Notable Quote - Thomas Sowell - Granite Grok

Notable Quote – Thomas Sowell

“While capitalism has a visible cost — profit — that does not exist under socialism, socialism has an invisible cost — inefficiency — that gets weeded out by losses and bankruptcy under capitalism. The fact that most goods are more widely affordable in a capitalist economy implies that profit is less costly than inefficiency. Put differently, profit is a price paid for efficiency.” – Basic Economics, p 114.

 

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