#justice
"Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective — economic value, anyway — while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process."
React to this quote
More by L. Neil Smith
See allResonant Thoughts
Explore Further
Related Quotes
"Just as Mycenaean civilisation is a development of the Minoan, so too the Philistines who came to Palestine…"
— Cyrus H. Gordon"I'm sorry, but when you're 12, you don't need a new mobile phone every few months just because a new one co…"
— Ewan McGregor"Well, I just had the opportunity to have an excellent conversation with President-elect Trump. It was wide-…"
— Barack Obama"Desire, ignorance, and inequality—this is the trinity of bondage."
— Swami Vivekananda"Gabby called it "Congress on Your Corner" — just an updated version of government of and by and for the peo…"
— Barack Obama"Nothing is more uncommon than a very large or a very small man; and this applies generally to all extremes,…"
— Socrates
