Basic Economics Quotes @BasicEconQuotes

Smarter by Sowell Joined April 2022

Tweets

27
Followers

33
Following

108
Likes

15

Basic Economics Quotes @BasicEconQuotes

4 years ago

@cambridgepunted @DanielJHannan

Basic Economics Quotes @BasicEconQuotes

4 years ago

“It is not money but the volume of goods and services which determines whether a country is poverty stricken or prosperous.”

0 0 0 0 0

0 0 1 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

Unexpected they say… “There is perhaps no more basic or more obvious principle of economics than the fact that people tend to buy more at a lower price and less at a higher price.”

Disclose.tv @disclosetv

4 years ago

JUST IN - United States economy has unexpectedly declined at 1.4% annual pace in the first quarter.

2K 3K 16K 0 161

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

@RettCopple “There is perhaps no more basic or more obvious principle of economics than the fact that people tend to buy more at a lower price and less at a higher price.”

0 0 1 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

The most fundamental reason why there is no such thing as an objective or "real" value is that there would be no rational basis for economic transactions. When you pay $1 for a newspaper obviously the only reason you do so is that the newspaper is more valuable to you than $1 is.

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“Human beings are going to make mistakes in any kind of economic system. The key question is: What kinds of incentives and constraints will force them to correct their own mistakes?”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“If economics is the study of scarce resources which have alternative uses, then it follows, that there will always be unmet needs, Some particular desires can be singled out and met 100% but that only means that other desires will be even more unfulfilled than they are now.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“Yet Soviet economists who saw the actual consequences of a centrally planned economy reached very different conclusions — namely, ‘there are far too many economic relationships, and it is impossible to take them all into account and coordinate them sensibly.’”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

In China, the transition to a market economy began in the 80’s. Gvrnmnt controls were at first relaxed on an experimental basis in particular economic sectors & regions earlier than in others [leading] to stunning contrasts within the same country, as well as rapid growth overall

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“There is more to economics than prices, but understanding how prices function is the foundation for understanding much of the rest of economics.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

Regarding prices vs persuading gov’t officials: “However much articulation may be valued by intellectuals, it is not nearly as efficient a way of conveying accurate information as confronting people with a need to ‘put your money where your mouth is.’”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“As of 1960, India and South Korea were at comparable economic levels but, by the late 1980s, South Korea's per capita income was ten times that in India.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“However, he knew that Ghana was committed to a government-run economy and the Ivory Coast to a freer market. By 1982, the Ivory Coast had so surpassed Ghana economically that the poorest 20% of its people had a higher real income per capita than most of the people in Ghana.”

0 0 1 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“While such waste cost individual Soviet enterprises little or nothing, they cost the Soviet people dearly, in the form of a lower standard of living than their resources and technology were capable of producing.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

The real cost of building a bridge is whatever else could’ve been built with that same labor & material This is also true with an individual even when no money is involved. The cost of watching a sitcom is the value of the other things that could’ve been done with that same time

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“Prices coordinate the use of resources, so that only that amount is used for one thing which is equal in value to what it is worth to others in other uses…a price-coord. econ. does not flood people with cheese…while others are crying out in vain for more ice-cream and yogurt.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“Competition in the market is what limits how much anyone can charge and still make sales, so what is at issue is not anyone's disposition, whether greedy or not…A seller's feelings tell us nothing about what the buyer will be willing to pay.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

If you produce something worth $100 to a customer and offer it at $80, that cust. won’t buy if it’s available for $70. The implications of this are not obvious to those who blame high prices on "greed," for it implies a seller can set prices at will and sell at arbitrary prices.

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“Although a free market economic system is sometimes called a profit system, it is in reality a profit-and-loss system — and the losses are equally important for the efficiency of the economy, because losses tell producers what to stop doing.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“Prices are not just ways of transferring money. Their primary role is to provide financial incentives to affect behavior in the use of resources and their resulting products. Prices not only guide consumers, they guide producers as well.”

0 0 0 0 0

View Details

Basic Economics Quotes @BasicEconQuotes

4 years ago

“Even if the government were to decree that beach-front homes were a ‘basic right’ of all members of society, that would still not change the underlying scarcity in the slightest.”