The danger in our system is that the general government, which represents the interests of the whole, may encroach on the states, which represent the peculiar and local interests, or that the latter may encroach on the former.
John C. CalhounRead
I am in favor of high wages and agree that the higher the wages, the stronger the evidence of prosperity, provided (and that is the important point) they are so naturally, by the effectiveness of industry, and not in consequence of an inflated currency or any artificial regulation.
Interpretation
High wages are indicative of prosperity when they result from effective industry, not from inflation or artificial means.
This quote emphasizes the connection between high wages and true economic prosperity, arguing that wages should reflect the natural effectiveness of industry. Calhoun warns against relying on inflation or artificial regulations to inflate wages, suggesting that real wealth comes from productivity and sustainable practices in the economy.
In practice
During a debate on economic policies, I might use this quote to argue for sustainable wage increases.
The danger in our system is that the general government, which represents the interests of the whole, may encroach on the states, which represent the peculiar and local interests, or that the latter may encroach on the former.
There is a tendency in all parties, when they have been for a long time in possession of power, to augment it.
I hold that there is a mysterious connection between the fate of this country and that of Mexico; so much so that her independence and capability of sustaining herself are almost as essential to our prosperity and the maintenance of our institutions as they are to hers.
The error is in the assumption that the General Government is a party to the constitutional compact. The States ... formed the compact, acting as sovereign and independent communities.
There is not an example on record of any free state holding a province of the same extent and population without disastrous consequences. The nations conquered and held as a province have, in time, retaliated by destroying the liberty of their conquerors through the corrupting effect of extended patronage and irresponsible power.
Stripped of all its covering, the naked question is, whether ours is a federal or consolidated government; a constitutional or absolute one; a government resting solidly on the basis of the sovereignty of the States, or on the unrestrained will of a majority; a form of government, as in all other unlimited ones, in which injustice, violence, and force must ultimately prevail.
The consumer, so it is said, is the king each is a voter who uses his money as votes to get the things done that he wants done.
It is an extreme perversion of capitalism if you can trade in something before you have even paid for it.
Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.
A policy of subsidizing failures will end in an economy strewn with capital-guzzling industries long past their time of profitability - old companies that cannot create jobs themselves, but can stand in the way of job creation.
What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate.
It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society.
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