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.

There are two things needed in these days; first, for rich men to find out how poor men live; and read more

There are two things needed in these days; first, for rich men to find out how poor men live; and second, for poor men to know how rich men work.

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

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

Money talks...but all mine ever says is good-bye.

Money talks...but all mine ever says is good-bye.

Wealth, howsoever got, in England makes lords of mechanics, gentlemen of rakes; Antiquity and birth are needless here; 'Tis impudence read more

Wealth, howsoever got, in England makes lords of mechanics, gentlemen of rakes; Antiquity and birth are needless here; 'Tis impudence and money makes a peer.

A fool and his money are soon parted. - Five Hundred Points of Good Husbandry.

A fool and his money are soon parted. - Five Hundred Points of Good Husbandry.

The buck stops with the guy who signs the checks.

The buck stops with the guy who signs the checks.

It is your mind that matters economically, as much or more than your mouth or hands. In the long run, read more

It is your mind that matters economically, as much or more than your mouth or hands. In the long run, the most important economic effect of population size and growth is the contribution of additional people to our stock of useful knowledge. And this contribution is large enough in the long run to overcome all the costs of population growth.

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.