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.
You May Also Like / View all maxioms
It's not your salary that makes you rich, it's your spending habits.
It's not your salary that makes you rich, it's your spending habits.
It is the duty of a good shepherd to shear his sheep, not to skin them.
It is the duty of a good shepherd to shear his sheep, not to skin them.
The City's reluctance to take a stand on an issue like the British Gas pay row makes a mockery of read more
The City's reluctance to take a stand on an issue like the British Gas pay row makes a mockery of corporate governance and shareholders' ability to influence annual general meetings. Institutions should be obliged to make public how they vote at such events. They should be obliged to provide customers with a record of how they vote on every kind of issue.
The "human condition" is always to push forward for the better and economics is the study of that process.
The "human condition" is always to push forward for the better and economics is the study of that process.
He who lives by the crystal ball soon learns to eat ground glass.
He who lives by the crystal ball soon learns to eat ground glass.
Make a customer, not a sale.
Make a customer, not a sale.
The way to get things done is not to mind who gets the credit for doing them.
The way to get things done is not to mind who gets the credit for doing them.
Since man does not create physical matter, those who handle material objects in the production process are not producers in read more
Since man does not create physical matter, those who handle material objects in the production process are not producers in that sense. Economic benefits result from the transformation of matter in form, location, or availability (intellectually or temporally). It is these transformations that create economic benefits valued by consumers, and whoever arranges such transformations contributes to the value of things, whether his hands actually come into contact with physical objects or not.
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.
