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-Economics in three easy lessons-
Wealth is created in only two ways.
1- By mining the earth.
2- By manufacturing
Services do not create wealth, they only transfer it from one
location to another.
When production exceeds consumption, the standard of living goes up.
When consumption exceeds production, the standard of living goes
A nation with a productivity shortfall can, for a limited time,
maintain its standard of living
by borrowing the surplus productivity of other nations.
depressions don't just happen.
Ten times out of ten, they are caused by government.
"The problem with socialism is that you eventually run out of other
I predict future happiness for
Americans if they can prevent the government
from wasting the labors of the people under the pretense of taking care of
It is incumbent on every
generation to pay its own debts as it goes.
A principle which if acted on would save one-half the wars of the
The democracy will cease to
exist when you take away
from those who are willing to work and give to those who would not.
My reading of history
convinces me that most
bad government results from too much government.
To compel a man to subsidize
with his taxes the propagation
of ideas which he disbelieves and abhors is sinful and tyrannical.
The tree of liberty must be
refreshed from time to time with the blood of patriots and tyrants.
No free man shall ever be
debarred the use of arms.
The strongest reason for the
people to retain the right to keep and bear arms is,
as a last resort, to protect themselves against tyranny in
From , A History of
the American People
by Paul Johnson.
"Right at the end of
his life, Benjamin Franklin wrote a pamphlet giving advice to
Europeans planning to come to America. He said it was a good place
for those who wanted to become rich.
But, he said, it was above all a haven for the industrious poor, for
nowhere else are the laboring poor so well fed, well lodged, well
clothed and well paid as in the United States of America. It was a
country, he concluded, where ‘a general happy mediocrity prevails’.
It is important for those who wish to understand American history to
remember the point about ‘happy mediocrity.’
The historian is bound
to bring out the high points and crises of the national story...
But the everyday lives of simple citizens must not be ignored simply
because they were uneventful. This is particularly true of America,
a country specifically created by and for ordinary men and women,
where the system of government was deliberately designed to
interfere in their lives as little as possible."
Franklin did not
mention the fact that the working poor could save, invest and work
their way into the upper economic classes as he and
countless others who came here penniless, managed to do. Likewise,
the rich can, and do, just as easily move in the opposite
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