“…it is the natural tendency of market economies to lower prices that makes them so successful.”

—  Peter D. Schiff

Quotes from Crash Proof (2006)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "…it is the natural tendency of market economies to lower prices that makes them so successful." by Peter D. Schiff?
Peter D. Schiff photo
Peter D. Schiff40
American entrepreneur, economist and author 1963

Related quotes

Karl Polanyi photo

“Market economy implies a self-regulating system of markets; in slightly more technical terms, it is an economy directed by market prices and nothing but market prices.”

Karl Polanyi book The Great Transformation

The Great Transformation (1944), Ch. 4 : Societies and Economic Systems

“The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.”

Robert Haugen (1942–2013) American economist

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 15, The Wrong 20-yard Line, p. 142

David Ricardo photo

“A BOUNTY on the exportation of corn tends to lower its price to the foreign consumer, but it has no permanent effect on its price in the home market.”

David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXII, Bounties and Prohibitions, p. 201

Bernard Harcourt photo

“At what price have so many of us come to believe that the economy is the realm of natural order and that the legitimate and competent sphere of policing—of administration and government—lies elsewhere? What flows from that sharp dichotomy between orderliness in the market and ordering in the penal sphere? At what price do we embrace these categories? And here, the answer is equally clear: at the price, first, of naturalizing the market and thereby effectively shielding from normative assessment the regulatory mechanisms in our contemporary markets and the wealth distributions that occur daily; and at the price, second, of easing, facilitating, and enabling the massive expansion of our penal sphere, or, to be more provocative, of making possible mass incarceration today.”

Bernard Harcourt (1963) American academic

Source: The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), pp. 31-32

Steven Crowder photo

“So Sweden. Good place not bad people. But a successful model for a viable economy in today's global market. Incorrect!”

Steven Crowder (1987) American actor

Rob Enderle photo

“[T]he litigation between Qualcomm and Apple/Intel … is weird. What makes it weird is that Intel appears to think that by helping Apple drive down Qualcomm prices, it will gain an advantage, but since its only value is as a lower cost, lower performing, alternative to Qualcomm's modems, the result would be more aggressively priced better alternatives to Intel's offerings from Qualcomm/Broadcom, wiping Intel out of the market. On paper, this is a lose/lose for Intel and even for Apple. The lower prices would flow to Apple competitors as well, lowering the price of competing phones. So, Apple would not get a lasting benefit either.”

Rob Enderle (1954) American financial analyst

Broadcom/Qualcomm Merger: A Train Wreck in Slow Motion http://itbusinessedge.com/blogs/unfiltered-opinion/broadcomqualcomm-merger-a-train-wreck-in-slow-motion.html in IT Business Edge (1 March 2018)

“The natural effect of unfettered market competition is socialism. For a short time the innovator receives a large profit, as a reward for being first to the market. Then, as competitors adopt the innovation, competition drives these profits down to zero and the price gravitates toward the new, lower cost of production made possible by this innovation (that price including, of course, the cost of the producer’s maintenance and the amortization of her capital outlays). So in a free market, the cost savings in labor required to produce any given commodity would quickly be socialized in the form of reduced labor cost to purchase it.”

Kevin Carson (1963) American academic

"Who Owns the Benefit? The Free Market as Full Communism" https://theanarchistlibrary.org/library/kevin-carson-who-owns-the-benefit-the-free-market-as-full-communism (2012)

Kai Ryssdal photo

“The stock market is not the economy, and the economy is not the stock market.”

Kai Ryssdal (1963) Radio host, United States Navy officer

repeatedly on his radio program " Marketplace APM https://www.marketplace.org/2019/09/30/the-stock-market-is-not-the-economy/" (September 2019)

“Plainly, the most powerful exception to the notion of a voluntary excahnge in a market economy is the labor market. The existence of a market for labor is one of the distinguishing features of a market economy: workers compete to sell their labor at the most favorable price—meaning, in practice, the highest possible wage. At the same time, however, it is clear that the market for labor is qualitatively different from the market for goods, because workers need to sell their labor to survive.”

Mimi Abramovitz (1941) non-fiction writer

Joel Blau and Mimi Abramovitz, The Dynamics of Social Welfare Policy (Oxford University Press: 2010) p. 68

“Well it seems to me absolutely scandalous to try to set wage levels which wipe out jobs. I mean these are people who are not on the dole. They want to work and if you price them out of the market its gonna be a lot worse for them and for the economy.”

Irwin Stelzer (1932) American economist and columnist

Newsnight debate (2010)

Related topics