Economists Quotes

This fear of criticism displayed by the advocates of freedom of criticism cannot be attributed solely to craftiness. No, the majority of the Economists look with sincere resentment upon all theoretical controversies, factional disagreements, broad political questions, plans for organising revolutionaries, etc.

In the end a curious and characteristic solution was reached. The Admiralty had demanded six ships: the economists offered four: and we finally compromised on eight.

All the greatest economists, John Stuart Mill at their head, have always spoken of the evils of borrowing for the purposes of war, and have pointed out that as far as possible posterity should be relieved and the cost of what is consumed in the war be met at the time. That is a counsel of perfection, but nobody has ever come nearer to it than the late Chancellor of the Exchequer [Sir Kingsley Wood].

In short, competition has to shoulder the responsibility of explaining all the meaningless ideas of the economists, whereas it should rather be the economists who explain competition.