Jay W. Lorsch quote: “When a firm chooses to allocate its most valuable resources away from clients and to young stars, the economic conseque…”

“Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 1. Ten Principles of Economics; p. 4

“The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.”

Harold Demsetz (1930–2019) American economist

Source: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

“The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.”

Armen Alchian (1914–2013) American economist

Source: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

“Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 46

“Children are the world's most valuable resource and its best hope for the future.”

John F. Kennedy (1917–1963) 35th president of the United States of America

Re: United States Committee for UNICEF (25 July 1963); Box 11, President's Outgoing Executive Correspondence Series, White House Central Chronological File, Presidential Papers, Papers of John F. Kennedy http://www.jfklibrary.org/Research/Research-Aids/Ready-Reference/JFK-Quotations.aspx
1963

“Most writers regard the truth as their most valuable possession, and therefore are economical in its use.”

Mark Twain (1835–1910) American author and humorist

Said to portrait painter Samuel Johnson Woolf, cited in Here am I (1941), Samuel Johnson Woolf; this has often been abbreviated: Most writers regard truth as their most valuable possession, and therefore are most economical in its use.
Context: A critic never made or killed a book or a play. The people themselves are the final judges. It is their opinion that counts. After all, the final test is truth. But the trouble is that most writers regard truth as their most valuable possession and therefore are most economical in its use.