Clarke and Dawe: Lending merry-go-round.
Our adversaries consider that an activity which is neither aided by supplies, nor regulated by the government, is an activity destroyed. We think just the contrary. Their faith is in the legislator, not in mankind; ours is in mankind, not in the legislator.
The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
— John Maynard Keynes
Government is the only institution that can take a perfectly good piece of paper, print some noble words on it, and make it perfectly worthless.
— Ludwig von Mises
Economics in One Lesson by Henry Hazlitt →
The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence. 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.
Originally published in 1946, this book is still incredibly relevant. I know, I know, it’s about economics, but it’s fascinating. Really.
You can also download a PDF version.
The effects of government spending in a village →
The results of spending to stimulate the economy was a short term gain but lead to long term problems more serious than the original.
Fascinating account of a marine’s experience in an Iraqi village.
