30 Dec – Thought For The Day II

“In a game there are winners and losers. But a business deal is always advantageous for both parties. If both the buyer and the seller were not to consider the transaction as the most advantageous action they could choose under the prevailing conditions, they would not enter into the deal.” – Ludwig von Mises,  The Ultimate Foundation of Economic Science

I really like this quote.  I like it because it gets to the root of a transaction and why a person enters into an agreement.

I should note that people do make decisions, to an outside observer, that may not be best. On the whole, and assuming no coercion, we should take these words as a truth.  In my opinion, they should also be used to guide our dealings with others.

If interested, check out Dr. Genslers’ work on the golden rule for additional insight on how to contract with others.

https://hessenflow.wordpress.com/2010/07/10/genslers-golden-rule/

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About Christopher Hessenflow

Christopher Hessenflow is a financial planner in the Chicago area. He works with all sorts of people who are much more interesting than he is. He enjoys his career which lends him time to think and, sometimes, be creative. Chip was born bald.
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