Greater consumption due to increase in population and growth of income heightens scarcity and induces price run-ups. A higher price read more

Greater consumption due to increase in population and growth of income heightens scarcity and induces price run-ups. A higher price represents an opportunity that leads inventors and businesspeople to seek new ways to satisfy the shortages. Some fail, at cost to themselves. A few succeed, and the final result is that we end up better off than if the original shortage problems had never arisen. That is, we need our problems, though this does not imply that we should purposely create additional problems for ourselves.

The real measure of your wealth is how much you'd be worth if you lost all your money.

The real measure of your wealth is how much you'd be worth if you lost all your money.

It's not the bulls and bears you need to avoid -- it's the bum steers.

It's not the bulls and bears you need to avoid -- it's the bum steers.

One rose says more than the dozen.

One rose says more than the dozen.

The budget evolved from a management tool into an obstacle to management.

The budget evolved from a management tool into an obstacle to management.

...we see that there are two different kinds of...societies: (a) parasitic societies and (b) producing societies. The former are those read more

...we see that there are two different kinds of...societies: (a) parasitic societies and (b) producing societies. The former are those which live from hunting, fishing, or merely gleaning. By their economic activities they do not increase, but rather decrease, the amount of wealth in the world. The second kind of societies, producing societies, live by agricultural and pastoral activities. By these activities they seek to increase the amount of wealth in the world.

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?

Commerce is the cure for the most destructive prejudices.

Commerce is the cure for the most destructive prejudices.

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.