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Where foresight is uncertain, “profit maximization” is meaningless as a guide to specifiable action.

— Armen Alchian

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More quotes by Armen Alchian

It is a general prevalence of double coincidence of information rather than wants by both parties that would avoid the use of money.

The greater the uncertainties of the world, the greater is the possibility that profits would go to venturesome and lucky rather than to logical, careful, fact-gathering individuals.

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