I did not call him "Fritz." To me he remained always "Professor Hayek," despite his own graciousness in treating me as a peer. I shall not attempt to evaluate Professor Hayek's monumental contribution to our understanding of the events of this turbulent century, to the influence of his ideas on these events themselves or even to the development of economic theory in a strictly scientific sense.
James M. BuchananRelated topics
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If an addict who has been completely cured starts smoking again he no longer experiences the discomfort of his first addiction. There exists, therefore, outside alkaloids and habit, a sense for opium, an intangible habit which lives on, despite the recasting of the organism. The dead drug leaves a ghost behind. At certain hours it haunts the house.
Jean Cocteau
How very paltry and limited the normal human intellect is, and how little lucidity there is in the human consciousness, may be judged from the fact that, despite the ephemeral brevity of human life, the uncertainty of our existence and the countless enigmas which press upon us from all sides, everyone does not continually and ceaselessly philosophize, but that only the rarest of exceptions do.
Arthur Schopenhauer
We were created for eternal life by our Creator, we are called to it by the word of God, and we are renewed by holy Baptism. And Christ the Son of God came into the world for this, that He should call us and take us there, and He is the one thing needful. For this reason your very first endeavor and care should be to receive it. Without it everything is as nothing, though you have the whole world under you.
Tikhon of Zadonsk
While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.
John Hicks
While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.
Kenneth Arrow