Thinks 486

Israel Kirzner: “What is needed to stimulate that all-powerful entrepreneurial-competitive process upon which the free market depends is nothing more than freedom of entry to anyone with an idea of how to profit by serving consumers more faithfully than they are being currently served.” [via CafeHayek]

Armen and Alchian: “Achieving profits is a condition of survival. Consumers leave no alternative for producers. If the products don’t satisfy consumers, producers won’t cover costs and won’t survive. The drive for profits is compelled by consumer preferences for better or more economically produced goods. Over time, competition displaces less satisfactorily performing producers – those who don’t earn profits.” [via CafeHayek]

Shane Parish: “A lot of people miss useful ideas hiding in plain sight because they search for accuracy. If you dismiss an idea because it is not 100% correct, you miss many ideas that are perfectly useful. The real test for an idea, theory, or advice is utility. The more useful, the better.”

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.