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.

I am indeed rich, since my income is superior to my expense, and my expense is equal to my wishes.

I am indeed rich, since my income is superior to my expense, and my expense is equal to my wishes.

You read a book from beginning to end. You run a business the opposite way. You start with the end, read more

You read a book from beginning to end. You run a business the opposite way. You start with the end, and then you do everything you must to reach it.

The only thing money gives you is the freedom of not worrying about money.

The only thing money gives you is the freedom of not worrying about money.

We live in a time of transition, an uneasy era which is likely to endure for the rest of this read more

We live in a time of transition, an uneasy era which is likely to endure for the rest of this century. During the period we may be tempted to abandon some of the time-honored principles and commitments which have been proven during the difficult times of past generations. We must never yield to this temptation. Our American values are not luxuries, but necessities - not the salt in our bread, but the bread itself.
in his farewell address.

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.

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).

If you're not serving the customer, you'd better be serving someone who is.

If you're not serving the customer, you'd better be serving someone who is.

I figure you have the same chance of winning the lottery whether you play or not.

I figure you have the same chance of winning the lottery whether you play or not.