History Makes One Wise, But Not Competent

If One Takes Pleasure In Calling The Gold Standard A "barbarous Relic," One Cannot Object To The Application Of The Same Term To Every Historically Determined Institution. Then The Fact That The British Speak English - And Not Danish, German, Or French - Is A Barbarous Relic Too, And Every Briton Who Opposes The Substitution Of Esperanto For English Is No Less Dogmatic And Orthodox Than Those Who Do Not Wax Rapturous About The Plans For A Managed Currency.

Inflation Is An Increase In The Quantity Of Money Without A Corresponding Increase In The Demand For Money, I.e., For Cash Holdings.

The Unpopularity Of Economics Is The Result Of Its Analysis Of The Effects Of Privileges. It Is Impossible To Invalidate The Economists Demonstration That All Privileges Hurt The Interests Of The Rest Of The Nation Or At Least A Great Part Of It.

Government Is The Only Institution That Can Take A Valuable Commodity Like Paper, And Make It Worthless By Applying Ink.

The State Can Be And Has Often Been In The Course Of History The Main Source Of Mischief And Disaster.