Top 42 Quotes About Law And Economics
#1. You should not forget that without all the work in law and economics, a great part of which has been supported by the John M. Olin Foundation, it is doubtful whether the importance of my work would have been recognized.
Ronald Coase
#2. It is true that if care is taken to use only a language that it's understood by graduates in law and economics, you can easily prove that the masses have to be managed from above.
Frantz Fanon
#3. Government is a gang, but not merely as meritorious as a private gang because it claims legal legitimacy. It pillages and uses violence but under the cover of law, and seeks legitimacy not through competition but through the myth of the social contract.
Jeffrey Tucker
#4. We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.
Milton Friedman
#5. Ban privileges. The rules of the game should be the same to all players, regardless of their size, location, or any other criteria
Miguel Reynolds Brandao
#6. Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor ...
Andrew Lo
#7. We shall never have a science of economics unless we learn to discern the operation of law even among the most perplexing complications and apparent interruptions.
William Stanley Jevons
#8. "Law professors were never like economics professors," a Harvard Law professor told me. "If you disagreed with someone, you didn't call him a fool."
Calvin Trillin
#9. At a purely practical level, history is important because it provides the basic skills needed for students to go further in sociology, politics, international relations and economics. History is also an ideal discipline for almost all careers in the law, the civil service and the private sector.
Antony Beevor
#10. The laws of economics tell us that the expansion of the central state can't go on forever. Its limit is reached when the looted turn on the looters.
Llewellyn Rockwell
#11. The law-abiding citizen by his labor serves both himself and his fellow man and thereby integrates himself peacefully into the social order. The robber, on the other hand, is intent, not on honest toil, but on the forcible appropriation of the fruits of others' labor.
Ludwig Von Mises
#12. Spread the truth-the laws of economics are like the laws of engineering. One set of laws works everywhere.
Lawrence Summers
#14. If a theory of justice is to guide reasoned choice of policies, strategies or institutions, then the identification of fully just social arrangements is neither necessary nor sufficient.
Amartya Sen
#16. The Law of Rent demonstrates that no single human being gives land and location its overall value - its rent. Land values arise from the wealth that exists in the surrounding area, wealth that we have created together and continue to create in cooperation and in competition with one another.
Martin Adams
#17. For when the Law of Price declares that a good actually commands a particular price, and explains why it does so, it of course implies that the good is able to command this price, and explains why it is able to do so. The Law of Price comprehends the Law of Exchange-Value.
Ludwig Von Mises
#18. Poverty can be brought about by law; it cannot be forbidden by law.
Isabel Paterson
#19. Americans have a strange notion that the ordinary laws of economics do not apply to them. So doubtless they will think they are prosperous if the boom starts, and that deficits and indebtedness are merely signs of how prosperous they are.
Albert J. Nock
#20. Economics has revealed a great truth about the natural law of human interaction: that not only is production essential to man's prosperity and survival, but so also is exchange.
Murray Rothbard
#21. Cost is always an object - the second law of thermodynamics sees to that
Daniel Dennett
#22. The use of force is easy to rationalize in terms of basic economics. 'We should make them PAY for what they've done!' It's just the law of demand: raise the price of crossing us, and fewer people will cross us. Make the price another Hiroshima, and perhaps the quantity demanded will fall to zero.
Bryan Caplan
#23. The first law of economics is that when the price goes up, consumption comes down. This is a divine law.
Ahmed Zaki Yamani
#24. It seems that's there a ghastly Darwinian principle of economics known as the Law of Substitution which declares, more or less, that "the cheapest will survive". This has all sorts of unpleasant consequences, one of which is that non-economic values tend to be eliminated.
J.G. Farrell
#25. I don't care who writes a nation's laws-or crafts its advanced treaties-if I can write its economics textbooks
Paul Samuelson
#26. Those who believe that liberal democracy and the free market can be defended by the force of law and regulation alone, without an internalised sense of duty and morality, are tragically mistaken.
Jonathan Sacks
#28. My main interest, however, was in economics, not law.
Merton Miller
#29. "Murphys law of economic policy": Economists have the least influence on policy where they know the most and are most agreed; they have the most influence on policy where they know the least and disagree most vehemently.
Alan Blinder
#30. [E]conomic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics
Ludwig Von Mises
#31. By the laws of the land, people who come looking for jobs in America are illegal. But by the laws of economics, they are following the logic and laws of economics when they leave Guatemala and go to Mexico, leave Mexico and come to the U.S., leave Africa and go to Spain and Europe looking for jobs.
Benjamin Barber
#32. Meanwhile, time is one of our most scarce resources. At the moment, you are reading instead of working, playing with the dog, applying to law school, shopping for groceries, or having sex. Life is about trade-offs, and so is economics.
Charles Wheelan
#33. Marx, however imperfectly he worked out the details, set himself the task of discovering the law of motion of capitalism, and if there is any hope of progress in economics at all, it must be in using academic methods to solve the problems posed by Marx.
Joan Robinson
#34. Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics.
George Reisman
#35. There is no economic law that says that everyone, or even most people, automatically benefit from technological progress.
Nicholas Carr
#36. Litmus test: If you can't describe Ricardo 's Law of Comparative Advantage and explain why people find it counterintuitive, you don't know enough about economics to direct any criticism or praise at " capitalism " because you don't know what other people are referring to when they use that word .
Eliezer Yudkowsky
#37. When men see how relevant the ten commandments are for economics, they should gain new respect for the importance of the laws of God for all of life, but especially for the life of dominion man, the man redeemed by grace through faith in the one true Dominion Man, Jesus Christ.
Gary North
#38. The true law of economics is chance, and we learned people arbitrarily seize on a few moments and establish them as laws.
Karl Marx
#39. Therefore, to teach them [women] at least an outline of economics and law is the first requirement after giving them a general education. Figuratively speaking, it will be like providing the women of civilized society with a pocket dagger for self-protection.
Fukuzawa Yukichi
#40. People who know nothing about advertising, nothing about pharmaceuticals, and nothing about economics have been loudly proclaiming that the drug companies spend too much on advertising - and demanding that the government pass laws based on their ignorance.
Thomas Sowell
#41. One of the first laws against air pollution came in 1300 when King Edward I decreed the death penalty for burning of coal. At least one execution for that offense is recorded. But economics triumphed over health considerations, and air pollution became an appalling problem in England.
Glenn T. Seaborg
#42. The courageous testimony of Dr. Faust that a maiden's smile is more precious than history, philosophy, education, religion, law, politics,economics, and all the other branches of learning. Learning is another name for vanity. It is the effort of human beings not to be human beings.
Osamu Dazai
