Our supplies of natural resources are not finite in any economic sense. Nor does past experience give reason to expect read more

Our supplies of natural resources are not finite in any economic sense. Nor does past experience give reason to expect natural resources to become more scarce. Rather, if history is any guide, natural resources will progressively become less costly, hence less scarce, and will constitute a smaller proportion of our expenses in future years.

It is impossible to understand the history of economic thought if one does not pay attention to the fact that read more

It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.

Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to read more

Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.

Whales only get harpooned when they come to the surface, and turtles can only move forward when they stick their read more

Whales only get harpooned when they come to the surface, and turtles can only move forward when they stick their neck out, but investors face risk no matter what they do.

Managers have traditionally developed the skills in finance, planning, marketing and production techniques. Too often the relationships with their people read more

Managers have traditionally developed the skills in finance, planning, marketing and production techniques. Too often the relationships with their people have been assigned a secondary role. This is too important a subject not to receive first line attention.

Every era has a currency that buys souls. In some the currency is pride, in others it is hope, in read more

Every era has a currency that buys souls. In some the currency is pride, in others it is hope, in still others it is a holy cause. There are of course times when hard cash will buy souls, and the remarkable thing is that such times are marked by civility, tolerance, and the smooth working of everyday life.

Economics is first and foremost about the thoughts leading up to choice.

Economics is first and foremost about the thoughts leading up to choice.

Uncle claims that if he files his income tax wrong he'll go to jail, and if he files it right read more

Uncle claims that if he files his income tax wrong he'll go to jail, and if he files it right he'll go to the poor house.

...the only means to well-being is to increase the quantity of products. This is what business aims at.

...the only means to well-being is to increase the quantity of products. This is what business aims at.