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"The idea of capitalism is not just success but also the failure that allows success to happen."
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"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."
"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."
"And the reason Luke is thinking about time and free will is because he believes that money is the closest human beings have ever come to crystallizing time and free will into a compact physical form. Cash. Cash is a time crystal. Cash allows you to multiply your will, and it allows you to speed up time. Cash is what defines us as a species. Nothing else in the universe has money."
"The values of commodities are directly as the times of labour employed in their production, and are inversely as the productive powers of the labour employed."
"You are horrified at our intending to do away with private property. But in your existing society private property is already done away with for nine-tenths of the population; its existence for the few is solely due to its non-existence in the hands of those nine-tenths. You reproach us, therefore, with intending to do away with a form of property, the necessary condition for whose existence is the non-existence of any property for the immense majority of society.In one word, you reproach us with intending to do away with your property. Precisely so: that is just what we intend."
"The moneyprice of any commodity in any place, under the assumption of completely unrestricted exchange and disregarding the differences arising from the time taken in transit, must be the same as the price at any other place, augmented or diminished by the money-cost of transport."
"The oldest and most popular instrument of etatistic monetary policy is the official fixing of maximum prices. High prices, thinks the etatist, are not a consequence of an increase in the quantity of money, but a consequence of reprehensible activity on the part of 'bulls' and 'profiteers'; it will suffice to suppress their machinations in order to ensure the cessation of the rise of prices. Thus it is made a punishable offence to demand, or even to pay, 'excessive' prices."
"As a rule, however, an increase in the value of money spreads only gradually. The first of those who have to content themselves with lower prices than before for the commodities they sell, while they still have to pay the old higher prices for the commodities they buy, are those who are injured by the increase in the value of money. Those, however, who are the last to have to reduce the prices of the commodities they sell, and have meanwhile been able to take advantage of the fall in the prices of other things, are those who profit by the change."
Explore more quotes by P. J. O'Rourke
"In Israel, waves of anger and fear circulate all the time, but so do jokes and gossip and silky evening breezes. So, too, in America."
"Little islands of human happiness, peace, and prosperity are so exceptional at this point in history that I'm not even sure we can draw lessons from them."
"If you are young and you drink a great deal it will spoil your health, slow your mind, make you fat - in other words, turn you into an adult."
"Cars let us out of the barn and, while they were at it, destroyed the American nuclear family. As anyone who has had an American nuclear family can tell you, this was a relief to all concerned."
"Computers seem a little too adaptively flexible, like the strange natives, odd societies, and head cases we study in the social sciences. There's more opposable thumb in the digital world than I care for; it's awfully close to human."
"The weirder you're going to behave, the more normal you should look. It works in reverse, too. When I see a kid with three or four rings in his nose, I know there is absolutely nothing extraordinary about that person."
"Feeling good about government is like looking on the bright side of any catastrophe. When you quit looking on the bright side, the catastrophe is still there."
"I like to think of my behavior in the sixties as a 'learning experience.' Then again, I like to think of anything stupid I've done as a 'learning experience.' It makes me feel less stupid."
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