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“One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them 'productively' because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies.”

“More frightening to me than any policy or politician is the ease with which the public is played for fools with words. The latest example is the 'Employee Freedom of Choice Act,' a bill that will do away with secret ballot elections among workers voting on whether to be represented by a union. It is an open invitation to intimidation - which is to say, loss of freedom of choice.”

“The critical thing about the design process is to identify your scarcest resource. Despite what you may think, that very often is not money. For example, in a NASA moon shot, money is abundant but lightness is scarce; every ounce of weight requires tons of material below. On the design of a beach vacation home, the limitation may be your ocean-front footage. You have to make sure your whole team understands what scarce resource you're optimizing.”

“We may agree, for example, that our societies must provide greater security for the individual; yet if all we succeed in producing is a providing increased anonymity and ever increasing boredom, then we should not wonder if ingenious man turns to such amusements as drugs, housebreaking, vandalism, mayhem, riots, or - at the most harmless - strange haircuts, costumes, standards of cleanliness, and sexual experiments.”

“Punishing enemies and rewarding friends - politics Chicago style - seems to be the unifying principle that helps explain the Obamacare waivers, the NLRB action against Boeing and IRS's gift tax assault on 501(c)(4) donors. They look like examples of crony capitalism, bailout favoritism and gangster government. One thing they don't look like is the rule of law.”

“The greatest danger to the liberal vision are facts about the consequences of liberalism itself and the laws, policies, and ways of life that the left has spawned. That the black family, which survived centuries of slavery and generations of discrimination, has disintegrated in the wake of the liberal welfare states is only one example.”

“Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.”

“I don't think that the big crunch should be seen as a menace, but rather as an opportunity. It's one of these times in -history - and we have plenty of examples from the past - where it's possible to really make a difference. And if art is serious about claiming a central role in today's society and culture, this is the best chance it's had in ages.”

“It's nice to be able to be whoever you want to be. I moved to New York for that reason. I think I am a very good example of how you really can do whatever you want to do without having any kind of prerequisite experience of any of kind of connection. None of my family members came from this world.”

“I bring myself innately to it, yeah. I bring those details as much as I - what I don't obsess over is, there are certain ways I might've pushed it even a little more. For example, [to Warren] your accent. I know Warner Bros. at one point came in. I don't know, until you came to set, I know I wore that long tartan skirt and the ruffled blouse for that.”

“History is filled with tragic examples of wars that result from diplomatic impasse. Whether in our local communities or in international relations, the skillful use of our communicative capacities to negotiate and resolve differences is the first evidence of human wisdom.”

“Recipients of transfers set a bad example for others, including their children, other relatives, and friends, who see that one can receive goods, services, or money from the government without earning them. The onlookers easily adopt an attitude that they, too, are entitled to such transfers. They have fewer examples of hardworking, self-reliant people in their families or neighborhoods.”

“Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess at what a 90-day option might be worth. But the minute you get into longer periods of time, it's crazy to get into Black-Scholes. For example, at Costco we issued stock options with strike prices of $30 and $60, and Black-Scholes valued the $60 ones higher. This is insane.”

“And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.”

“And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get even one person who's hell-bent on gaining market share.... For example, if I were Kellogg and I decided that I had to have 60% of the market, I think I could take most of the profit out of cereals. I'd ruin Kellogg in the process. But I think I could do it.”

“The reports of racial episodes are disturbing. But the players' protest is exhilarating because it is the most high-profile example to date in a continuing revolution in which the athletes who drive the multibillion-dollar college sports machine have begun to use their visibility to demand change.”

“Liberalism's key principle is to redistribute wealth from the haves to the have nots. That takes money from the entities with the greatest potential to improve society (for example, corporations that create jobs, invent life-saving medicines, etc.) and redistributes it to the people, whom on average, will never contribute more to society than to hold a menial job.”

“We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two quarters of each year - and some terrible businesses can have steady results.”

“I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to realize they have a duty to the rest of us to act as exemplars... You do not want your first-grade school teacher to be fornicating on the floor or drinking booze in the classroom; similarly you do not want your stock exchange to be setting the wrong moral example.”

“The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And most people do not get this straight in their heads. But a fellow like Buffett does. For example, when we were in the textile business, which is a terrible commodity business, we were making low-end textiles-which are a real commodity product. And one day, the people came to Warren and said, "They've invented a new loom that we think will do twice as much work as our old ones."”

“He [Wilhelm Reich] believed that the individual's walk, stance, and breath patterns revealed a specific character type. Reich thought chronic muscular tension indicated repression and blocked the expression of affect. An example is the tight holding of the chest area as a sign of repressed feelings of need and longing.”

“To those of us who are not theologians, does it matter whether a thing is ordained or merely allowed? Are events that seem out of control caused by God? Or does He allow them to occur at the hands of human beings? You can spend a lot of time pondering that one and end up pretty much where you started. In either case, the purpose remains the same - our sanctification. God is in the business of making us walking, breathing examples of the invisible reality of the presence of Christ in us.”

“We are each one on a road going toward home, but we're not trying to get there for Christmas. We're trying to get there for eternity. We want to arrive home safely to our loving Father in Heaven. He wants us to make it safely there, so He has sent a guiding light for us to follow: a Savior, the Lord Jesus Christ, the perfect example.”