"Among the misconceptions of economics is that it is something that tells you how to make money or run a business or predict the ups and downs of the stock market. But economics is not personal finance or business administration, and predicting the ups and downs of the stock market has yet to be reduced to a dependable formula. When economists analyze prices, wages, profits, or the international balance of trade, for example, it is from the standpoint of how decisions in various parts of the economy affect the allocation of scarce resources in a way that raises or lowers the material standard of living of the people as a whole."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Thomas Sowell, Basic Economics: A Common-Sense Guide to the Economy (2015)
https://en.wikiquote.org/wiki/Money
Revision History
No revisions have been submitted for this quote.
Categories
Money
333 quotes on TrueQuotesView all quotes by Money →
Related Quotes
"Raha auttaa helvetin porttiin saakka. (Oripää, Varsinais-Suomi) (KRA)"
"Ei rahal sieluu ol. (Lohja, Uusimaa) (KRA)"
"L’intérêt d’argent est la grande épreuve des petits caractères, mais ce n’est encore que la plus petite pour les cara…"
"All the perplexities, confusions, and distresses in America arise, not from defects in their constitution or confeder…"
"Money, now this has to be some good shit."
"The usual definition of the functions of money are that money is a medium of exchange, a measure of value, a standard…"
"Plato said that virtue has no master. If a person does not honor this principle and rejoice in it, but is purchasable…"
"If you make money your god, it will plague you like the devil."
"Money makes the man."
"This planet has — or rather had — a problem, which was this: most of the people living on it were unhappy for pretty …"