The value of a dollar is social, as it is created by society.
In fact I've probably never seen such a wide moat.
Inflation is a form of tax, a tax that we all collectively must pay.
The metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own.
There are certain things that are inherently scarce. For example, there is only a certain amount of beachfront property in California. It is going to be scarce, it is going to be expensive.
Money is just an idea.
Money is the kind of instrument which is very speedily produced.
Modern money is almost altogether credit money.
Property is a nuisance.
I used the so-called Laffer Curve all the time in my classes and with anyone else who would listen to me to illustrate the trade-off between tax rates and tax revenues.
Economics is not about things and tangible material objects; it is about men, their meanings and actions.
Wealth is not a pizza, where if I have too many slices you have to eat the Domino's box.
The modern banking system manufactures money out of nothing.
Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them
Money is a bubble that never pops. It's a consensus hallucination.
The economic concept of value does not occur in antiquity .
Price, taken by itself, is nothing but the monetary expression of value.
Money is not real. It is a conscious agreement on measuring value.
The Laffer Curve, by the way, was not invented by me.
Buy a $100 U.S. bond and frame it to teach your children about inflation by watching the U.S. bond value diminish to almost nothing over the next 20 years.
The problem with opportunity cost is that opportunity cost is divided among many, many things.
Demonstrate to your customer the difference between price and cost. The price is what it takes to purchase the item. The cost is the amount the customer eventually pays. They are not the same.
Advertising is, actually, a simple phenomenon in terms of economics. It is merely a substitute for a personal sales force - an extension, if you will, of the merchant who cries aloud his wares.
Labour is not a commodity.
The wheat bought by a farmer to sow is comparatively a fixed capital to the wheat purchased by a baker to make into loaves.
