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“The function of profits, finally, is to put constant and unremitting pressure on the head of every competitive business to introduce further economies and efficiencies, no matter to what stage these may already have been brought.”
― Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
― Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
“Real wealth, of course, consists in what is produced and consumed: the food we eat, the clothes we wear, the houses we live in.”
― Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
― Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
“Capitalism was the only system in history where wealth was not acquired by looting, but by production, not by force, but by trade, the only system that stood for man's right to his own mind, to his work, to his life, to his happiness, to himself.”
― Capitalism: The Unknown Ideal
― Capitalism: The Unknown Ideal
“Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned”
― Capitalism: The Unknown Ideal
― Capitalism: The Unknown Ideal
“Even the richest person, provided the riches comes from mutually beneficial exchange, does not need to give anything "back" to the community, because this person took nothing out of the community. Indeed, the reverse is true: Enterprises give to the community. Their owners take huge risks, and front the money for investment, precisely with the goal of serving others. Their riches are signs that they have achieved their aims.”
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William’s 2025 Year in Books
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