Many individuals in government don't seem to understand the laws of economics. Most of them - aside from those in Congress - seem to be concentrated in the area of 'drug enforcement'. They often brag at news conferences that their interception of drugs between producer and consumer has raised the 'street value' of the drugs, meaning that the drugs are now scarcer than they were. What these statists stubbornly refuse to acknowledge is that this only increases the market incentive to cash in on those higher prices by making up for the artificial scarcity.
L. Neil SmithRelated topics
area aside brag cash congress consumer drug economics enforcement government incentive interception making market meaning news now producer refuse scarcity street value laws higherRelated quotes
It is absolutely impossible to reconcile free trade with trade unionism. You can have one or you can have the other, but you cannot have both; and I am glad to say that in saying that I have the support of a trade unionist with whom I have disagreed upon almost every other question, Mr. Keir Hardie... [I]t is not only the consumer you have got to consider. The producer is of still more importance; and to buy in the cheapest market is not the sole duty of man, and it is not in the best interest of the working classes.
Joseph Chamberlain
Laws without supporting moral conventions invite crime, but much more importantly, they spur the growth of an expedient, amoral attitude. In our kind of society - with its absence of pre-capitalist traditions - the only way to do away with training devices is to change the laws and their enforcement so that, unlike the current income tax, they do not depend upon individual integrity. Another way is to pass only laws that result from great social movements with concomitant changes in moral codes, but there is no such movement underway in any area of American society today.
C. Wright Mills
I return to economics and to economists, and to the question of why the profession's directions have evolved in the manners evident from this book. A major conservative economist once explained that a source of his antipathy to government traced back to the defeat of his southern ancestors by a larger north economy. Here is a similar factoid. Joan Robinson once wrote that her opposition to having the U. K. enter the European Market was due to the fact that she "had more friends in [Nehru's] India than on the continent.”.
Paul Samuelson
A liberal is fundamentally fearful of concentrated power. His objective is to preserve the maximum degree of freedom for each individual separately that is compatible with one man's freedom not interfering with other men's freedom. He believes that this objective requires that power be dispersed. He is suspicious of assigning to government any functions that can be performed through the market, both because this substitutes coercion for voluntary co-operation in the area in question and because, by giving government an increased role, it threatens freedom in other areas.
Milton Friedman
Statistically, it would seem improbable that any mathematician or scientist, at the age of 66, would be able through continued research efforts, to add much to his or her previous achievements. However I am still making the effort and it is conceivable that with the gap period of about 25 years of partially deluded thinking providing a sort of vacation my situation may be atypical. Thus I have hopes of being able to achieve something of value through my current studies or with any new ideas that come in the future.
John Forbes Nash
