Murray Rothbard Quotes

The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions.

Firms produce goods for households - that's us - and provide us with incomes, and that's even better, because we can spend those incomes on more goods and services. That's called the circular flow of the economy.

The left-wing agenda wants us to think that the reason there was a depression was because the government didn't do anything. That's not true.

My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.

The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.

The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level.

Economies are about momentum.

This crisis is not simply a more severe version of the usual business cycle recession, the typical downturn in which economies ultimately adjust and stabilize.

The stagflation of the 1970s blessed us with damaging wage and price controls and the utterly counterintuitive supply-side notion - famously drawn on a napkin - that cutting taxes would lead to higher tax revenues.

For a variety of reasons, we are not producing at a given level of economic activity the jobs we used to have.

The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.

Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves.

You have to remember a lot of business is very cyclical.

It took us years to get into the mess that we got ourselves in at the end of 2008, and it's going to take a while to get us out. We lost eight million jobs, we saw a financial system near collapse, we have a continuing housing crisis that we're making progress on dealing with.

I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.

There are always, of course, job losses of a cyclical nature in a recession.

We propose in the following Treatise to give an outline of the Science which treats of the Nature, the Production, and the Distribution of Wealth. To that Science we give the name of Political Economy.

I don't know the taxpayer has perhaps much of an understanding of just how much wealth has been and is being and can be created that flows through the economy and just how many jobs depend upon it.

Sector-specific price declines, uncomfortable as they may be for producers in that sector, are generally not a problem for the economy as a whole and do not constitute deflation.

After the First World War the economic problem was no longer one of production. It was the problem of finding markets to get the output of industry and agriculture dispersed and consumed.

Certainly, 9 percent unemployment and very slow growth is not a good situation.

Economics is extremely useful as a form of employment for economists.

No, I've always been impressed with the tremendous resilience of the American economy. I think over the years, over the decades, it's demonstrated this tremendous ability to take severe body blows, if you will, and bounce back.

In business, real jobs profitably produce goods and services that people value more highly than their alternatives. Subsidizing inefficient jobs is costly, wastes resources, and weakens our economy.

The human world lives in a framework called global economics. We live in a system based on GDP, which drives consumption. it causes people to compete with each other through trade in a way that they all grow.