Many writers upon the science of political economy have declared that it is the duty of a nation first to encourage the creation of wealth; and second, to direct and control its distribution. All such theories are delusive.
Sentiment: NEGATIVE
It is economic power that determines political power, and governments become the political functionaries of economic power.
We propose in the following Treatise to give an outline of the Science which treats of the Nature, the Production, and the Distribution of Wealth. To that Science we give the name of Political Economy.
Tis a sort of duty to be rich, that it may be in one's power to do good, riches being another word for power.
Productive power is the foundation of a country's economic strength.
Government does not create wealth. The major role for the government is to create an environment where people take risks to expand the job rate in the United States.
I lay this down as a fundamental proposition, which I do not think will be denied, that whoever controls the taxation and trade policy of a country controls its destiny and the entire character of its civilization.
A nation has its first obligation to its own workers and its own poor.
Good economic theory must give the people the chance to use their talents to build their own lives. We must get away from the traditional route where the rich will do the business and the poor will depend on private or public charity.
It is a sound principle of finance, and a still sounder principle of government, that those who have the duty of expending the revenue of a country should also be saddled with the responsibility of levying and providing it.
The first duty of government is to see that people have food, fuel, and clothes. The second, that they have means of moral and intellectual education.