Austrian school of economics Quotes

“Anything the Austrians could do, the Prussians could do better.”

“Although I'm Australian, I find myself much more in sympathy with the Austrian version!”

“I know I have a strong India connect. Is it Subhash Chandra Bose or my father who left my Austrian mother when I was one? - Catherine Khan”

“Of course I do know it is the French who are so wicked; but there are all these people who keep coming and going - the Austrians, the Spaniards, the Russians. Pray, are the Russians good now? It would be very shocking - treason no doubt - to put the wrong people in my prayers.”

“The French army had crowned a campaign of extraordinary successes by defeating the Austrians at Jemappes and pressing on to occupy a large swathe of Belgium and threaten Holland. For Britain, this changed everything: a French republic that spread across the North Sea coast meant the entire coastline facing Britain would be in Republican hands.”

“The entrepreneur who is reckoning in terms of a currency with a stable value is unable to compete with the entrepreneur who is prepared to make a quasi-gift of part of his capital to his customers. In 1920 and 1921, Dutch traders who had sold commodities to Austria could buy them back again after a while much cheaper than they had originally sold them, because the Austrian traders completely failed to see that they were selling them for less than they had cost.”

“Nick stands up and offers his hand to me. I have no idea what he wants, but what the hell, I take his hand anyway, and he pulls me up on my feet then presses against me for a slow dance and it's like we're in a dream where he's Christopher Plummer and I'm Julie Andrews and we're dancing on the marble floor of an Austrian terrace garden. Somehow my head presses Nick's t-shirt and in this moment I am forgetting about time and Tal because maybe my life isn't over. Maybe it's only beginning.”

“In 1914, Franz Ferdinand, the Austrian imperial heir, was shot and killed by a Serbian nationalist in Sarajevo. Do you know the motive behind the act?It was in retaliation for the subjugation of the Sebs in Austria.It was not.Franz Ferdinand had stated his intention to introduce reforms favorable to the Serbs in his empire. Had he survived to ascend the throne, he would have made a revolution unnecessary. In plain terms, he was killed because he was going to give the rebels what they were shouting for. They needed a despot in the palace in order to seize it.What's good for reform is bad for the reformers”

“The error in this conclusion may be most simply demonstrated by means of an actual example. Let us select for this purpose the monetary history of Austria, which Laughlin also uses as an illustration. From 1859 onwards the Austrian National Bank was released from the obligation to convert its notes on demand into silver, and nobody could tell when the State paper-money issued in 1866 would be redeemed, or even if it would be redeemed at all. It was not until the later 'nineties that the transition to metallic money was completed by the actual resumption of cash payments on the part of the Austro-Hungarian Bank.”

“The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant -- that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them.”