Fritz Machlup Professions : Economist Born : December 15, 1902 Died : January 30, 1983 Browse All Authors Top 5 quotes by Fritz Machlup If we did not have a patent system, it would be irresponsible, on the basis of our present knowledge of its economic consequences, to recommend instituting one. But since we have had a patent system for a long time, it would be irresponsible, on the basis of our present knowledge, to recommend abolishing it. Fritz Machlup patents would-be long Information is acquired by being told, whereas knowledge can be acquired by thinking. Fritz Machlup information thinking 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 roles important ideas 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 are inclined to define normal profits as the earnings of the fixed resources in an industry which neither grows nor declines in size or number of firms. It should be clear that such a definition is useless: it muddles together attractiveness and actual afflux, desirbility of entry and ease of entry, zero profits and monopoly rents. Fritz Machlup zero together numbers 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 thoughts on the subject that have ever been published. Fritz Machlup hayek sincere book Similar Authors Bryan Caplan economist Burton Malkiel economist Bruno Frey economist Brian Wesbury economist Branko Milanovic economist Andrew Samwick economist All Authors
