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.
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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).
All currency is neurotic currency.
All currency is neurotic currency.
A consumer is a shopper who is sore about something.
A consumer is a shopper who is sore about something.
Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents.
Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents.
Economics is first and foremost about the thoughts leading up to choice.
Economics is first and foremost about the thoughts leading up to choice.
An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.
An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.
Goodwill is the one and only asset that competition cannot undersell or destroy.
Goodwill is the one and only asset that competition cannot undersell or destroy.
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.
Stressing output is the key to improving productivity, while looking to increase activity can result in just the opposite.
Stressing output is the key to improving productivity, while looking to increase activity can result in just the opposite.
