“The theory which follows is entirely based on a calculus of pleasure and pain; and the object of economics is to maximize happiness by purchasing pleasure, as it were, at the lowest cost of pain.” PainPleasureObjectsTheoryCostEconomicsLowestCalculusPain And PleasurePurchasing Book:The Theory of Political Economy Source: The Theory of Political Economy
“PLEASURE and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort - to procure the greatest amount of what is desirable at the expense of the least that is undesirable - in other words, to maximize pleasure, is the problem of economics.” WantProblemPainPleasureEffortObjectsAmountEconomicsUltimateExpensesDesirableCalculusPain And PleasureUndesirable Book:The Theory of Political Economy Source: The Theory of Political Economy
“Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective economic value, anyway while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.” GivingLittlesGovernmentLawValuesProcessAcceptingPsychologyEconomicObjectsWillingGiving UpFairsEconomicsBetrayEconomistMisunderstandingSubjectiveUtilitySellersBuyersEconomic Value Author:L. Neil Smith
“Men look on knowledge which they learn--or might learn--from others as they do on the most beautiful structures which are not their own: in outward objects, they would rather behold their own hogsty than their neighbor's palace; and in mental ones, would prefer one grain of knowledge gained by their own observation to all the wisdom of a thousand Solomons.” MenLooksMightBeautifulObjectsThousandEconomicsStructurePropertyNeighborObservationGrainPalacesSolomonKnowledge Gained Author:Sarah Fielding
“Fascism entirely agrees with Mr. Maynard Keynes, despite the latter's prominent position as a Liberal. In fact, Mr. Keynes' excellent little book, The End of Laissez-Faire (1926) might, so far as it goes, serve as a useful introduction to fascist economics. There is scarcely anything to object to in it and there is much to applaud.” LittlesBookEndsFactsMightPoliticalPoliticsPositionObjectsEconomicsAgreeDespiteExcellentLatterFascismIntroductionFascistsProminentLaissez FaireKeynes Author:Benito Mussolini
“I admire the artists that work everyday to attest things for themselves... In the act of transforming the objects of the everyday they transform the passage of time and analyze the economics and politics of the instruments of living.” ArtistObjectsEconomicsInstrumentsEverydayAdmirePassagesTransformingPassage Of Time Author:Gabriel Orozco