Quotes & Sayings About The Free Market Economy

The nature of the economic system should be a matter for public choice, and free market capitalism should not be accepted without any discussion of the rich variety of alternatives ... Unlike civil laws, economic laws are imposed on people with all the authority of immutable laws of nature. But the economy is created by people, supported by government intervention, regulation, statute and subsidy, and implemented in such a way that it gives substantial wealth and power to a privileged few, while the majority face a life of relentless work, stress and periodic financial insecurity. — Tony Benn

Unlike his sometime rival Tariq Ramadan, who'd been tainted by his old Trotskyite connections, Ben Abbes had kept his distance from the anticapitalist left. He understood that the pro-growth right had won the "war of ideas," that young people today had become entrepreneurs, and that no one saw any alternative to the free market. But his real stroke of genius was to grasp that elections would no longer be about the economy but about values, and that here, too, the right was about to win the "war of ideas" without a fight. — Michel Houellebecq

A free-enterprise economy depends only on markets, and according to the most advanced mathematical macroeconomic theory, markets depend only on moods: specifically, the mood of the men in the pinstripes, also known as the Boys on the Street. When the Boys are in a good mood, the market thrives; when they get scared or sullen, it is time for each one of us to look into the retail apple business. — Barbara Ehrenreich

Americans have always pursued our dreams within a free market that has been the engine of our progress. It's a market that has created a prosperity that is the envy of the world, and rewarded the innovators and risk-takers who have made America a beacon of science, and technology, and discovery. But the American economy has worked in large part because we have guided the market's invisible hand with a higher principle - that America prospers when all Americans can prosper. That is why we have put in place rules of the road to make competition fair, and open, and honest. — Barack Obama

At any rate, planning in this sense means all-around planning by the government and enforcement of these plans by the police power. Planning in this sense means full government control of business. It is the antithesis of free enterprise, private initiative, private ownership of the means of production, market economy, and the price system. Planning and capitalism are ut- terly incompatible. Within a system of planning production is conducted according to the government's orders, not according to the plans of capitalists and entrepreneurs eager to profit by best filling the wants of the consumers. — Ludwig Von Mises

It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society. — Murray Rothbard

I think President Obama is the most radical president this nation's ever seen. And in particular, I think he is a true believer in government control of the economy and of our everyday lives. In my judgment, we are facing what I consider to be the epic battle of our generation, quite literally the battle over whether we remain a free market nation. — Ted Cruz

If government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy. — Murray Rothbard

Just as Karl Marx did not attribute what he saw as the detrimental effects of a market economy to the ill will of individual capitalists, so Adam Smith did not attribute what he saw as the beneficial effects of a market economy to the good will of individual capitalists. Smith's depictions of businessmen were at least as negative as those of Marx,21 even though Smith is rightly regarded as the patron saint of free market economics. According to Smith, the beneficial social effects of the businessman's endeavors are "no part of his intention."22 — Thomas Sowell

It had been well known for twenty years that the distribution of large and small earthquakes followed a particular mathematical pattern, precisely the same scaling pattern that seemed to govern the distribution of personal incomes in a free-market economy. — James Gleick

The market steers the capitalistic economy. It directs each individual's activities into those channels in which he best serves the wants of his fellow-men. The market alone puts the whole social system of private ownership of the means of production and free enterprise in order and provides it with sense and meaning. — Ludwig Von Mises

When each of us is free to work out his own economic destiny, within the framework of the market economy, the institution of private property, and the general rule of law, we will all improve our economic condition much faster than when we are ordered around by bureaucrats. — Henry Hazlitt

People have a hard time accepting free-market economics for the same reason they have a hard time accepting evolution: it is counterintuitive. Life looks intelligently designed, so our natural inclination is to infer that there must be an intelligent designer
a God. Similarly, the economy looks designed, so our natural inclination is to infer that we need a designer
a government. In fact, emergence and complexity theory explains how the principles of self-organization and emergence cause complex systems to arise from simple systems without a top-down designer. — Michael Shermer

Let us have the candor to acknowledge that what we call "the economy" or "the free market" is less and less distinguishable from warfare. — Wendell Berry

I know their unstinted devotion to the free-market economy, provided it's their freedom and somebody else's economy. — John Le Carre

Other things, like capitalism, free enterprise, the economy, currency, the market, are not forces of nature, we invented them. They are not immutable and we can change them. — David Suzuki

We know that in our free market economy some will prosper more than others. What we don't accept is the idea that some folks won't even get a chance. — Julian Castro

Getting a lousy education, then spending a lifetime pitted against your fellow workers in the gladiatorial theater of the free market economy does not make for optimism or open mindedness, both hallmarks of liberalism. It makes for a kind of bleak coarseness and inner degradation that allows working people to accept the American empire's wars without a blink. — Joe Bageant

A free economy is as essential to society as democratic political institutions. A strong market-based economy is the fertile ground for democratic freedoms that we think are important. — Lee R. Raymond

It was the task of industrial society to destroy all of that. All that "community" implies -- self-sufficiency, mutual aid, morality in the marketplace, stubborn tradition, regulation by custom, organic knowledge instead of mechanistic science -- had to be steadily and systematically disrupted and displaced. All of the practices that kept the individual from being a consumer had to be done away with so that the cogs and wheels of an unfettered machine called "the economy" could operate without interference, influenced merely by invisible hands and inevitable balances and all the rest of that benevolent free-market system guided by what Cobbett called, his lip curled toward Hume and James Steuart and Adam Smith, "Scotch Feelosophy. — Kirkpatrick Sale

A depression is a large-scale decline in production and trade ... there is nothing in the nature of a free-market economy to cause such an event. — Nathaniel Branden

The great hatred of capitalism in the hearts of the oppressed, ancient and modern, I think, stems not merely from the ensuing vast inequality in wealth, and the often unfair and arbitrary nature of who profits and who suffers, but from the silent acknowledgement that under a free market economy the many victims of the greed of the few are still better off than those under the utopian socialism of the well-intended. It is a hard thing for the poor to acknowledge benefits from their rich moral inferiors who never so intended it. (p.272) — Victor Davis Hanson

Free markets. What does this system mean? The answer is simple: it is the market economy, it is the system in which the cooperation of individuals in the social division of labor is achieved by the market. — Ludwig Von Mises

A famous, very often quoted phrase says: "That government is best, which governs least." I do not believe this to be a correct description of of the functions of a good government. Government ought to do all the things for which it is needed and for which it is established. Government ought to protect the individuals within the country against the violent and fraudulent attacks of gangsters, and it should defend the country against foreign enemies. These are the functions of government within a free system, within the system of the market economy. — Ludwig Von Mises

No government of the left has done as much for the poor as capitalism has. Even when it comes to the redistribution of income, the left talks the talk but the free market walks the walk.
What do the poor most need? They need to stop being poor. And how can that be done, on a mass scale, except by an economy that creates vastly more wealth? Yet the political left has long had a remarkable lack of interest in how wealth is created. As far as they are concerned, wealth exists somehow and the only interesting question is how to redistribute it. — Thomas Sowell

Sustainability is today's freedom crusade, because the next generation will not live free - will not have the freedom to pursue its economic dreams or to delight in all that nature has to offer - if our approach to the financial world and the natural are not grounded in sustainable values. That lack of sustainability will constrict everything in our lives. It will limit everything we might want to do. Unless we become less dependent on hydrocarbons, and unless we find a balance between the need for markets to be free enough to reward innovation and risk-taking but not so free as to reward recklessness that can destabilize the whole global economy, our lives will be reduced, redacted, and restricted. We will be overwhelmed by all the toxic assets we will produce in the Market and in Mother Nature. It will feel worse than had the Soviet Union won the Cold War, because we and our children will be enslaved by our financial debts and constricted by our ecological debts. — Thomas L. Friedman

Rusche and Kirchheimer relate the different systems of punishment with the systems of production within which they operate: thus, in a slave economy, punitive mechanisms serve to provide an additional labour force
and to constitute a body of 'civil' slaves in addition to those provided by war or trading; with feudalism, at a time when money and production were still at an early stage of development, we find a sudden increase in corporal punishments
the body being in most cases the only property accessible; the penitentiary (the Hopital General, the Spinhuis or the Rasphuis), forced labour and the prison factory appear with the development of the mercantile economy. But the industrial system requires a free market in labour and, in the nineteenth century, the role of forced labour in the mechanisms of punishment diminishes accordingly and 'corrective' detention takes its place. — Michel Foucault

The free market economy is supposed to be the only path leading to the happiness of humanity by promoting wealth and prosperity, power and influence of nations. — Omar Bongo

Risk, as first articulated by the economist Frank H. Knight in 1921,45 is something that you can put a price on. Say that you'll win a poker hand unless your opponent draws to an inside straight: the chances of that happening are exactly 1 chance in 11.46 This is risk. It is not pleasant when you take a "bad beat" in poker, but at least you know the odds of it and can account for it ahead of time. In the long run, you'll make a profit from your opponents making desperate draws with insufficient odds. Uncertainty, on the other hand, is risk that is hard to measure. You might have some vague awareness of the demons lurking out there. You might even be acutely concerned about them. But you have no real idea how many of them there are or when they might strike. Your back-of-the-envelope estimate might be off by a factor of 100 or by a factor of 1,000; there is no good way to know. This is uncertainty. Risk greases the wheels of a free-market economy; uncertainty grinds them to a halt. — Nate Silver

Since achieving their independence in 1992, the people of Croatia have built a democratic society based on the rule of law, respect for human rights, and a free market economy. — Elton Gallegly

As much as I say that market economy is a more aggressive, expansile form of command economy, I say now that democracy is a more aggressive, expansile form of dictatorship. The sin of democracy and any types of -cracy is their numbers. — Andreas Laurencius

We all too often have socialism for the rich and rugged free market capitalism for the poor. — Martin Luther King Jr.

It is eminently possible to have a market-based economy that requires no such brutality and demands no such ideological purity. A free market in consumer products can coexist with free public health care, with public schools, with a large segment of the economy
like a national oil company
held in state hands. It's equally possible to require corporations to pay decent wages, to respect the right of workers to form unions, and for governments to tax and redistribute wealth so that the sharp inequalities that mark the corporatist state are reduced. Markets need not be fundamentalist. — Naomi Klein

Let's face a historical truth: we have never had a "free market", we have always had government intervention in the economy, and indeed that intervention has been welcomed by the captains of finance and industry. They had no quarrel with "big government" when it served their needs. — Howard Zinn

People used to make money, but somewhere along the way, it started making us. — Trevor D. Richardson

In the 19th century, a lot of people were against outlawing child labour, because to do so would be against the very foundations of a free market economy: 'These children want to work, these people want to employ them ... what is your problem? It's not as if anyone has kidnapped them ... ' — Brian Eno

The reaper can be produced only in countries where labor receives a high reward, where farmers own their own acres without fear of being despoiled by invading armies, where average of intelligence is as high in the country as in the city. — Herbert Newton Casson

The air we breathe is still free, but for how much time. I believe someone is busy patenting it to start selling it for profit — Bangambiki Habyarimana

Servile labour disappeared because it could not stand the competition of free labour; its un-profitability sealed its doom in the market economy. — Ludwig Von Mises

I believe in a real democratic system, with a state of law and freedom of the press. I believe in a free, open-market economy integrated with the world. And I believe in equality of opportunity. Those are my basic beliefs. On top of that, of course, I believe in some moral values. — Sebastian Pinera

The transparency and intelligibility of a country with a free market economy can reassure its neighbors that it is not going on a war footing, which can defuse a Hobbesian trap and cramp a leader's freedom to engage in risky bluffing and brinkmanship. — Steven Pinker

I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well. — Charlie Munger

What most people really object to when they object to a free market is that it is so hard for them to shape it to their own will. The market gives people what the people want instead of what other people think they ought to want. At the bottom of many criticisms of the market economy is really lack of belief in freedom itself. — Milton Friedman

The libertarian creed ... offers the fulfillment of the best of the American past along with the promise of a far better future. Libertarians are squarely in the great classical liberal tradition that built the United States and bestowed on us the American heritage of individual liberty, a peaceful foreign policy, minimal government, and a free-market economy. — Murray Rothbard

There are some things in the world we can't change- gravity, entropy, the speed of light, and our biological nature that requires clean air, clean water, clean soil, clean energy and biodiversity for our health and well-being. Protecting the biosphere should be our highest priority or else we sicken and die. Other things, like capitalism, free enterprise, the economy, currency, the market, are not forces of nature, we invented them. They are not immutable and we can change them. It makes no sense to elevate economics above the biosphere. — David Suzuki

The more central problem of money in politics is something just as troubling but much harder to see: a system in which economic inequalities, inevitable in a free market economy, are transformed into political inequalities that affect both electoral and legislative outcomes. — Richard L. Hasen

The challenge as we saw in the Nigerian project was to restructure the economy decisively in the direction of a modern free market as an appropriate environment for cultivation of freedom and democracy and the natural emergence of a new social order. — Ibrahim Babangida

I read recently that 60% of all drugs on the black-market had been put there by the police. No sooner are drugs seized, it seems, than they are recycled onto the streets by the arresting officers! I know our Leader, Mrs Thatcher, is in favour of private enterprise, but this is the free market gone mad! ... Yours for the Market Economy Within Reasonable Limits! — William Donaldson

All the evils, abuses, and iniquities, popularly ascribed to businessmen and to capitalism, were not caused by an unregulated economy or by a free market, but by government intervention into the economy. — Ayn Rand

In essence, then, the common picture of economic thought after Smith needs to be reversed. In the conventional view, Adam Smith, the towering founder, by his theoretical genius and by the sheer weight of his knowledge of institutional facts, single-handedly created the discipline of political economy as well as the public policy of the free market, and did so out of a jumble of mercantilist fallacies and earlier absurd scholastic notions of a 'just price'. The real story is almost the opposite. Before Smith, centuries of scholastic analysis had developed an excellent value theory and monetary theory, along with corresponding free market and hard-money conclusions. Originally embedded among the scholastics in a systematic framework of property rights and contract law based on natural law theory, economic theory — Anonymous

In the past six months, our federal government has devised a dozen strategies to save America's financial markets. Each plan has been more costly, more risky, and less aligned with the principles of our country's free market economy than the last. I am disappointed to say that this latest plan puts all the rest of them to shame. — Michael Enzi

There is no use in deceiving ourselves. American public opinion rejects the market economy, the capitalistic free enterprise system that provided the nation with the highest standard of living ever attained. Full government control of all activities of the individual is virtually the goal of both national parties. — Ludwig Von Mises

Obama is already setting a new historic course by reorienting the economy from private consumption to public investments ... free-market pundits bemoan the evident intention of Obama and team to 'tell us what kind of car to drive'. Yet that is exactly what they intend to do ... and rightly so. Free-market ideology is an anachronism in an era of climate change. — Jeffrey Sachs

The trouble with a free market economy is that it requires so many policemen to make it work. — Dean Acheson

Depressions and mass unemployment are not caused by the free market but by government interference in the economy. — Ludwig Von Mises

While big-business leaders and firms can be highly productive, servants of consumers in a free market economy, they are also all too often, seekers after subsidies, contracts, privileges, or cartels furnished by big government. Often, business lobbyists and leaders are the sparkplugs for the statist, interventionist system. — Murray Rothbard

You do not need to be in the single market we do not need that we are the word's fifth biggest economy. Most economies can agree free trade deals within two years the EU is taking 10 years or never at all, why? — Andrea Leadsom

A coat is not worth eight times as much as a hat to the community because it takes eight times as long to make it ... The community is willing to devote eight times as long to the making of a coat because it will be worth eight times as much to it — Mark Skousen

To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political parties. One may condemn the fraud and the current system, but it must be called by its proper names - Keynesian inflationism, interventionism, and corporatism. — Ron Paul