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"Riches are for spending."
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"Determinants of prices have their effect only through the medium of the subjective estimates of individuals, and the extent to which any given factor influences these subjective estimates can never be predicted."
"That policy which aims at raising the objective exchange-value of money is called, after the most important means at its disposal, restrictionism or deflationism. This nomenclature does not really embrace all the policies that aim at an increase in the value of money. The aim of restrictionism may also be attained by not increasing the quantity of money when the demand for it increases, or by not increasing it enough. This method has quite often been adopted as a way of increasing the value of money in face of the problems of a depreciated credit-money standard."
"The values of commodities are directly as the times of labour employed in their production, and are inversely as the productive powers of the labour employed."
"So I got to thinking that perhaps that's what money is: a crystallization-or, rather, a homogenization-of time and free will into those things we call dollars and pounds and yen and euros. Money multiplies your time. It also expands your agency and broadens the number of things you can do accordingly. Big-time lottery winners haven't won ten million dollars-they've won ten thousand person-years of time to do pretty much anything they want anywhere on Earth. Windfalls are like the crystal meth version of time and free will."
"It must be pointed out that the level of the total stock of money and of the value of the money unit are matters of complete indifference as far as the utility obtained from the use of the money is concerned. Society is always in enjoyment of the maximum utility obtainable from the use of money. Half of the money at the disposal of the community would yield the same utility as the whole stock, even if the variation in the value of the monetary unit was not proportioned to the variation in the stock of money."
"If it is asserted that civilization is a real advance in the condition of man - and I think that it is, though only the wise improve their advantages - it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run."
"He who cares to go to the trouble of demonstrating the uselessness of index numbers for monetary theory and the concrete tasks of monetary policy will be able to select a good proportion of his weapons from the writings of the very men who invented them."
"Inequality of wealth and incomes is an essential feature of the market economy. It is the implement that makes the consumers supreme in giving them the power to force all those engaged in production to comply with their orders. It forces all those engaged in production to the utmost exertion in the service of the consumers. It makes competition work. He who best serves the consumers profits most and accumulatesriches."
Explore more quotes by Francis Bacon
"There is a wisdom in this beyond the rules of physic: a man's own observation what he finds good of and what he finds hurt of is the best physic to preserve health."
"Revenge is a kind of wild justice, which the more a man's nature runs to, the more ought law to weed it out."
"When a man laughs at his troubles he loses a great many friends. They never forgive the loss of their prerogative."
"Prosperity is not without many fears and distastes; adversity not without many comforts and hopes."
"Natural abilities are like natural plants, that need pruning by study; and studies themselves do give forth directions too much at large, except they be bounded in by experience."
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