L. Neil Smith: Governance

L. Neil Smith is American writer. Explore interesting quotes on governance.

L. Neil Smith: 198 quotes1 like

“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 http://www.bigheadpress.com/lneilsmith/?page_id=235, 2009.