Quote

It is possible to increase paper-money income to any amount by debasing the currency. But real income can only be increased by working harder or more efficiently, saving more, investing more, and producing more.

Henry Hazlitt

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Henry Hazlitt
Age: 98 †
Born: 1894
Born: November 28
Died: 1993
Died: July 8
Economist
Journalist
Philosopher
Philadelphia
Pennsylvania
Henry Stuart Hazlitt
Amount
Producing
Possible
Currency
Working
Investing
Money
Saving
Real
Income
Increase
Debasing
Harder
Efficiently
Paper
Increased

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A man who is good from docility, and not from stern self-control, has no character.
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The government has nothing to give to anybody that it doesn't first take from someone else.
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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.
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The only way we could remember would be by constant re-reading, for knowledge unused tends to drop out of mind. Knowledge used does not need to be remembered practice forms habits and habits make memory unnecessary. The rule is nothing the application is everything.
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There is no more certain way to deter employment than to harass and penalize employers.
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For every alleged benefit that the politicians confer upon us, they must necessarily deprive us of something else.
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The larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax burden grows beyond a bearable size, the problem of devising taxes that will not discourage and disrupt production becomes insoluble.
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The envious are more likely to be mollified by seeing others deprived of some advantage than by gaining it for themselves. It is not what they lack that chiefly troubles them, but what others have.
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Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine - the special pleading of selfish interests.
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A certain amount of taxes is of course indispensable to carry on essential government functions. Reasonable taxes for this purpose need not hurt production much.
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..either immediately or ultimately every dollar of government spending must be raised through a dollar of taxation. Once we look at the matter. In this way, the supposed miracles of government spending will appear in another light.
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The sad fact is that today most of the heads of big businesses in America have become so confused or intimidated that, so far from carrying the free market to argument to the enemy, they fail to defend themselves adequately even when attacked.
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Today is already the tomorrow which the bad economist yesterday urged us to ignore.
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The way to get a maximum rate of 'economic growth' assuming this to be our aim - is to give maximum encouragement to production, employment, saving, and investment. And the way to do this is to maintain a free market and a sound currency.
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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.
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The crying need today is not for more laws, but for fewer. The world must be saved from its saviors. If the friends of liberty and law could have only one slogan it should be: Stop the remedies!
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Once the premise is accepted that poverty is never the fault of the poor but the fault of 'society,' or of 'the capitalist system, then there is no definable limit to be set on relief, and the politicians who want to be elected or reelected will compete with each other in proposing new 'welfare' programs to fill some hitherto 'unmet need.'
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Economics is haunted by more fallacies than any other study known to man
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What is put into the hands of B cannot be put into the hands of A.
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Government welfarism, with its ever-increasing army of pensioners and other beneficiaries, is fatally easy to launch and fatally easy to extend, but almost impossible to bring to a halt - and quite impossible politically to reverse, no matter how obvious and catastrophic its consequences become.
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