In Professor Pigou's study the argument that free enterprise lead to excessive investments in industry having relatively upward-sloping cost curves is developed with the aid of concrete example, the case of two roads; Suppose that between two points there are two highways, one of which is broad enough to accommodate without crowding all the traffic which may care to use it, but is poorly graded and surfaced; while the other is a much better road, but narrow and quite limited in capacity. If a large number of trucks operate between the two termini and are free to choose either of the two routes, they will tend to distribute themselves between the roads in such proportions that the cost per unit of transportation, or effective returns per unit of investment, will be the same for every truck on both routes. As more trucks use the narrower and better road, congestion develops, until at a certain point it becomes equally profitable to use the broader but poorer highway.
Frank KnightRelated topics
argument care case certain choose concrete congestion cost crowding enough example free having highway industry large lead limited narrow number point quite road study suppose terminus traffic transportation truck unit use while roads points proportions returnsRelated quotes
In the four years since the inspectors left, intelligence reports show that Saddam Hussein has worked to rebuild his chemical and biological weapons stock, his missile delivery capability, and his nuclear program. He has also given aid, comfort, and sanctuary to terrorists, including Al Qaeda members, though there is apparently no evidence of his involvement in the terrible events of September 11, 2001. It is clear, however, that if left unchecked, Saddam Hussein will continue to increase his capacity to wage biological and chemical warfare, and will keep trying to develop nuclear weapons. Should he succeed in that endeavor, he could alter the political and security landscape of the Middle East, which as we know all too well affects American security. This much is undisputed... This is a difficult vote. This is probably the hardest decision I have ever had to make. Any vote that may lead to war should be hard, but I cast it with conviction.
Hillary Clinton
The acquisition of San Domingo is an adherence to the 'Monroe doctrine'; it is a measure of national protection; it is asserting our just claim to a controlling influence over the great commercial traffic soon to flow from west to east by way of the Isthmus of Darien; it is to build up our merchant marine; it is to furnish new markets for the products of our farms, shops, and manufactories; it is to make slavery insupportable in Cuba and Porto Rico at once, and ultimately so in Brazil; it is to settle the unhappy condition of Cuba and end an exterminating conflict; it is to provide honest means of paying our honest debts without overtaxing the people; it is to furnish our citizens with the necessaries of everyday life at cheaper rates than ever before; and it is, in fine, a rapid stride toward that greatness which the intelligence, industry, and enterprise of the citizens of the United States entitle this country to assume among nations.
Ulysses S. Grant
The signal failure of the academic Marxists is in their obliviousness to the transformation of modern labor. In the age of mass media, power has shifted its meaning and loci. Capitalism, whatever its problems, remains the most efficient economic mechanism yet to bring the highest quality of life to the greatest number. Because I have studied the past, I know that, in America and under capitalism, I am the freest woman in history. Union blue-collar jobs now routinely pay higher salaries than are earned by most teachers. Physical labor, as a concrete skill occupation, is free of the soul-destroying office politics suffers by the Marxists' demonized managerial class, who take their jobs home with them and are in a continual funk of anxiety and neurosis. ... Unharried weekend leisure time is the center of working-class American life in ways the academic Marxists, resentfully marking papers and endlessly pressed for time, simply don't see.
Camille Paglia
Since the number of men is large but the earthly realm is not inexhaustible, one man can no longer profit from the labour of twenty. Moderation, contentment, and frugality must become the general morals of mankind. [...] The whole earth becomes a garden, and nature has at last completed her day's work here below, bringing permanent enlightenment, peace, and felicity together with the greatest possible number of men : she has anointed every man as his own judge, priest, and king; has turned the often-ridiculed tale of the golden age, mankind's favorite idea of old, into a reality by discreetly removing the eternal inequality of wealth, which has been ineffectively combated by all lawgivers and has always has crept back in, and which is the source of the decay of all nations, and the root of servitude, tyranny, and disunity among men, of venality and moral corruption, making it forever impossible through the excessive growth of the human population.
Adam Weishaupt
You have seized upon the most important of our social and political questions in the laws affecting the transfer of land. It is astonishing that the people at large are so tacit in their submission to the perpetuation of the feudal system in this country as it affects the property in land, so long after it has been shattered to pieces in every other country except Russia. The reason is, I suppose, that the great increase of our manufacturing system has given such an expansive system of employment to the population, that the want of land as a field of investment and employment for labour has been comparatively little felt. So long as this prosperity of our manufactures continues, there will be no great outcry against the landed monopoly. If adversity were to fall on the nation, your huge feudal properties would soon be broken up, and along with them the hereditary system of government under which contentedly live and thrive.
Richard Cobden