Thinks 501

Andy Kessler: “Price controls don’t work. Never have, never will. But we keep instituting them. Try finding a cheap apartment in rent-controlled New York City. Or look for many entry-level jobs eliminated because of $15 minimum wages. Or try to get gallbladder surgery in Britain or other nationalized healthcare systems that ration care…Want to whip inflation now? Forget all the Band-Aids and government controls. Instead, as Friedman suggests, stop printing money. Stop stimulus. Raise interest rates to above the prevailing inflation rate. Prices will adjust naturally. The market works best when it sets prices. Sadly, politicians can’t help themselves. They might disguise and sneak them in while everyone’s focus is on war, but price controls are coming.”

Harold Demsetz: “Capitalism is an economy based on decentralized private ownership of resources and open markets; “based on” means that private ownership rights are acknowledged and respected. Most members of society must feel a duty to respect the private rights of others. Ownership rights must be exercisable without fear, ridicule, or disrespect from other members of society. An economic system that is forced on people will not perform as would one to which there is general assent.” [via CafeHayek]

Frederick Douglass in the 1850s: “Power concedes nothing without a demand. It never did and it never will. Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them, and these will continue till they are resisted with either words or blows, or with both. The limits of tyrants are prescribed by the endurance of those whom they oppress.” [via Atanu Dey]

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.