“When we say that the persistence of competition is ensured by fate, we mean that individual freedom is so guaranteed. The one thing to which fate binds us is liberty.”
John Bates Clark
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John Bates Clark
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The decree of a coercive tribunal would not need to conform to the true standard of wages, the final productivity of social labor. It would introduce into distribution a genuinely arbitrary element, with a very large ultimate power to pervert the natural system.
John Bates Clark
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When we say that the persistence of competition is ensured by fate, we mean that individual freedom is so guaranteed. The one thing to which fate binds us is liberty.
John Bates Clark
56% of people like this quote
Experience alone can give a final answer. The knowledge gained in a few years by a commission of the kind suggested would be worth more than volumes of mere assertions and contradictions.
John Bates Clark
56% of people like this quote
We cannot afford to have any large section of the business world in doubt whether they have broken the laws or not, and we cannot let the laws become a dead letter through vagueness. In this view it is clear that an administrative commission can render invaluable service.
John Bates Clark
54% of people like this quote