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The only real cure for poverty is production.

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
Cure
Cures
Production
Productions
Poverty
Real

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In a thousand fields the welfarists, statists, socialists, and interventionists are daily driving for more restrictions on individual liberty.
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Precisely because the State has the monopoly of coercion it can be allowed the monopoly only of coercion. Only if the modern State can be held within a strictly limited agency of duties and powers can it be prevented from regimenting, conquering, and ultimately devouring the society which gave it birth.
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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.
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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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Need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.
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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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Economic progress and justice do not consist in superbly equalized destitution, but in the constant creation of more and more goods and services, of more and more wealth and income to be shared.
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Capitalism will continue to eliminate mass poverty in more and more places and to an increasingly marked extent if it is merely permitted to do so.
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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.
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The great merit of gold is precisely that it is scarce that its quantity is limited by nature that it is costly to discover, to mine, and to process and that it cannot be created by political fiat or caprice.
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Prolonged inflation never 'stimulates' the economy. On the contrary, it unbalances, disrupts, and misdirects production and employment.
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To try to cure unemployment by inflation rather than by adjustment of specific wage-rates is like trying to adjust the piano to the stool rather than the stool to the piano.
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From a strictly economic point of view, buying gold in a major inflation and holding it probably presents the least risk of capital loss of any investment or speculation.
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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.
Henry Hazlitt
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A Day never passes without some ardent reformer or group of reformers suggesting some new government intervention, some new statist scheme to fill some alleged 'need' or relieve some alleged distress.
Henry Hazlitt
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The essential function of the State is to maintain peace, justice, law, and order, and to protect the individual citizen against aggression, violence, theft, and fraud.
Henry Hazlitt
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Liberty is the essential basis, the sine qua non, of morality.
Henry Hazlitt
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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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The way to maximize production is to maximize the incentives to production. And the way to do that, as the modern world has discovered, is through the system known as capitalism - the system of private property, free markets, and free enterprise.
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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.
Henry Hazlitt