One of the worst features of all the plans for sharing wealth and equalizing or guaranteeing incomes is that they lose sight of the conditions and institution s that are necessary to create wealth and income in the first place.

Economic progress and justice do not consist in superbly equalized destitution, but in the constant creation of more and more goods and services, of more and more wealth and income to be shared.

The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economists sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups

Yet it ought to be clear that a minimum wage law is, at best, a limited weapon for combatting the evil of low wages, and that the possible good to be achieved by such a law can exceed the possible harm only in proportion as its aims are mode.

Give me the clear blue sky above my head, and the green turf beneath my feet, a winding road before me, and a three hours' march to dinner - and then to thinking!

Today is already the tomorrow which the bad economist yesterday urged us to ignore.

Once the idea is accepted that money is something whose supply is determined simply by the printing press, it becomes impossible for the politicians in power to resist the constant demands for further inflation.