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For consumers, the price message is clear: economize on goods that are in short supply relative to demand, and splurge on those in ample supply: eat raspberries in summer, and ski in winter. But the accommodating is not done just by consumers: resorts in the Caribbean are much cheaper in July than in January, precisely because people are not so eager to vacation in hot, humid places.

— George Stigler The Theory of Price (1946)

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More quotes by George Stigler

Regulation may be actively sought by an industry, or it may be thrust upon it.

Unexpected changes, on the contrary, lead to windfall gains or losses for those who are in the right or wrong places at a given time.

The Theory of Price (1946)

Economics, I thus believe, has a useful past, a past that is useful in dealing with the future.

One should hardly have to tell academicians that information is a valuable resource: knowledge is power. And yet this occupies a slum dwelling in the town of economics. Mostly it is ignored.

Footnotes are not an occasional token of respect for an obsolete and purposeless tradition. It will come as a shock to many, I am sure, even to realize that references can be checked.

The Intellectual and the Marketplace (1965)

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Quote text and notes from Wikiquote: George Stigler (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.