Economic changes include not only changes in the economy but also chan — Basic Economics (Thomas Sowell)

"Newton was not the first man who saw an apple fall. His fame was based on his being the first to understand its implications."

"To those who run businesses, profits are obviously desirable and losses deplorable. But economics is not business administration. From the standpoint of the economy as a whole, and from the standpoint of the central concern of economics— the allocation of scarce resources which have alternative uses— profits and losses play equally important roles in maintaining and advancing the standards of living of the population as a whole."

"While there are controversies in economics, as there are in science, this does not mean that the basic principles of economics are just a matter of opinion, any more than the basic principles of chemistry or physics are just a matter of opinion."

"Although the basic principles of economics are not really complicated, the very ease with which they can be learned also makes them easy to dismiss as “simplistic” by those who do not want to accept analyses which contradict some of their cherished beliefs."

"Often the knowledge that is economically crucial is highly specific to a particular location or a particular group of people— and is therefore unlikely to be widely known."

"No economic system can depend on the continuing wisdom of its current leaders. A price-coordinated economy with competition in the marketplace does not have to, because those leaders can be forced to change course— or be replaced— whether because of red ink, irate stockholders, outside investors ready to take over, or because of bankruptcy. Given such economic pressures, it is hardly surprising that economies under the thumbs of kings or commissars have seldom matched the track record of economies based on competition and prices."