“The most important single central fact about a free market is that no exchange takes place unless both parties benefit.” ImportantFactsFreedomPartyBusinessEconomyBenefitsEconomicsInvestingPartnershipFree MarketMarket EconomyFree Market CapitalismEconomy And EconomicsFree Economy Author:Milton Friedman
“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.” IfsDoeFactsChallengesPayAttentionImpossibleEconomicEconomicsPay AttentionConceit Book:Human Action Source: Human Action
“The whole financial structure of Wall Street seems to rise or fall on the mere fact that the Federal Reserve Bank raises or lowers the amount of interest. Any business that can't survive a one percent change must be skating on thin ice. Why even the poor farmer took a raise of another ten percent just to get a loan from the bank, and nobody from the government paid any attention. But you let Wall Street have a nightmare and the whole country has to help to get them back into bed again.” CountryWholeFactsHelpingSeemsGovernmentFallInterestPoorAttentionStreetsWallAmountBedTenPercentEconomicsPaidRaisesStructureMereFinancialIceNightmareFarmersReservesLoanSkatingFederal ReserveSkating On Thin Ice Author:Will Rogers
“The author brings to the table a healthy skepticism of the conventional wisdom, an admirable ability to separate fact from fancy, and an undisguised repugnance for the mumbo-jumbo that's the curse of so much commentary on anything to do with economics or investment. A World of Wealth is not only a lively read, but an exceptionally enlightening and rewarding one to boot.” WorldFactsWealthAbilityHealthyEconomicsTablesInvestmentCurseFancyBootsConventionalSkepticismEnlighteningAdmirableLivelyCommentaryConventional Wisdom Author:Alan Abelson
“No organism can afford to be conscious of matters with which it could deal at unconscious levels. Broadly, we can afford to sink those sorts of knowledge which continue to be true regardless of changes in the environment, but we must maintain in an accessible place all those controls of behavior which must be modified for every instance. The economics of the system, in fact, pushes organisms toward sinking into the unconscious those generalities of relationship which remain permanently true and toward keeping within the conscious the pragmatic of particular instances.” MatterFactsLevelsDealsEnvironmentParticularBehaviorConsciousEconomicsBeing TrueInstanceUnconsciousOrganismsSinkingPragmaticGeneralities Author:Gregory Bateson
“The conclusion to which I am ever more clearly coming is that the only hope of attaining a true system of economics is to fling aside,once and forever, the mazy and preposterous assumptions of the Ricardian school. Our English economists have been living in a fool's paradise. The truth is with the French school, and the sooner we recognize the fact, the better it will be for all the world, except perhaps the few writers who are far too committed to the old erroneous doctrines to allow for renunciation.” WorldHas BeensFactsSchoolForeverFoolTruth IsEconomicsCommittedDoctrineConclusionAssumptionParadiseEconomistRenunciationFling Book:Political Economy Source: Political Economy
“Whether we like it or not, it is a fact that economics cannot remain an esoteric branch of knowledge accessible only to small groups of scholars and specialists. Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen.” FactsProblemDealsStudyGroupsCitizensConcernEconomicsFundamentalsBranchesScholarSpecialistsSmall GroupsEsoteric Book:Human Action Source: Human Action