The danger of tautological propositions is considerable in discussions of the concept of normal profits. Because supernormal profits seem to invite newcomers to an industry and sub-normal profits seem to drive away those who are in an industry, some writers… — Fritz Machlup Copy Share Image
When I reviewed Hayek's book, The Pure Theory of Capital, it is my sincere conviction that this work contains some of the most penetrating… — Fritz Machlup Copy Share Image
If we did not have a patent system, it would be irresponsible, on the basis of our present knowledge of its economic consequences, to… — Fritz Machlup Copy Share Image
Information is acquired by being told, whereas knowledge can be acquired by thinking. — Fritz Machlup Copy Share Image
The danger of tautological propositions is considerable in discussions of the concept of normal profits. Because supernormal profits seem to invite newcomers to an… — Fritz Machlup Copy Share Image
One of the most original and most important ideas advanced by Hayek is the role of the 'division of knowledge' in economic society. — Fritz Machlup Copy Share Image
