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In a free enterprise system, with an honest and stable money, there is dominantly a close link between effort and productivity, on the one hand, and economic reward on the other. inflation severs this link. reward comes to depend less and less on effort and production, and more and more on successful gambling and luck.
-Henry Hazlitt
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In A Free Enterprise System, With An

Henry Hazlitt
In a free enterprise system, with an honest and stable money, there is dominantly a close link between effort and productivity, on the one hand, and economic reward on the other. inflation severs this link. reward comes to depend less and less on effort and production, and more and more on successful gambling and luck.
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Successful Gambling Hands

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To walk in money through the night crowd, protected by money, lulled by money, dulled by money, the crowd itself a money, the breath money, no least single object anywhere that is not money. money, money everywhere and still not enough! and then no money, or a little money, or less money, or more money but money always money. and if you have money, or you don't have money, it is the money that counts, and money makes money, but what makes money make money?
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This is the free enterprise system. the only place in the world that i can recall where companies never failed was the old soviet union. this is what investors do in free enterprise and capitalism system. [...[ and, yes, free enterprise system can be cruel. but the problem with this administration is that small businesses are the one who had suffered the most, the kind that need investors, the kinds that don't need the hundreds of pages, thousands of pages of regulations that continue to plague them and have them hold back on the hiring investment.
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Private enterprise is ceasing to be free enterprise. private enterprise, indeed, became too private. it became privileged enterprise, not free enterprise.
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The quickest and surest way to production, prosperity, and economic growth is through private enterprise. the best way for governments to encourage private enterprise is to establish justice, to enforce contracts, to insure domestic peace and tranquility, to protect private property, and to secure the blessings of liberty including economic liberty - which means to stop putting obstacles in the way of private enterprise.
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Above all, he liked it that everything was one's own fault. there was only oneself to praise or blame. luck was a servant and not a master. luck had to be accepted with a shrug or taken advantage of up to the hilt. but it had to be understood and recognized for what it was and not confused with a faulty appreciation of the odds, for, at gambling, the deadly sin is to mistake bad play for bad luck. and luck in all its moods had to be loved and not feared
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Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. then, they impact changes in the real economy, usually in six to nine months, but in a range of three to 18 months. usually in about two years in the us, they correlate with changes in the rate of inflation or deflation." "the leads are long and variable, though the more inflation a society has experienced, history shows, the shorter the time lead will be between a change in money supply growth and the subsequent change in inflation.
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