emoji_events Incentives
Motivations and rewards driving behavior
play_circle Videos
format_quote Quotes
View Full Quote"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."
"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."
menu_book An Inquiry into the Nature and Causes of the Wealth of Nations
View Full Quotepsychology Concepts
Four Ways to Spend Money
Milton Friedman's framework describing four ways money can be spent, each with different incenti...
Learn More