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" Subjectivism is not an absolute principle; it is a necessary but not sufficient condition for sound methodology. "
Murray Rothbard
Sound
Methodology
Necessary
Related Quotes:
" Commercial banks - that is, fractional reserve banks - create money out of thin air. Essentially, they do it in the same way as counterfeiters. "
Murray Rothbard
Way
Out
Money
" Gold and silver are always in demand, regardless of clime, century, or government in power. But public confidence in and, hence, demand for paper money depends on the ultimate confidence - or lack thereof - of the public in the viability of the issuing government. "
Murray Rothbard
Power
Confidence
Government
" Lacking the direct test of success or failure, the voter tends to turn, not to those politicians whose measures have the best chance of success, but to those with the ability to 'sell' their propaganda. Without grasping logical chains of deduction, the average voter will never be able to discover the error that the ruler makes. "
Murray Rothbard
Test
Chance
Best
" Keynes eliminated economic theory's ancient role as spoilsport for inflationist and statist schemes, leading a new generation of economists on to academic power and to political pelf and privilege. "
Murray Rothbard
Privilege
Power
Political
" Economics has revealed a great truth about the natural law of human interaction: that not only is production essential to man's prosperity and survival, but so also is exchange. "
Murray Rothbard
Man
Law
Human
" In his second Inaugural Address, on March 5, 1821, Monroe admitted at last to a general depression of prices, but only as a means of explaining the great decline in the federal revenue. Despite this, he asserted that the situation of America presented a 'gratifying spectacle.' "
Murray Rothbard
Great
Situation
America
" Originally, Congress provided in 1793 that all foreign coins circulating in the United States be legal tender. Indeed, foreign coins have been estimated to form 80 percent of American domestic specie circulation in 1800. "
Murray Rothbard
Congress
United States
Legal
" While the seeming independence of the federal judiciary has played a vital part in making its actions virtual Holy Writ for the bulk of the people, it is also and ever true that the judiciary is part and parcel of the government apparatus and appointed by the executive and legislative branches. "
Murray Rothbard
Government
Independence
People
" If a man's free will to adopt ideas and values is inalienable, his freedom of action - his freedom to put these ideas into effect in the world - is not in such a fortunate condition. "
Murray Rothbard
World
Action
Free
" The avoidance of explicit ethical judgments leads political scientists to one overriding implicit value judgment - that in favor of the political status quo as it happens to prevail in any given society. "
Murray Rothbard
Value
Judgment
Political
" Hoover had prevented 'an immediate attack upon wages as a basis of maintaining profits,' but the result of wiping out profits and maintaining artificial wage rates was chronic, unprecedented depression. "
Murray Rothbard
Depression
Out
Result
" Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other. "
Murray Rothbard
Impossible
Savings
Other
" The major reason for Keynes's rejection of communism was simply that he could scarcely identify with the grubby proletariat. "
Murray Rothbard
Rejection
Reason
Major
" Libertarians regard the state as the Supreme, the eternal, the best organized aggressor against the persons and property of the mass of the public. All states everywhere, whether democratic, dictatorial, or monarchical, whether red, white, blue or brown. "
Murray Rothbard
Blue
White
Red
" Philosophically, I believe that libertarianism - and the wider creed of sound individualism of which libertarianism is a part - must rest on absolutism and deny relativism. "
Murray Rothbard
Rest
Sound
Believe
" The State has invariably shown a striking talent for the expansion of its powers beyond any limits that might be imposed upon it. "
Murray Rothbard
Limits
Beyond
Expansion
" The natural law is, in essence, a profoundly 'radical' ethic, for it holds the existing status quo, which might grossly violate natural law, up to the unsparing and unyielding light of reason. "
Murray Rothbard
Reason
Natural
Light
" The fact that natural-law theorists derive from the very nature of man a fixed structure of law independent of time and place, or of habit or authority or group norms, makes that law a mighty force for radical change. "
Murray Rothbard
Habit
Time
Change
" If you wish to know how libertarians regard the State and any of its acts, simply think of the State as a criminal band, and all of the libertarian attitudes will logically fall into place. "
Murray Rothbard
Think
Fall
You
" Famine emerges from a lack of interlocal trade; when one locality's food crop fails, since there is virtually no trade with other localities, the bulk of the people starve. It is precisely the permeation of the free market throughout the world that has virtually ended this scourge of famine by permitting trade between areas. "
Murray Rothbard
Market
Trade
Food
" Many and subtle are the ideological weapons that the State has wielded through the centuries. Once excellent weapon has been tradition. The longer that the rule of a State has been able to preserve itself, the more powerful this weapon; for then, the X Dynasty or the Y State has the seeming weight of centuries of tradition behind it. "
Murray Rothbard
Behind
Been
Tradition
" In the panic of 1819, the protectionists stressed the lack of consumer markets abroad and the necessity for building up a market at home. The inflationists, on the other hand, stressed the shortage of money capital available to manufacturers as a cause of the crisis. "
Murray Rothbard
Home
Stressed
Money
" The Jacksonians were not monetary nationalists; specie was specie, and they saw no reason that foreign gold or silver coins should not circulate with the same full privileges as American-minted coins. "
Murray Rothbard
Same
Reason
Gold
" The picture of the free market is necessarily one of harmony and mutual benefit; the picture of State intervention is one of caste conflict, coercion, and exploitation. "
Murray Rothbard
Free
Harmony
Picture
" Among intellectuals who consider themselves 'scientific,' the phrase 'the nature of man' is apt to have the effect of a red flag on a bull. "
Murray Rothbard
Man
Red
Flag
" Leading the boom of 1838 were state governments, who, finding themselves with the unexpected windfall of a distributed surplus from the federal government, proceeded to spend the money wildly and borrow even more extravagantly on public works and other uneconomic forms of 'investment.' "
Murray Rothbard
Finding
Government
Money
" It is human nature that when you see something work well, you do more of it. If, in its ceaseless quest for revenue, government sees a seemingly harmless method of raising funds without causing much inflation, it will grab on to it. "
Murray Rothbard
Work
Government
Human Nature
" It is important to realize that gold and silver are international commodities and that, therefore, when not prohibited by government decree, foreign coins are perfectly capable of serving as standard moneys. "
Murray Rothbard
Realize
Important
Government
" The great fact of individual difference and variability (that is, inequality) is evident from the long record of human experience: hence, the general recognition of the antihuman nature of a world of coerced uniformity. "
Murray Rothbard
Experience
Great
World
" As 'Austrian' business cycle theory has pointed out, any bank credit inflation sets up conditions for boom-and-bust; there is no need for prices actually to rise. "
Murray Rothbard
Need
Business
Bank