Tuesday, May 18, 2010

Words to Ponder, What is Economics Edition

"Economics is not about prices and money. Economics is about how to get the most out of life. To get the most out of life, you have to pay attention to costs and benefits. Everything has a price. Living life without taking account of the costs of what you do - the financial costs and the human costs, the costs you can measure and the costs you can only guess at - leaving those costs out of the picture is the sure way to lead a meaningless life."

--Russell Roberts, The Price of Everything: A Parable of Possibility and Prosperity (Princeton: Princeton University Press, 2009), p. 124.

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