"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance."
Murray N. Rothbard
(1926-1995) Dean of the Austrian School of Economics
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Reader comments about this quote:
Wonderful summary of the core problem of the GOP/Tea Party.
 -- Anonymous, Reston, VA, US     
  • 1
    One of the great economic minds of our time. And he's perfectly right. How can ANYONE think Stimulus is anything other than a destructive and inflationary tactic to destroy us?
     -- J Carlton, Calgary     
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    Reston, how narrow minded of you...as usual. I think this quote was written for people like you.
     -- J carlton, Calgary     
    Why would this apply only to economic subjects?
     -- A.WOODS, Gloucester     
    Because it is only discussing economics - and I love the new phrase of the day: "Quantitative Easing" to replace "Bailing Out" There goes Carlton again, he just can't take it without a jibe... Spot on Reston. Ben Bernanke (helicopter Ben) has never run a company or had a real job "government can always avoid deflation by simply issuing more money." His Keynesian policies are as lunatic as they were then.
     -- RBESRQ     
    Irresponsible as it may be, It certainly worked to gain power for the GOP, and Tea Party.
     -- Alex, Los Angeles     
    My version of the specialized discipline of Economics is very simple. Don't spend money you don't have and pay your bills on time. You'll sleep a lot better. And that is my vociferous opinion. BTW, maybe Ben Bernanke might take a lesson from this quote. He obviously does not know what he is doing.
     -- Carol, Georgia     
    Reston all too well proves Rothbard's point. Ignorance of the Democrats' doubling of the debt with no end in sight just goes to show that all the politicians are interested in is their own wealth and power. Look at Gore, Kerry, Kennedy, Clinton -- doing nothing for the little guy but raking in millions in government projects. You can't borrow for today's needs forever -- something has got to give. What the ignorant refuse to see is that this is INTENTIONAL so that the People become enslaved to statism and eternal debt. Look to those that profit from this system and you will find them pulling the strings. They do not care about you Anonymous & Reston.
     -- E Archer, NYC     
    This is a good way to describe the Tea Party.
     -- Johann Hollar, St Paul, Minnesota     
    There goes Carlton again, he just can't take it without a jibe...Damned straight Anonymous! There is nothing left to debate with socialists.The lines are drawn. You are the enemy.
     -- J Carlton, Calgary     
    Carlton with that attitude you will also see your demise.
     -- RBESRQ     
    Reston & RBESRQ, Carlton is not alone in his faith in capitalism or his hatred of socialism. The GOP is but one arm of the enslaving monster, the Democratic Party being the other. But the tea party is completely different. The Tea Party is not a national political party, it does not officially run congressional candidates and its name has not appeared on any ballots. It has no central leadership like the Democrats and Republicans, it is a loose affiliation of small local groups of ordinary American citizens. It was formed to combat the unconstitutional agenda of the current administration; to cutting back the size of government, lowering taxes, reducing wasteful spending, reducing national debt and the federal budget deficit, and adhereing the original interpretation of the United States Constitution. And like I said, Carlton is not alone, 80% of voters in the last election were either members of or agreed with the Tea Parties. This movement is not some minority faction making noise, it is the American People showing their power over the government. It is the voice of America calling for an end to socialism in this country. Socialism removes rights from the People. Those who push socialism are the enemies of liberty. And if you are an enemy of liberty, you are an enemy to our founders, to our veterans, to our heroes, to the principles in which this nation was founded on. And that makes you an enemy of mine as well.
     -- Publius, USA     
     -- Anonymous, spokane      
    Welcome to Amerika. Almost without exception, those most ignorant of economics are the most opinionated on the subject. Fiscal law / science diametrically opposes Keynesian economics, a monetary system of debt, socialism's economic ideologies and other than a weight & measured monetary exchange.
     -- Mike, Norwalk     
    Economics is a simple formulation. Everyone deserves a fair share, and then we go from there. How wonderful, it rhymes. Socialism is the challenge of social abilities to create a fair share for each and every one.
     -- Fredrick William Sillik, Anytown     
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