Economists And Their Quotes & Sayings

The policy of letting things alone, in the practical sense that the Government should never interfere with business or go into business itself, is called Laisser-faire by economists and politicians. It has broken down so completely in practice that it is now discredited; but it was all the fashion in politics a hundred years ago, and is still influentially advocated by men of business and their backers who naturally would like to be allowed to make money as they please without regard to the interest of the public. — George Bernard Shaw

Economists use the term "human capital" to refer to the skills and abilities and qualities and resources that each individual possesses. And in the late 1990s and early 2000s, human capital became an increasingly popular way to look at the problem of poverty. No one had all the answers yet, but they had, at least, a new set of questions: What specific resources did middle-class children have that allowed them to succeed at such higher rates than poor children? What skills did poor children need to help them compete? And most important, what kind of interventions in their lives or in their parents' lives could help them acquire those skills? — Paul Tough

ON AN INTUITIVE level, most of us understand the deep interconnection between identity and labor. Children think of their potential future occupations in terms of what they will be (firemen, teachers, doctors, behavioral economists, or what have you), not about the amount of money they will earn. — Dan Ariely

And intellectual world or by political and financial elites. Hence they must set aside their contempt for other disciplines and their absurd claim to greater scientific legitimacy, despite the fact that they know almost nothing about anything. This, in any case, is the charm of the discipline and of the social sciences in general: one starts from square one, so that there is some hope of making major progress. In France, I believe, economists are slightly more interested in persuading historians and sociologists, as well as people outside the academic world, that what they are doing is interesting (although they are not always successful — Anonymous

People dreaming ,economists steals their dreams and politicians kills it — Mohammed Sekouty

Without exception all political parties promise their supporters a higher real income. There is no difference in this respect between nationalists and internationalists and between the supporters of a market economy and the advocates of either socialism or interventionism. If a party asks its supporters to make sacrifices for its cause, it always explains these sacrifices as the necessary temporary means for the attainment of the ultimate goal, the improvement of the material well-being of its members. Each party considers it as an insidious plot against its prestige and its survival if somebody ventures to question the capacity of its projects to make the group members more prosperous. Each party regards with a deadly hatred the economists embarking upon such a critique. — Ludwig Von Mises

For the historian everything begins and ends with time, a mathematical, godlike
time, a notion easily mocked, time external to men, 'exogenous,' as economists
would say, pushing men, forcing them, and painting their own individual times
the same color: it is, indeed, the imperious time of the world. — Fernand Braudel

People do more for their fellows than return favors and punish cheaters. They often perform generous acts without the slightest hope for payback ranging from leaving a tip in a restaurant they will never visit again to throwing themselves on a live grenade to save their brothers in arms. [Robert] Trivers together with the economists Robert Frank and Jack Hirshleifer has pointed out that pure magnanimity can evolve in an environment of people seeking to discriminate fair weather friends from loyal allies. Signs of heartfelt loyalty and generosity serve as guarantors of one s promises reducing a partner s worry that you will default on them. The best way to convince a skeptic that you are trustworthy and generous is to be trustworthy and generous. — Steven Pinker

And [Thaler] noticed that when he had his fellow economists to dinner, they filled up on cashews, which meant they had less appetite for the meal. More to the point, he noticed that they tended to be relieved when he removed the cashew nuts, so they didn't ruin their dinners. "The idea that it could make you better off to reduce your choices - that idea was alien to economics. — Michael Lewis

In the company of friends, writers can discuss their books, economists the state of the economy, lawyers their latest cases, and businessmen their latest acquisitions, but mathematicians cannot discuss their mathematics at all. And the more profound their work, the less understandable it is. — Alfred Adler

Many thinkers have tried to "naturalize" consumerism in that way, including most social Darwinists, Austrian School economists (Ludwig von Mises, Friedrich Hayek, Murray Rothbard), Chicago School economists (George Stigler, Milton Friedman, Gary Becker), Darwinian libertarians, globalization advocates, management gurus, and marketers. Their model (which I call the Wrong Conservative Model, because I think it's wrong, and because it's usually advocated by political conservatives) is: human nature + free markets = consumerist capitalism — Geoffrey Miller

What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues. — Muhammad Yunus

With respect to the first of these obstacles, it has often been made a matter of grave complaint against Political Economists, that they confine their attention to Wealth, and disregard all consideration of Happiness or Virtue. — Nassau William Senior

The rationale for tenure is still valid. But the system has turned the academy into one of the most conservative and costly institutions in the country. Yes, conservative: Economists joke that their discipline advances one funeral at a time, but many fields must wait for wholesale generational turnover before new approaches take hold. — Francis Fukuyama

Contraceptives unlock one of the most dormant, but potentially powerful assets in development: women as decision-makers. When women have the power to make choices about their families, they tend to decide precisely what demographers, economists, and development experts recommend. They invest in the long-term human capital of their families. — Melinda Gates

Analysis predating [Milton] Friedman's gave a different answer to question of the Fed's policy errors [during the Great Depression] and new scholarship is validating the old wisdom. It now appears that Friedman will be merely an interlude between the sounder analysis of economists contemporary to the Great Depression and those who have rediscovered their insights. --Jeff Herbener — David Howden

Independent economists say immigration reform will grow our economy and shrink our deficits by almost $1 trillion in the next two decades. And for good reason: when people come here to fulfill their dreams - to study, invent, and contribute to our culture - they make our country a more attractive place for businesses to locate and create jobs for everyone. So let's get immigration reform done this year. — Barack Obama

Economists Mason Gaffney and Fred Harrison claim in their work The Corruption of Economics that industrialists toward the end of the 19th century may have intentionally created and promoted a new brand of economics (neoclassical) to divert public attention from the monopolization of nature. Neoclassical economics treats nature as capital - a resource to be exploited. — Martin Adams

One of the profound effects of economics in our day is that the people with the money and the power have embraced the guilt-free, external-less, everything-will-turn-out-okay-in-the-end philosophy of economics in order to justify their own evil works. And the economists, for the most part, have sucked up to that money. — Jane Smiley

Why is it so important to have fun? Because if you love your work (or your activism or your family time), then you'll want to do more of it. You'll think about it before you go to sleep and as soon as you wake up; your mind is always in gear. When you're that engaged, you'll run circles around other people even if they are more naturally talented. From what we've seen personally, the best predictor of success among young economists and journalists is whether they absolutely love what they do. If they approach their job like - well, a job - they aren't likely to thrive. But if they've somehow convinced themselves that running regressions or interviewing strangers is the funnest thing in the world, you know they have a shot. — Steven D. Levitt

Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors. — George Gilder

While the meetings included traders, that is, people who are judged on their numerical performance, it was mostly a forum for salespeople (people capable of charming customers), and the category of entertainers called Wall Street "economists" or "strategists," who make pronouncements on the fate of the markets, but do not engage in any form of risk taking, thus having their success dependent on rhetoric rather than actually testable facts. — Nassim Nicholas Taleb

Economics ought to be a magpie discipline, taking in philosophy, history and politics. But heterodox approaches have long since been banished from most faculties, claims Tony Lawson. In the 1970s, when he started teaching at Cambridge, the economics faculty still boasted legends such as Nicky Kaldor and Joan Robinson. "There were big debates, and students would study politics, the history of economic thought." And now? "Nothing. No debates, no politics or history of economic thought and the courses are nearly all maths."
How do elites remain in charge? If the tale of the economists is any guide, by clearing out the opposition and then blocking their ears to reality. The result is the one we're all paying for. — Aditya Chakrabortty

Economists talk about an invisible hand, in which the self-interested, short-term activities of people lead to what Adam Smith called "the wealth of nations." Geopolitics applies the concept of the invisible hand to the behavior of nations and other international actors. The pursuit of short-term self-interest by nations and by their leaders leads, if not to the wealth of nations, then at least to predictable behavior and, therefore, the ability to forecast the shape of the future international system. — George Friedman

All that the State need do, and can do, in order to preserve the monetary system undisturbed, is to refrain from such intervention. That is the essence of the monetary theory of the classical economists and their immediate successors, the Currency School. It is possible to refine and amplify this doctrine with the aid of the modern subjective theory; but it is impossible to overthrow it, and impossible to put anything else in its place. Those who are able to forget it only show that they are unable to think as economists. — Ludwig Von Mises

statistical indices such as the Gini coefficient give an abstract and sterile view of inequality, which makes it difficult for people to grasp their position in the contemporary hierarchy (always a useful exercise, particularly when one belongs to the upper centiles of the distribution and tends to forget it, as is often the case with economists). — Thomas Piketty

There is a simple test to define path dependence of beliefs (economists have a manifestation of it called the endowment effect). Say you own a painting you bought for $20,000, and owing to rosy conditions in the art market, it is now worth $40,000. If you owned no painting, would you still acquire it at the current price? If you would not, then you are said to be married to your position. There is no rational reason to keep a painting you would not buy at its current market rate - only an emotional investment. Many people get married to their ideas all the way to the grave. Beliefs are said to be path dependent if the sequence of ideas is such that the first one dominates. — Nassim Nicholas Taleb

I am most often irritated by those who attack the bishop but somehow fall for the securities analyst
those who exercise their skepticism against religion but not against economists, social scientists, and phony statisticians. Using the confirmation bias, these people will tell you that religion was horrible for mankind by counting deaths from the Inquisition and various religious wars. But they will not show you how many people were killed by nationalism, social science, and political theory under Stalin or during the Vietnam War. Even priests don't go to bishops when they feel ill: their first stop is the doctor's. But we stop by the offices of many pseudoscientists and "experts" without alternative. We no longer believe in papal infallibility; we seem to believe in the infallibility of the Nobel, though ... — Nassim Nicholas Taleb

The tools used by economists to analyze business firms are too abstract and speculative to offer any guidance to entrepreneurs and managers in their constant struggle to bring novel products to consumers at low cost. — Ronald Coase

Poor kids, through no fault of their own, are less prepared by their families, their schools, and their communities to develop their God-given talents as fully as rich kids. For economic productivity and growth, our country needs as much talent as we can find, and we certainly can't afford to waste it. The opportunity gap imposes on all of us both real costs and what economists term opportunity costs. — Robert D. Putnam

Although the view that, once discovered, ideas can be imitated for free by anybody is pervasive, it is far from the truth. While it may occasionally be the case that an idea is acquired at no cost - ideas are generally difficult to communicate, and the resources for doing so are limited. It is rather ironic that a group of economists, who are also college professors and earn a substantial living teaching old ideas because their transmission is neither simple nor cheap, would argue otherwise in their scientific work. Most of the times imitation requires effort and, what is more important, imitation requires purchasing either some products or some teaching services from the original innovator, meaning that most spillovers are priced. — Michele Boldrin

In neo-classical economic theory, it is claimed without evidence that people are basically self-seeking, that they want above all the satisfaction of their material desires: what economists call "maximising utility". The ultimate objective of mankind is economic growth, and that is maximized only through raw, and lightly regulated, competition. If the rewards of this system are spread unevenly, that is a necessary price. Others on the planet are to be regarded as either customers, competitors or factors of production. Effects upon the planet itself are mere "externalities" to the model, with no reckoning of the cost - at least for now. Nowhere in this analysis appears factors such as human cooperation, love, trust, compassion or hatred, curiosity or beauty. Nowhere appears the concept of meaning. What cannot be measured is ignored. But the trouble is that once our basic needs for shelter and food have been met, these factors may be the most important of all. — Carne Ross

The IMF economists were doubtless shaken by the extreme failures of their prescriptions over many years, and by the collapse of the intellectual edifice of economic theory on which they were relying. — Noam Chomsky

When all economists are equally open-minded and are willing to incorporate important variables in their work, even if the rational model says those variables are supposedly irrelevant, the field of behavioral economics will disappear. All economics will be as behavioral as it needs to be. And those who have been stubbornly clinging to an imaginary world that consists only of Econs will be waving a white flag, rather than an invisible hand. — Richard H. Thaler

One the one hand, our economists treat human beings as rational actors making choices to maximize their own economic benefit. On the other hand, the same companies that hire those economists also pay for advertising campaigns that use the raw materials of myth and magic to encourage people to act against their own best interests, whether it's a matter of buying overpriced fizzy sugar water or the much more serious matter of continuing to support the unthinking pursuit of business as usual in the teeth of approaching disaster. — John Michael Greer

As with our earlier worship of saints and facts, there is something silly about grown men and women striving to reduce their vision of themselves and of civilization to bean counting. The message of the competition/efficiency/marketplace Trinity seems to be that we should drop the idea of ourselves developed over two and a half millennia. We are no longer beings distinguished by our ability to think and to act consciously in order to affect our circumstances. Instead we should passively submit ourselves and our whole civilization
our public structures, social forms and cultural creativity
to the abstract forces of unregulated commerce. It may be that most citizens have difficulty with the argument and would prefer to continue working on the idea of dignified human intelligence. If they must drop something, they would probably prefer to drop the economists. — John Ralston Saul

Too many economists excuse their practical failure by saying "the politicians (or bureaucrats) didn't do exactly what I recommended." Just as medical practitioners must allow for the fact that their patients may not take all the pills they prescribe, or follow all the advice they are given, so economics practitioners need to foresee political and administrative pressures and make their plans robust to changes that politicians, bureaucrats, and lobbyists are likely to impose. — Paul Klemperer

GDCC M. Wolf has a dehumanized approach to demand. Demand is not an animal. Manipulating it veers on totalitarianism. The natural order is that people demand - or, more precisely, desire - the product of their work. This natural - and beautiful - order can momentously be tampered with by well-meaning or not so well-meaning people. Needs can be decreed by tyrants, cravings can be artificially aroused by advertising gurus and affordability can be engineered by economists through debt. But the end result is alienation. Serf8973521 — Cathal Haughian

At some point, economists must study the Business Family Wedding Gift Economy. It is an extraordinary, closed bubble. What happens is this: a woman marries into a conservative Indian business family. She may well be energetic and bright, but there's no place for her at work, nor can she work elsewhere. So, instead, she's urged to 'take up something'. Scented candles, usually. Sometimes kurta design. Or necklaces, or faux-Rajasthani coffee tables. She then becomes a 'success', because every other woman in the family buys her candles as wedding presents, at hideously inflated prices. In return, she buys their kurtas as wedding presents. Eventually, everyone is buying everyone else's hideous creations at hideously high prices, and nobody can ever tell anyone else their stuff sucks, and that nobody really likes the smell of lavender anyway. The most amazing thing is, this is not a very different economy from the one their husbands are in. — Mihir S. Sharma

If there is any hope for changing the world for the better, from reducing family violence to reversing overpopulation and international conflict, economists, educators, and political leaders will need to base their interventions on a sound understanding of what people are really like, not on some fairy-tale version of what we would like them to be. — Douglas T. Kenrick

Those who happen to have the right talents-should be economists and statesmen, and that all economists and statesmen should be Christians, and that their whole efforts in politics and economics should be directed 'Do as you would be done by' into action. If that happened and if we others were really ready to take it, then we should find the Christian solution for our own social problems pretty quickly. — C.S. Lewis

Everywhere there are the politicians and the priest, the ayatollahs and the economists, who will try to explain that reality is what they say it is. Never trust them; trust only the novelist, those deep bankers who spend their time trying to turn pieces of printed paper into value, but never pretend that the result is anything more than a useful fiction. — Malcolm Bradbury

The world is better served by syncretic economists and policymakers who can hold multiple ideas in their heads than by 'one-handed' economists who promote one big idea regardless of context. — Dani Rodrik

Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish. — Benjamin Graham

In sum, economists (and those who listened to them) became overconfident in their preferred models of the moment: markets are efficient, financial innovation improves the risk-return trade-off, self-regulation works best, and government intervention is ineffective and harmful. They forgot about the other models. There was too much Fama, too little Shiller. The economics of the profession may have been fine, but evidently there was trouble with its psychology and sociology. — Dani Rodrik

Economists want their discipline to be a science, and they have nailed down a few precepts, but many of their debates are still clouded by ideology. — Nathan Myhrvold

I have been ... moved to wonder whether my job is a job or a racket, whether economists, and particularly economic theorists, may not be in the position that Cicero, citing Cato, ascribed to the augurs of Rome-that they should cover their faces or burst into laugher when they met on the street. — Frank Knight

There is one great advantage to being an academic economist in France: here, economists are not highly respected in the academic and intellectual world or by political and financial elites. Hence they must set aside their contempt for other disciplines and their absurd claim to greater scientific legitimacy, despite the fact that they know almost nothing about anything. — Thomas Piketty

Often, economists spend their energies squabbling with one another, but arguably the more important contrast is between our broadly liberal economic worldview and the various alternatives - common around the globe - that postulate natural hierarchies of religion, ethnicity, caste and gender, often enforced by law and strict custom. — Tyler Cowen

The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors. — Barry Ritholtz

Our popular economics writers, however, are not in the business of giving their readers a ringside seat on the research action; with no exception I can think of, they use their books to do an end run around the normal structure of scholarship, to preach ideas that few serious economists share. Often, these ideas are not just at odds with the professional consensus; they are demonstrably wrong, and sometimes terminally silly. But they sound good to the unwary reader. — Paul Krugman

Thus, after all, the actual rates of aggregate saving and spending do not depend on Precaution, Foresight, Calculation, Improvement, Independence, Enterprise, Pride or Avarice. Virtue and vice play no part. It all depends on how far the rate of interest is favourable to investment, after taking account of the marginal efficiency of capital. No, this is an overstatement. If the rate of interest were so governed as to maintain continuous full employment, virtue would resume her sway;
the rate of capital accumulation would depend on the weakness of the propensity to consume. Thus, once again, the tribute that classical economists pay to her is due to their concealed assumption that the rate of interest always is so governed. — John Maynard Keynes

The concept of need is often looked upon rather unfavorably by economists, in contrast with the concept of demand. Both, however, have their own strengths and weaknesses. The need concept is criticized as being too mechanical, as denying the autonomy and individuality of the human person, and as implying that the human being is a machine which "needs" fuel in the shape of food, engine dope in the shape of medicine, and spare parts provided by the surgeon. — Kenneth E. Boulding

Probably the only people left who think that economics deserves a Nobel Prize are economists. It confirms their conceit that they're doing 'science' rather than the less tidy task of observing the world and trying to make sense of it. This, after all, is done by mere historians, political scientists, anthropologists, sociologists, and (heaven forbid) even journalists. Economists are loath to admit that they belong in such raffish company. — Robert J. Samuelson

I can't resist telling you that when the Vienna Economics Institute celebrated its centennial, many years ago, they invited, as their keynote speaker, my father [John Kenneth Galbraith]. The leading economists of the Austrian school- including von Hayek and von Haberler - returned for the occasion. And so my father took a moment to reflect on the economic triumphs of the Austrian Republic since the war, which, he said, "would not have been possible without the contribution of these men." They nodded - briefly - until it dawned on them what he meant. They'd all left the country in the 1930s. — James K. Galbraith

Economists copied their mathematics from the work of 19th-century physicists: they see individuals and businesses as interchangeable atoms, not as unique creators. — Peter Thiel

What many economists fail to understand is that poor people are no less concerned about improving their lot and that of their children than rich people are. — Theodore Schultz

To economists, prices serve as crucial signals to producers and consumers. In a regulated market, the state sets prices high enough for private companies to cover their costs and earn a guaranteed profit for their investors. But in a deregulated market, prices should vary with demand and supply. — Alex Berenson

Commerce is considered by classical economists to be a positive-sum
game. The act of selling and buying always benefits both the seller
and the buyer. It is unfortunate that popular culture has propagated
the Marxist myth that one person gains in business at the expense of
another, that capitalism is evil because it is a zero-sum game - somebody
wins while someone else loses. When liberals make the argument
that capitalism is the cause of all of our problems, they are either
speaking out of abject ignorance or being totally disingenuous to
protect their interests. We have not had true free-market capitalism
in this country on any wide scale. Where we have had economic
successes in this nation's history, it has been those times when people
have done something outside of the government's involvement. Every
time the federal government has been involved, it has created chaos,
waste, and corruption. — Ziad K. Abdelnour

I remember my visit to the opencast iron ore mines in Keonjhar, Orissa. There was forest there once. And children like these. Now the land is like a raw, red wound. Red dust fills your nostrils and lungs. The air is red, the water is red, the people are red, their lungs and hair are red. All day and all nights trucks rumble through their villages, bumper to bumper, thousands and thousands of trucks, taking ore to Paradip port from where it will go to China. There it will turn into cars and smoke and sudden cities that spring up overnight. Into a 'growth rate' that leaves economists breathless. Into weapons to make war. — Arundhati Roy

Supply-side economists argue that because lower tax rates allow everyone in the private sector to keep more of what they earn, tax relief provides citizens with strong incentives to work longer hours (thus increasing labor), to save and invest more of their income (thus increasing capital), and to devote more attention to innovation of all kinds (thus increasing efficiency, or TFP). — David A. Moss

Economists, on the whole, think well of what they do themselves and much less well of what their professional colleagues do. — John Kenneth Galbraith

Finance is concerned with the relations between the values of securities and their risk, and with the behavior of those values. It aspires to be a practical, like physics or chemistry or electrical engineering. As John Maynard Keynes once remarked about economics, "If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid." Dentists rely on science, engineering, empirical knowledge, and heuristics, and there are no theorems in dentistry. Similarly, one would hope that nance would be concerned with laws rather than theorems, with behavior rather than assumptions. One doesn't seriously describe the behavior of a market with theorems. — Emanuel Derman

Our belief in salvation through the market is very much in the Utopian tradition. The economists and managers are the servants of God. Like the medieval scholastics, their only job is to uncover the divine plan. They could never create or stop it. At most they might aspire to small alterations. — John Ralston Saul

She was one of the unfortunates trying to get some sort of human grasp of Earth's economics, and deserved all the light relief she could get. I recall that all through that year you could tell the economists by their distraught look and slightly glazed-looking eyes. — Iain M. Banks

(P162) The great blessing of private property, then, is that people can benefit from their own industry and insulate themselves from the negative effects of others' actions. It is like a set of invisible mirrors that surround individuals, households or firms, reflecting back on them the consequences of their acts. The industrious will reap the benefits of their industry, the frugal the consequences of their frugality; the improvidant and the profligate likewise. They receive their due, which is to say they experience justice as a matter of routine. Private property institutionalises justice. This is its great virtue, perhaps dwarfing all others. We may say with the economists that private property "internalizes the externalities," or with the philosophers that it gives rise to "social justice. — Tom Bethell

In the 1970s, as historians became enchanted with microhistories, economists were expanding the reach of their discipline. Nations, states and cities began to plan for the future by consulting with economists whose prognostications were shaped by investment cycles rather than historical ones. — Annalee Newitz

Politicians, bureaucrats, editors, new commentators, 'economists' teachers,' and other word artists who denounce private enterprise and praise socialism are their own worst enemies ... these attackers are unwittingly destroying the sources of their own livelihood. They kill the geese that lay the golden eggs - and don't know it! — Leonard Read

For far too long economists have sought to define themselves in terms of their supposedly scientific methods. In fact, those methods rely on an immoderate use of mathematical models, which are frequently no more than an excuse for occupying the terrain and masking the vacuity of the content. — Thomas Piketty

The generic concept of capital without which economists cannot do their work has no measurable counterpart among material objects; it reflects the entrepreneurial appraisal of such objects. Beer barrels and blast furnaces, harbour installations and hotel-room furniture are capital not by virtue of their physical properties but by virtue of their economic functions. Something is capital because the market, the consensus of entrepreneurial minds, regards it as capable of yielding an income. This does not mean that the phenomena of capital cannot be comprehended by clear and unambiguous concepts. The stock of capital used by society does not present a picture of chaos. Its arrangement is not arbitrary. There is some order in it. — Ludwig Lachmann

I may be only a fish and chip shop lady, but some of these economists need to get their heads out of the textbooks and get a job in the real world. I would not even let one of them handle my grocery shopping. — Pauline Hanson

Of course, government economists have been doing their part as well to try to sugar-coat the pill of tax increases. They never refer to these changes as "increases." They have not been increases at all; they were "revenue enhancement" and "closing loopholes." The best comment on the concept of "loopholes" was that of Ludwig von Mises. Mises remarked that the very concept of "loopholes" implies that the government rightly owns all of the money you earn, and that it becomes necessary to correct the slipup of the government's not having gotten its hands on that money long since. — Ludwig Von Mises