Topic: Economics, Matches 52 quotes.

What can priesthood holders do? There are many things we can do to meet the challenge of the adversary in our day.

First, we should become informed about communism, about socialism, and about Americanism. What better way can one become informed than by first studying the inspired words of the prophets and using that as a foundation; against which to test all other material. This is in keeping with the Prophet Joseph Smith’s motto, “When the Lord commands, do it.” (Ibid., Vol. 2, p. 170.)

The Foundation for Economic Education, Irvington-on-Hudson, New York on which President J. Reuben Clark, Jr., served as a board member, continues to supply sound freedom literature. We should know enough about American free enterprise to be able to defend it. We should know what makes it possible for six percent of humanity—living under our free economy—to produce about one-half of the earth’s developed wealth each year.

We should know why paternalism, collectivism, or unnecessary federal supervision will hold our standard of living down and reduce productivity just as it has in every country where it has been tried. We should also know why the communist leaders consider socialism the highroad to communism.

Source: Elder Ezra Taft Benson
General Conference, October 1961

Topics: Communism; Economics; Responsibility

Since natural laws govern the forces of life that created this universe in which we live, all of those laws are in harmony with each other. If man can learn more about them, and use them in his human and economic relations, he will learn to live in peace with his fellow men, and in harmony with his environment . . . .

As defined by one economist, economics is the science of making scarce materials go around. If we let it work, the natural system of economic law will provide that the scarce resources of earth continue to meet human needs.

It is when man intervenes to upset the workings of economic nature that he begins to have troubles. It is when he tries (always without success) to repeal natural laws by artificial trade barriers, price controls, production quotas, inflationary policies, and other means in that we find ourselves destroying our natural resources and our environment.

Source: C. R. Batten
Natural Controls

Topics: Economics

Wherever two boys swap tops for marbles, that is the market place. The simple barter is in terms of human happiness no different from a trade transaction involving banking operations, insurance, ships, railroads, wholesale and retail establishments; for in any case the effect and purpose of trade is to make up a lack of satisfactions . . . . In like manner, the Detroit worker who has helped to pile up a heap of automobiles in the warehouse is none the better off for his efforts until the product has been shipped to Brazil in exchange for his morning cup of coffee. Trade is nothing but the release of what one has in abundance in order to obtain some other thing he wants.

Source: Frank Chodorov

Topics: Economics

Economics

Reporting on business activity in our argued-for free society would have only one purpose, namely, to aid in economic calculation on the part of participants. Whether the aggregate activity were high or low would be of little more than academic concern. It would only reflect the extent to which citizens wanted or did not want to produce and exchange. Business activity, unlike today, would not be a gauge of how ineffectively economic rigging is working. Nor would it, as today, be the source for exultation or fear. Relatively low business activity would not classify as “bust,” any more than an individual’s taking the day off would classify as personal failure.

Source: Leonard E. Read

Topics: Economics

What is politically defined as economic “planning” is the forcible superseding of other people’s plans by government officials.

Source: Thomas Sowell

Topics: Economics; Force; Politics

On this point may I quote Robert Ingersoll. I do not agree with him on many things, but on this point, he is right. Said he:

In the first place the government does not support the people, the people support the government. The government is a perpetual pauper. It passes ‘round the hat and solicits contributions; but then you must remember that the government has a musket behind the hat. The government produces nothing. It does not plow the land, it does not sow corn, it does not grow trees. The government is a perpetual consumer. We support the government. Now, the idea that the government can make money for you and me to live on—it is the same as though my hired man should issue certificates of my indebtedness to him for me to live on. Some people tell us that the government can impress its sovereignty on a piece of paper, and that is money. Well, if it is, what is the use of wasting it making one dollar bills? It takes no more ink and no more paper—why not make one thousand dollar bills? Why not make a hundred million dollar bills and all be billionaires? How do you get your money? By work. You have to dig it out of the ground.That is where it comes from. Men have always had a kind of hope that something could be made out of nothing.

Source: Elder Joseph L. Wirthlin
General Conference, October 1944

Topics: Economics; Government, Spending

The power of God which is work, creative work, as I have defined it, is the foundation stone of salvation, temporally, spiritually, and mentally. The cornerstone on which this great republic rests is that of work and free enterprise. Should the cornerstone deteriorate, the national structure will collapse. The cornerstone must be strengthened and reinforced by greater endeavor, for there is now resting upon this nation a burden of debt the like of which the world has never known before, stupendous beyond the imagination and comprehension of the average mind; and its liquidation, if it is liquidated according to just and honest principles, can only be accomplished through the application of godly power, namely, work on the part of its citizens. This statement is sustained by an excerpt taken from a bulletin published by the Tax Foundation in New York City:

The relation between average earning power and the average debt load on the individual is significant. A large part of the debt is held by banks, insurance companies, and other savings and investment institutions. The future welfare of millions of people depends on the continued solvency of these institutions and that depends on maintaining the value of their assets, including government bonds. But the value of the government bonds depends on the labor and earnings of the people and on their capacity to provide enough taxes to pay the interest and redeem the principal of the debt.

Source: Elder Joseph L. Wirthlin
General Conference, October 1944

Topics: Debt; Economics

Elements Of Success

I am not a defeatist. I believe there is more good in men than bad and that the good will triumph. I am sure, too, that the people of the United States will, through work, create wealth and in that creation give employment and happiness, if only the natural laws upon which free enterprise has been established are allowed to freely operate. But wealth cannot be created in sufficient amount to go around and bring prosperity to all the people if those laws are seriously contravened by any group in our society,—capital, labor, or government. Nothing but work can create wealth in this day and age,—productive work of the laborer. Other manipulations may seem to do it but they do not create real wealth that feeds and clothes and houses and makes happy people. The Government cannot do it because in final analysis it is not possessed of the elemental necessities for the creation of wealth. Of itself it has no capital and it has no labor. All that it can do is take from one and give to another. It takes by txation, its only ultimate source of revenue; and it gives in wages, subsidies, bounties, and many other ways, but it does not create wealth and the creation of wealth lies at the basis of prosperity.

I want to make it distinctly clear that I am not attacking the motives or intentions of the Government or governmental agencies who have sought to meet emergencies and difficult situations with much novel and experimental legislation. I have never desired failure for any of the experiments. I have always wished for their success and I think some have succeeded. I disclaim any intention or any effort to influence partisan politics. My sole desire is to expound the principles of sound economics as I conceive them and believe in them and as I deem them to be in harmony with the well-established and time-tested principles of our religion.

Source: Elder Stephen L. Richards
General Conference, October 1939

Topics: Economics; Government, Wealth Transfer; Welfare

Do we ever give our boys and girls any practical lessons in teaching them the true greatness of the Constitution? How often do we pass some great industrial plant, and notice hundreds of automobiles around it? Some of us may think that those automobiles belong to the owners of the plant, or to the management, but such is not the case. Those automobiles belong to the men who work in the plant. You can see that sight only in America. You can’t see it in Europe, because it is not there. These men own automobiles because of the rights that they have under the Constitution of the United States to earn and pay for those things that are within the buying and purchasing power of all of these people.

We speak of Hitler and his ingenuity in accomplishing great things mechanically—and might I say he has—but there is one thing that he has not given his people, although he has endeavored over a period of years to provide an automobile that would be within their purchasing power. But here in America we not only enjoy automobiles, some of the comforts of fine homes, and fine homes themselves, but practically every blessing that even the rich and elect of far-off Europe enjoy. All of these things are possible individually because we live in a country where personal initiative is not restricted, where each and every man can have anything he wants, if he will work for it.

Source: Elder Joseph L. Wirthlin
General Conference, October 1939

Topics: Economics; Education

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