Many of the products which create a modern standard of living are only the physical incorporations of ideas- not only read more

Many of the products which create a modern standard of living are only the physical incorporations of ideas- not only the ideas of an Edison or a Ford but the ideas of innumerable anonymous people who figure out the design of supermarkets, the location of gasoline stations, and the million mundane things on which our material well-being depends. Societies which have more people carrying out physical acts and fewer people supplying ideas do not have higher standards of living. Quite the contrary.

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.

We don't want to push our ideas on to customers, we simply want to make what they want.

We don't want to push our ideas on to customers, we simply want to make what they want.

I am indeed rich, since my income is superior to my expense, and my expense is equal to my wishes.

I am indeed rich, since my income is superior to my expense, and my expense is equal to my wishes.

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.

Capitalists are motivated not chiefly by the desire to consume wealth or indulge their appetites, but by the freedom and read more

Capitalists are motivated not chiefly by the desire to consume wealth or indulge their appetites, but by the freedom and power to consummate their entrepreneurial ideas.

You don't want to get the same kind of advice from everyone on your board.

You don't want to get the same kind of advice from everyone on your board.

In the midst of life we are in debt.

In the midst of life we are in debt.

As a small businessperson, you have no greater leverage than the truth.

As a small businessperson, you have no greater leverage than the truth.