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.

Bulls make money. Bears make money. Pigs get slaughtered.

Bulls make money. Bears make money. Pigs get slaughtered.

Each man is the smith of his own fortune.

Each man is the smith of his own fortune.

Whoever originated the cliche that money is the root of all evil knew hardly anything about the nature of evil read more

Whoever originated the cliche that money is the root of all evil knew hardly anything about the nature of evil and very little about human beings.

Location, location, location.

Location, location, location.

If you can run one business well, you can run any business well.

If you can run one business well, you can run any business well.

It is impossible to understand the history of economic thought if one does not pay attention to the fact that read more

It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.

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.

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.