Quotes of All Topics . Occasions . Authors
Economy is the art of making the most of life.
The most fundamental constraint is limited time
A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere.
I was not sympathetic to the assumption that criminals had radically different motivations from everyone else.
Different constraints are decisive for different situations, but the most fundamental constraint is limited time.
I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour
Still, intuitive assumptions about behavior is only the starting point of systematic analysis, for alone they do not yield many interesting implications.
Along with others, I have tried to pry economists away from narrow assumptions about self interest. Behavior is driven by a much richer set of values and preferences.
The Treatise tries to analyze not only modern Western families, but also those in other cultures and the changes in family structure during the past several centuries.
Fines are preferable to imprisonment and other types of punishment because they are more efficient. With a fine, the punishment to offenders is also revenue to the State.
Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try.
My work on human capital began with an effort to calculate both private and social rates of return to men, women, blacks, and other groups from investments in different levels of education.
Why in almost all societies have married women specialized in bearing and rearing children and in certain agricultural activities, whereas married men have done most of the fighting and market work?
Human capital analysis starts with the assumption that individuals decide on their education, training, medical care, and other additions to knowledge and health by weighing the benefits and costs. Benefits include cultural and other non-monetary gains along with improvement in earnings and occupations, while costs usually depend mainly on the foregone value of the time spent on these investments.
I argued last year on my shared blog that selling the right to immigrate would be the best approach to legal immigration. Among other benefits, the revenue from immigrants' payments could reduce taxes. Paying for the right to immigrate would also negate the argument that immigrants get a free ride when they gain health care and other benefits. Moreover, making immigrants pay would attract the type of immigrants who came much earlier in American history: young men and women who are reasonably skilled and want to make a long-term commitment to the United States.