"The capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people’s mandatories. If they do not obey, if they fail to produce, at the lowest possible cost, what the consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities."
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Academics from the United StatesAcademics from AustriaEconomists from the United StatesLudwig von MisesAustrian School economists
Original Language: English
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Chapter I: Profit Management, § 1: The Operation of The Market Mechanism
https://en.wikiquote.org/wiki/Ludwig_von_Mises
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Ludwig von Mises
1881 – 1973
österreichisch-amerikanischer Volkswirtschaftler
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