Greater consumption due to increase in population and growth of income heightens scarcity and induces price run-ups. A higher price read more

Greater consumption due to increase in population and growth of income heightens scarcity and induces price run-ups. A higher price represents an opportunity that leads inventors and businesspeople to seek new ways to satisfy the shortages. Some fail, at cost to themselves. A few succeed, and the final result is that we end up better off than if the original shortage problems had never arisen. That is, we need our problems, though this does not imply that we should purposely create additional problems for ourselves.

If all the gold in the world were melted down into a solid cube it would be about the size read more

If all the gold in the world were melted down into a solid cube it would be about the size of an eight room house. If a man got possession of all that gold -- billions of dollars worth -- he could not buy a friend, character, peace of mind, clear conscience or a sense of eternity.

It is time that financial types developed a greater tolerance for imprecision, because that’s the way the world is.

It is time that financial types developed a greater tolerance for imprecision, because that’s the way the world is.

Every few seconds it changes - up an eighth, down an eighth - it's like playing a slot machine. I read more

Every few seconds it changes - up an eighth, down an eighth - it's like playing a slot machine. I lose $20 million, I gain $20 million.

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.

Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides read more

Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics.

The principles applied in economic processes are general social principles.

The principles applied in economic processes are general social principles.

Only positive consequences encourage good future performances.

Only positive consequences encourage good future performances.

Whether he admits it or not, a man has been brought up to look at money as a sign of read more

Whether he admits it or not, a man has been brought up to look at money as a sign of his virility, a symbol of his power, a bigger phallic symbol than a Porsche.