If patriotism is, as Dr. Johnson used to remark, the last refuge of the scoundrel, wrapping outdated industry in the mantle of national interest is the last refuge of the economically dispossessed. In economic terms, pleading national interest is the declining cottage industry of those who have been bypassed by the global economy.
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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.
Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to read more
Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.
A market is the combined behavior of thousands of people responding to information, misinformation and whim.
A market is the combined behavior of thousands of people responding to information, misinformation and whim.
I work in a strange business, and trust is a word that's not even in the vocabulary.
I work in a strange business, and trust is a word that's not even in the vocabulary.
It is the duty of a good shepherd to shear his sheep, not to skin them.
It is the duty of a good shepherd to shear his sheep, not to skin them.
Each man is the smith of his own fortune.
Each man is the smith of his own fortune.
You can't run a business without taking risks.
You can't run a business without taking risks.
Forty for you, sixty for me And equal partners we will be.
Forty for you, sixty for me And equal partners we will be.
Most people...find a disorientating mismatch between the long-term nature of their liabilities and the increasingly short-term nature of their assets.
Most people...find a disorientating mismatch between the long-term nature of their liabilities and the increasingly short-term nature of their assets.
