19th-century Economist Quotes

As for politics, well, it all seemed reasonable enough. When the Conservatives got in anywhere, [Judge] Pepperleigh laughed and enjoyed it, simply because it does one good to see a straight, fine, honest fight where the best man wins. When a Liberal got in, it made him mad, and he said so,-not, mind you; from any political bias, for his office forbid it,-but simply because one can't bear to see the country go absolutely to the devil.

Stephen Leacock

The boot and shoe makers, either as shoemakers or cordwainers, have been the earliest and the most strenuous of American industrialists in their economic struggles. A highly skilled and intelligent class of tradesmen, widely scattered, easily menaced by commercial and industrial changes, they have resorted with determination at each new menace to the refuge of protective organizations.

John R. Commons

Thoughts and ideas are not phantoms. They are real things. Although intangible and immaterial, they are factors in bringing about changes in the realm of tangible and material things.

Ludwig von Mises

Adam Smith, Say, and especially C. J. Kraus, one of the best teachers of Adam Smith's theory, are my guides. The aim of my work is to present, in my own arrangement, their writings and thoughts clearly and plainly, together with some of my own observations.

Fryderyk Skarbek

The tolerance of wrong dulls our sense of its injustice. Men may become accustomed to theft, murder, even to slavery - that sum of all villainies - so they see no injustice in it, yet that which is unjust is unjust still.

A dark and terrible side of this sense of community of interests is the fear of a horrible common destiny which in these days of atomic weapons darkens men's minds all around the globe.

Emily Greene Balch

Man is a rational animal, and if human affairs are hard to regulate, his twofold nature is usually the cause. Reason is something ultimate; it would be the same in another planet, or in another universe, as it is here. Animal nature is something contingent; it might have been different. Our life is a compromise, a blend between the animal and the rational.

Ralph George Hawtrey

If all properly economic problems were solved once for all... the social struggle and strife would... [not necessarily] be reduced in amount or intensity... in the absence of some moral revolution which could by no means be assumed to follow in consequence of this change itself.

In truth men never can solve problems fulfilling the complex circumstances of nature. All laws and explanations are in a certain sense hypothetical, and apply exactly to nothing which we can know to exist.

William Stanley Jevons

Common sense tells us that the world is flat, that the sun goes around the earth, that heavy bodies always fall faster than light bodies, that boats made of iron will sink.

Assuming... that all available goods of higher order are employed in the most economic fashion, the value of a concrete quantity of a good of higher order is equal to the difference in importance between the satisfactions that can be attained when we have command of the given quantity of the good of higher order whose value we wish to determine and the satisfactions that would be attained if we did not have this quantity at our command.

The most urgent necessity is, not that the State should teach, but that it should allow education. All monopolies are detestable, but the worst of all is the monopoly of education.

Frédéric Bastiat

Briefly stated, the Follett philosophy is that any enduring society, any continuously productive industrial organization, must be grounded upon a recognition of the motivating desires of the individual and of the group. Consistently, Miss Follett sought to force home a realization of the fact that the democratic way of life, implemented by intelligent organization and administration of government and of industry, is to work toward an honest integration of all points of view, to the end that every individuality may be mobilized and made to count both as a person and as an effective part of his group and of society as a whole.

Henry C. Metcalf

No one believes an hypothesis except its originator but everyone believes an experiment except the experimenter.

William Beveridge

If a man marries his housekeeper or his cook, the national dividend is diminished.

Arthur Cecil Pigou

Formal debate is a kind of game. In the time limit, the order of speakers, the alternation of sides, the give and take of rebuttal, the fixed rules of conduct, the ethics of the contest, the qualifications for success, and the final awarding of victory, debate has much in common with tennis.

William Trufant Foster

They have two distinguishing characteristics. The vast majority of them are laborers, and, as a rule, they expect the violent overthrow of existing institutions by revolution to precede the introduction of the socialistic state. I would not, by any means, say that they are all revolutionists, but the most of them undoubtedly are...
The most general demands of the social democrats are the following: The state should exist exclusively for the laborers; land and capital must become collective property, and production be carried on unitedly. Private competition, in the ordinary sense of the term, is to cease.

According to the dictionary, to administer is to govern, or to manage a public or private business. It means, therefore, to seek to make the best possible use of the resources available in achieving the goal of the enterprise. Administration includes, therefore, all the operations of the enterprise. But as a result of the usual way of organizing things to facilitate the running of the business, a certain number of activities constitute the special departments; the technical department, the commercial department, the financial department, etc., and the scope of the administrative department is found to be reduced accordingly.

There [is]... a list of five tests which any body of doctrine which aspires to the name of economic theory must be able to meet:

Walton Hale Hamilton