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.

As the science of economics...exploded the fallacies of every brand of utopianism, it was outlawed and stigmatized as unscientific.

As the science of economics...exploded the fallacies of every brand of utopianism, it was outlawed and stigmatized as unscientific.

The difference between tax avoidance and tax evasion is the thickness of a prison wall.

The difference between tax avoidance and tax evasion is the thickness of a prison wall.

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.

An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.

An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.

We've entered an era when very good, competent people aren't getting jobs. One remedy is to stand out, to self-promote. read more

We've entered an era when very good, competent people aren't getting jobs. One remedy is to stand out, to self-promote. If you do, you're going to get the nod over some co-worker.

Money doesn't talk, it swears.

Money doesn't talk, it swears.

All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to read more

All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out.

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.