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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My riches consist not in the extent of my possessions, but in the fewness of my wants.
My riches consist not in the extent of my possessions, but in the fewness of my wants.
Women do not win formula one races, because they simply are not strong enough to resist the G-forces. In the read more
Women do not win formula one races, because they simply are not strong enough to resist the G-forces. In the boardroom, it is different. I believe women are better able to marshal their thoughts than men and because they are less egotistical they make fewer assumptions.
If you're not a white male, consider sales seriously. Most employers, regardless of how sexist or racist they may be, read more
If you're not a white male, consider sales seriously. Most employers, regardless of how sexist or racist they may be, will pay for any sales they can get. And they care little for the color or gender of the person who brings that business to the firm. Most will be glad to get the business even if it comes from a green, bisexual Martian.
Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information read more
Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.
Only positive consequences encourage good future performances.
Only positive consequences encourage good future performances.
We may not be able to offer long-term employment, but we should try to offer long-term employability.
We may not be able to offer long-term employment, but we should try to offer long-term employability.
Don't buy the house, buy the neighborhood.
Don't buy the house, buy the neighborhood.
Entrepreneurship is the last refuge of the trouble making individual.
Entrepreneurship is the last refuge of the trouble making individual.
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.
