"To those who run businesses, profits are obviously desirable and losses deplorable. But economics is not business administration. From the standpoint of the economy as a whole, and from the standpoint of the central concern of economics — the allocation of scarce resources which have alternative uses — profits and losses play equally important roles in maintaining and advancing the standards of living of the population as a whole."
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Original Language: English
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Sources
Thomas Sowell, Basic Economics (4th ed., 2010)
https://en.wikiquote.org/wiki/Business_administration
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Business administration
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