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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.

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
Idea
Determined
Inflation
Money
Politician
Supply
Power
Constant
Resist
Ideas
Demand
Demands
Something
Whose
Politicians
Becomes
Presses
Simply
Press
Impossible
Accepted
Printing

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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 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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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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If there is to be no loss whatever of dignity or self-respect in getting and staying on relief, then there can be no gain in dignity or self-respect in makings some sacrifices to keep off.
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Contrary to age-old prejudices, the wealth of the rich is not the cause of the poverty of the poor, but helps to alleviate that poverty.
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What is put into the hands of B cannot be put into the hands of A.
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Bureaucrats denounce private enterprise for the consequences of their own reckless policies and demand still more governmental controls.
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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 more 'adequate' we make relief, the more people we are going to find willing to get on it and stay on it indefinitely. The more we try to make sure that everybody really in need of relief gets it, the more certain we can be that we are also giving it to people who neither need nor deserve it.
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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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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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Inflation is a form of tax, a tax that we all collectively must pay.
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Relief, or redistribution of income, voluntary or coerced, is never the true solution of poverty, but at best a makeshift, which may mask the disease and mitigate the pain, but provides no basic cure.
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The only real cure for poverty is production.
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Short-sighted and impatient efforts to wipe out poverty by severing the connection between effort and reward can only lead to the growth of a totalitarian state, and destroy the economic progress that this country has so dearly bought.
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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.
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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 only way government bureaucrats know of keeping prosperity going is to inflate some more - to increase the deficit or to pump more money into the system.
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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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Prolonged inflation never 'stimulates' the economy. On the contrary, it unbalances, disrupts, and misdirects production and employment.
Henry Hazlitt