The Essential Function Of The State Is

Economics Is Haunted By More Fallacies Than Any Other Study Known To Man

Economics Is Haunted By More Fallacies Than Any Other Study Known To Man. This Is No Accident. The Inherent Difficulties Of The Subject Would Be Great Enough In Any Case, But They Are Multiplied A Thousandfold By A Factor That Is Insignificant In, Say, Physics, Mathematics Or Medicine - The Special Pleading Of Selfish Interests.

All Subsidy Measures, All Schemes To Redistribute Income Or To Force Peter To Support Paul, Are One-eyed As Well As Shortsighted. They Get Their Immediate Appeal By Focusing Attention On The Alleged Needs Of Some Particular Group Of Intended Beneficiaries. But The Inevitable Victims - Those Who Are Going To Be Asked To Pay For The New Handout In Increased Taxes (which Directly Or Indirectly Means Almost Everybody Else) - Are Left Out Of Account. Only One-half Of The Problem Has Been Seen. The Cost Of The Proposed Solution Has Been Overlooked.

From A Strictly Economic Point Of View, Buying Gold In A Major Inflation And Holding It Probably Presents The Least Risk Of Capital Loss Of Any Investment Or Speculation.

The First Requisite Of A Sound Monetary System Is That It Put The Least Possible Power Over The Quantity Or Quality Of Money In The Hands Of The Politicians.