Steven Levitt & Stephen Dubner: Human Wallets

Posted by admin on Tuesday, September 16, 2014

Steven Levitt & Stephen Dubner Money Quotation saying in their book ‘Think Like a Freak’ that most businesses see customers as containers of cash that need to be opened and emptied. Steven Levitt & Stephen Dubner said:
 

 

“To the average company, a customer is a human wallet from which the company attempts to extract as much money as possible” — Steven Levitt & Stephen Dubner

 

 

In this quote, economists Steven Levitt and Stephen Dubner seem to be critiquing how some companies view and treat their customers. They argue that from the perspective of the average company, a customer is primarily seen as a “human wallet” – meaning the company’s main goal is to maximize the amount of money it can take or “extract” from each customer.

This suggests companies focus more on short-term profit extraction than developing long-term customer relationships or satisfaction. The quote conveys Levitt and Dubner’s view that customers are often regarded as objects to be monetized rather than people to be served well by businesses seeking repeat business and loyalty over the long run.