Henry Hazlitt

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Henry Hazlitt

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.More Henry Hazlitt [01/01/2000 12:01:00]
The "private sector" of the economy is, in fact, the voluntary sector; and...the "public sector" is, in fact, the coercive sector.More Henry Hazlitt [03/29/2018 05:03:36]
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.More Henry Hazlitt [03/29/2018 05:03:36]
The ideas which now pass for brilliant innovations and advances are in fact mere revivals of ancient errors, and a further proof of the dictum that those who are ignorant of the past are condemned to repeat it.More Henry Hazlitt [03/29/2018 05:03:36]
You cannot make a man worth a given amount by making it illegal for anyone to offer him anything less. You merely deprive him of the right to earn the amount that his abilities and situation would permit him to earn, while you deprive the community even of the moderate services that he is capable of rendering. In brief, for a low wage you substitute unemployment. You do harm all around, with no comparable compensation.More Henry Hazlitt [03/29/2018 05:03:36]
We cannot distribute more wealth than is created. We cannot in the long run pay labor as a whole more than it produces.More Henry Hazlitt [03/29/2018 05:03:36]
There is a strange idea aboard, held by all monetary cranks, that credit is something a banker gives to a man. Credit, on the contrary, is something a man already has. He has it, perhaps, because he already has marketable assets of a greater cash value than the loan for which he is asking. Or he has it because his character and past record have earned it. He brings it into the bank with him. That is why the banker makes him the loan.More Henry Hazlitt [03/29/2018 05:03:36]
In order that one industry might grow or come into existence, a hundred other industries would have to shrink.More Henry Hazlitt [03/29/2018 05:03:36]
The most obvious and yet the oldest and most stubborn error on which the appeal of inflation rests is that of confusing �money’ with �wealth’…Real wealth, of course, consists in what is produced and consumed: the food we eat, the clothes we wear, the houses we live in. It is railways and roads and motor cars; ships and planes and factories; schools and churches and theaters; pianos, paintings and books. Yet so powerful is the verbal ambiguity that confuses money with wealth, that even those who at times recogMore Henry Hazlitt [03/29/2018 05:03:36]
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.More Henry Hazlitt [03/29/2018 05:03:36]
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.More Henry Hazlitt [03/29/2018 05:03:36]
All loans, in the eyes of honest borrowers, must eventually be repaid. All credit is debt. Proposals for an increased volume of credit, therefore, are merely another name for proposals for an increased burden of debt. They would seem considerably less inviting if they were habitually referred to by the second name instead of by the first.More Henry Hazlitt [03/29/2018 05:03:36]
The first requisite of a sound monetary system is that it put the least possible power over the quantity or quality of money in the hands of the politicians.More Henry Hazlitt [03/29/2018 05:03:36]
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.More Henry Hazlitt [03/29/2018 05:03:36]
The 'private sector' of the economy is, in fact, the voluntary sector; and the 'public sector' is, in fact, the coercive sector.More Henry Hazlitt [03/29/2018 05:03:36]
The question is not whether we wish to see everybody as well off as possible. Among men of good will such an aim can be taken for granted. The real question concerns the proper means of achieving it. And in trying to answer this we must never lose sight of a few elementary truisms. We cannot distribute more wealth than is created. We cannot in the long run pay labor as a whole more than it produces.More Henry Hazlitt [03/29/2018 05:03:36]
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.More Henry Hazlitt [03/29/2018 05:03:36]
The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economists sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groupsMore Henry Hazlitt [03/29/2018 05:03:36]
The mounting burden of taxation not only undermines individual incentives to increased work and earnings, but in a score of ways discourages capital accumulation and distorts, unbalances, and shrinks production. Total real wealth and income is made smaller than it would otherwise be. On net balance there is more poverty rather than less.More Henry Hazlitt [03/29/2018 05:03:36]
If precious metals had been abundant, they would not have been precious.More Henry Hazlitt [03/29/2018 05:03:36]
In practice [monetary management] is merely a high-sounding euphemism for continuous currency debasement. It consists of constant lying in order to support constant swindling. Instead of automatic currencies based on gold, people are forced to take managed currencies based on guile. Instead of precious metals they hold paper promises whose value falls with every bureaucratic whim. And they are suavely assured that only hopelessly antiquated minds dream of returning to truth and honesty and solvency and gold.More Henry Hazlitt [03/29/2018 05:03:36]
Economics is haunted by more fallacies than any other study known to manMore Henry Hazlitt [03/29/2018 05:03:36]
The superior freedom of the capitalist system, its superior justice, and its superior productivity are not three superiorities, but one. The justice follows from the freedom and the productivity follows from the freedom and the justice.More Henry Hazlitt [03/29/2018 05:03:36]
Today is already the tomorrow which the bad economist yesterday urged us to ignore.More Henry Hazlitt [03/29/2018 05:03:36]
There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: 'In the long run we are all dead.' And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.More Henry Hazlitt [03/29/2018 05:03:36]

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