Truth Quotes

"Credit is the lifeblood of modern capitalism, but also its greatest danger."

"The economist's job is to explain how the world works, not justify how it is."

"The stock market reflects not the health of the economy but the confidence of speculators."

"Rational choice theory assumes people are calculating machines; reality is far messier."

"Strategic behavior by firms contradicts the assumption of perfect competition."

"The reserve army of the unemployed serves capital by keeping wages down."

"Trickle-down economics is the theory that the best way to help the poor is to help the rich."

"Perfect equality is impossible."

"Truth is often unpleasant, but it must be spoken."

"The truth will set you free, but first it will make you uncomfortable."

"The most important thing is that the rules be known in advance and that they be followed."

"The most honest tax is one that's transparent and that people can clearly see they're paying."

"A sound monetary system is the foundation of economic stability."

"Good accounting practices reveal the true financial health of any enterprise."

"A declining standard of currency diminishes the value of all savings."

"An economy built on debt alone is destined to collapse."

"The currency serves best when it remains stable and predictable."

"The financial success of a nation depends on financial virtue of its people."

"Economic value is created by those who produce, not merely those who trade."

"Credit must always be based on real assets and real earning power."

"Truth is not discovered; it is created through the friction of competing ideas."

"In the real world, imperfect competition is the rule and perfect competition is the exception."

"Prices tell a story about scarcity, desire, and human choice that cannot be captured by models alone."

"Competition drives some sectors forward while leaving others behind; this is not efficient, it is merely reality."

"In times of crisis, economists often discover that their models were built on assumptions rather than facts."

"Economic theory becomes dangerous when it claims to transcend politics and social relations."

"Efficiency in economic theory often masks inefficiency and suffering in economic reality."

"An intellectual cannot be held to account for what he does not understand."

"The credulous are everywhere; the skeptic is rare and much disliked."

"Truth may be suppressed temporarily, but it cannot be permanently denied."