A drastic reduction in weapons competition following a general release from the commitment to the Cold War would be sharply in conflict with the needs of the industrial system.
I think without a doubt, that what is called “financial genius” is merely a rising market.
Much of the world’s work, it has been said, is done by men who do not feel quite well. Marx is a case in point.
Much discussion of money involves a heavy overlay of priestly incantation.
Few things are as immutable as the addiction of political groups to the ideas by whichthey have once won office.
I would put primary emphasis on a good standard of living equitably distributed. It can’t be equal, but one that eliminates the terrible cruelty of poverty.
There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.
The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
I was in charge of price controls in World War II and had a ceiling on overall prices. Everybody who was subject to general maximum price regulation wanted an exception and went to Congress to persuade a Congressman, or a group of people on the Hill, that I was being a menace to their industry.
Economics is not an exact science.
With the American failure came world failure.
The income men derive from producing things of slight consequence is of great consequence. The production reflects the low marginal utility of the goods to society. The income reflects the high total utility of a livelihood to a person.
In dealing with Mr. Nixon, it is not easy to be unfair. He invites and justifies all available criticism.
Why is anything intrinsically so valueless so obviously desirable?
All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
In 1929 the discovery of the wonders of the geometric series struck Wall Street with a force comparable to the invention of the wheel.
Because of his compassion Owen was always in trouble with his partners. They would have much preferred a tough, down-to-earth manager who would get a days work out of the little bastards.
The American colonies, all know, were greatly opposed to taxation without representation. They were also, a less celebrated quality, equally opposed to taxation with representation.
If people are hungry, ill-clad, unsheltered or diseased, nothing is so important as to remedy their condition.
The fully planned economy, so far from being unpopular, is warmly regarded by those who know it best.