7 Economic Truths
You can discover a lot about basic economics from great quotes. David Bahnsen, author of There’s No Free Lunch: 250 Economic Truths, shows how true this is.
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Script:
You can learn a lot about basic economics from fantastic quotes. Here are 7.
1. “… Capitalism is a system that starts not with taking but with providing to others.”– George Gilder
This sounds counter-intuitive, but Gilder is right. The underlying motivation of the entrepreneur is to satisfy not his requirement, however his customers. That’s his only course to success and profitability.
And once rewarding, the business owner invariably puts his brand-new capital to work broadening his service, which in turn creates better items, more jobs, and more wealth for more people.
2. “Nothing contributes a lot to the success and happiness of a country as high earnings.”– David Ricardo
To evaluate profits attained in a complimentary economy without understanding what they indicate to the country at large is a failure to comprehend economics.
Countries where residents are generating healthy profits by their private efforts are nations with a greater tax base, greater research and development, much better civil services, more robust charity and philanthropy, and ultimately greater happiness and lifestyle.
“Everyone wants to live at the cost of the state.– Frédéric Bastiat
Our discussions about government spending would be so dramatically different if we initially recognized that the government has no money to invest that it does not first take from somebody else.
Whether it be confiscation (tax) or financial obligation (future confiscation), government spending, genuine to the degree that it funds the needs of federal government, is constantly an extraction of wealth from the private sector.
Government needs incomes to work. Everyone settles on that. But beyond a specific point, who will spend the cash better: bureaucrats or the people who worked to earn it?
4. “Differences in habits and mindsets are differences in human capital, just as much as distinctions in knowledge and abilities– and such differences produce distinctions in economic outcomes.”– Thomas Sowell
No effort to make an equivalent economic outcome can ever be successful. This quote explains why: differences among individuals– such as their habits, mindsets, capabilities, and goals– constantly lead to inequality.
No matter how difficult federal governments might try, they can’t require people to be the exact same. This is called reality.
5. “If history could teach us anything, it would be that personal property is inextricably related to civilization.”– Ludwig Von Mises
Without property rights freedom can’t exist. The state does if people don’t have control over their residential or commercial property. If the state owns your home, the state owns you.
One of the significant accomplishments of the Left has been to associate private property with greed. This often puts defenders of private property on their heels.
It shouldn’t.
Owning property gives individuals self-respect. And individuals who own property will be far better stewards of that property than any indifferent third party.
All fans of flexibility must be strong defenders of private property. Without it, a free and efficient society is impossible.
6. “The free market is not a system … It is not something that Washington executes. It does not exist in any legislation, law, book, expense, or guideline. It is what you get when individuals act upon their own, entirely without central instructions, and with their own home …”– Jeffrey Tucker
Nobody created capitalism. It’s what free people do naturally– exchange products and services for their own advantage.
Before there are interventions, policies, terms, and controls– there are human beings acting, associating, complying, building, and producing. That economic flexibility is what we call industrialism.
Of course– they do their best work when individuals are totally free to do what they desire– within the bounds of the law. Basic– and fantastic– as that.
“Under capitalism, male oppresses male.– Russ Roberts
For the complete script, go to: https://www.prageru.com/video/seven-economic-truths
source
David Bahnsen, author of There’s No Free Lunch: 250 Economic Truths, proves how real this is.
Without property rights freedom can’t exist. If individuals don’t have control over their property, then the state does. If the state owns your home, the state owns you.
It is what you get when individuals act on their own, completely without central instructions, and with their own property …”– Jeffrey Tucker
