If Precious Metals Had Been Abundant, They

The System Of Capitalism, Of The Market Economy, Is A System Of Freedom, Of Justice, Of Productivity. But These Three Virtues Cannot Be Separated. Each Flows Out Of The Other.

All Subsidy Measures, All Schemes To Redistribute Income Or To Force Peter To Support Paul, Are One-eyed As Well As Shortsighted. They Get Their Immediate Appeal By Focusing Attention On The Alleged Needs Of Some Particular Group Of Intended Beneficiaries. But The Inevitable Victims - Those Who Are Going To Be Asked To Pay For The New Handout In Increased Taxes (which Directly Or Indirectly Means Almost Everybody Else) - Are Left Out Of Account. Only One-half Of The Problem Has Been Seen. The Cost Of The Proposed Solution Has Been Overlooked.

Economics Is Haunted By More Fallacies Than Any Other Study Known To Man

The Art Of Economics Consists In Looking Not Merely At The Immediate But At The Longer Effects Of Any Act Or Policy; It Consists In Tracing The Consequences Of That Policy Not Merely For One Group But For All Groups.

Once The Idea Is Accepted That Money Is Something Whose Supply Is Determined Simply By The Printing Press, It Becomes Impossible For The Politicians In Power To Resist The Constant Demands For Further Inflation.