Not understanding the process of a spontaneously-ordered economy goes hand-in-hand with not understanding the creation of resources and wealth. And when a person does not understand the creation of resources and wealth, the only intellectual alternative is to believe that increasing wealth must be at the cost of someone else. This belief that our good fortune must be an exploitation of others may be the taproot of false prophecy about doom that our evil ways must bring upon us.
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Every individual is the architect of his own fortune.
Every individual is the architect of his own fortune.
When you hire people that are smarter than you are, you prove you are smarter than they are.
When you hire people that are smarter than you are, you prove you are smarter than they are.
The principles applied in economic processes are general social principles.
The principles applied in economic processes are general social principles.
I wake up every morning and thank God I’m not a chartered accountant any longer, but involved with property.
I wake up every morning and thank God I’m not a chartered accountant any longer, but involved with property.
Profits are like breathing. You have to have them. But who would stay alive just to breathe?
Profits are like breathing. You have to have them. But who would stay alive just to breathe?
The essence of wealth is the capacity to control the forces of nature, and the extent of wealth depends upon read more
The essence of wealth is the capacity to control the forces of nature, and the extent of wealth depends upon the level of technology and the ability to create new knowledge.
A market is the combined behavior of thousands of people responding to information, misinformation and whim.
A market is the combined behavior of thousands of people responding to information, misinformation and whim.
Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements read more
Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another.
I have probably purchased fifty 'hot tips' in my career, maybe even more. When I put them all together, I read more
I have probably purchased fifty 'hot tips' in my career, maybe even more. When I put them all together, I know I am a net loser.
