the larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax bu… - Henry Hazlitt

What men do not know about they take for granted. Knowledge furnishes problems, and the discovery of problems itself constitutes an intellectual advance.

There will not be a “surplus” of capital until the most backward country is as well equipped technologically as the most advanced, until the most inefficient factory in America is brought abreast of the factory with the latest and finest equipment, and until the most modern tools of production have reached a point where human ingenuity is at a dead end, and can improve them no further. As long as any of these conditions remains unfulfilled, there will be indefinite room for more capital.

It follows that it is foolish and misleading to concentrate our attention merely on some special point.- to examine, for example, merely what happens to one industry without considering what happens in all. But it is precisely from the persistent and lazy habit of thinking only of some particular industry or process in isolation that the major fallacies of economics stem. These fallacies pervade not merely the arguments of the hired spokesmen of special interests, but the arguments even of some economists who pass as profound.