Topic: Economics, Matches 52 quotes.

Since that date [1971], or rather since 1933, the world has had a fluctuating fiat standard, that is, exchange rates of currencies have fluctuated in accordance with supply and demand on the market. There are grave problems with fluctuating exchange rates, largely because of the abandonment of one world money (i.e. gold) and the shift to international barter. Because there is no world money, every nation is free to inflate its own currency at will—and hence to suffer a decline in its exchange rates. And because there is no longer a world money, unpredictably fluctuating uncertain exchange rates create a double uncertainty on top of the usual price system—creating, in effect, multi-price systems in the world.

Source: Murray N. Rothbard
Making Economic Sense

Topics: Economics

If an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.

Source: Milton Friedman

Topics: Economics

All of us as Americans have a patriotic responsibility not to contribute to the inflation danger by needlessly building still higher the mountain of total debt. All of us as individuals—and above all, as members of families—have an obligation in conscience not to mismanage our resources.

Yes, there is a tendency for all of us to want to “keep up with the Joneses,” but even though our income is low we have plenty of company. This should make it easier to live within our income and resist borrowing from the future except in cases of necessity—never for luxuries.

Source: Elder Ezra Taft Benson
General Conference, April 1957

Topics: Economics; Responsibility

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