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The rich adopt novelties and become accustomed to their use. This sets a fashion which others imitate. Once the richer read more
The rich adopt novelties and become accustomed to their use. This sets a fashion which others imitate. Once the richer classes have adopted a certain way of living, producers have an incentive to improve the methods of manufacture so that soon it is possible for the poorer classes to follow suit. Thus luxury furthers progress. Innovation "is the whim of an elite before it becomes a need of the public. The luxury today is the necessity of tomorrow." Luxury is the roadmaker of progress: it develops latent needs and makes people discontented. In so far as they think consistently, moralists who condemn luxury must recommend the comparatively desireless existence of the wild life roaming in the woods as the ultimate ideal of civilized life.
...the only means to well-being is to increase the quantity of products. This is what business aims at.
...the only means to well-being is to increase the quantity of products. This is what business aims at.
Honor sinks where commerce long prevails.
Honor sinks where commerce long prevails.
Why is there so much month left at the end of the money?
Why is there so much month left at the end of the money?
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded- here and there, read more
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded- here and there, now and then- are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.This is known as "bad luck.".
The herd instinct among forecasters makes sheep look like independent thinkers.
The herd instinct among forecasters makes sheep look like independent thinkers.
Price fixing does not represent simply windfall gains and losses to particular groups according to whether the price happens to read more
Price fixing does not represent simply windfall gains and losses to particular groups according to whether the price happens to be set higher or lower than it would be otherwise. It represents a net lose to the economy as a whole to the extent that many transactions do not take place at all, because the mutually acceptable possibilities have been reduced.
The market is a place set apart where men may deceive each other.
The market is a place set apart where men may deceive each other.
Finance is the art of passing currency from hand to hand until it finally disappears.
Finance is the art of passing currency from hand to hand until it finally disappears.
