The Making of Modern Economics Quotes

“The nature of capital was a major debate issue at the turn of the twentieth century because economist wanted to know how quickly the economy could adjust and recover from a depression. If capital were homogeneous and highly liquid, then the adjustment process should not take long and the economy could soon be back on its feet. But if capital were heterogeneous and not easily transferable to other uses, then the adjustment process could take much longer and it might take years for a nation to recover from a depression”
― Mark Skousen, The Making of Modern Economics: The Lives and Ideas of the Great Thinkers

“A coat is not worth eight times as much as a hat to the community because it takes eight times as long to make it...The community is willing to devote eight times as long to the making of a coat because it will be worth eight times as much to it”
― Mark Skousen, The Making of Modern Economics: The Lives and Ideas of the Great Thinkers