“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 without profits. It never occurs to such people that these products might cost several million dollars more without the incentives to be efficient created by the prospect of profits.” PeopleIfsMeanMightCompanyMillionsProductsCostDollarsProfitEfficientIncentivesMillion DollarsIlliterate Author:Thomas Sowell
“Sellers in general maintain the quality of their products and services for fear of losing customers otherwise. But, when price controls create a situation where the amount demanded is greater than the amount supplied - a shortage - fear of losing customers is no longer as strong an incentive. For example, landlords typically reduce painting and repairs when there is rent control, because there is no need to fear vacancies when there are more tenants looking for apartments than there are apartments available.” NeedsStrongQualitySituationGreaterExamplePaintingProductsAmountLosingAvailableCustomersApartmentIncentivesShortageSellersLandlordTenantsVacancyRent Control Author:Thomas Sowell
“Technology isn't simply addictive - it's addictive because it's a servant to business incentives. There are huge departments in these companies that are devoted to this and staffed by incredibly talented people who have skills that could be put to socially beneficial projects but who are now trying to find out how to make you click and how to maximize your time on a certain site, or encourage teenagers to "friend" more products and constantly engage with them.” PeopleTryingCertainCompanyTechnologyProductsHugeSkillsProjectsTeenagerServantDepartmentDevotedSiteIncentivesBeneficialClicks Author:Astra Taylor