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792 pages, Hardcover
First published January 1, 1948
Wishful thinking is bad thinking and leads to little wish fulfillment.
1. If all farmers work hard and nature cooperates in producing a bumper crop, total farm income falls.
2. One man by great ingenuity in hunting a job or by willingness to work for less may thereby solve his own unemployment problem, but all cannot solve their problems this way.
3. Higher prices for one industry may benefit its members but, if the prices of everything bought and sold increased in the same proportion, no one would be any better off.
4. It may pay the United States to reduce tariffs charged on goods imported even if other countries refuse to do likewise.
5. It may pay a business firm to take on some business at much less than full costs.
6. Attempts of individuals to save more in depression may lessen the total of the community’s savings.
7. What is prudent behavior for an individual or a single business firm may at times be folly for a nation or a state.