A market is the combined behavior of thousands of people responding to information, misinformation and whim.

A market is the combined behavior of thousands of people responding to information, misinformation and whim.

Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to read more

Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.

An economist's guess is liable to be as good as anybody else's.

An economist's guess is liable to be as good as anybody else's.

We may not be able to offer long-term employment, but we should try to offer long-term employability.

We may not be able to offer long-term employment, but we should try to offer long-term employability.

I do not regard a broker as a member of the human race.

I do not regard a broker as a member of the human race.

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.

Profits are like breathing. You have to have them. But who would stay alive just to breathe?

Profits are like breathing. You have to have them. But who would stay alive just to breathe?

Business, that's easily defined; it's other people's money.

Business, that's easily defined; it's other people's money.

When we are in competition with ourselves, and match our todays against our yesterdays, we derive encouragement from past misfortunes read more

When we are in competition with ourselves, and match our todays against our yesterdays, we derive encouragement from past misfortunes and blemishes. Moreover, the competition with ourselves leaves unimpaired our benevolence toward our fellow men.