To the economically illiterate, if some company makes a mil… - Thomas Sowell

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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 if they were produced by enterprises operating without the incentives to be efficient created by the prospect of profits.

Thomas Sowell

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About Thomas Sowell

Thomas Sowell (born June 30, 1930) is an American economist and political commentator. He taught economics at Cornell University, the University of California, Los Angeles, and since 1980 at the Hoover Institution at Stanford University, where he is currently Senior Fellow.

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Nassim Nicholas Taleb F.A. Hayek Noam Chomsky Theodore Dalrymple George Orwell

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To the economically illiterate, if some company makes a million dollars in profit, this means that their products cost a million dollars more than th… - Thomas Sowell

About Thomas Sowell

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