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.
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In all recorded history there has not been one economist who has had to worry about where the next meal read more
In all recorded history there has not been one economist who has had to worry about where the next meal would come from.
I don't want to do business with those who don't make a profit, because they can't give the best service.
I don't want to do business with those who don't make a profit, because they can't give the best service.
There is no substitute for accurate knowledge. Know yourself, know your business, know your men.
There is no substitute for accurate knowledge. Know yourself, know your business, know your men.
It's not the bulls and bears you need to avoid -- it's the bum steers.
It's not the bulls and bears you need to avoid -- it's the bum steers.
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.
Don't try to buy at the bottom and sell at the top. It can't be done except by liars.
Don't try to buy at the bottom and sell at the top. It can't be done except by liars.
There is no glory in outstripping donkeys.
There is no glory in outstripping donkeys.
Capitalism needs to function like a game of tug-of-war. Two opposing sides need to continually struggle for dominance, but at read more
Capitalism needs to function like a game of tug-of-war. Two opposing sides need to continually struggle for dominance, but at no time can either side be permitted to walk away with the rope.
Bulls make money. Bears make money. Pigs get slaughtered.
Bulls make money. Bears make money. Pigs get slaughtered.
