If patriotism is, as Dr. Johnson used to remark, the last refuge of the scoundrel, wrapping outdated industry in the read more

If patriotism is, as Dr. Johnson used to remark, the last refuge of the scoundrel, wrapping outdated industry in the mantle of national interest is the last refuge of the economically dispossessed. In economic terms, pleading national interest is the declining cottage industry of those who have been bypassed by the global economy.

Whenever you are asked if you can do a job, tell 'em, "Certainly, I can!" Then get busy and find read more

Whenever you are asked if you can do a job, tell 'em, "Certainly, I can!" Then get busy and find out how to do it.

Ask five economists and you'll get five different answers (six if one went to Harvard).

Ask five economists and you'll get five different answers (six if one went to Harvard).

The rich adopt novelties and become accustomed to their use. This sets a fashion which others imitate. Once the richer read more

The rich adopt novelties and become accustomed to their use. This sets a fashion which others imitate. Once the richer classes have adopted a certain way of living, producers have an incentive to improve the methods of manufacture so that soon it is possible for the poorer classes to follow suit. Thus luxury furthers progress. Innovation "is the whim of an elite before it becomes a need of the public. The luxury today is the necessity of tomorrow." Luxury is the roadmaker of progress: it develops latent needs and makes people discontented. In so far as they think consistently, moralists who condemn luxury must recommend the comparatively desireless existence of the wild life roaming in the woods as the ultimate ideal of civilized life.

Frankly, I don't want to see a rapid upturn. I want it to hold until some of these idiotic competitors read more

Frankly, I don't want to see a rapid upturn. I want it to hold until some of these idiotic competitors go bust.

The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the read more

The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the least possible amount of hissing.

The business that considers itself immune to the necessity for advertising sooner or later finds itself immune to business.

The business that considers itself immune to the necessity for advertising sooner or later finds itself immune to business.

Avarice has ruined more souls than extravagance.

Avarice has ruined more souls than extravagance.

An economist's guess is liable to be as good as anybody else's.

An economist's guess is liable to be as good as anybody else's.