Yquotes.com

 

Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective — economic value, anyway — while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.
--
Ceres, Chapter Eighteen, 2009

 

L. Neil Smith

» L. Neil Smith - all quotes »

Similar quotes

 

there's the claim that this or that price is unreasonable. I used to have conversations about this claim with Mrs. Williams early on in our 44-year marriage. She'd return from shopping complaining that stores were charging unreasonable prices. Having aired her complaints, she'd ask me to go out and unload a car trunk loaded with groceries and other items. Having completed the chore, I'd resume our conversation, saying, "Honey, I thought you said the prices were unreasonable. Are you an unreasonable person? Only an unreasonable person would pay unreasonable prices." The long and short of it is that the conversation never went over well, and we both ceased discussions of reasonable or unreasonable prices. The point is that whatever price a transaction is transacted at represents a meeting of the mind of both buyer and seller. Both viewed themselves as being better off than the next alternative -- not making the transaction. That's not to say that the seller wouldn't have found a higher price more pleasing or the buyer wouldn't have been pleased with a lower price.

 

Walter E. Williams

 

[In this auction we may expect the article to be sold to] "the most eager buyer at a price which is just about the highest he is willing to pay, for in this case the most eager buyer does not know what prices the other buyers are willing to give [and] ... each buyer fear that someone may slip in ahead of him.

 

Kenneth Boulding

 

All life is based on the fact that anything worth getting is hard to get. There is a price to be paid for anything. Scholarship can only be bought at the price of study, skill of craft or technique can only be bought at the price of practice, and eminence in any sport can only be bought at the price of training and discipline.

 

William Barclay

 

A random word collects a crowd; the easily bought victory makes them enthusiastic, but the more profound explanation puts them off, and if the price is what it must be in relation to the highest, then mockery gives the signal for retreat and gives the retreat the appearance of a glorious victory. Does not mockery always gain the highest at a bargain price! And yet how despicable to want to think that the price of the highest and most sacred, just like the price of temporal things, should be determined by an accident, by the scarcity or the abundance of the commodity in the country. On the other hand, how upbuilding it is to consider that this is not the case and that someone who fancies that he has bought the highest at a low price is simply mistaken, since the price is always the same. How sure and cheerful and resolute the soul becomes in the thought that no price is too high when that which one is buying is the highest.

 

Soren Aabye Kierkegaard

 

“It would have been a longer and slower job, I’m sure, and probably there would have been a high price to pay. But what is the price of freedom?”
“What’s the price of life?” Donald countered bitterly.

 

John Brunner