“Wealth can only be accumulated by the earnings of industry and the savings of frugality.”

— John Tyler

First annual message to Congress (1 June 1841).

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John Tyler 8

American politician, 10th President of the United States (i… 1790–1862

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“Whenever the rate of return on capital is significantly and durably higher than the growth rate of the economy, it is all but inevitable that inheritance (of fortunes accumulated in the past) predominates over saving (wealth accumulated in the present). … The inequality r > g in one sense implies that the past tends to devour the future: wealth originating in the past automatically grows more rapidly, even without labor, than wealth stemming from work, which can be saved. Almost inevitably, this tends to give lasting disproportionate importance to inequalities created in the past, and therefore to inheritance.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 377.

“Protestantism made the West not only work, but also save and read. The Industrial Revolution was indeed a product of technological innovation and consumption. But it also required an increase in the intensity and duration of work, combined with the accumulation of capital through saving and investment. Above all, it depended on the accumulation of human capital. The literacy that Protestantism promoted was vital to all of this. On reflection, we would do better to talk about the Protestant word ethic.”

Niall Ferguson book Civilization: The West and the Rest

Civilization: The West and the Rest (2011)

“A wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

1800s, First Inaugural Address (1801)
Context: With all these blessings, what more is necessary to make us a happy and prosperous people? Still one thing more, fellow-citizens,—A wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government, and this is necessary to close the circle of our felicities.

“Excellent poetry, but not a good working philosophy. Goldsmith would have been right, if, in fact, the accumulation of wealth meant the decay of men. It is rare indeed that the men who are accumulating wealth decay. It is only when they cease production, when accumulation stops, that an irreparable decay begins. Wealth is the product of industry, ambition, character and untiring effort. In all experience, the accumulation of wealth means the multiplication of schools, the increase of knowledge, the dissemination of intelligence, the encouragement of science, the broadening of outlook, the expansion of liberties, the widening of culture. Of course, the accumulation of wealth cannot be justified as the chief end of existence. But we are compelled to recognize it as a means to well-nigh every desirable achievement. So long as wealth is made the means and not the end, we need not greatly fear it. And there never was a time when wealth was so generally regarded as a means, or so little regarded as an end, as today. Just a little time ago we read in your newspapers that two leaders of American business, whose efforts at accumulation had been most astonishingly successful, had given fifty or sixty million dollars as endowments to educational works. That was real news. It was characteristic of our American experience with men of large resources. They use their power to serve, not themselves and their own families, but the public. I feel sure that the coming generations, which will benefit by those endowments, will not be easily convinced that they have suffered greatly because of these particular accumulations of wealth.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, The Press Under a Free Government (1925)

“The material home represents the concrete expression of the habits of frugality and saving "for a home of our own."”

Robert Menzies (1894–1978) Australian politician, 12th Prime Minister of Australia

Your advanced socialist may rave against private property even while he acquires it; but one of the best instincts in us is that which induces us to have one little piece of earth with a house and a garden which is ours; to which we can withdraw, in which we can be among our friends, into which no stranger may come against our will.
Radio talk, 22 May, 1942
Wilderness Years (1941-1949)

“Earn wealth through honest and truthful work.”

Basava (1134–1196) a 12th-century Hindu philosopher, statesman, Kannada Bhakti poet of Lingayatism

Basavanna's Preachings

“Any fool can spend money. But to earn it and save it and defer gratification—then you learn to value it differently.”

Malcolm Gladwell (1963) journalist and science writer

Source: David and Goliath: Underdogs, Misfits, and the Art of Battling Giants

“The Landlord is a gentleman … who does not earn his wealth.”

David Lloyd George (1863–1945) Former Prime Minister of the United Kingdom

Speech in Limehouse, East London (30 July 1909), quoted in Better Times: Speeches by the Right Hon. D. Lloyd George, M.P., Chancellor of the Exchequer (London: Hodder & Stoughton, 1910), pp. 150-151.
Chancellor of the Exchequer
Context: Who is the landlord? The Landlord is a gentleman … who does not earn his wealth. He does not even take the trouble to receive his wealth. He has a host of agents and clerks that receive it for him. He does not even take the trouble to spend his wealth. He has a host of people around him to do the actual spending for him. He never sees it until he comes to enjoy it. His sole function, his chief pride is stately consumption of wealth produced by others.

“This is the factory of the new millennium, the new working class, where industrious drones keep track of other people's wealth as it accumulates. Our collars may be white, but our outlooks are gray and our paycheques ar most definitely lacking in green.”

Rob Payne (1973) Canadian writer

Source: Working Class Zero (2003), Chapter 1, p. 8

“… a penny saved is better than a penny earned.”

Martin Luther book Table Talk

The Duty of a Husband and Wife (17 March 1539), No. 4408. LW 54:337 http://books.google.com/books?id=zsbXAAAAMAAJ&q=%22penny+saved+is+better+than+a+penny+earned%22&dq=%22penny+saved+is+better+than+a+penny+earned%22&lr=
Table Talk (1569)

“Wealth can only be accumulated by the earnings of industry and the savings of frugality.”

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