We live in a time of transition, an uneasy era which is likely to endure for the rest of this century. During the period we may be tempted to abandon some of the time-honored principles and commitments which have been proven during the difficult times of past generations. We must never yield to this temptation. Our American values are not luxuries, but necessities - not the salt in our bread, but the bread itself.
in his farewell address.
You May Also Like / View all maxioms
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.
Having more money does not insure happiness. People with ten million dollars are no happier than people with nine million read more
Having more money does not insure happiness. People with ten million dollars are no happier than people with nine million dollars.
I figure you have the same chance of winning the lottery whether you play or not.
I figure you have the same chance of winning the lottery whether you play or not.
The desire of businessmen for profits is what drives prices down unless forcibly prevented from engaging in price competition, usually read more
The desire of businessmen for profits is what drives prices down unless forcibly prevented from engaging in price competition, usually by governmental activity.
Stressing output is the key to improving productivity, while looking to increase activity can result in just the opposite.
Stressing output is the key to improving productivity, while looking to increase activity can result in just the opposite.
Fortune has something of the nature of a woman. If she is too intensely wooed, she commonly goes the further read more
Fortune has something of the nature of a woman. If she is too intensely wooed, she commonly goes the further away.
The manager with the in basket problem does not yet understand that he must discipline himself to take care of read more
The manager with the in basket problem does not yet understand that he must discipline himself to take care of activities that fail to excite him.
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 employer generally gets the employees he deserves.
The employer generally gets the employees he deserves.
