Pre-eighteenth century economics were governed, not by consumers, who determined what should be produced by what they were willing to buy in a competitive market, but by producers who enjoyed special privileges in return for the most stringent kind of state regulations. Mr. Walter Lippmann, in his book, The Good Society, points out that in the days of Louis XIV the manufacturers of France were told exactly what to produce and exactly how to produce it. Industry and agriculture were governed by codes more complicated than anything ever invented by the NRA or Mr. Wallace.
Dorothy ThompsonRelated topics
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Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective - economic value, anyway - while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.
L. Neil Smith
It appears to general observation, that revolutions create genius and talents; but those events do no more than bring them forward. There is existing in man, a mass of sense lying in a dormant state, and which, unless something excites it to action, will descend with him, in that condition, to the grave. As it is to the advantage of society that the whole of its faculties should be employed, the construction of government ought to be such as to bring forward, by a quiet and regular operation, all that extent of capacity which never fails to appear in revolutions.
Thomas Paine
The true investor scarcely ever has to sell his shares, and at all other times he is free di disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons mistakes of judgement.
Benjamin Graham
It is therefore, the interest of all, that every one, from birth, should be well educated, physically and mentally, that society may be improved in its character, - that everyone should be beneficially employed, physically and mentally, that the greatest amount of wealth may be created, and knowledge attained, - that everyone should be placed in the midst of those external circumstances that will produce the greatest number of pleasurable sensations, through the longest life, that man may be made truly intelligent, moral and happy, and be thus prepared to enter upon the coming Millennium.
Robert Owen
Only within the 20th Century has biological thought been focused on ecology, or the relation of the living creature to its environment. Awareness of ecological relationships is - or should be - the basis of modern conservation programs, for it is useless to attempt to preserve a living species unless the kind of land or water it requires is also preserved. So delicately interwoven are the relationships that when we disturb one thread of the community fabric we alter it all - perhaps almost imperceptibly, perhaps so drastically that destruction follows.
Rachel Carson