Armen Alchian

"It is a general prevalence of double coincidence of information rather than wants by both parties that would avoid the use of money."

"The rights of individuals to the use of resources in any society are to be construed as supported by the force of etiquette, social custom, ostracism, and formal legally enacted laws supported by the …"

"By this I refer to the fact that at the same time several people may each possess some portion of the rights to use the land. A may possess the right to grow wheat on it. B may possess the right to wa…"

"Like the biologist, the economist predicts the effects of environmental changes on the surviving class of living organisms; the economist need not assume that each participant is aware of, or acts acc…"

"The greater the uncertainties of the world, the greater is the possibility that profits would go to venturesome and lucky rather than to logical, careful, fact-gathering individuals."

"Neither perfect knowledge of the past nor complete awareness of the current state of the arts gives sufficient foresight to indicate profitable action. Even for this more restricted objective, the per…"

"The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through coop…"

"Where foresight is uncertain, “profit maximization” is meaningless as a guide to specifiable action."