Market quotes

From Motley Bytes Wiki
Jump to: navigation, search

George_Basalla

Edison Phonograph

“Edison resisted efforts to market the phonograph as a musical instrument and concentrated on selling it as a dictating machine.”
  • Source: George Basalla in his book ‘The Evolution of Technology’, published 1988 by Cambridge University Press.
Keywords: Edison(topic)_quotes Resist_quotes Effort_quotes Market_quotes Phonograph_quotes Musical_quotes Instrument_quotes Concentrate_quotes Sell_quotes Dictate_quotes Machine_quotes Technology_quotes

Henry_Ford

Wages

“There is nothing to running a business by custom – to saying: 'I pay the going rate of wages.' The same man would not so easily say: 'I have nothing better or cheaper to sell than any one has.' No manufacturer in his right mind would contend that buying only the cheapest materials is the way to make certain of manufacturing the best article. Then why do we hear so much talk about the 'liquidation of labour' and the benefits that will flow to the country from cutting wages – which means only the cutting of buying power and the curtailing of the home market? What good is industry if it be so unskillfully managed as not to return a living to everyone concerned? No question is more important than that of wages – most of the people of the country live on wages. The scale of their living – the rate of their wages – determines the prosperity of the country.”
  • Source: Henry Ford. A book. Entitled My Life and Work. Written by Henry Ford in collaboration with Samuel Crowther. Published 1922, Garden City, NY: Doubleday. Chapter VIII.
Keywords: Business_quotes Pay_quotes Rate_quotes Wage_quotes Manufacture_quotes Sell_quotes Mind_quotes Buy_quotes Cheap_quotes Material_quotes Liquidation_quotes Labor_quotes Benefit_quotes Cut_quotes Power_quotes Market_quotes Industry_quotes People_quotes Prosperity_quotes Country_quotes Inequality_quotes Nothing_quotes Run_quotes Custom_quotes Say_quotes Man_quotes Easy_quotes Better_quotes Contend_quotes Best_quotes Article_quotes Hear_quotes Talk_quotes Curtail_quotes Home_quotes Management_quotes Living_quotes Question_quotes Important_quotes Scale_quotes Determine_quotes

Yuval_Noah_Harari

Naive Information

“The naive view is this counter-speech doctrine that we just need more information, and if you have a lot of information the truth will just come up, will float up. In a free market of information, the truth will win. It won't. You need to tilt the balance in favor of truth. Because, as I said before, it's costly, it's rare, and more to the point, the truth is complicated and often painful.”
  • Source: Yuval Noah Harari speaking in a YouTube interview with MSNBC television news anchor Ari Melber discussion his book “Nexus”. Published 2024-09-12 on YouTube entitled “MAGA propaganda decoded: Obama’s fave historian shreds Trump tricks with groundbreaking scholarship”, channel “MSNBC”, at 24:25. Online at <https://youtu.be/toF5PIClNZ4?si=5ogXQFnsVW1yhv2R>, retrieved 2024.
Keywords: Naive_quotes View_quotes Speech_quotes Doctrine_quotes Information_quotes Truth_quotes Float_quotes Up_quotes Free_quotes Market_quotes Win_quotes Tilt_quotes Balance_quotes Favor_quotes Cost_quotes Rare_quotes Complexity_quotes Pain_quotes

Herbert_Simon

Markets and Coordination

“Markets aim to coordinate the decisions and behavior of multitudes of economic actors to guarantee that the quantity of brussels sprouts shipped to market bears some reasonable relation to the quantity that consumers will buy and eat, and that the price at which brussels sprouts can be sold bears a reasonable relation to the cost of producing them. Any society that is not a subsistence economy, but has substantial specialization and division of labor, needs mechanisms to perform this coordinative function. Markets are only one, however, among the spectrum of mechanisms of coordination on which any society relies. [central planning, bargaining and negotiation, business, government, education, balloting procedures]”
Keywords: Market_quotes Aim_quotes Coordination_quotes Decision_quotes Behavior_quotes Multitude_quotes Economics_quotes Actor_quotes Guarantee_quotes Quantity_quotes Brussels_Sprount_quotes Market_quotes Reason_quotes Relational_quotes Consumer_quotes Buy_quotes Eat_quotes Price_quotes Sell_quotes Cost_quotes Production_quotes Society_quotes Subsistence_quotes Economy_quotes Substance_quotes Specialization_quotes Division_quotes Labor_quotes Mechanism_quotes Performance_quotes Function_quotes Spectrum_quotes Reliance_quotes Centralization_quotes Plan_quotes Bargin_quotes Negotiation_quotes Business_quotes Government_quotes Education_quotes Ballot_quotes Procedure_quotes

Markets and Coordination

“Markets aim to coordinate the decisions and behavior of multitudes of economic actors to guarantee that the quantity of brussels sprouts shipped to market bears some reasonable relation to the quantity that consumers will buy and eat, and that the price at which brussels sprouts can be sold bears a reasonable relation to the cost of producing them. Any society that is not a subsistence economy, but has substantial specialization and division of labor, needs mechanisms to perform this coordinative function. Markets are only one, however, among the spectrum of mechanisms of coordination on which any society relies. [central planning, bargaining and negotiation, business, government, education, balloting procedures]”
Keywords: Market_quotes Aim_quotes Coordination_quotes Decision_quotes Behavior_quotes Multitude_quotes Economics_quotes Actor_quotes Guarantee_quotes Quantity_quotes Brussels_Sprount_quotes Market_quotes Reason_quotes Relational_quotes Consumer_quotes Buy_quotes Eat_quotes Price_quotes Sell_quotes Cost_quotes Production_quotes Society_quotes Subsistence_quotes Economy_quotes Substance_quotes Specialization_quotes Division_quotes Labor_quotes Mechanism_quotes Performance_quotes Function_quotes Spectrum_quotes Reliance_quotes Centralization_quotes Plan_quotes Bargin_quotes Negotiation_quotes Business_quotes Government_quotes Education_quotes Ballot_quotes Procedure_quotes

Markets and Voting

“We ordinarily describe capitalist societies as depending mostly on markets for coordination and socialist societies as depending mostly on hierarchic organizations and planning, but this is a gross oversimplification, for it ignores the uses of voting in democratic societies of either kind, and it ignores the great importance of large organizations in modern 'market' societies.”
Keywords: Ordinary_quotes Description_quotes Capitalism_quotes Society_quotes Dependence_quotes Market_quotes Coordination_quotes Socialism_quotes Hierarchy_quotes Organization_quotes Plan_quotes Simplification_quotes Ignorance_quotes Vote_quotes Democracy_quotes Importance_quotes Modern_quotes

Organization and Market Economy

“The economic units in capitalist societies are mostly business firms, which are themselves hierarchic organizations, some of enormous size, that make almost negligible use of markets in their internal functioning. Roughly eighty percent of the human economic activity in the American economy, usually regarded as almost the epitome of a "market" economy, takes place in the internal environments of business and other organizations and not in the external, between-organization environments of markets. To avoid misunderstanding, it would be appropriate to call such a society an organization-&-market economy; for in order to give an account of it we have to pay as much attention to organizations as to markets.”
Keywords: Economics_quotes Unit_quotes Capitalism_quotes Society_quotes Business_quotes Firm_quotes Hierarchy_quotes Organization_quotes Enormous_quotes Size_quotes Negligible_quotes Market_quotes Internal_quotes Function_quotes Human_quotes America_quotes Economy_quotes Epitome_quotes Environment_quotes External_quotes Understanding_quotes Appropriate_quotes Account_quotes Pay_quotes Attention_quotes

Invisible Hand

“In examining the processes of social coordination, economics has given top billing sometimes almost exclusive billing to the market mechanism. It is indeed a remarkable mechanism... The optimality theorems stretch credibility, so far as real-world markets are concerned, because they require substantive rationality of the kinds we found implausible in our examination of the theory of the firm. Markets populated by consumers and producers who satisfice instead of optimizing do not meet the conditions on which the theorems rest.”
Keywords: Examination_quotes Process_quotes Social_quotes Coordination_quotes Economics_quotes Top_quotes Bill_quotes Exclusive_quotes Market_quotes Mechanism_quotes Optimal_quotes Theory_quotes Stretch_quotes Credible_quotes Reality_quotes World_quotes Substance_quotes Rational_quotes Plausible_quotes Examination_quotes Firm_quotes Population_quotes Consumer_quotes Producer_quotes Satisfice_quotes Optimization_quotes Condition_quotes Invisible_quotes Hand_quotes

Decentralization

“Business organizations, like markets, are vast distributed computers whose decision processes are substantially decentralized.”
Keywords: Business_quotes Organization_quotes Market_quotes Vast_quotes Distributed_quotes Computer_quotes Decision_quotes Process_quotes Decentralization_quotes

Bounded Rationality

“In a world of bounded rationality there are several ways to magnify the computing capabilities of individual human beings and enhance the possibilities of their collective survival and prosperity. With the combined use of markets and administrative hierarchies, the human species has enormously increased its capabilities for specialization and division of work.”
Keywords: World_quotes Bounding_quotes Rational_quotes Way_quotes Magnify_quotes Computation_quotes Capability_quotes Individual_quotes Human_quotes Enhancement_quotes Possibility_quotes Collective_quotes Survival_quotes Prosper_quotes Combination_quotes Market_quotes Administration_quotes Hierarchy_quotes Species_quotes Enormous_quotes Increasing_quotes Specialization_quotes Division_quotes Work_quotes

Adam_Smith

Three Great Orders

“The whole annual produce of the land and labour of every country... naturally divides itself, it has already been observed, into three parts; the rent of land, the wages of labour, and the profits of stock; and constitutes a revenue to three different orders of people; to those who live by rent, to those who live by wages, and to those who live by profit. These are the three great, original, and constituent orders of every civilised society... The interest of the first of those three great orders, it appears from what has been just now said, is strictly and inseparably connected with the general interest of the society. Whatever either promotes or obstructs the one, necessarily promotes or obstructs the other... The interest of the second order, that of those who live by wages, is as strictly connected with the interest of the society as that of the first... Employers constitute the third order, that of those who live by profit. It is the stock that is employed for the sake of profit which puts into motion the greater part of the useful labour of every society... But the rate of profit does not, like rent and wages, rise with the prosperity and fall with the declension of the society. On the contrary... The interest of this third order, therefore, has not the same connection with the general interest of the society as that of the other two... The interest of the dealers... is always in some respects different from, and even opposite to, that of the public. To widen the market and to narrow the competition... The proposal of any new law or regulation of commerce which comes from this order ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.”
  • Source: Adam Smith (1776) An Inquiry into the Nature and Causes of the Wealth of Nations. London, England: ‎W. Strahan and T. Cadell. Book I chapter XI.
Keywords: Whole_quotes Annual_quotes Produce_quotes Land_quotes Labor_quotes Country_quotes Natural_quotes Division_quotes Observation_quotes Part_quotes Rent_quotes Wage_quotes Labor_quotes Profit_quotes Stock_quotes Constitute_quotes Revenue_quotes Differences_quotes Order_quotes Original_quotes Civilization_quotes Society_quotes Interest_quotes Appearance_quotes Say_quotes Strict_quotes Inseperable_quotes Connection_quotes Generality_quotes Promotion_quotes Obstruction_quotes Employer_quotes Employment_quotes Motion_quotes Prosperity_quotes Fall_quotes Declension_quotes Contrary_quotes Dealer_quotes Opposite_quotes Public_quotes Market_quotes Competition_quotes Proposal_quotes Law_quotes Regulation_quotes Commerce_quotes Listening_quotes Precaution_quotes Careful_quotes Examination_quotes Scrupulous_quotes Suspicion_quotes Adoption_quotes Attention_quotes Man_quotes Deception_quotes Oppression_quotes Occasional_quotes

Patrick_Vlaskovits

Faster Horse

“However, even if Ford didn’t verbalize his thoughts on customers’ ostensible inability to communicate their unmet needs for innovative products — history indicates that Henry Ford most certainly did think along those lines... Henry Ford froze the design of the Model T... Ford had no compelling reason to innovate in any other sphere other than cost and price reduction... But everything changed with the onset of the innovations introduced by General Motors in the 1920s, which took the direct opposite of Henry Ford’s tack of “Any color … so long as it is black” and is best summed up by Alfred Sloan’s consumer-research driven “A Car for Every Purse and Purpose”... In 1921, the Ford Motor Company sold about 2/3 of all the cars built in the U.S. By 1926, this share had fallen to approximately 1/3. And in 1927, when Ford belatedly responded (at tremendous financial cost and internal strife) to changes in the market’s tastes and competitive innovation by shutting down production temporarily to re-tool his factories and bring the Model A to the market, that percentage fell to about 15%... Yes, some customers in certain types of businesses are quite capable of verbalizing precisely what sort of innovative product one could build and sell them. And of course, customers in other types of businesses are wholly incapable of verbalizing, with any sort of fidelity whatsoever, what they need and why they need it. An innovator should have understanding of one’s customers and their problems via empirical, observational, anecdotal methods or even intuition. They should also feel free to ignore customers’ inputs. Because by now it should be clear that Ford’s adherence to his vision of the mass-market car and how to materialize that vision was instrumental in both his early success in growing Ford Motor Company as well as his later failure to respond in a timely and effective manner to rapid innovation in the marketplace.”'
Keywords: Ford(topic)_quotes Sloan(topic)_quotes Verbalize_quotes Thinking_quotes Customer_quotes Requirements_quotes Ostensible_quotes Inability_quotes Communication_quotes Unmet_quotes Need_quotes Innovation_quotes Product_quotes History_quotes Freeze_quotes Design_quotes Model_T_quotes Automobile_quotes Compel_quotes Sphere_quotes Cost_quotes Price_quotes Reduction_quotes Change_quotes General_Motors_quotes Consumer_quotes Research_quotes Opposite_quotes Color_quotes Black_quotes Car_quotes Purse_quotes Ford_Motor_quotes Build_quotes United_States_quotes Share_quotes Market_quotes Belated_quotes Respond_quotes Tremendous_quotes Financial_quotes Internal_quotes Strife_quotes Taste_quotes Competition_quotes Shut_quotes Production_quotes Tool_quotes Factory_quotes Model_A_quotes Percentage_quotes Type_quotes Business_quotes Capable_quotes Precise_quotes Sort_quotes Sell_quotes Incapable_quotes Fidelity_quotes What_quotes Why_quotes Understand_quotes Problem_quotes Empirical_quotes Observation_quotes Anecdotal_quotes Method_quotes Intuition_quotes Feel_quotes Free_quotes Ignore_quotes Input_quotes Clear_quotes Adherence_quotes Vision_quotes Mass_quotes Innovator_quotes Materialize_quotes Instrumental_quotes Success_quotes Early_quotes Grow_quotes Later_quotes Failure_quotes Timely_quotes Effective_quotes Manner_quotes Rapid_quotes Marketplace_quotes Horse_quotes Faster_quotes
Retrieved from "https://motleybytes.com/wiki/index.php?title=Market_quotes&oldid=37016"