"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.
"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"
"I don't understand the whole dating thing. I know right off the bat if I'm interested in someone, and I don't want them to waste their money on me and take me out to eat if I know I'm not interested in that person"