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.
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He that is rich is wise.
He that is rich is wise.
The standard of living has risen along with the size of the world's population since the beginning of recorded time. read more
The standard of living has risen along with the size of the world's population since the beginning of recorded time. There is no convincing economic reason why these trends toward a better life should not continue indefinitely.
If all the gold in the world were melted down into a solid cube it would be about the size read more
If all the gold in the world were melted down into a solid cube it would be about the size of an eight room house. If a man got possession of all that gold -- billions of dollars worth -- he could not buy a friend, character, peace of mind, clear conscience or a sense of eternity.
I've been promoted to middle management. I never thought I'd sink so low.
I've been promoted to middle management. I never thought I'd sink so low.
A consumer is a shopper who is sore about something.
A consumer is a shopper who is sore about something.
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.
By desiring little, a poor man makes himself rich.
By desiring little, a poor man makes himself rich.
Avarice is the vice of declining years.
Avarice is the vice of declining years.
The dynamics of capitalism is postponement of enjoyment to the constantly postponed future.
The dynamics of capitalism is postponement of enjoyment to the constantly postponed future.
