Posts in Famous quotes
Words Worth Noting - February 2, 2022

“I am constantly asked what we are going to do with the [Nobel economics] prize money – $1.2 million before Uncle Sam takes his very large bite. The answer to that is a simple lesson in economics. Wants always expand to take advantage of new opportunities, which explains why consumers in rich countries feel no more satiated than do those in poor countries. My wife and I won’t have the slightest difficulty spending the prize money.”

Gary Becker in Business Week November 2 1992 [but if so then the marginal utility of new income is zero which surely is not true]

Words Worth Noting - January 27, 2022

“History may not repeat itself, but it rhymes.”

Often attributed to Mark Twain in various forms (for instance “History doesn’t repeat itself, but it sure does rhyme”) but there is no evidence that he said it (see for instance https://quoteinvestigator.com/2014/01/12/history-rhymes/) although he obviously should have.