Alan Greenspan Quotes


Regulation - which is based on force and fear - undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.


Citations

Greenspan, Alan. "The Assault on Integrity." Capitalism: The Unknown Ideal, edited by Ayn Rand, New American Library, 1966.

Related Quotes

Regulation had been adopted to make sure that certain products were made to standards and appropriate quality. A small fee was taken by the regulator to attest to the quality and place a seal on it. However, the system degenerated into a system where one had to pay the fee and everything passed inspection without regard for quality. Child was one of the first observers of the criticality of implementation of regulatory schemes and the danger that a regulatory system was vulnerable to corruption.


Mises is one of the very few economic conservatives who opposed companies getting involved with lobbying or politics in any way. He, like some others, saw the negative public effect that business produces when it does get deeply involved in politics, but he uniquely observed that the businesses themselves suffered as a result of the involvement in politics. Obviously very few business leaders of the 21st century agreed with Mises’ earlier views.


Alan Greenspan
Alan Greenspan
  • Born: March 6, 1926
  • Nationality: American
  • Profession: Economist

Alan Greenspan is an American economist who served five terms as the 13th Chair of the Federal Reserve of the United States from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. First appointed Federal Reserve chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position (behind William McChesney Martin).