The search for profit and the avoidance of loss is the essence of the capitalist process. In a market economy, individuals and firms have incentives to discover products and services that consumers want and then produce them at the lowest cost. Profits become a signal of success and a reward for serving consumers efficiently. Contrariwise, when losses appear, they signal failure and inflict a penalty on firms for producing poor products or having bloated costs of production.Dom Armentano (Professor Emeritus at the University of Hartford CT) on Bailout Baloney
Power and Authority
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The Bible makes a helpful distinction between “authority” and “power”. Some
disagreements would disappear, if the terms were defined more clearly and
“po...
15 hours ago
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