Free market

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It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

Adam Smith

The Wealth of Nations

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Original Citation

Smith, Adam. The Wealth of Nations. Vol. 1, London: W. Strahan and T. Cadell, 1776, bk. 1, ch. 2.

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Smith, Adam. The Wealth of Nations, edited by Edwin Cannan. The Modern Library, bk. 1, ch. 2.

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Laissez faire does not mean: Let soulless mechanical forces operate. It means: Let each individual choose how he wants to cooperate in the social division of labor; let the consumers determine what the entrepreneurs should produce. Planning means: Let the government alone choose and enforce its rulings by the apparatus of coercion and compulsion.

Ludwig von Mises

Human Action: A Treatise on Economics

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Von Mises, Ludwig. Human Action: A Treatise on Economics. Yale University Press, 1949, ch. 27.

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Everything is worth what its purchaser will pay for it.

Publilius Syrus

Sententiae

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Publilius Syrus. Sententiae. c. 1st century BC.

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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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Original Citation

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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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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Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control and the nation cannot prosper long when it favors only the prosperous.

Barack Obama

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Obama, Barack. "First Inaugural Address." 20 Jan. 2009, West Front, US Capitol Building, Washington, DC, USA.

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Labour, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labor is that price which is necessary to enable the laborers, one with another, to subsist and perpetuate their race, without either increase or diminution.

David Ricardo

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Original Citation

Ricardo, David. On Principles of Political Economy and Taxation. London: John Murray, 1817.

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Ricardo, David. The Principles of Political Economy and Taxation. Dover Publications, 2004.

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