Caprice Quote by Henry Hazlitt
“The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice.”
About This Quote
Source Book: Economics in One Lesson, 1946
Gold’s value stems from its natural scarcity and production difficulty, not from political decree.
In simple terms: Gold is valuable because it’s rare and costly to make.
Recognize scarcity as value driver.
Themes
Mood
Type
When to use this quote
- investment strategies
- policy debates
- educational curricula
Key Concepts
Questions to Reflect On
- Is scarcity always a reliable measure of worth?
- How do digital assets compare?
Market fluctuations can affect perceived scarcity.