Saturday, June 28, 2008

Profits without Honor

"To the economically illiterate, if some company makes a million dollars in profit, this means that their products cost a million dollars more than they would have cost without profits. It never occurs to such people that these products might cost several million dollars more to produce than if they were produced by enterprises operating without the incentives to be efficient created by the prospect of profits."

Thomas Sowell, "Profits without Honor,", December 23, 2003.

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