The best product should be bought, the best man should be rewarded more. Interfering factors which befuddle this triumph of virtue, justice, truth, and efficiency, etc., should be kept to an absolute minimum or should approach zero as a limit.

the best prices are not the highest prices, but the prices that encourage the largest volume of production and the largest volume of sales. The best wage rates for labor are not the highest wage rates, but the wage rates that permit full production, full employment and the largest sustained payrolls. The best profits, from the standpoint not only of industry but of labor, are not the lowest profits, but the profits that encourage most people to become employers or to provide more employment than before.

The business people have to make sure that what they produce is of good quality because everybody wants to buy what is of good quality.

It is to the real advantage of every producer, every manufacturer and every merchant to cooperate in the improvement of working conditions, because the best customer of American industry is the well-paid worker.

A fundamental rule in technology says that whatever can be done will be done.

The Methods of Industrial Management. — A committee of the American Society of Mechanical Engineers made an extensive canvass in the fall of 1912 to determine what were the new elements in modern management as well as what the committee designated as the regulative principles of industrial management. The committee confirmed Adam Smith's statement made in 1776 in his Wealth of Nations, in which he held that the application of the principle of division of labor was the basis of manufacture. The committee also agreed with Charles Babbage, who in his work entitled Economy of Machinery and Manufacture written in 1832, added another principle, namely the transference of skill.

I have a very simple rule when it comes to management: hire the best people from your competitors, pay them more than they were earning, and give them bonuses and incentives based on their performance. That’s how you build a first-class operation.

THE INDUSTRIAL SYSTEM requires that prices be under effective control. And it seeks the greatest possible influence over what buyers take at the established prices.

The thing which must be, must be for the best.

The supreme principle [in Industrial Organization] has been the belief that business efficiency and the welfare of the employees are but different sides of the same problem. Character is an economic asset ; and business efficiency depends not merely on the physical condition of employees, but on their general attitude and feeling towards the employer.

My work ethic is the single most important factor in all of my accomplishments.

Recognizing our responsibilities as industrialists, we will devote ourselves to the progress and development of society and the well-being of people through our business activities, thereby enhancing the quality of life throughout the world.

In theory, everybody buys the best and cheapest commodities offered to him on the market. In practice, if every one went around pricing, and chemically testing before purchasing, the dozens of soaps or fabrics or brands of bread which are for sale, economic life would become hopelessly jammed.

It is not sufficient to distribute the profits realized by a trade in equal parts, if at the same time thousands of other workers are exploited. It is a case of PRODUCING THE GREATEST AMOUNT OF GOODS NECESSARY TO THE WELL-BEING OF ALL, WITH THE LEAST POSSIBLE WASTE OF HUMAN ENERGY.