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.

When people go to work, they shouldn't have to leave their hearts at home.

When people go to work, they shouldn't have to leave their hearts at home.

The real measure of your wealth is how much you'd be worth if you lost all your money.

The real measure of your wealth is how much you'd be worth if you lost all your money.

Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell read more

Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it.

Ask five economists and you'll get five different answers (six if one went to Harvard).

Ask five economists and you'll get five different answers (six if one went to Harvard).

Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides read more

Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics.

Only positive consequences encourage good future performances.

Only positive consequences encourage good future performances.

Hire the best. Pay them fairly. Communicate frequently. Provide challenges and rewards. Believe in them. Get out of their way read more

Hire the best. Pay them fairly. Communicate frequently. Provide challenges and rewards. Believe in them. Get out of their way and they'll knock your socks off.

You don't want to get the same kind of advice from everyone on your board.

You don't want to get the same kind of advice from everyone on your board.