Tag Archives: wealth

Engel’s Coefficient

named after Ernst Engel, it is a proportion, the percentage of the income of a person, family, or larger group of people which is spent on food,
by Engel’s Law, the higher the percentage, generally the poorer the person/people

Adam Smith

was born 285 years ago today, in Scotland

“Science is the great antidote to the poison of enthusiasm and superstition.” – from The Wealth Of Nations

Bishop of Norwich in Scotland to him:

“Upon the whole, doctor, your meaning is good; but I think you will not succeed this time. You would persuade us, by the example of David Hume, Esq., that atheism is the only cordial for low spirits, and the proper antidote against the fear of death.”

if that really was his message, then I truly do hope for Adam Smith to succeed

as for a quote by the man himself though, I note this one:

“The robot is going to lose. Not by much. But when the final score is tallied, flesh and blood is going to beat the damn monster.” – Adam Smith

Henry Ford

it’s been 60 years since Henry Ford passed away..

blog post: 7.April.2007

  • “You don’t build a reputation on what you’re going to do.”
  • “You can’t learn in school what the world is going to do next year.”
  • “Wealth, like happiness, is never attained when sought after directly. It comes as a by-product of providing a useful service.”
  • “Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young.
  • “Coming together is a beginning; keeping together is progress; working together is success.”
  • “Capital punishment is as fundamentally wrong as a cure for crime as charity is wrong as a cure for poverty.”
I’m a little curious to see what will happen in the future of the automobile company that he started.