Greater consumption due to increase in population and growth of income heightens scarcity and induces price run-ups. A higher price read more

Greater consumption due to increase in population and growth of income heightens scarcity and induces price run-ups. A higher price represents an opportunity that leads inventors and businesspeople to seek new ways to satisfy the shortages. Some fail, at cost to themselves. A few succeed, and the final result is that we end up better off than if the original shortage problems had never arisen. That is, we need our problems, though this does not imply that we should purposely create additional problems for ourselves.

Utility is our national shibboleth: the savior of the American businessman is fact and his uterine half-brother, statistics.

Utility is our national shibboleth: the savior of the American businessman is fact and his uterine half-brother, statistics.

A rich man is nothing but a poor man with money.

A rich man is nothing but a poor man with money.

Ask five economists and you'll get five different answers (six if one went to Harvard).

Ask five economists and you'll get five different answers (six if one went to Harvard).

There is no expedient to which a man will not resort to avoid the real labor of thinking.

There is no expedient to which a man will not resort to avoid the real labor of thinking.

Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell read more

Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it.

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information read more

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.

The budget evolved from a management tool into an obstacle to management.

The budget evolved from a management tool into an obstacle to management.

Get me inside any boardroom and I'll get any decision I want.

Get me inside any boardroom and I'll get any decision I want.