A Quote by Ahmed Zaki Yamani

The first law of economics is that when the price goes up, consumption comes down. This is a divine law.

Ahmed Zaki Yamani

Quote Topics

Consumption Divine Divine Law Down Economics First Goes Law Price Up

Quote Author

Ahmed Zaki Yamani
Saudi Arabian - Politician
Born: June 30, 1930

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.

L. Neil Smith

I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. Economics is very useful, and I studied economics in graduate school. But without understanding the social and organizational context of economics, it becomes a theory without any groundwork.

Robert Reich

The theory that if wages go up, employment goes down isn't a physical law like F=MA. It's a moral law, like 'Bedtime is 9:00 P.M.'

Nick Hanauer

Narrative should flow as flows the brook down through the hills and the leafy woodlands...a brook that never goes straight for a minute, but goes and goes briskly, sometimes ungrammatically, and sometimes fetching a horseshoe of ¾ of a mile around and at the end of the circuit flowing within a yard of the path that it traversed an hour before; but always going and always following at least one law, always loyal to that law, the law of narrative, which has no law. Nothing to do but make the trip; the how of it is not important, so that the trip is made.

Mark Twain

The price which society pays for the law of competition, like the price it pays for cheap comforts and luxuries, is great; but the advantages of this law are also greater still than its cost- for it is to this law that we owe our wonderful material development, which brings improved conditions in its train.

Andrew Carnegie

We make a big mistake when we conclude that the law is the answer to bad behavior. In fact, the law alone stirs up more of such behavior. People get worse, not better, when you lay down the law. To be sure, the Spirit does use both God's law and God's gospel in our sanctification. But the law and the gospel do very different things.

Tullian Tchividjian

There is but one law for all, namely that law which governs all law, the law of our Creator, the law of humanity, justice, equity - the law of nature and of nations.

Edmund Burke

But the law is an odd thing. For instance, one country in Europe has a law that requires all its bakers to sell bread at the exact same price. A certain island has a law that forbids anyone from removing its fruit. And a town not too far from where you live has a law that bars me from coming within five miles of its borders.

Daniel Handler

A just law is a man-made code that squares with the moral law or the law of God. An unjust law is a code that is out of harmony with the moral law. To put it in the terms of Saint Thomas Aquinas, an unjust law is a human law that is not rooted in eternal and natural law.

Martin Luther

The law is equal before all of us; but we are not all equal before the law. Virtually there is one law for the rich and another for the poor, one law for the cunning and another for the simple, one law for the forceful and another for the feeble, one law for the ignorant and another for the learned, one law for the brave and another for the timid, and within family limits one law for the parent and no law at all for the child.

George Bernard Shaw

When a president makes up law as he goes, no one knows what the law is anymore.

James Lankford

If no divine law is recognized above the law of the State, then the law of man has become absolute in men's eyes--there is then no logical barrier to totalitarianism.

Greg L. Bahnsen

Quinn's First Law of Investing is never to buy anything whose price you can't follow in the newspapers. An investment without a public marketplace attracts the fabulists the way picnics attract ants. Stock brokers and financial planners can tell you anything they want, because no one really knows what's true. The First Corollary to Quinn's First Law states that, even when the price is in the newspapers, you shouldn't buy anything too complex to explain to the average 12-year-old.