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    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.

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  27  /  32  

A man with a surplus can control circumstances, but a man without a surplus is controlled by them, and often read more

A man with a surplus can control circumstances, but a man without a surplus is controlled by them, and often has no opportunity to exercise judgment.

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  12  /  18  

What the customer demands is last year's model, cheaper. To find out what the customer needs you have to understand read more

What the customer demands is last year's model, cheaper. To find out what the customer needs you have to understand what the customer is doing as well as he understands it. Then you build what he needs and you educate him to the fact that he needs it.

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The herd instinct among forecasters makes sheep look like independent thinkers.

The herd instinct among forecasters makes sheep look like independent thinkers.

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You read a book from beginning to end. You run a business the opposite way. You start with the end, read more

You read a book from beginning to end. You run a business the opposite way. You start with the end, and then you do everything you must to reach it.

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  26  /  14  

My father taught me to work; he did not teach me to love it.

My father taught me to work; he did not teach me to love it.

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If we devote our time disparaging the products of our business rivals, we hurt business generally, reduce confidence, and increase read more

If we devote our time disparaging the products of our business rivals, we hurt business generally, reduce confidence, and increase discontent.

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Money is something you got to make in case you don't die.

Money is something you got to make in case you don't die.

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

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

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We are all manufacturers. Making good, making trouble, or making excuses.

We are all manufacturers. Making good, making trouble, or making excuses.

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