deal did not come in 1900 or 1910, but only in 1933. Planning for Freedom p. 136 New Deal
The elimination of profit, whatever methods may be resorted to for its execution, must transform society into a senseless jumble. It would create poverty for all. Planning for Freedom p. 149 Profit and Loss
The entrepreneurs . . . are not infallible and often blunder. But they are less liable to error, and blunder less than other people do. Planning for Freedom p. 114 Entrepreneurs
The epithet profiteer is the expression of an arbitrary judgment of value. There is no other standard available for the distinction between profiteering and earning fair profits than that provided by the censors personal envy and resentment. Planning for Freedom p. 128 Profiteers
The essence of Keynesianism is its complete failure to conceive the role that saving and capital accumulation play in the improvement of economic conditions. Planning for Freedom p. 207 Keynes, John Maynard
The gold standard alone makes the determination of moneys purchasing power independent of the ambitions and machinations of governments, of dictators, of political parties, and of pressure groups. Planning for Freedom p. 185 Gold Standard
The government and its chiefs do not have the powers of the mythical Santa Claus. They cannot spend except by taking out of the pockets of some people for the benefit of others. Planning for Freedom p. 187 Government
The height of the market rate of interest ultimately does not depend on the whims, fancies, and the pecuniary interests of the personnel operating the government apparatus of coercion and compulsion, the much-referred-to public sector of the economy. Planning for Freedom p. 188 Interest Rate
The height of wage rates is determined by the consumers appraisal of the value the workers labor adds to the value of the article available for sale. Planning for Freedom p. 190 Wage Rates
The idea that political freedom can be preserved in the absence of economic freedom, and vice versa, is an illusion. Political freedom is the corollary of economic freedom. Planning for Freedom p. 38 Freedom
The improvement of well-being brought about by capitalism made it possible for the common man to save and thus to become in a modest way himself a capitalist. Planning for Freedom p. 160 Workers
The market steers the capitalistic economy. It directs each individuals activities into those channels in which he best serves the wants of his fellow-men. The market alone puts the whole social system of private ownership of the means of production and free enterprise in order and provides it with sense and meaning. Planning for Freedom p. 72 Free Market
The Marxian dogma according to which socialism is bound to come with the inexorability of a law of nature is just an arbitrary surmise devoid of any proof. Planning for Freedom p. 33 Marxism
The middle-of-the-road policy is not an economic system that can last. It is a method for the realization of socialism by installments. Planning for Freedom pp. 32-33 Interventionism
The only means to increase a nations welfare is to increase and to improve the output of products. Planning for Freedom p. 6 Material Well-Being
The only means to raise wage rates permanently for all those eager to earn wages is to raise the productivity of labor by increasing the per-head quota of capital invested and improving the methods of production. Planning for Freedom p. 6 Wage Rates
The preservation and the further improvement of what is called the American way of life and an American standard of living depends on the maintenance and the further increase of the capital invested in American business. Planning for Freedom p. 92 Material Well-Being
The professors did not instill a scientific spirit into the bureaus. But the bureaus gave them the mentality of authoritarianism. They distrust the populace and consider the State (with a capital S) as the God-sent guardian of the wretched underlings. Planning for Freedom p. 167 Intellectuals
The pseudo-liberals monopolize the teaching jobs at many universities. Only men who agree with them are appointed as teachers and instructors of the social sciences, and only textbooks supporting their ideas are used. Planning for Freedom p. 162 Education
The result of the governments and the unions meddling with the height of wage rates cannot be anything else than an incessant increase in the number of unemployed. Planning for Freedom p. 192 Unemployment
The riches of successful entrepreneurs is not the cause of anybody's poverty; it is the consequence of the fact that the consumers are better supplied than they would have been in the absence of the entrepreneurs effort. Planning for Freedom p. 135 Wealth
The standard of living of the common man is highest in those countries which have the greatest number of wealthy entrepreneurs. Planning for Freedom p. 135 Standard of Living
The task of the entrepreneur is to select from the multitude of technologically feasible projects those which will satisfy the most urgent of the not yet satisfied needs of the public. Planning for Freedom p. 117 Entrepreneurs
The truth is that the characteristic feature of capitalism was and is mass production for the needs of the masses. Planning for Freedom p. 170 Production
The way in which the history of the last two hundred years has been treated is really a scandal. Planning for Freedom p. 170 History
The Welfare State is merely a method for transforming the market economy step by step into socialism. Planning for Freedom p. 219 Welfare
The worst method to fight communism is that of the Marshall Plan…. The American subsidies make it possible for their governments to conceal partially the disastrous effects of the various socialist measures they have adopted. Planning for Freedom pp. 141-42 Foreign Aid
There is but one means to improve the material well-being of men, viz., to accelerate the increase in capital accumulated as against population. Planning for Freedom p. 143 Material Well-Being
There prevails on a free labor market a tendency toward full employment. Planning for Freedom p. 153 Unemployment
There would not be any profits but for the eagerness of the public to acquire the merchandise offered for sale by the successful entrepreneur, but the same people who scramble for these articles vilify the businessman and call his profit ill-got. Planning for Freedom p. 122 Profit and Loss
They [Keynesians] blithely assume that the state has unlimited means at its disposal. Planning for Freedom p. 90 Keynes, John Maynard
They and their members and officials have acquired the power and the right to commit wrongs to person and property, to deprive individuals of the means of earning a livelihood, and to commit many other acts which no one can do with impunity. Planning for Freedom p. 191 Unions
This dilettantish inability to comprehend the essential issues of the conduct of production affairs is not only manifested in the writings of Marx and Engels. It permeates no less the contributions of contemporary pseudo-economics. Planning for Freedom p. 147 Economics
Truth has its own way. It works and produces effects even if party programs and textbooks refuse to acknowledge it as truth. Planning for Freedom p. 11 Truth
Tyranny is the political corollary of socialism, as representative government is the political corollary of the market economy. Planning for Freedom p. 218 Capitalism vs. Socialism
Ultimately the granting of pensions amounts to a restriction of the wage earners freedom to use his total income according to his own designs. Planning for Freedom p. 86 Social Security
Under socialism production is entirely directed by the orders of the central board of production management. The whole nation is an industrial army . . . and each citizen is bound to obey his superiors orders. Planning for Freedom p. 72 Socialism
What he really did was to write an apology for the prevailing policies of governments. Planning for Freedom p. 69 Keynes, John Maynard
What is called the American way of life is the result of the fact that the United States has put fewer obstacles in the way of saving and capital accumulation than in other nations. Planning for Freedom p. 152 Development
What makes a firm big is its success in best filling the demands of the buyers. If the bigger enterprise did not better serve the people than a smaller one, it would long since have been reduced to smallness. Planning for Freedom p. 134 Big Business
What matters is not whether a doctrine is new, but whether it is sound. Planning for Freedom p. 53 Science
What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation. Planning for Freedom p. 79 Inflation
What the doctrine of balancing budgets over a period of many years really means is this: As long as our own party is in office, we will enhance our popularity by reckless spending. Planning for Freedom p. 87 Deficits
What the workers must learn is that the only reason why wage rates are higher in the United States is that the per head quota of capital invested is higher. Planning for Freedom p. 92 Capital
With all the regard due to the sublime self-effacement of saints, we cannot help stating the fact that the world would be in a rather desolate condition if it were peopled exclusively by men not interested in the pursuit of material well-being. Planning for Freedom p. 146 Self-Interest
With regard to economic goods there can be only relative overproduction. . . . The attempts to explain the general depression of trade by referring to an allegedly general overproduction are therefore fallacious. Planning for Freedom p. 65 Say's Law
With regard to economic goods there can never be absolute overproduction. Planning for Freedom p. 65 Say's Law