Society and the World

The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Just as a poetic discussion of the weather is not meteorology, so an issuance of moral pronouncements or political creeds about the economy is not economics. Economics is a study of cause-and-effect relationships in an economy.

Just as a poetic discussion of the weather is not meteorology, so an issuance of moral pronouncements or political creeds about the economy is not economics. Economics is a study of cause-and-effect relationships in an economy.

If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

The time to repair the roof is when the sun is shining.

Be fearful when others are greedy. Be greedy when others are fearful.

There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.

There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.

Corporation: An ingenious device for obtaining profit without individual responsibility.

Corporation: An ingenious device for obtaining profit without individual responsibility.

The absolute fundamental aim is to make money out of satisfying customers.

The absolute fundamental aim is to make money out of satisfying customers.

Business, you know, may bring money, but friendship hardly ever does.

A business that makes nothing but money is a poor business.

A business that makes nothing but money is a poor business.

A man of business may talk of philosophy; a man who has none may practise it.

A man of business may talk of philosophy; a man who has none may practise it.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

Advertising is legalized lying.

Advertising is legalized lying.