Category: Economics

“In opulent countries the market is generally so extensive, that any one trade is sufficient to employ the whole labour and stock of those who occupy it. Instances of people’s living by one employment, and at the same time deriving some little advantage from another, occur chiefly in poor countries.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“The famous have an exclusive legal right during life to control and profit from the commercial use of their name and personality.” – Circuit Judge Merritt, United States Court of Appeals, Sixth Circuit, Memphis Development Foundation v. Factors Etc., Inc., 616 F.2d 956 (1980)

“The gist of this claim is that Carson is embarrassed by and considers it odious to be associated with the appellee’s product. Clearly, the association does not appeal to Carson’s sense of humor.” – Senior Circuit Judge Bailey Brown, United States Court of Appeals, Sixth Circuit, Carson v. Here’s Johnny Portable Toilets, Inc., 698 F.2d 831 (1983).

“An essential element of individual property is the legal right to exclude others from enjoying it. If the property is private, the right of exclusion may be absolute; if the property is affected with a public interest, the right of exclusion is qualified. But the fact that a product of the mind has cost its producer money and labor, and has a value for which others are willing to pay, is not sufficient to ensure to it this legal attribute of property. The general rule of law is, that the noblest of human productions—knowledge, truths ascertained, conceptions, and ideas—become, after voluntary communication to others, free as the air to common use. Upon these incorporeal productions the attribute of property is continued after such communication only in certain classes of cases where public policy has seemed to demand it. These exceptions are confined to productions which, in some degree, involve creation, invention, or discovery. But by no means all such are endowed with this attribute of property. The creations which are recognized as property by the common law are literary, dramatic, musical, and other artistic creations; and these have also protection under the copyright statutes. The inventions and discoveries upon which this attribute of property is conferred only by statute, are the few comprised within the patent law.” – Justice Brandeis, Supreme Court of the United States, International News Service v. Associated Press, 248 U.S. 215 (1918).

“Property, a creation of law, does not arise from value . . . . Property depends upon exclusion by law from interference.” – Justice Holmes, Supreme Court of the United States, International News Service v. Associated Press, 248 U.S. 215 (1918).

“The right of the purchaser of a single newspaper to spread knowledge of its contents gratuitously, for any legitimate purpose not unreasonably interfering with complainant’s right to make merchandise of it, may be admitted; but to transmit that news for commercial use, in competition with complainant—which is what defendant has done and seeks to justify—is a very different matter.” – Justice Pitney, Supreme Court of the United States, International News Service v. Associated Press, 248 U.S. 215 (1918).

“The peculiar value of news is in the spreading of it while it is fresh; and it is evident that a valuable property interest in the news, as news, cannot be maintained by keeping it secret.” – Justice Pitney, Supreme Court of the United States, International News Service v. Associated Press, 248 U.S. 215 (1918).

“The news element—the information respecting current events contained in the literary production—is not the creation of the writer, but is a report of matters that ordinarily are publici juris; it is the history of the day. It is not to be supposed that the framers of the Constitution, when they empowered Congress ‘to promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries’ (Const. art. 1, § 8, par. 8), intended to confer upon one who might happen to be the first to report a historic event the exclusive right for any period to spread the knowledge of it.” – Justice Pitney, Supreme Court of the United States, International News Service v. Associated Press, 248 U.S. 215 (1918).

“The Defendants’ bar serves a wide variety of food and liquor, including premium scotches and bourbons. The menu items range from appetizers to full entrees. Live music is regularly featured at the bar, and the bar claims to be the first cigar bar in Houston. Its decor includes velvet paintings of celebrities and female nudes, including ones of Elvis and a bare-chested Mona Lisa. Other ‘eclectic’ decorations include lava lamps, cheap ceramic sculptures, beaded curtains, and vinyl furniture. Playboy centerfolds cover the men’s room walls. In addition to the velvet painting of Elvis, the bar’s menu and decor include other Elvis references. The menu includes ‘Love Me Blenders,’ a type of frozen drink; peanut butter and banana sandwiches, a favorite of Elvis’s; and ‘Your Football Hound Dog,’ a hotdog.” – Circuit Judge King, United States Court of Appeals, Fifth Circuit, Elvis Presley Enterprises, Inc. v. Capece, 141 F.3d 188 (1998).

“Once a trade secret is posted on the Internet, it is effectively part of the public domain, impossible to retrieve. Although the person who originally posted a trade secret on the Internet may be liable for trade secret misappropriation, the party who merely down loads Internet information cannot be liable for misappropriation because there is no misconduct involved in interacting with the Internet.” – District Judge Brinkema, United States District Court, E.D. Virginia, Alexandria Division, Religious Technology Center v. Lerma, 908 F.Supp. 1362 (1995)

“Our devotion to free wheeling industrial competition must not force us into accepting the law of the jungle as the standard of morality expected in our commercial relations.” – Judge Goldberg, United States Court of Appeals, Fifth Circuit, E. I. duPont deNemours & Co. v. Christopher, 431 F.2d 1012 (1970)

“Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods both at home and abroad. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“As a man of civil profession seems awkward in a camp or a garrison, and is even in some danger of being despised there, so does an idle man among men of business.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“Money, says the proverb, makes money. When you have got a little, it is often easy to get more. The great difficulty is to get that little.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“The greatness of a state and the happiness of its subjects, however independent they may be supposed in some respects, are commonly allowed to be inseparable with regard to commerce.” – David Hume, Political Discourses

“Poverty, though it does not prevent the generation, is extremely unfavourable to the rearing of children. The tender plant is produced, but in so cold a soil, and so severe a climate, soon withers and dies.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“Servants, labourers and workmen of different kinds, make up the far greater part of every great political society. But what improves the circumstances of the greater part can never be regarded as an inconveniency to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, cloath and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, cloathed and lodged.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“A man is of all sorts of luggage the most difficult to be transported.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“Masters are always and every where in a sort of tacit, but constant and uniform combination, not to raise the wages of labour . . . . To violate this combination is every where a most unpopular action, and a sort of reproach to a master among his neighbours and equals.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“What are the common wages of labour, depends every where upon the contract usually made between those two parties, whose interests are by no means the same. The workmen desire to get as much, the masters to give as little as possible. The former are disposed to combine in order to raise, the latter in order to lower the wages of labour. It is not, however, difficult to foresee which of the two parties must, upon all ordinary occasions, have the advantage in the dispute, and force the other into a compliance with their terms. . . . In all such disputes the masters can hold out much longer.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“It is natural that what is usually the produce of two days or two hours labour, should be worth double what is usually the produce of one day’s or one hour’s labour. If the one species of labour should be more severe than the other, some allowance will naturally be made for this superior hardship; and the produce of one hour’s labour in the one way may frequently exchange for that of two hours labour in the other. Or if the one species of labour requires an uncommon degree of dexterity and ingenuity, the esteem which men have for such talents, will naturally give a value to their produce, superior to what would be due to the time employed about it. Such talents can seldom be acquired but in consequence of long application, and the superior value of their produce may frequently be no more than a reasonable compensation for the time and labour which must be spent in acquiring them.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“By the end of November 1943, the new Allied Control Commission working with the [new] Italian Government was at the end of its rope. The 1943 harvest had fallen 25 to 30 percent below normal; amassing grain under the old unpopular Fascist system completely broke down and the major portion of the short harvest found its way into the black market. Even the low 150-gram bread ration [a little more than a quarter-pound per person daily] could not be maintained, and the only way to prevent mass starvation in urban centers such as Naples seemed to be a crash program of imports.” – Robert W. Coakley and Richard M. Leighton, “The Army and Civilian Supply – I,” Global Logistics and Strategy: 1943-1945

“The minor wars in Ethiopia, Spain, and Albania had placed a severe strain on the Italian economy; three years of World War II as a German ally pushed it to the brink of collapse. Italy entered the war in 1940 unprepared and was never able to mobilize her economy in efficient fashion. Though nominally an ally, Italy was forced into an economic as well as political and military dependence on Germany that left her at the mercy of the Nazi overlords of Europe. The country did not prosper under the German hegemony.” – Robert W. Coakley and Richard M. Leighton, “The Army and Civilian Supply – I,” Global Logistics and Strategy: 1943-1945

“The appearance of economic order, prosperity, and self-sufficiency that Mussolini’s fascist government had been able to create was in reality only a facade that cloaked Italy’s long-standing economic ills. The country was almost entirely dependent upon the outside world for coal and oil, and much more so for essential raw materials and even foodstuffs than the Fascists admitted.” – Robert W. Coakley and Richard M. Leighton, “The Army and Civilian Supply – I,” Global Logistics and Strategy: 1943-1945

“The invasion of Sicily was the first Allied operation for which there was a definite civilian supply plan prepared in advance. The plan, to cover a 90-day military period, was based on the assumption that once the dust of battle settled, Sicily would be self-sufficient except for coal and oil. For such immediate relief needs as arose, AFHQ [Allied Force Headquarters] hoped to rely mainly on stockpiles in North Africa. Only 12,100 tons of food were requested from the United States, and some thought even that quantity excessive. The Allied Military Government of Occupied Territory (AMGOT) instituted in Sicily soon found this optimism entirely unwarranted. Whether there was enough grain to provide bread for all the people was a debatable proposition, but, for the moment quantity was irrelevant, since the lack of transport, the colossal black market, farm hoarding, and the ravages of battle kept grain out of the cities. Two months after the invasion, cities such as Palermo were still living ‘hand to mouth’ with ‘not even 24 hours reserves of breadstuffs in the town.’” – Robert W. Coakley and Richard M. Leighton, “The Army and Civilian Supply – I,” Global Logistics and Strategy: 1943-1945

“The War Department, while insisting adamantly on military control over civilian supply during the initial phases of operations in overseas theaters, also sought vigorously to limit that responsibility to the narrow field of relief. This attitude in the end produced serious delays in the provision of rehabilitation supplies necessary for the resuscitation of transportation and communication facilities, and industrial and agricultural production in liberated areas. Slow progress in rehabilitation almost inevitably resulted in larger and larger demands for relief. The experience in every liberated territory pointed to the need for a balanced economic program with internal transport as perhaps the real heart of the problem. The military formula of food, fuel, and sanitary and medical supplies was therefore hardly a satisfactory one.” – Robert W. Coakley and Richard M. Leighton, “The Army and Civilian Supply – I,” Global Logistics and Strategy: 1943-1945

“If money go before, all ways do lie open.” – William Shakespeare, The Merry Wives of Windsor 2.2

“At the outset of the North African campaign, on 13 November 1942, President Roosevelt declared: ‘No one will go hungry, or without the means of livelihood in any territory occupied by the United Nations, if it is humanly possible within our power to make supplies available to them.’ This announcement heralded the beginning of a civilian supply problem that was to complicate the work of military logisticians immensely. It was not just a matter of humanitarian concern as the President’s announcement might suggest, but one of military necessity. Disease and disorder in rear areas or lack of co-operation from local governments could easily disrupt lines of communications and endanger the success of military operations.” – Robert W. Coakley and Richard M. Leighton, “The Army and Civilian Supply – I,” Global Logistics and Strategy: 1943-1945

“Equal quantities of labour, at all times and places, may be said to be of equal value to the labourer. In his ordinary state of health, strength and spirits; in the ordinary degree of his skill and dexterity, he must always lay down the same portion of his ease, his liberty, and his happiness. The price which he pays must always be the same, whatever may be the quantity of goods which he receives in return for it.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One

“The person who either acquires, or succeeds to a great fortune, does not necessarily acquire or succeed to any political power, either civil or military. His fortune may, perhaps, afford him the means of acquiring both, but the mere possession of that fortune does not necessarily convey to him either. The power which that possession immediately and directly conveys to him, is the power of purchasing.” – Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. One