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"Many who are self-taught far excel the doctors, masters, and bachelors of the most renowned universities."
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"Knowledge without education is but armed injustice."
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Personal Development
"The chance that you will become a master in something after the first attempt is neither here nor there. You don't get master's degree by attending school on the first day! Time will tell, so you got to persist!"
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Personal Development
"The principal art of the teacher is to awaken the joy in creation and knowledge."
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Personal Development
"If a book isn't self-explanatory, then it isn't worth reading."
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Personal Development
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently."
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Personal Development
"I have always felt that the true text-book for the pupil is his teacher."
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Personal Development
"There is, on the whole, nothing on earth intended for innocent people so horrible as a school. To begin with, it is a prison. But in some respects more cruel than a prison. In a prison, for instance, you are not forced to read books written by the warders and the governor. . . .In the prison you are not forced to sit listening to turnkeys discoursing without charm or interest on subjects that they don't understand and don't care about, and therefore incapable of making you understand or care about. In a prison they may torture your body; but they do not torture your brains."
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Personal Development
"And since we cannot deceive the whole human race all the time, it is most important thus to cut every generation off from all others; for where learning makes a free commerce between the ages there is always the danger that the characteristic errors of one may be corrected by the characteristic truths of another."
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Personal Development
"Music is the movement of sound to reach the soul for the education of its virtue."
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Personal Development
"He was a far more voracious reader than me, but he made it a rule never to touch a book by any author who had not been dead at least 30 years. "That's the only kind of book I can trust," he said."It's not that I don't believe in contemporary literature," he added, "but I don't want to waste valuable time reading any book that has not had the baptism of time. Life is too short."
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Personal Development
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"When a country has substituted credit money or fiat money for metallic money, because the legal equating of the over-issued paper and the metallic money sets in motion the mechanism described by Gresham's Law, it is often asserted that the balance of payments determines the rate of exchange. But this also is a quite inadequate explanation. The rate of exchange is determined by the purchasing power possessed by a unit of each kind of money."
Economics
"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."
Economics
"The root of the evil is not the construction of new, more dreadful weapons. It is the spirit of conquest."
Politics
"Local differences in the prices of commodities whose natures are technologically identical are to be explained on the one hand by differences in the cost of preparing them for consumption (expenses of transport, cost of retailing etc.) and on the other hand by the physical and legal obstacles that restrict the mobility of commodities and human beings."
Trade
"They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free."
Economics
"Restrictionistic ideas have never met with any measure of popular sympathy except after a time of monetary depreciation when it has been necessary to decide what should take the place of the abandoned inflationary policy."
Economics
"It is not in the power of governments to increase the supply of one commodity without a corresponding restriction in the supply of other commodities more urgently demanded by consumers. The authority may reduce the price of one commodity only by raising the prices of others."
Economics
"If the possessor of a units of money receives h additional units, then it is not at all true to say that he will value the total stock a + h exactly as highly as he had previously valued the stock a alone. Because he now has disposal over a larger stock, he will now value each unit less than he did before; but how much less will depend upon a whole series of individual circumstances, upon subjective valuations that will be different for each individual."
Economics
"The mistake in the argument of those who suppose that a variation in the quantity of money results in an inversely proportionate variation in its purchasing power lies in its starting-point. If we wish to arrive at a correct conclusion, we must start with the valuations of separate individuals; we must examine the way in which an increase or decrease in the quantity of money affects the value-scales of individuals, for it is from these alone that variations in the exchange-ratios of goods proceed."
Economics
"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."
Economics
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