Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information read more

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.

The boss must first distinguish between action information and status information. He must discipline himself not to act on problems read more

The boss must first distinguish between action information and status information. He must discipline himself not to act on problems his managers can solve, and never to act on problems when he is explicitly reviewing status. I once knew a boss who invariably picked up the phone to give orders before the end of the first paragraph in a status report. That response is guaranteed to squelch full disclosure.

Above all, we wish to avoid having a dissatisfied customer. We consider our customers a part of our organization, and read more

Above all, we wish to avoid having a dissatisfied customer. We consider our customers a part of our organization, and we want them to feel free to make any criticism they see fit in regard to our merchandise or service. Sell practical, tested merchandise at reasonable profit, treat your customers like human beings -- and they will always come back.

Money is something you got to make in case you don't die.

Money is something you got to make in case you don't die.

When we are in competition with ourselves, and match our todays against our yesterdays, we derive encouragement from past misfortunes read more

When we are in competition with ourselves, and match our todays against our yesterdays, we derive encouragement from past misfortunes and blemishes. Moreover, the competition with ourselves leaves unimpaired our benevolence toward our fellow men.

If you do it right 51 percent of the time you will end up a hero.

If you do it right 51 percent of the time you will end up a hero.

Tax reform means, 'Don't tax you, don't tax me. Tax that fellow behind the tree.'.

Tax reform means, 'Don't tax you, don't tax me. Tax that fellow behind the tree.'.

Utility is our national shibboleth: the savior of the American businessman is fact and his uterine half-brother, statistics.

Utility is our national shibboleth: the savior of the American businessman is fact and his uterine half-brother, statistics.

The morality of compromise' sounds contradictory. Compromise is usually a sign of weakness, or an admission of defeat. Strong men read more

The morality of compromise' sounds contradictory. Compromise is usually a sign of weakness, or an admission of defeat. Strong men don't compromise, it is said, and principles should never be compromised. I shall argue that strong men, conversely, know when to compromise and that all principles can be compromised to serve a greater principle.