“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
“The Christian theory of the sacredness of the Bible has been at the cost of the world's civilization.” WorldHas BeensChristianAtheismTheoryCivilizationCostPositive AtheismSacredness Author:Matilda Joslyn Gage
“To call a posit a posit is not to patronize it. A posit can be unavoidable except at the cost of other no less artificial expedients. Everything to which we concede existence is a posit from the standpoint of a description of the theory-building process, and simultaneously real from the standpoint of the theory that is being built.” RealProcessExistenceBuildingTheoryCostBuiltDescriptionArtificialStandpoint Book:Word and Object Source: Word and Object
“People tend to be clueless about prices. Contrary to economic theory, we don't really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are “supposed to cost.”” PeopleEconomicTheoryHigherCostContraryInvisibleYieldVagueUtilityRecollectionTagConsultingCluelessPurchasingPrice TagEconomic Theory Author:William Poundstone
“Market-cap based indexing will never be driven from its deserved perch as core and deserved king of the investment world. It is what we should all own in theory and it has delivered low-cost equity returns to a great mass of investors... the now and forever king-of-the-hill.” WorldShouldForeverTheoryReturnKingsCostMassLowsInvestmentInvestingDrivenCoreHillsInvestorsEquityCapsIndexing Author:Cliff Asness
“Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.” WorldYearsRealHappensOpportunityGamesModernChangedTheoryReturnCostFindingsEconomicsInvestmentCompareAttractiveReal WorldPortfoliosFreshmanDreamlandOpportunity Cost Author:Charlie Munger
“The [Donald's] Trump war on the press continues. Tonight, the national cost of a conservative media bubble, now featuring alien conspiracy theories. And about those Obamacare headlines.” WarMediaTheoryTrumpCostPressesConservativeAliensTonightConspiracyBubblesObamacareHeadlinesConspiracy Theory Author:Chris Hayes