A Quote by Frank Knight
In the long run all producers are forced to use the most efficient methods or give place to others who do.
Related Quotes
As long as I'm efficient, I'm just going to try to be the most efficient player I can be.
The Internet will continue to be valuable so long as it is the most efficient mechanism for transferring data. Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership.
Competition always tends to bring about the most economical and efficient method of production. Those who are most successful in this competition will acquire more capital to increase their production still further; those who are least successful will be forced out of the field. So capitalist production tends constantly to be drawn into the hands of the most efficient.
When you play for one run, that's usually all you get. I have nothing against the bunt in its place, but most of the time, that place is in the bottom of a long-forgotten closet.
For far too long economists have sought to define themselves in terms of their supposedly scientific methods. In fact, those methods rely on an immoderate use of mathematical models, which are frequently no more than an excuse for occupying the terrain and masking the vacuity of the content.
In the long run luck is given only to the efficient.
Most of the producers don't know what they do. The misconception of the producers' function is really not a misconception. Most producers don't do a very good job.
Some men […] choose to seek greatness, while others are forced to it. It is always better to choose than to be forced. A man who is forced is never completely his own master. He must dance on the strings of those who forced him.
Some of my fondest memories of the early years of Netflix have to do with our efforts to figure out the most efficient, effective, and fast methods to get DVDs to people all over the country.
Peter Drucker has pointed out that it is a manager's job to "do things right." It is an executive's job to make sure "the right things" get done. Even the most rigorous eco-efficient business paradigm does not challenge basic practices and methods: a shoe, building, factory, car, or shampoo can remain fundamentally ill-designed even as the materials and processes involved in its manufacture become more "efficient."
The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of its principals that must have averaged 160. Smart people aren't exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.
Maybe a hundred years ago our people should have run away from this place, I said... And then run from the next place and the next place and the place after that? You run once, what makes you think you won't have to run all the rest of your life?... We love moment to moment... Everything changes. One minute we are part of the river, and the next we are joined with the sea.
What you give to help others, builds them up enough that they are able to give to others. It's a cycle that can continue on long after you're dead and gone.
In a triathlon, it's all about cycling in the most efficient manner. You need to save your energy for the run at the end, so you want to ride really efficiently and not waste your energy. The only way to do that is to spend a really long time on the bike.
I want to create no matter what methods I have to use. And you want to steal no matter what methods you have to use. Given that which of us is the greater sinner?
Democracy may not prove in the long run to be as efficient as other forms of government, but it has one saving grace: it allows us to know and say that it isn't.
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