Sunday , November 29 2020
Home / Don Boudreaux /Wisdom from Vernon Smith

Wisdom from Vernon Smith

Summary:
In response to my note to Ms. Lori Baio on the dangers of so-called “stakeholder capitalism,” my emeritus Nobel-laureate colleague Vernon Smith e-mailed to me this bit of wisdom (shared here with Vernon’s kind permission): Don: May each of us as individuals and as firms collect more in revenue for what we produce than we incur in cost for the resources consumed in producing that revenue. Those who do not profit are a burden on others. Those who do account for the wealth of society. May every person, every economic entity, be a center of profit. Vernon Comments

Topics:
Don Boudreaux considers the following as important:

This could be interesting, too:

Don Boudreaux writes Some Links

Don Boudreaux writes Bonus Quotation of the Day…

Don Boudreaux writes Bonus Quotation of the Day…

Don Boudreaux writes Some Links

In response to my note to Ms. Lori Baio on the dangers of so-called “stakeholder capitalism,” my emeritus Nobel-laureate colleague Vernon Smith e-mailed to me this bit of wisdom (shared here with Vernon’s kind permission):

Don:

May each of us as individuals and as firms collect more in revenue for what we produce than we incur in cost for the resources consumed in producing that revenue.

Those who do not profit are a burden on others. Those who do account for the wealth of society.

May every person, every economic entity, be a center of profit.

Vernon

Comments

Don Boudreaux
He is a professor of economics at George Mason University in Fairfax, Virginia. Previously, he was president of the Foundation for Economic Education.

Leave a Reply

Your email address will not be published. Required fields are marked *