Famous quote by Michael Polanyi

Mobile Desktop
But the system of prices ruling the market not only transmits information in the light of which economic agents can mutu
Like

"But the system of prices ruling the market not only transmits information in the light of which economic agents can mutually adjust their actions, it also provides them with an incentive to exercise economy in terms of money"

- Michael Polanyi

About this Quote

This quote by Michael Polanyi suggests that the system of prices in the market is not just a method for financial agents to interact and adjust their actions, but likewise a method to incentivize them to be affordable with their cash. The system of costs supplies financial agents with information about the market, such as the expense of products and services, which allows them to make informed decisions about their purchases. Additionally, the system of costs encourages financial representatives to be mindful of their spending by providing them with a reward to be economical. By comprehending the prices of products and services, economic agents can make decisions that will assist them save cash and optimize their resources. In this method, the system of costs in the market works as a powerful tool for economic representatives to interact and be economical with their cash.

About the Author

Michael Polanyi This quote is written / told by Michael Polanyi between March 11, 1891 and February 22, 1976. He was a famous Scientist from Hungary. The author also have 17 other quotes.

Go to author profile

Similar Quotes

Small: Prestige is the shadow of money and power - C. Wright Mills
C. Wright Mills
"Prestige is the shadow of money and power"
C. Wright Mills, Sociologist
Small: You cant get rid of poverty by giving people money - P. J. ORourke
P. J. O'Rourke
"You can't get rid of poverty by giving people money"
P. J. O'Rourke, Journalist
Small: A bank is a place that will lend you money if you can prove that you dont need it - Bob Hope
Bob Hope
"A bank is a place that will lend you money if you can prove that you don't need it"
Bob Hope, Comedian
Small: Economy does not lie in sparing money, but in spending it wisely - Thomas Huxley
Thomas Huxley
"Economy does not lie in sparing money, but in spending it wisely"
Thomas Huxley, Scientist
Small: Success isnt about how much money you make its about the difference you make in peoples lives - Jordan Belfort
Jordan Belfort
"Success isn't about how much money you make; it's about the difference you make in people's lives"
Jordan Belfort, Author
Small: Remember that credit is money - Benjamin Franklin
Benjamin Franklin
"Remember that credit is money"
Benjamin Franklin, Politician
Small: Given the choice, children who dont want for anything will not save... We have an obligation as parents to giv
Barbara Coloroso
"Given the choice, children who don't want for anything will not save... We have an obligation as parents to give our children what they need. What they want we can give them as a special gift, or they can save their money for it"
Barbara Coloroso, Author
Small: Innovation is the central issue in economic prosperity - Michael Porter
Michael Porter
"Innovation is the central issue in economic prosperity"
Michael Porter, Educator
Small: A group or an artist shouldnt get his money until his boss gets his - Bobby Darin
"A group or an artist shouldn't get his money until his boss gets his"
Bobby Darin, Musician
Small: Money often costs too much - Ralph Waldo Emerson
Ralph Waldo Emerson
"Money often costs too much"
Ralph Waldo Emerson, Philosopher