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"My first undertaking in the way of scientific experiment was in the field of economics and psychology."
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"I saw the poverty, I say the prosperity. Both have fundamental problems."
Author Name
Personal Development
"That policy which aims at raising the objective exchange-value of money is called, after the most important means at its disposal, restrictionism or deflationism. This nomenclature does not really embrace all the policies that aim at an increase in the value of money. The aim of restrictionism may also be attained by not increasing the quantity of money when the demand for it increases, or by not increasing it enough. This method has quite often been adopted as a way of increasing the value of money in face of the problems of a depreciated credit-money standard."
Author Name
Personal Development
"Neither has the wealth of a country any bearing on the valuation of its money. Nothing is more erroneous than the widespread habit of regarding the monetary standard as something in the nature of the shares of the State or the community.Such observers fail to recognize that the valuation of the rnonetary unit does not depend upon the wealth of the country, but upon the ratio between the quantity of money and the demand for it, so that even the richest country may have a bad currency and the poorest country a good one."
Author Name
Personal Development
"Miracle focus messages compels masses to think that the process of production is not necessary for prosperity."
Author Name
Personal Development
"The balance-of-payments theory forgets that the volume of foreign trade is completely dependent upon prices, that neither exportation nor importation can occur if there are no differences in prices to make trade profitable."
Author Name
Personal Development
"It has been proposed that monetary liabilities should be settled in terms of gold and not according to their nominal amount. If this proposal were adopted, for each mark that had been borrowed that sum would have to be repaid that could at the time of repayment buy the same weight of gold as one mark could at the time when the debt contract was entered into. The fact that such proposals are now put forward and meet with approval shows that etatism has already lost its hold on the monetary system and that inflationary policies are inevitably approaching their end. Even only a few years ago, such a proposal would either have been ridiculed or else branded as high treason."
Author Name
Personal Development
"The agents of etatism have certainly not been lacking in zeal and energy. But, for all this, economic affairs cannot be kept going by magistrates and policemen."
Author Name
Personal Development
"The State does not govern the market; in the market in which products are exchanged it may quite possibly be a powerful party, but nevertheless it is only one party of many, nothing more than that. All its attempts to transform the exchange-ratios between economic goods that are determined in the market can only be undertaken with the instruments of the market."
Author Name
Personal Development
"A variation in the objective exchange-value of money can arise only when a force is exerted in one direction that is not cancelled by a counteracting force in the opposite direction. If the causes that alter the ratio between the stock of money and the demand for it from the point of view of an individual consist merely in accidental and personal factors that concern that particular individual only, then, according to the law of large numbers, it is likely that the forces arising from this cause, and acting in both directions in the market, will counterbalance each other."
Author Name
Personal Development
"But when States did debase the coinage, it was always from purely fiscal motives. The government needed financial help, that was all; it was not concerned with questions of currency policy."
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Personal Development
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"The result was that, if it happened to clear off after a cloudy evening, I frequently arose from my bed at any hour of the night or morning and walked two miles to the observatory to make some observation included in the programme."
Bed
"A suggestion had been made to me looking toward a professorship in some Western college, but after due consideration, I declined to consider the matter."
College
"My father was the most rational and the most dispassionate of men."
Men
"Whenever a total eclipse of the sun was visible in an accessible region parties were sent out to observe it."
Sun
"So far as the economic condition of society and the general mode of living and thinking were concerned, I might claim to have lived in the time of the American Revolution."
Society
"When about fifteen I once made a great scandal by taking out my knife in prayer meeting and assaulting a young man who, while I was kneeling down during the prayer, stood above me and squeezed my neck."
Man
"If my impressions are correct, our educational planing mill cuts down all the knots of genius, and reduces the best of the men who go through it to much the same standard."
Men
"My father followed, during most of his life, the precarious occupation of a country school teacher."
Life
"The time was not yet ripe for the growth of mathematical science among us, and any development that might have taken place in that direction was rudely stopped by the civil war."
Science
"Quite likely the twentieth century is destined to see the natural forces which will enable us to fly from continent to continent with a speed far exceeding that of a bird."
Will
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