Kurt Bills Quotes

The reality is that we are all economists. We all deal with scarcity as we make choices and calculate how to ration various items and resources that we consume, produce and utilize.

Economics is a choice between alternatives all the time. Those are the trade-offs.

Prices impose the most effective kind of rationing - self-rationing. Why is rationing necessary? Because what everybody wants always adds up to more than there is. . .Resources are limited but desires are not. That is the basic and defining problem of economics.

The fundamental problem of society is that demands are infinite and resources are always limited

As an economist, I'm aware that life is full of trade offs.

There is a supply for every demand.

Economics is a subject that does not greatly respect one's wishes.

In economics, one of the most important concepts is 'opportunity cost' - the idea that once you spend your money on something, you can't spend it again on something else.

Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.'

Microeconomics is the study of how specific choices made by businesses, consumers and governments affect the markets for different goods and services. For example, a microeconomist might examine how price changes affect sales of apples relative to oranges.

Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.

A study of economics usually reveals that the best time to buy anything is last year.

The dictates of economics, that "dismal science," limit the benefits of medical science

Economics is not about goods and services; it is about human choice and action.

The first rule of economics is that there is an infinite number of desires chasing a finite number of goods, services and resources. The first rule of politics is to ignore the first rule of economics.

Economists are economical, among other things, of ideas; most make those of their graduate days do for a lifetime.

Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another.

Neoclassical economics insists that advertising cannot force consumers to buy anything they don't already want to buy.

We use competitive markets to arrange for delivery of our food supply.

The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Demand is best measured in terms of spending. You know, I think in traditional economics, it's a mistake to measure it in terms of the quantity of goods.

But my shift to the serious study of economics gradually weakened my belief in Major Douglas's A+B theorem, which was replaced in my thought by the expression MV = PT.

First rule of Economics 101: our desires are insatiable. Second rule: we can stomach only three Big Macs at a time.

It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.

This island is almost made of coal and surrounded by fish. Only an organizing genius could produce a shortage of coal and fish in Great Britain at the same time.