The Government Has Nothing To Give To

Some Champions Of Ever-greater Governmental Power And Spending Invent The Theory That The Taxpayers, Left To Themselves, Spend The Money They Have Earned Very Foolishly, On All Sorts Of Trivialities And Rubbish, And That Only The Bureaucrats, By First Seizing It From Them, Will Know How To Spend It Wisely.

Mere Inflation-that Is, The Mere Issuance Of More Money, With The Consequence Of Higher Wages And Prices-may Look Like The Creation Of More Demand. But In Terms Of The Actual Production And Exchange Of Real Things It Is Not.

There Is A Profound Contrast Between The Effects Of Foreign Aid And Of Voluntary Private Investment: Foreign Aid Goes From Government To Government. It Is Therefore Almost Inevitably Statist And Socialistic.

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.

Competition Always Tends To Bring About The Most Economical And Efficient Method Of Production. Those Who Are Most Successful In This Competition Will Acquire More Capital To Increase Their Production Still Further; Those Who Are Least Successful Will Be Forced Out Of The Field. So Capitalist Production Tends Constantly To Be Drawn Into The Hands Of The Most Efficient.