A Quote by Ludwig von Mises

No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.

Ludwig von Mises

Quote Topics

Acts Allow Attempt Avoid Deep Economics Effects Future Grasping Greater Ill Immediate Knowledge Measure Much Needed Present Remedy Seeds Sowing Task Us Very Very Deep

Quote Author

Ludwig von Mises
Austrian - Economist
September 29, 1881 - October 10, 1973

The science of constructing a commonwealth or renovating it, or reforming it, is...not to be taught a priori...That which in the first instance is prejudicial may be excellent in its remoter operation, and its excellence may rise even from the ill effects it produces in the beginning. The reverse also happens; and very plausible schemes, with very pleasing commencements, have often shameful and lamentable conclusions.

Edmund Burke

Thought consoles us for all, and heals all. If at times it does you ill, ask it for the remedy for that ill and it will give it to you.

Nicolas Chamfort

And one of the worst effects was that by suppressing critical thought, it also suppressed critical thought in the field of economics and hampered the development of economics - and the country would fall back further and further in the economic competition with the West.

Stefan Heym

Our allies, Great Britain, Australia, Israel, some of the strongest militaries in the world, allow transgender people to serve openly and have experienced no ill effects from that.

Allyson Robinson

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

Never allow sick attitudes to poison your thinking, nor let ill will make you ill. Avoid making your mind sore by that painful rehurting called resentment.

Norman Vincent Peale

The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Henry Hazlitt

Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest.

Charlie Munger

Being ill-prepared and unequipped to deal with life's inevitable challenges leaves us vulnerable to the dangerous effects of stress.

Amy Morin

Experimental economics is about conducting experiments: bringing economics into the laboratory or creating controlled conditions in the field that allow us to understand better what we are seeing in less controlled circumstances.

Alvin E. Roth

In this nation I see tens of millions of its citizens, a substantial part of its whole population, who at this very moment are denied the greater part of what the very lowest standards of today call the necessities of life. I see one third of a nation ill-housed, ill-clad, ill-nourished. The test of our progress is not whether we add more to the abundance of those who have much, it is whether we provide enough for those who have too little.

Franklin D. Roosevelt

It appears to me that one great cause of our difference in opinion on subjects which we often discuss is that you have always in mind the immediate and temporary effects of particular changes, whereas I put these effects quite aside, and fix my whole attention on the long-term effects that will result from them.

David Ricardo

Washington continues to encourage ever more ill-considered lending in a misguided attempt to stave off needed market corrections. The currently proposed combination of a nationwide infrastructure spending orgy plus tax-cut bribes does nothing to remedy that.

Michelle Malkin

I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. Economics is very useful, and I studied economics in graduate school. But without understanding the social and organizational context of economics, it becomes a theory without any groundwork.