A Quote by Milton Friedman
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.
Related Quotes
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.
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
Growing up, I had a sense of the importance of commerce and trade to everyday life. Our family lived in several countries, and I was fascinated by the free exchange of goods and services between individuals and companies - the way both parties could benefit.
The reason why the Liberals and the NDP don't want parents to know about the universal child care benefit is because those parties would take that benefit away.
We also exchange oil for software technology. Uruguay is one of the biggest producers of software. We are breaking with the neoliberal model. We do not believe in free trade. We believe in fair trade and exchange, not competition but cooperation. I'm not giving away oil for free. Just using oil, first to benefit our people, to relieve poverty.
It's very important that there should be cross-fertilisation between government and academia. Both parties can benefit from having a better understanding of how the other works.
Pagan Romans started their midwinter celebrations with the feast of Saturnalia on 17 December, ending them with a new year festival, the Kalendae Januariae, at the start of January - both were celebrated with parties and the exchange of gifts.
Both political parties, Republicans and Democrats, are dependent on the same private interest groups for campaign funds, so both parties dance to the same masters.
Examine the platforms of both parties. Examine the character of both parties. Get down on your knees. Say, Lord, help me make this decision. And then go vote.
Mindfulness can create a foundation for emotional bonding that allows you to be fully present and authentic during dialogues or a discussion. A mindful approach to entering difficult conversations keeps both parties out of the heat of emotions and able to explore the needs, wants and interests on both sides. Judgement is suspended and, with a strong bond, the mind is able to focus on and look for the mutual benefit of the common goal.
Thus far, both political parties have been remarkably clever and effective in concealing this new reality. In fact, the two parties have formed an innovative kind of cartel—an arrangement I have termed America’s political duopoly. Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising.
Society is purely and solely a continual series of exchanges... And the greatest eulogy we can give it, for exchange is an admirable transaction, in which two contracting parties always both gain; consequently, society is an uninterrupted succession of advantages, unceasingly renewed for all its members.
True generosity must benefit both parties. No woman can control her destiny if she doesn't give to herself as much as she gives of herself.
Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark.
If we exchange one dollar, we both have one dollar each. But if we exchange one good thought, we both have two good thoughts
A product of your life and liberty is your property. Property is the fruit of your labor, the product of your time, energy, and talents. It is that part of nature that you turn to valuable use. And it is the property of others that is given to you by voluntary exchange and mutual consent. Two people who exchange property voluntarily are both better off or they wouldn't do it. Only they may rightfully make that decision for themselves.
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