If precious metals had been abundant, they would not have been precious.
Interpretation
Scarcity creates value; if something is readily available, it loses its worth.
This quote by Henry Hazlitt highlights the intrinsic relationship between scarcity and value. Precious metals, like gold and silver, are considered valuable not because of their physical properties alone, but largely due to their limited availability. If these metals were abundant, they would lose their allure and significance, as their rarity is what makes them precious to people.
In practice
In a discussion about investments, one might reference this quote to explain why rare assets tend to appreciate over time.
A man with a scant vocabulary will almost certainly be a weak thinker. The richer and more copious one's vocabulary and the greater one's awareness of fine distinctions and subtle nuances of meaning, the more fertile and precise is likely to be one's thinking. Knowledge of things and knowledge of the words for them grow together. If you do not know the words, you can hardly know the thing.
Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.
Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine - the special pleading of selfish interests.
The only way we could remember would be by constant re-reading, for knowledge unused tends to drop out of mind. Knowledge used does not need to be remembered; practice forms habits and habits make memory unnecessary. The rule is nothing; the application is everything.
The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice.
If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.
There's no difference between what is seen and the mind that sees it.
Dead men are not friends to living men, and give them no gifts. (Ghan-buri-Ghan, of allies during war)
Any attempt at understanding humanity must include an explanation of the hold that supernatural belief continues to have on most of the human race.
There is nothing wrong with being well off as long as money has a social and ethical value and is not the object of one's own greed.
The Devil fears the word of God, He can't bite it; it breaks his teeth.
One of the things my family taught me - I think very important in religion and science - is that you must be ready to stand up for what you think. Decide what you really think is best, and stick with it.
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