Efficiency

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The 4 Ways to Spend Money

Free To Choose Network event 1977

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"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."

— Friedman, Milton event 1977

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"The time spent on any item of the agenda will be in inverse proportion to the sum involved."

— Parkinson, C. Northcote event 1958

menu_book Parkinson's Law: The Pursuit of Progress

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Parkinson's Law: The Pursuit of Progress

person Parkinson, C. Northcote event 1958

Satirical collection of essays on bureaucracy and administration, including the famous law that 'work expands so as to fill the time available for ...

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The Coal Question: An Inquiry Concerning the Progress of the Nation, and the Probable Exhaustion of Our Coal-Mines

person Jevons, William Stanley event 1865

Landmark work in which Jevons examined Britain's dependence on coal and argued that improvements in fuel efficiency would not reduce consumption bu...

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Parkinson, C. Northcote

event 1909 - 1993

British naval historian and author who formulated Parkinson's Law, the satirical observation that "work expands so as to fill the time available fo...

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Jevons Paradox

The observation that technological improvements in the efficiency of resource use tend to increase, rather than decrease, the total consumption of ...

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Law of Triviality

The tendency of groups to devote disproportionate time and attention to trivial, easily-grasped matters while giving complex, high-stakes decisions...

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The Pareto Principle

The Pareto Principle, also known as the 80/20 rule, states that for many outcomes, roughly 80% of consequences come from 20% of the causes. This co...

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