Austrian economist Ludwig Von Mises was a gift to our age.
From the Orrin Woodword blog:
If taxes grow beyond a moderate limit, theyturn into devices for the destruction of the market economy. The more taxes increase, the more they underminethe system of taxation itself.
The long-term and semi-public credit is a foreign and disturbing element in the structure of the market society. The financial history of the past century shows a steady increase in the amount of public indebtedness. Sooner or later all these debts will be liquidated in some way or another, but certainly not by payment of interest and principal according to the terms of the contract.
Selfish group interests may impel a man to ask [the government] for protection for his own firm. The only effect of protection is to divert production from those places in which it could produce more per unit of capital and labor expanded to places in which it produces less. It makes people poorer, not more prosperous.
Profitsbenefit the common man twice. First, in his capacity as a wage earner, by raising the marginal productivity of labor and thereby real wages. Then later again, in his capacity as a consumer when the products manufactured with the aid of the additional capital flow into the market and become available at the lowest possible prices.
Politicianspretend that their own approach to economic problems is purely practical and free of dogmatic prepossessions. They fail to realize that their policies are determined by definite assumptions about causal relations, i.e., that they are based on definite theories.