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“The fact is that consumers, whether or not they can say what goods they want, always choose between the goods offered to them. That’s when consumers exercise their sovereignty: entrepreneurs cannot force consumers to buy anything, they can only produce goods that consumers value and therefore choose.”
― How to Think about the Economy: A Primer
― How to Think about the Economy: A Primer
“Core to understanding the economy is recognizing that it is about human actions and interactions. In fact, the economy is people acting and interacting. It is little or nothing else. We tend to think of the economy in terms of resources, machines, businesses, and perhaps jobs. But that is a simplification that is misleading. Those are important, but they are all means to ends. The economy is about using means to attain ends. To put it differently, it is how we act to satisfy our wants, to make us better off. Simply put, the economy is about creating value.”
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“The number and variety of goods available depends on the imaginativeness of entrepreneurs and investors. In other words, the entrepreneur, who imagines, envisions, and aims to create new valued goods, drives the evolution of production in the economy. The consumer is then, after the fact, the judge of which entrepreneurs’ productions are of sufficient value to be bought—and at what prices. The consumer, in other words, is sovereign and, through buying and not buying, determines which entrepreneurs earn profits and which entrepreneurs suffer losses.”
― How to Think about the Economy: A Primer
― How to Think about the Economy: A Primer
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