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.
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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.
It is impossible to understand the history of economic thought if one does not pay attention to the fact that read more
It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.
The budget evolved from a management tool into an obstacle to management.
The budget evolved from a management tool into an obstacle to management.
The politicians don't just want your money. They want your soul. They want you to be worn down by taxes read more
The politicians don't just want your money. They want your soul. They want you to be worn down by taxes until you are dependent and helpless. When you subsidize poverty and failure, you get more of both.
The first condition for the establishment of perpetual peace is the general adoption of the principles of laissez-faire capitalism.
The first condition for the establishment of perpetual peace is the general adoption of the principles of laissez-faire capitalism.
Money talks...but all mine ever says is good-bye.
Money talks...but all mine ever says is good-bye.
Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents.
Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents.
You can't run a business without taking risks.
You can't run a business without taking risks.
The only thing money gives you is the freedom of not worrying about money.
The only thing money gives you is the freedom of not worrying about money.
