Inflation Is Not Only Unnecessary For Economic

The Only Real Cure For Poverty Is Production.

All Subsidy Measures, All Schemes To Redistribute Income Or To Force Peter To Support Paul, Are One-eyed As Well As Shortsighted. They Get Their Immediate Appeal By Focusing Attention On The Alleged Needs Of Some Particular Group Of Intended Beneficiaries. But The Inevitable Victims - Those Who Are Going To Be Asked To Pay For The New Handout In Increased Taxes (which Directly Or Indirectly Means Almost Everybody Else) - Are Left Out Of Account. Only One-half Of The Problem Has Been Seen. The Cost Of The Proposed Solution Has Been Overlooked.

The Bad Economist Sees Only What Immediately Strikes The Eye; The Good Economist Also Looks Beyond. The Bad Economist Sees Only The Direct Consequences Of A Proposed Course; The Good Economist Looks Also At The Longer And Indirect Consequences. The Bad Economists Sees Only What The Effect Of A Given Policy Has Been Or Will Be On One Particular Group; The Good Economist Inquires Also What The Effect Of The Policy Will Be On All Groups

We Are So Accustomed To The Miracle Of Private Enterprise That We Habitually Take It For Granted. But How Does Private Industry Solve The Incredibly Complex Problem Of Turning Out Tens Of Thousands Of Different Goods And Services In The Proportions In Which They Are Wanted By The Public? ... It Solves These Problems Through The Institutions Of Private Property, Competition, The Free Market, And The Existence Of Money - Through The Interrelations Of Supply And Demand, Costs And Prices, Profits And Losses.

We Cannot Distribute More Wealth Than Is Created. We Cannot In The Long Run Pay Labor As A Whole More Than It Produces.