A Quote by Milton Friedman
The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
Related Quotes
Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
Adam Smith's key insight was that both parties to an exchange can benefit and that, so long as cooperation is strictly voluntary, no exchange can take place unless both parties do benefit.
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
In the age of revolution it is not knowledge that produces new wealth, but insight - insight into opportunities for discontinuous innovation. Discovery is the journey; insight is the destination. You must become your own seer.
If you have the insight of non-self, if you have the insight of impermanence, you should make that insight into a concentration that you keep alive throughout the day. Then what you say, what you think, and what you do will then be in the light of that wisdom and you will avoid making mistakes and creating suffering.
There are all sorts of institutions in the economic world which depart from the simple price/market model which I worked on in an earlier incarnation and which has been sort of the mainstream of economic theories since Adam Smith and David Ricardo. There are all sorts of contractual relations between firms and individuals which do not conform to the simple price theory - profit-sharing schemes and so forth - and the explanation for these suddenly became clear. We now understand why these emerged and that they are based on differences in information in the economy.
You can't believe how hard it is for people to be simple, how much they fear being simple. They worry that if they're simple, people will think they're simpleminded. In reality, of course, it's just the reverse. Clear, tough-minded people are the most simple.
They [Arabs] wanted to catch up with the modern world. The West appreciated that, but was more interested in colonies, markets, and spheres of influence. Such is the way in which historical forces operate: the give and take between nations, as between cultures, is no simple exchange
By simple mathematics giving is key to the world you seek to live in. If I take I alone gain. If I give or share then two at least are enriched.
In The Innovation Secrets of Steve Jobs, Carmine Gallo captures the true mindset of Jobs and Apple. This book is not just for the techie and marketing crowd, although they will gain valuable insight that can be applied to their worlds. It is also for anyone who loves technology and wants to understand how to create simple devices that are easy to use and can impact our lives.
Ultimately, Leibniz argued, there are only two absolutely simple concepts, God and Nothingness. From these, all other concepts may be constructed, the world, and everything within it, arising from some primordial argument between the deity and nothing whatsoever. And then, by some inscrutable incandescent insight, Leibniz came to see that what is crucial in what he had written is the alternation between God and Nothingness. And for this, the numbers 0 and 1 suffice.
The essential religion is taking the whole responsibility for whatsoever you are. And immediately an insight arises: 'If I am responsible for my suffering, then it is simple, I can drop it. It is my choice. I will not choose it any more.'
Sometimes you have a flash of insight, but it's not strong enough to survive. Therefore in the practice of Buddhism, samadhi is the power to maintain insight alive in every moment, so that every speech, every word, every act will bear the nature of that insight. It is a question of cleaning. And you clean better if you are surrounded by those who are practicing exactly the same.
Essay on Adam" There are five possibilities. One: Adam fell. Two: he was pushed. Three: he jumped. Four: he only looked over the edge, and one look silenced him. Five: nothing worth mentioning happened to Adam. The first, that he fell, is too simple. The fourth, fear, we have tried and found useless. The fifth, nothing happened, is dull. The choice is between: he jumped or was pushed. And the difference between these is only an issue of whether the demons work from the inside out or from the outside in: the one theological question.
My son, when you pray, do it like a person who is bidding farewell to this world, and don't assume you will have another chance to pray again. My son, know that a believer dies in between two deeds, one he offers for today, where he will get immediate blessings, and the second deed is what he offers towards the day of resurrection, and that is where he will gain the ultimate benefits
I believe in the platform of the Libertarian party, which is different from that of the other two parties and I believe that it would be good for the country if the Libertarians were - had a seat at the table to speak truth to power of the other two parties, which now have this monopoly in Washington. Having said that, I'm not taking back anything I said about the massive difference between the two establishment party candidates.
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