Economic literature

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All systems, either of preference or of restraint, therefore, being thus completely taken away, the obvious and simple system of natural liberty establishes itself of its own accord. Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men.

Adam Smith

The Wealth of Nations

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Smith, Adam. The Wealth of Nations. Vol. 2, London: W. Strahan and T. Cadell 1776, bk. 4, ch. 9.

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Smith, Adam. The Wealth of Nations, edited by Edwin Cannan. The Modern Library, bk. 4, ch. 9.

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Economic progress, in capitalist society, means turmoil.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 1, ch. 3.

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There is no way of keeping profits up but by keeping wages down.

David Ricardo

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Ricardo, David. On Protection to Agriculture. London: John Murray, 1822.

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Conspicuous consumption of valuable goods is a means of reputability to the gentleman of leisure.

Thorstein Veblen

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Veblen, Thorstein. The Theory of the Leisure Class: An Economic Study in the Evolution of Institutions. Macmillan, 1899, ch. 4.

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Veblen, Thorstein. The Theory of the Leisure Class, edited by Martha Banta. Oxford University Press, 2009, ch. 4.

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Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.

John Kenneth Galbraith

The Affluent Society

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Galbraith, John Kenneth. The Affluent Society. Houghton Mifflin, 1958, ch. 1, sect. 1.

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No famine has ever taken place in the history of the world in a functioning democracy.

Amartya Sen

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Development as Freedom

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Sen, Amartya. Development as Freedom. Alfred A. Knopf, 1999, ch. 1.

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History suggests only that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.

Milton Friedman

Capitalism and Freedom

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Friedman, Milton. Capitalism and Freedom. University of Chicago Press, 1962, ch. 1.

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Population, when unchecked, increases in a geometrical ratio. Subsistence only increases in an arithmetical ratio.

Thomas Robert Malthus

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Malthus, Thomas [published anonymously]. An Essay on the Principle of Population. London: J. Johnson, 1798, ch. 1.

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Malthus, Thomas. "An Essay on the Principle of Population." An Essay on the Principle of Population and Other Writings, edited by Robert Mayhew. Penguin Classics, 2015, ch. 1.

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The labour of women in the house, certainly enables men to produce more wealth than they otherwise could; and in this way women are economic factors in society. But so are horses.

Charlotte Perkins Gilman

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Gilman, Charlotte Perkins. Women and Economics: A Study of the Economic Relation Between Men and Women as a Factor in Social Evolution. Boston: Small, Maynard & Company, 1898, ch. 1.

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Work expands so as to fill the time available for its completion.

C. Northcote Parkinson

The Economist

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Parkinson, C. Northcote. Parkinson's Law: The Pursuit of Progress. John Murray, 1958, ch. 1. Originally published in The Economist, Nov. 1955.

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In a hierarchy every employee tends to rise to his level of incompetence.

Laurence J. Peter

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Peter, Laurence J. The Peter Principle. William Morrow & Company, Inc., 1969, ch. 1.

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The market economy as such does not respect political frontiers. Its field is the world.

Ludwig von Mises

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Von Mises, Ludwig. Human Action: A Treatise on Economics. Yale University Press, 1949, ch. 15.

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Men enter local politics solely as a result of being unhappily married.

C. Northcote Parkinson

The Economist

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Parkinson, C. Northcote. Parkinson's Law: The Pursuit of Progress. John Murray, 1958, ch. 10. Originally published as "Pension Point" in The Economist, c. 1958.

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Marxian socialism must always remain a portent to the historians of opinion—how a doctrine so illogical and so dull can have exercised so powerful and enduring an influence over the minds of men and, through them, the events of history.

John Maynard Keynes

The End of Laissez-faire

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Keynes, John Maynard. The End Of Laissez-faire. Hogarth Press, 1926, pt. 3.

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Keynes, John Maynard. "The End of Laissaz-faire." The Essential Keynes. Penguin, edited by Robert Skidelsky, 2016, ch. 3.

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Expenditure rises to meet income.

C. Northcote Parkinson

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Parkinson, C. Northcote. The Law and the Profits. Houghton Mifflin, 1960, ch. 1.

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Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 1, ch. 1.

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One of the main effects…of orthodox traditional economics was…a plan for explaining to the privileged class that their position was morally right and was necessary for the welfare of society.

Joan Robinson

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Robinson, Joan. "An Economist's Sermon." Essays in the Theory of Employment. Macmillan, 1937.

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In one important sense, Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.

Joseph Schumpeter

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Schumpeter, Joseph. Capitalism, Socialism and Democracy. Harper & Brothers, 1942, pt. 1, ch. 1.

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The man who is denied the opportunity of taking decisions of importance begins to regard as important the decisions he is allowed to take.

C. Northcote Parkinson

The Economist

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Parkinson, C. Northcote. Parkinson's Law: The Pursuit of Progress. John Murray, 1958, ch. 10. Originally published as "Pension Point" in The Economist, c. 1958.

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Economics limps along with one foot in untested hypotheses and the other in untestable slogans.

Joan Robinson

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Robinson, Joan. "Metaphysics, Morals and Science." Economic Philosophy. C. A. Watts and Co., 1962.

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