Ludwig Mises: Entrepreneur Profits

Posted by admin on Tuesday, January 23, 2024

Meaning of Ludwig von Mises Money Quote: saying being entrepreneurial does not mean you’ll necessarily be making money without making what consumers want most. Ludwig von Mises said:
 

 

“The entrepreneur does not make greater profits in selling bad things than in selling good things. His profits are the greater the better he succeeds in providing the consumers with those things they ask for most intensely” — Ludwig von Mises

 

In this quote, Ludwig von Mises is explaining the role of entrepreneurs in a free market economy. He argues that entrepreneurs do not profit more by selling inferior or unwanted products, but rather by fulfilling consumer demand as effectively as possible.

According to Mises, entrepreneurs earn the highest profits when they are most successful at providing consumers with the goods and services that consumers desire most urgently.

So Mises is suggesting that the profit incentive naturally drives entrepreneurs to meet consumer needs and wants, as the only path to greater profits is satisfying market demand through innovation and efficiency.

The overall interpretation is that Mises viewed the free market as self-correcting, with entrepreneurs rewarded most for delivering what benefits consumers, not what is bad for them.

Birthday: September 29, 1881 – Death: October 10, 1973

Vicki Robin: American consumers

Posted by admin on Thursday, April 13, 2023

Meaning of Vicki Robin Money Quote: saying members of U.S Society were once called ‘Citizens’ – but have been downgraded to ‘consumers’. Vicki Robin said:

 

 

“Americans used to be ‘citizens.’ Now we are ‘consumers'” — Vicki Robin

 

 

This quote from Vicki Robin suggests that Americans’ identity and role in society has shifted from “citizens” focused on civic participation and governance, to “consumers” defined more by commercial activities and transactions. Some key points in interpreting the perspective:

• Robin implies this reframing has diminished public-spiritedness and democratic involvement, instead emphasizing people’s economic function as purchasers of goods/services.
• She portrays a view that commercialism now dominates national priorities and discourse more than principles of self-governance and shared prosperity through non-market institutions and values.

However, a balanced interpretation is that citizenship and consumption are not mutually exclusive, and reasonable people disagree on their proper balance in a diverse society. While Robin aims to critique what she views as over-emphasis on economic roles, the best analysis considers this perspective as one viewpoint in ongoing discussions.

Multiple factors shape communities in complex, dynamic ways according to changing needs and priorities. Optimizing welfare involves open-minded consideration of evidence-based solutions respecting individuals’ capacity to contribute from their own philosophies and situations.

Page & Brin: Poor Search Results

Posted by admin on Tuesday, September 28, 2021

Larry Page & Sergey Brin Money Quote saying money biases search results in 2006 article on their Standford University research for Google. Larry Page & Sergey Brin said:
 

 

“We expect that advertising funded search engines will be inherently biased towards the advertisers and away from the needs of the consumers” — Larry Page & Sergey Brin

 

 

 

“Advertising income often provides an incentive to provide poor quality search results” — Larry Page & Sergey Brin

 

 

In these quotes, Larry Page and Sergey Brin, the co-founders of Google, seem to be acknowledging potential downsides of advertising-based business models for search engines. Specifically:

• They note that relying on advertising income can create “an incentive to provide poor quality search results” by prioritizing more commercially oriented content over objectively relevant information.
• Page and Brin also state they expect search engines funded primarily through advertising will inherently develop “bias towards the advertisers” through favoring paid placement and sponsored results, rather than optimizing for users’ actual information needs.

The implication is that depending heavily on advertising revenue introduces conflicts of interest that could compromise search neutrality and quality over time if left unaddressed. Page and Brin appear to be preemptively justifying Google’s original preference for organic, non-intrusive ads and focus on delivering high-quality results to users over maximizing short-term ad dollars according to their perspective on balancing business and user interests for search platforms.

Overall, the quotes seem aimed at acknowledging potential downsides of overly commercializing search engines and establishing Google’s goal of prioritizing user experience through unbiased results rather than short-term profits, which was a riskier strategy but helped establish trust in the early days of the company and online search market.