All knowledge is gained through an orderly loss of information.

The proposition that the meek (that is the adaptable and serviceable), inherit the earth is not merely a wishful sentiment of religion, but an iron law of evolution.

Accounting for the most part, remains a legalistic and traditional practice, almost immune to self-criticism by scientific methods.

Economic progress means the discovery and application of better ways of doing things to satisfy our wants. The piping of water to a household that previously dragged it from a well, the growing of two blades of grass where one grew before, the development of a power loom that enables one man to weave ten times as much as he could before, the use of steam power and electric power instead of horse or human power - all these things clearly represent economic progress.

[The question for the behavioral disciplines is simply] what is better, and how do we get there?

The illusion that consumption - and its correlative, income - is desirable probably stems from too great preoccupation with what Knight calls "one-use goods," such as food and fuel, where the utilization and consumption of the good are tightly bound together in a single act or event. ... any economy in the consumption of fuel that enables us to maintain warmth or to generate power with lessened consumption again leaves us better off. ... there is no great value in consumption itself.

Deciding under uncertainty is bad enough, but deciding under an illusion of certainty is catastrophic.