Fritz Machlup Quote: "One of the most original and most important ideas ..."

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One of the most original and most important ideas advanced by Hayek is the role of the 'division of knowledge' in economic society.
Fritz Machlup / Economist
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One of the most original and most important ideas advanced by Hayek is the role of the 'division of knowledge' in economic society.
⇛ Fritz Machlup (Economist)

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Information is acquired by being told, whereas knowledge can be acquired by thinking.

Fritz Machlup Economist

When I reviewed Hayek's book, The Pure Theory of Capital, it is my sincere conviction that this work contains some of the most penetrating thoughts on the subject that have ever been published.

Fritz Machlup Economist

If we did not have a patent system, it would be irresponsible, on the basis of our present knowledge of its economic consequences, to recommend instituting one. But since we have had a patent system for a long time, it would be irresponsible, on the basis of our present knowledge, to recommend abolishing it.

Fritz Machlup Economist

The danger of tautological propositions is considerable in discussions of the concept of normal profits. Because supernormal profits seem to invite newcomers to an industry and sub-normal profits seem to drive away those who are in an industry, some writers are inclined to define normal profits as the earnings of the fixed resources in an industry which neither grows nor declines in size or number of firms. It should be clear that such a definition is useless: it muddles together attractiveness and actual afflux, desirbility of entry and ease of entry, zero profits and monopoly rents.

Fritz Machlup Economist

No advance, no progress can be made beyond these propositions. If anyone wishes to deny their truth or their soundness, the only direction in which he can proceed historically is not forward, but backward toward a time when there was no equality, no rights of the individual, no rule of the people. Those who wish to proceed in that direction cannot lay claim to progress. They are reactionary. Their ideas are not more modern, but more ancient than those of our Revolutionary ancestors.

Calvin Coolidge 30th U.S. President

What antidote can there be for an idea that popular and poisonous? Revenge provides revenge, which is sure to provide revenge, forming an endless chain of human misery. Here's the antidote: Forgive us our trespasses, as we forgive those who trespass against us. Amen.