| The Top Ten Poorest Countries map has been prepared on the basis of the GDP of a country. A country with a GDP per capita of $765 dollars or less is defined as a low-income or poor country. |
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TES TLS THES Topix UTVWales: Papers (Links) World PressWeather by locale (UK) World Weather (MetOffice)FREE MARKET ECONOMISTS
Ludwig von Mises (1881-1973)
Gordon Tullock (1922- )
Israel Kirzner (1930- )
Friedrich A. von Hayek (1899-1992)
Murray N. Rothbard (1926-1995)
James Buchanan (1919- )
Adam Smith (1723-1790)
Ronald Harry Coase (1910- )
Milton Friedman (1912- )
Armen A. Alchian (1914- )
Robert W. Fogel (1926- )
Charles Rowley (1939- )
Robert Tollison (1942- )
Thomas Sowell (1930- )
Julian L. Simon (1932-1998)
Walter E. Williams (1936- )
Carl Menger (1840-1921)
Thomas J. "Stonewall" Jackson (1824-1863)
Thomas Jefferson (1743-1826)
John Locke (1632-1704)
George Mason (1725-1792)
James Longstreet (1821-1904)
John Adams (1735-1801)
Claude Frederic Bastiat (1801-1850)
James Poterba
Maurice Obstfeld
Barry Eichengreen
N. Gregory Mankiw
Thomas J. Sargent
Olivier Blanchard
Kenneth Rogoff
James Heckman
Elhanan Helpman
Carmen M. Reinhart
Robert F. Engle
Raghuram G. Rajan
Donald W. K. Andrews
Martin Eichenbaum
M. Hashem Pesaran FBA
Bennett McCallum
Richard B. Freeman
Jean-Jacques Laffont
John B. Taylor
Edward Ludwig Glaeser
Jeffrey A. Frankel
Richard Blundell
Robert G. King
Robert J. Gordon
Lawrence Christiano
Jordi GalÃ
James Poterba
Alan B. Krueger
Alberto Alesina
Stephen Turnovsky
Peter Nijkamp
James H. Stock
Lars E.O. Svensson
Michael Woodford
Elhanan Helpman
Barry Eichengreen
David Card
Robert Vishny
Maurice Obstfeld
Gary S. Becker
Ben Bernanke
N. Gregory Mankiw
Robert E. Hall
Ross Levine
Nicholas J. Cox
Lawrence Summers
John Y. Campbell
Christopher F Baum
Thomas J. Sargent
Paul Krugman
Kenneth Rogoff
Mark Gertler
Edward C. Prescott
Olivier Blanchard
Jean Tirole
Daron Acemoglu
Martin S. Feldstein
Peter C.B. Philips
Robert E. Lucas, Jr.
Robert Barro
James Heckman
Joseph E. Stiglitz
Photo Gallery of Economists
Economists? or ... 
Adam Smith (1723-1790)
David Ricardo (1772-1823)
Thomas Malthus (1776-1834)
Friedrich List (1789-1846)
Karl Marx (1813-1883)
John Stuart Mill (1806-1873)
Eugen von Bohm-Bawerk (1851-1914)
Carl Menger (1841-1921)
Ludwig von Mises (1776-1776)
Alfred Marshall (1842-1924)
John Maynard Keynes (1883-1946)
Joseph Alois Schumpeter (1883-1950)
Friedrich A. von Hayek (1899-1992)
Wassily Leontief (1906-1999)
Milton Friedman (1912)
Robert Alexander Mundell (1932)
Rudiger Dornbusch (1942)
Thomas J. Sargent (1943)
Paul Krugman (1954)
Economics Quotes
weaker. In business, the stronger imparts strength to the weaker. -- Frederic Bastiat
The "private sector" of the economy is, in fact, the voluntary sector; and...the "public sector" is, in fact, the coercive sector. -- Henry Hazlitt
If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand. -- Milton Friedman
The common man is the sovereign consumer whose buying or abstention from buying ultimately determines what should be produced and in what quantity and quality. -- Ludwig von Mises
The natural effort of every individual to better his own condition is so powerful that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations. -- Adam Smith
There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers. -- Richard Feynman
What is called "orthodox" economics is in most countries barred from the universities and is virtually unknown to the leading statesmen, politicians, and writers. The blame for the unsatisfactory state of economic affairs can certainly not be placed upon a science which both rulers and masses despise and ignore. -- Ludwig von Mises, Human Action
I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. -- Thomas Jefferson
What is wrong with our age is precisely the widespread ignorance of the role which these policies of economic freedom played in the technological evolution of the last two hundred years. People fell prey to the fallacy that the improvement of the methods of production was contemporaneous with the policy of laissez faire only by accident. -- Ludwig von Mises, Human Action
Don't knock the rich. When did a poor person ever give you a job? -- Dr. Laurence J. Peter
Foreign aid might be defined as a transfer from poor people in rich countries to rich people in poor countries. -- Douglas Casey (1992)
Don't go around saying the world owes you a living. The world owes you nothing. It was here first. -- Mark Twain
Property must be secured or liberty cannot exist. -- John Adams
We cannot expect existing businesses to promote legislation that would harm them. It is up to the rest of us to promote the public interest by fostering competition across the board and to recognize that being pro-free enterprise may sometimes require that we be anti-existing business. -- Milton Friedman
Never appeal to a man's 'better nature.' He may not have one. Invoking his self-interest gives you more leverage. -- Robert A. Heinlein, The Notebooks of Lazarus Long
When a government takes over a people's economic life it becomes absolute, and when it has become absolute it destroys the arts, the minds, the liberties and the meaning of the people it governs. -- Maxwell Anderson
The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another. -- Milton Friedman
It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder. -- Frederic Bastiat
You cannot bring about prosperity by discouraging thrift. You cannot help small men by tearing down big men. You cannot strengthen the weak by weakening the strong. You cannot lift the wage-earner by pulling down the wage-payer. You cannot help the poor man by destroying the rich. You cannot keep out of trouble by spending more than your income. You cannot further the brotherhood of man by inciting class hatred. You cannot establish security on borrowed money. You cannot build character and courage by taking away men's initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves. -- William Boetcker
The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance. -- Marcus Tullius Cicero
Money, which represents the prose of life, and which is hardly spoken of in parlors without an apology, is, in its effects and laws, as beautiful as roses. -- Ralph Waldo Emerson
The government deficit is the difference between the amount of money the government spends and the amount it has the nerve to collect. - Sam Ewing
Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. -- Ronald Reagan
When the people find they can vote themselves money, that will herald the end of the republic. -- Benjamin Franklin
Government is not the generator of economic growth; working people are. -- U.S. Senator Phil Gramm
I am for a government rigorously frugal and simple. Were we directed from Washington when to sow, when to reap, we should soon want bread. -- Thomas Jefferson
The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation. -- Vladimir Ilyich Lenin
The real destroyer of the liberties of the people is he who spreads among them bounties, donations and benefits. -- Plutarch
Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others. -- Ayn Rand
One definition of an economist is somebody who sees something happen in practice and wonders if it will work in theory. -- Ronald Reagan
The blame for [the national debt] lies with the Congress and the President, with Democrats and Republicans alike, most all of whom have been unwilling to make the hard choices or to explain to the American people that there is no such thing as a free lunch. -- Senator Warren Rudman
It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. -- Adam Smith
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess of the public treasury. From that time on the majority always votes for the candidates promising the most benefits from the public treasury, with the results that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. -- Sir Alexander Fraser Tyler
Government cannot make man richer, but it can make him poorer. -- Ludwig von Mises
But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime. -- Frederic Bastiat
I think we have more machinery of government than is necessary, too many parasites living on the labor of the industrious. -- Thomas Jefferson
If you think health care is expensive now, wait until you see what it costs when it's free. -- P.J. O'Rourke
What is called 'capitalism' might more accurately be called consumerism. It is the consumers who call the tune, and the capitalists who want to remain capitalists have to learn to dance to it. -- Thomas Sowell
The system of private property is the most important guaranty of freedom, not only for those who own property, but scarcely less for those who do not. -- Friedrich August Hayek
There are no such things as limits to growth, because there are no limits on the human capacity for intelligence, imagination and wonder. -- Ronald Reagan
The free market is the only mechanism that has ever been discovered for achieving participatory democracy. -- Milton Friedman in the Introduction to the Fiftieth Anniversary Edition of /103-2854609-0259819">The Road to Serfdom
Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon. -- Winston Churchill
Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget, awareness of debt eats up domestic felicity. -- Robert A. Heinlein, The Notebooks of Lazarus Long
A panhandler is far more moral than corporate welfare queens....The panhandler doesn't enlist anyone to force you to give him money. He's coming up to you and saying, "Will you help me out?" The farmers, when they want subsidies, they're not asking for a voluntary transaction. They go to a congressman and say, "Could you take his money and give it to us?" That's immoral. -- Walter E. Williams
The principle that both sides benefit from trade is readily visible when it involves two parties within a country; it somehow becomes confused when an invisible political barrier separates the parties. Neither the mercantilists of yesteryear nor those who fuss about the trade deficit today have ever satisfactorily answered this fundamental question: Since each and every trade is "favorable" to the individual traders, how is it possible that these transactions can be totaled up to produce something "unfavorable"? -- Lawrence W. Reed, "The Trade Deficit: Much Ado About Nothing"
Economic ignorance is the breeding ground of totalitarianism. -- John Jewkes, British Economist
A glance at the economic system and methods of totalitarian states -- of the Soviet bloc, for example -- is enough to show that state-ownership of the means of production does not lead to an increase of wealth for the people but, on the contrary, to their exploitation, whereas the reverse is true of the free countries and peoples, which are denounced for their so-called capitalism but which clearly illustrates how private ownership of the means of production is contributing more and more to the general welfare. -- Ludwig Erhard
I champion an economic order ruled by free prices and markets...the only economic order compatible with human freedom. -- Wilhelm Ropke (1899-1966)
The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics. -- Thomas Sowell
National saving is the only way a country can have its capital and own it too. Models of the economic growth process identify national saving as one of the key policy variables in influencing a nation's living standards in the long run. -- Edward Gramlich, Federal Reserve System Board of Governors
We who live in free market societies believe that growth, prosperity and ultimately human fulfillment, are created from the bottom up, not the government down. Only when the human spirit is allowed to invent and create, only when individuals are given a personal stake in deciding economic policies and benefitting from their success -- only then can societies remain economically alive, dynamic, progressive, and free. Trust the people. This is the one irrefutable lesson of the entire postwar period contradicting the notion that rigid government controls are essential to economic development. -- Ronald Reagan, September 29, 1981
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