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.

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.

It is almost as difficult to keep a first class person in a fourth class job, as it is to read more

It is almost as difficult to keep a first class person in a fourth class job, as it is to keep a fourth class person in a first class job.

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.

The standard of living has risen along with the size of the world's population since the beginning of recorded time. read more

The standard of living has risen along with the size of the world's population since the beginning of recorded time. There is no convincing economic reason why these trends toward a better life should not continue indefinitely.

For me, hard work represents the supreme luxury of life.

For me, hard work represents the supreme luxury of life.

If patriotism is, as Dr. Johnson used to remark, the last refuge of the scoundrel, wrapping outdated industry in the read more

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 Johnson used to remark, the last refuge of the scoundrel, wrapping outdated industry in the mantle of national interest is the last refuge of the economically dispossessed.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.

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.

Our supplies of natural resources are not finite in any economic sense. Nor does past experience give reason to expect read more

Our supplies of natural resources are not finite in any economic sense. Nor does past experience give reason to expect natural resources to become more scarce. Rather, if history is any guide, natural resources will progressively become less costly, hence less scarce, and will constitute a smaller proportion of our expenses in future years.