Milton Friedman on spending money

"There are four ways in which you can spend money. 

You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. 

Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. 

Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! 

Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government." 

--Milton Friedman 

Thomas Edison on electricity to replace gas

“Then came the gas man, and because I could not pay his bill promptly, he cut my gas. It made me so mad that I at once began to read up on gas technique and economics, and resolved I would try to see if electricity couldn’t be made to replace gas.” --Thomas Edison, quoted in Forbes magazine, Oct 16, 1920

The Blind Men and the Elephant

I have heard this parable sliced and diced to represent branding, marketing, and customer perception. Here the original version from the Buddhist cannon:

Quotation: Pricing Power

"The single most important decision in evaluating a business is pricing power. If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business." --Warren Buffett