19th-century Economist Quotes
The inlet of a man's mind is what he learns; the outlet is what he accomplishes. If his mind is not fed by a continued supply of new ideas which he puts to work with purpose, and if there is no outlet in action, his mind becomes stagnant. Such a mind is a danger to the individual who owns it and is useless to the community.
Every improvement in our conceptions of justice, as well as in the machinery for the administration of justice, whereby a closer approximation to exact justice may be secured, will make for social peace, though the mere adjudication of conflicting interests will not remove the conflicts themselves nor their cause. That lies deeper than legislatures or courts can probe.
Looking back the great American 'stabilization' [and boom] of 1922-1929 was really a vast attempt to destabilize the value of money in terms of human effort by means of a colossal program of investment [driven by too easy credit]... which succeeded for a surprisingly long period, but which no human ingenuity could have managed to direct indefinitely on sound and balanced lines.
It took from a hundred to a hundred and fifty or two hundred years for the astronomy of Kepler to become the astronomy of Newton and Laplace, and for the mechanics of Galileo to become the mechanics of d'Alembert and Lagrange. On the other hand, less than a century has elapsed between the publication of Adam Smith's work and the contributions of Cournot, Gossen, Jevons, and myself.
Stocks have reached what looks like a permanently high plateau.
On October 16, 1929
As has been stated, the purpose of money is to split barter into two parts so that the seller is free to find his source of supply later and elsewhere. This is the sole purpose of money. Any effort to use money to serve another purpose is perversive; and this statement condemns the entire managed money philosophy.
There is one class of men who from time to time have taken a keen and practical interest in the constitution of the Family, and they are the Statesmen. They have realized how intimately the welfare of the State depends upon the influence and nature of the Families from which it is constituted; and they have endeavoured that the State in turn should mould and influence the Family to its own purposes.
In scientific experimentation we control everything that happens. We determine when it shall occur and where. We arrange circumstances and surroundings, atmosphere and temperatures; possible ways of getting in and possible ways of getting out. We take something that has been in, or put in something that has been out, and see what happens.