Murray Rothbard

All action is an attempt to exchange a less satisfactory state of affairs for a more satisfactory one.

— Murray Rothbard

Falling prices through increased production is a wonderful long-run tendency of untrammeled capitalism.

— Murray Rothbard

Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other.

— Murray Rothbard

The more consistently Austrian School an economist is, the better a writer he will be.

— Murray Rothbard

The necessary consequence of an egalitarian program is the decidedly inegalitarian creation of a ruthless power elite.

— Murray Rothbard

Placing the state in charge of moral principles is equivalent to putting the proverbial fox in charge of the chicken coop.

— Murray Rothbard

The great fact of individual difference and variability (that is, inequality) is evident from the long record of human experience: hence, the…

— Murray Rothbard

If government wishes to see a depression ended as quickly as possible and the economy returned to normal prosperity, what course should…

— Murray Rothbard

It should be clear that modern fractional reserve banking is a shell game, a Ponzi scheme, a fraud in which fake warehouse…

— Murray Rothbard

As 'Austrian' business cycle theory has pointed out, any bank credit inflation sets up conditions for boom-and-bust; there is no need for…

— Murray Rothbard

In a sense, the market, by expecting a fall in prices, discounts that fall and makes it happen right away instead of…

— Murray Rothbard

The natural tendency of the state is inflation. This statement will shock those accustomed to viewing the state as a committee of…

— Murray Rothbard

There is no need for government to intervene in money and prices because of changing population or for any other reason. The…

— Murray Rothbard

I see a great future for gold and silver coins as the currency people may increasingly turn to when paper currencies begin…

— Murray Rothbard

As the greatest and last major crisis before 1836, the panic of 1819 holds considerable interest for the study of business cycles…

— Murray Rothbard

In the panic of 1819, the protectionists stressed the lack of consumer markets abroad and the necessity for building up a market…

— Murray Rothbard

While other individuals or institutions obtain their income by production of goods and services and by the peaceful and voluntary sale of…

— Murray Rothbard

I do not go so far as the extreme male 'sexists' who contend that women should confine themselves to the home and…

— Murray Rothbard

On the market, all is harmony. But as soon as intervention appears and is established, conflict is created, for each may participate…

— Murray Rothbard

Kissinger's major, and most lucrative role, has come as head of Kissinger Associates in New York City, founded on a loan obtained…

— Murray Rothbard

Early economic theory was rooted in the Italian, French, and Spanish traditions, which were subjectivist oriented. Then it shifted onto the terrible…

— Murray Rothbard

Human life is not some sort of race or game in which each person should start from an identical mark. It is…

— Murray Rothbard

Play, as a consumers' good, is subject to the law of marginal utility, as are all goods, and the time spent in…

— Murray Rothbard

Philosophically, I believe that libertarianism - and the wider creed of sound individualism of which libertarianism is a part - must rest…

— Murray Rothbard

Among intellectuals who consider themselves 'scientific,' the phrase 'the nature of man' is apt to have the effect of a red flag…

— Murray Rothbard

“At any rate, the correct version of Gresham's law is simply an application of the theory of price control causing shortages to…

— Murray Rothbard

Nature is simply the environment on earth in which man finds himself, and to treat it as a separate being in the…

— Murray Rothbard

Ultimately, there is no entity called 'government'; there are only people forming themselves into groups called 'governments' and acting in a 'governmental'…

— Murray Rothbard

Man is born a tabula rasa; he must learn how to choose the ends that are proper for him and the means…

— Murray Rothbard

There can be no such thing as 'fairness in taxation.' Taxation is nothing but organized theft, and the concept of a 'fair…

— Murray Rothbard

The more the government intervenes to delay the market's adjustment, the longer and more grueling the depression will be, and the more…

— Murray Rothbard

Hoover had prevented 'an immediate attack upon wages as a basis of maintaining profits,' but the result of wiping out profits and…

— Murray Rothbard

The Jacksonians were not monetary nationalists; specie was specie, and they saw no reason that foreign gold or silver coins should not…

— Murray Rothbard

In order to conquer the world of economics with his new theory, it was critical for Keynes to destroy his rivals within…

— Murray Rothbard

Liberty and morality had to win their way slowly over many centuries, until finally expanding liberty made possible the great technological advance…

— Murray Rothbard

Declines in specific industries can never ignite a general depression. Shifts in data will cause increases in activity in one field, declines…

— Murray Rothbard

The fact that natural-law theorists derive from the very nature of man a fixed structure of law independent of time and place,…

— Murray Rothbard

By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System... while the…

— Murray Rothbard

After the Volcker Fund collapsed, I got another grant from the Lilly Endowment to do a history of the U.S., which I…

— Murray Rothbard

If we look at the black record of mass murder, exploitation, and tyranny levied on society by governments over the ages, we…

— Murray Rothbard