The art of economics consists in looking not merely at the immediate but at the longer effects of any act read more

The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Demagogue: one who preaches doctrines he knows to be untrue to men he knows to be idiots.

Demagogue: one who preaches doctrines he knows to be untrue to men he knows to be idiots.

The foundation of justice is good faith.

The foundation of justice is good faith.

...whenever it is necessary that one of several conflicting opinions should prevail and when one would have to be made read more

...whenever it is necessary that one of several conflicting opinions should prevail and when one would have to be made to prevail by force if need be, it is less wasteful to determine which has the stronger support by counting numbers than by fighting. Democracy is the only method of peaceful change that man has yet been discovered.

Freedom is not worth having if it does not include the freedom to make mistakes.

Freedom is not worth having if it does not include the freedom to make mistakes.

The part of our social order which can or ought to be made a conscious product of human reason is read more

The part of our social order which can or ought to be made a conscious product of human reason is only a small part of all the forces of society.

There is nothing an economist should fear so much as applause.

There is nothing an economist should fear so much as applause.

Governments will always misuse the machinery of the law as far as the state of public opinion permits.

Governments will always misuse the machinery of the law as far as the state of public opinion permits.

The more corrupt the State the more numerous the laws.

The more corrupt the State the more numerous the laws.