Seven Economic Truths by Gregg Motley

 

I had little exposure to the academic discipline of economics before college, and I suspect that is case with most individuals today, given the opinions and ideas put forth by politicians and the public alike.  Accordingly, here are seven quotes by experts that contain timeless economic truths as a reminder of who we are, and from whence we came:

 

1)      “Capitalism is a system that begins not with taking but with giving to others.”  George Gilder.  The business person makes money by giving the consumer a product or service that they need or like; socialism begins by taking resources from the citizenry.

 

2)      “Nothing contributes so much to the prosperity and happiness of a country as high profits.” David Ricardo.  Prosperous businesses create a higher tax base, more research and development, better services, abundant charity, a better quality of life, and culminates in greater happiness for more people.

 

3)      “Everyone wants to live at the expense of the state.  They forget that the state lives at the expense of everyone.”  Frederic Bastiat.  Government has no money; the money they spend is by confiscation or debt.  Who spends the money more efficiently, the people who earned it, or the people who took it?

 

4)      “Differences in habits and attitudes are differences in human capital, just as much as differences in knowledge and skills – and such differences create differences in economic outcomes.”  Thomas Sowell.  No amount of income redistribution can create equality of outcomes; it only creates resentment.  Equal opportunity should be the goal.

 

5)      “If history could teach us anything, it would be that private property is inextricably linked with civilization.” Ludwig Von Mises.  The ownership of private property ensures dignity and freedom, not greed.  Who is greedier, the one who earns money to buy, or the one who confiscates it?

 

6)      “The free market system is not a system; it is not something that Washington implements.  It does not exist in any legislation, law, bill, regulation, or book.  It is what you get when people act on their own, entirely without central direction, and with their own property.” Jeffrey Tucker.  Nobody invented capitalism.  It is natural result of people’s desire to live in community and provide for their basic human needs.

 

 

7)      “Under capitalism, man oppresses man, but under socialism, it is the other way around.” Russ Roberts.  Humans make bad choices.  No system of government or economics can change that.

 

These quotes were compiled by Prager University (www.prageru.com); the editorial comments are mine.  Prager University is not an accredited university, but a not-for-profit information website with contributions by Democrats, Republicans, Independents and people from many religions and races.  Their five minute videos can also be found on YouTube.

 

Bottom line: our society functions better when free people work for profit by serving the needs and wants of others.  Additionally, society functions better when free people keep themselves informed.  These principles created the greatest economic engine in human history; let’s not lose it due to our own ignorance.

 

 

16 thoughts on “Seven Economic Truths by Gregg Motley”

  1. It is so poetically ironic that you make such a condescending claim about individuals not being knowledgeable of economics in today’s society and then spew the same basic, capitalistic rhetoric we have been hearing forever while capitalist countries repeatedly experience rarely predictable boom and busts due to the inevitability of system failure. Capitalism in its truest form doesn’t bring peace, prosperity, or individual freedom, it brings an unrestricted, disgruntled system in which a few corporations fueled by capitalistic greed control the world through anti-market greed. So, I offer these 7 counter-truths of economics.
    1. As long as the rich control the media, there will be massive amounts of disproven, untruthful economic theory peddled by people like you and by platforms like fox. So, capitalism is a system that gives… almost entirely to the wealthiest oligarchs in our society, while everyday people claw for scraps and outwardly support the system due to the false dream of massive american economic prosperity that rarely happens but is shown so ofent in media.
    2. “Many people consider the things government does for them to be social progress, but the things governments do for others to be socialism.” – Earl Warren Misinformation has unfortunately tainted the minds of many. So much so, that they don’t like to see their american brethren receive any aid. Almost all capitalistic thought favors profit over quality of life for all people. This is one of the fundamental issues of capitalism. When else are we taught that money matters most in our lives? Most people value family and life more than money.
    3. “Call it democracy, or call it democratic socialism, but there must be a better distribution of wealth within this country for all god’s children.” – Martin Luther King Jr. Taxation is inevitable in the social contract, what matters is the governmental use of the funds generated, and capitalism fuels misuse of these dollars. Why else do politicians accept money from big business… capitalism is the answer. Why do businesses send politicians dark money? For profit and corporate capitalistic greed. Are you sensing a theme? You raise a good question… who spends money better, those who take or those who give? I wonder why you don’t ask oil executives, Jeff Bezos, or Elon Musk? Corporations are solely profit-driven. This is the capitalist mind.
    4. “Socialism, when the last word is said, is merely the economic and political system whereby more men can get food to eat.” – Jack London Capitalism itself is the primary driver of inequality. Keeping the rich, rich and the poor, poor is ingrained deep within the capitalist system. Just look at tax loopholes, gentrification, red-lining, or offshore banking. Supposed “equal opportunity” as it has been offered is simply a way for the rich to exploit the increased “opportunity” to develop and advance further. No one needs to be mega-rich with golden yachts or multiple private planes.
    5. “Freedom without socialism is privilege and injustice.” – Mikhail Bakunin Private property is protected under capitalism you say? Have you heard of eminent domain? And what do you think eminent domain is typically used for? Here’s a clue… it’s usually private projects driven by greed and profit motives. Let me offer a quick analogy: Oligarchs are like a greedy older brother. Say you are 5 and your brother is 8, your mother says that each of you can do chores around the house to earn money for candy. You both do chores and your brother, being older, gets more money than you, it’s not necessarily that he worked harder, but merely that he was in a position to be able to complete more work. Should your mother let your older brother eat much more candy and get fat and sick or should she tell him to share?
    6. “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greater good.” – John Maynard Keynes There is nothing natural about capitalism. Early tribal societies shared everything and worked together for the common good. Capitalism is the product of corruption of man. The moment capitalism began is the moment that one individual decided that they cared more about themselves than thier family, tribe, and peers. We are born giving, and then capitalism peddlers corrupt many of us.
    7. “The real purpose of socialism is precisely to overcome and advance beyond the predatory phase of human development.” – Albert Einstein Don’t take it from me, take it from the smartest man to ever live, capital seeking is predatory in our system. No system itself determines inherent negative outcomes, but certain systems, like capitalism, offer easier access to anti-democratic greed and aristocracy. And before those who seek to argue my claims reference current and past dictatorships that have slapped the label “socialist” on themselves or before those that agree with me reference the nordic nations, understand that the United States is the best potential nation for democratic socialism. Don’t believe me? Look at the programs that guided us out of the great depression. The most socialist policies our government has ever implemented arose from this era. These systems persist in many forms to this day. We only voted 3 times for one man in American history. That man was FDR, and he was responsible for these very policies and programs.

    Bottome Line: Our society functions much better when we have compassion, empathy, and a desire for the common good of the whole country.

    1. Tell me where socialism worked for any length of time? It sounds good but you are dealing with HUMANS. Yes it might work for awhile when people that want to do the correct thing are in charge. But it puts all the power in the hands of the government. Many HUMANS are power hungry so when 1 or more of them get in charge they use their power for their ego and greed. So tell me of a true socialist government that has lasted over 200 years like the US!

      1. Well Dick,

        That would necessitate you giving your definition of socialism. The United States Federal Government has created many programs that would be considered socialism by most. For one the fact that the United States regulates to the degree it does is socialism. Which is one of the biggest reasons that we have the highest GDP in the world.

    2. I agree with one sentence in your whole diatribe: the last. However, those traits cannot not be effectively mandated by any government, they must be a choice to be of any real value; otherwise, it is tyranny under the guise of moralism.

      1. Any response to your veiled view of economic theory is a diatribe? You must not like good discourse. These traits are mandated to a degree now. It’s the same reason you don’t have private companies utterly gouging you for everything you have until you are forced into indentured servitude. We operate within a true representative democracy unlike any tyrannical system.

        1. Good discourse would be between two known individuals; in this case, one is hiding behind the identity of a deceased British economist.

    3. Here area couple more quotes for your harangue:

      “The problem with socialism is that you eventually run out of other people’s money.” – Margaret Thatcher.

      “You cannot help people permanently by doing for them, what they could and should do for themselves.” – Abraham Lincoln

      “If this country is ever demoralized, it will come from trying to live without work.” – Abraham Lincoln

      “I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.” – James Madison

      “America’s abundance was created not by public sacrifices to ‘the common good,’ but by the productive genius of free men who pursued their own personal interests and the making of their own private fortunes… and thus the whole country was moving forward and profiting, not suffering, every step of the way.” – Ayn Rand.

      Don’t take it from me, take it from the smartest man to ever live… “Capitalism has brought with it progress, not merely in production but also in knowledge.”- Albert Einstein.

      Bottom Line: “Socialism is a plan of morally sanctioned theft. It is about dividing up what others have created. Consequently, socialist economies don’t work; they create poverty instead of wealth.”- David Horowitz.

      1. Jeff,

        It was a cordial written disagreement, not a harangue. I’d expect nothing less from a capitalist to only provide quotation with no further deliberation. A poor reflection of critical thinking but expected nonetheless. There have been many harmony hushers when it comes to socialism. However, you cannot explain why greed should be at the forefront of our minds. Too often we allow perceived potential negative outcomes to outweigh immediate and long term systems that are giving, but for the greater good. You are saying and believing exactly what the plutocrats want you to. To disparage giving systems in which they have to pay their fair share while those with middle or low incomes are left to fight for scraps. I’m truly sorry that these ideas have penetrated past all compassion within you.

        1. Why do you assume that private industry is motivated by greed, but government officials are not? Is is harder to blow your own money, or that which you confiscated from others? Socialism destroys the natural incentives consistent with the nature of man/woman.

        2. John,
          The direct quotations required no further deliberation to reflect inspired critical thought. Regarding greed and perceptions thereof, could you please let me know what my fair share is and/or should be? I have worked the largest portion of my career in non-profits dedicated to serving people. Additionally, I support organizations of my choice to help those in need. Do those things reduce my fair share to be garnished by the almighty powerful government? Why is it greedy to want to keep what I have earned through my own toil? I will use the simple example of the child that works hard in school and gets an A. Should they split that grade with the child that lazily attended to studies and thereby both receive a C in the name of fairness and equity? Would it be greedy if they didn’t? Now apply that to earned wages and or earned business income. If I work day-in and day-out to establish a business or to earn my wages through gainful employment, what makes you entitled to a portion of what I earned? I will tell you – absolutely nothing. People are guaranteed life, liberty and the PURSUIT of happiness. They are not guaranteed acquisition of that happiness without the motivation to do so. Do not be sorry for me, my thoughts or my idealogies. They have carried me far in position, faith and personal pride in my self-earned accomplishments. Thank you for your time and attention – I will let you get back to watching the View.

  2. Hi John.
    Adam and I are surely wishing you the best, ‘GOD’ will decide, right.

    Ooops, forgot ‘GOD’ doesn’t matter in your dogma.

    You and Karl don’t get it. However, bet you both wouldn’t turn down a free (meal).

    1. Socialism is the most godly economic theory you will ever find. Early thinkers like myself and Marx are secular, yet the compassion of the system aligns with all the major religions of the world. Lest you forget “Jesus: I tell you the truth, it is hard for a rich man to enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God” (Matthew 19:23). Or Jesus: “To one who strikes you on the cheek, offer the other also, and from one who takes away your cloak do not withhold your tunic either. Give to everyone who begs from you, and from one who takes away your goods do not demand them back. And as you wish that others would do to you, do so to them” (Luke 6:27).

      1. Jesus does not conclude His admonition in Luke with, “or else the government will force you to do it.” It must be free choice or it is of no value.

  3. > Socialism is the most godly economic theory you will ever find.

    Coming up with a theory is one thing, coming up with something that works in practice is quite another. For example.

    Everyone has everything that they want and no one has to work and no one is every sick and everyone lives forever.

    There, I have a theory that is much better than anything else. But the problem is, it doesn’t work. If you think Marxism/Communism is better, then most people would be better off in China, Cuba, Laos, and Vietnam than they are in the US. For some reason, you’ll find more people in those countries that want to come to the US than people in the US that want to move to those countries.

Leave a Reply

Your email address will not be published.