“The social damage was not in the failure but in the undertaking, which was expensive. The cost of war was the poison running through the 14th century.”

Source: Social Costs of Business Enterprise, 1963, p. 12. Cited in: M. Rangone & S. Solari (2012) "Southern European capitalism and the social costs of business enterprise". in: Studi e Note di Economia, Anno XVII, n. 1-2012, pp. 3-28

Source: 1880s, Personal Memoirs of General U. S. Grant (1885), Ch. 41.
Context: There was no time during the rebellion when I did not think, and often say, that the South was more to be benefited by its defeat than the North. The latter had the people, the institutions, and the territory to make a great and prosperous nation. The former was burdened with an institution abhorrent to all civilized people not brought up under it, and one which degraded labor, kept it in ignorance, and enervated the governing class. With the outside world at war with this institution, they could not have extended their territory. The labor of the country was not skilled, nor allowed to become so. The whites could not toil without becoming degraded, and those who did were denominated 'poor white trash.' The system of labor would have soon exhausted the soil and left the people poor. The non-slaveholders would have left the country, and the small slaveholder must have sold out to his more fortunate neighbor. Soon the slaves would have outnumbered the masters, and, not being in sympathy with them, would have risen in their might and exterminated them. The war was expensive to the South as well as to the North, both in blood and treasure, but it was worth all it cost.

Capitalism Has Failed—What Next?, 2019

ME 13:364
1810s, Letters to John Wayles Eppes (1813)

Source: Social Costs of Business Enterprise, 1963, p. 186 cited in: Sebastian Berger and Mathew Forstater (2007) "Toward a Political Institutionalist Economics: Kapp’s Social Costs, Lowe’s Instrumental Analysis, and the European Institutionalist Approach to Environmental Policy". In: Journal of Economic Issues. Vol.XLI, No.2, June 2007. p. 539

Valmiki

The Price of Civilization: Reawakening American Virtue and Prosperity" The Price of Civilization, 2011
Context: Though the United States is one of the world’s richest economies by per capita income, it ranks only around seventeenth in reported life satisfaction. It is superseded not only by the likely candidates of Finland, Norway, and Sweden, which all rank above the United States but also by less likely candidates such as Costa Rica and the Dominican Republic. Indeed, one might surmise that it is health and longevity rather than income that give the biggest boost to reported life satisfaction. Since good health and longevity can be achieved at per capita income levels well below those of the United States, so too can life satisfaction. One marketing expert put it this way, with only slight exaggeration: Basic Survival goods are cheap, whereas narcissistic self-stimulation and social-display products are expensive. Living doesn’t cost much, but showing off does.

Variant: Make failure your teacher, not your undertaker.

Source: Time and Again (1970), Chapter 4 (p. 65)