Status Updates From Economics in one Lesson: De...

"It is useless to deny that a tariff does benefit-or at least can benefit-special interests. True, it benefits them at the expense of everyone else. But it does benefit them. If one industry alone could get protection, which its owners and workers enjoyed the benefits of free trade in everything else they bought, that industry would benefit, even on net balance."

"Three out of every four of us, therefore, may be said to owe not only our jobs but our very lives to machines."

"If it were indeed true that the introduction of labor-saving machinery is a cause of constant mounting unemployment and misery, the logical conclusions to be drawn would be revolutionary, not only in the technical field but for our whole concept of civilization. Not only should we have regard all further technical progress as a calamity; we should have to regard all past technical progress with equal horror."

"...the government can give no financial help to business that it does not first or finally take from business. The government's funds all comes from taxes....When the government makes loans or subsidies to business, what it does is to tax successful private business in order to support unsuccessful private business." 

"Government loans, will waste far more capital and resources than private loans, Government loans, in short, as compared with private loans, will reduce production, not increase it." 

Page 209 “ The result is that today, for the first time in history, no nation is on a metallic standard, and practically every nation is swindling its own people by printing a chronically depreciating paper currency.”

Page 199 “this is the insane doctrine of wealth through scarcity. It is a doctrine that may always be privately true, unfortunately, for any particular group of producers considered in isolation.. But is the doctrine that is always publicly false. It can never be applied all around the circle. For its application would mean economic suicide.”

Page 174 “Inflation is the auto suggestion, the hypnotism, the anesthetic, has dulled the pain of the operation for him. Inflation is the opium of the people.”

Page 172 “Sometimes they go further, and charge that all proposals under any circumstances to reduce particular wage rates directly in order to reduce unemployment are “anti labor”. But what they are themselves proposing, stayed in bald terms, is to deceive labor by reducing real wages (that is, wage rates in terms of purchasing power) through an increase in prices.”