“But as president of General Motors, I realized our thinking affected the lives of hundreds of thousands directly and influenced the economic welfare of many important communities, in some of which we were almost the sole provider. In some way, visible or invisible, as we expanded, the economic welfare of millions was becoming linked with the welfare of General Motors. Previously, when industry was smaller, the absorbing problems of industrial management were largely limited to the fields of engineering, production and distribution. Out of its endeavors in these fields had come a continuous stream of new products, providing new comforts and making possible better ways of living. General Motors was becoming large through a, but only because it was rendering a service to community. As its volume of business expanded it became able to do more for workers, stockholders and customers.”

Source: Adventures of a White-Collar Man. 1941, p. 144

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Alfred P. Sloan47

American businessman 1875–1966

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“Some see danger in bigness. They fear the concentration of economic power that it brings with it. That is in a degree true. It simply means, however, that industrial management must expand its horizons of responsibility. It must recognize that it can no longer confine its activities to the mere production of goods and services. It must consider the impact of its operation on the economy as a whole in relation to the social and economic welfare of the entire community. For years I have preached this philosophy. Those charged with great industrial responsibility must become industrial statesmen.”

Alfred P. Sloan (1875–1966) American businessman

Source: "The Broadened Responsibilities of Industry's Executive," 1936, p. 358; Also in Sloan & Sparkes (1941, 145); Partly cited in: Roland Marchand (1997, p. 83)

“The supreme principle [in Industrial Organization] has been the belief that business efficiency and the welfare of the employees are but different sides of the same problem. Character is an economic asset; and business efficiency depends not merely on the physical condition of employees, but on their general attitude and feeling towards the employer.”

Edward Cadbury (1873–1948) British businessman

Introduction, p. vii; Partly cited in: Felix Behling et al., The Changing Worlds and Workplaces of Capitalism. 2015, p. 194
Experiments in industrial organization (1912)

“For years I thought that what was good for our country was good for General Motors, and vice versa. The difference did not exist. Our company is too big. It goes with the welfare of the country. Our contribution to the nation is considerable.”

Charles Erwin Wilson (1890–1961) American secretary of Defence

Charles E. Wilson (1952) in: Confirmation hearings before the Senate Armed Services Committee, responding to Sen. Robert Hendrickson's question regarding conflicts of interest. Quoted in Safire's Political Dictionary (1978) by William Safire.

“Perhaps as important is the relation between the existence of solutions to a competitive equilibrium and the problems of normative or welfare economics.”

Gérard Debreu (1921–2004) French economist and mathematician

Arrow, Kenneth J., and Gerard Debreu. " Existence of an equilibrium for a competitive economy http://cowles.econ.yale.edu/P/cp/p00b/p0087.pdf." Econometrica: Journal of the Econometric Society (1954): p. 265

“Perhaps as important is the relation between the existence of solutions to a competitive equilibrium and the problems of normative or welfare economics.”

Kenneth Arrow (1921–2017) American economist

Source: 1950s-1960s, "Existence of an equilibrium for a competitive economy." 1954, p. 265

“Whereas, our tenet ever was, and, indeed, it is almost the only landmark which now divides the federalists from the republicans, that Congress had not unlimited powers to provide for the general welfare, but were restrained to those specifically enumerated;…”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

1810s, Letter to Albert Gallatin (16 June 1817)

“What has taken place is a shift of business from one manufacturer to another, and the announcements in the press as well as the general publicity of those manufacturers who have succeeded in increasing their business give, I think, the impression that this is true of the whole industry. If we could assume, for the sake of argument, that we will reach the point at which twenty-five million cars and trucks will be registered in the United States an assumption that from what we have accomplished so far is certainly perfectly reasonable then I think we could safely say that the replacement demand, plus the export demand which will increase for many years yet, plus the normal growth, would amount to something like four to four and one half million vehicles a year and would require the manufacture of a number of cars equal to or greater than has yet been produced in any year in the history of the industry…
I am sure that I do not need to elaborate what the automotive industry consists of, its influence on the prosperity of the United States, the influence that it has had in many other industries which contribute to its production necessities. General Motors is an important part of this great industry of ours and as my contribution to your visit with us I would like to tell you in a brief way something about General Motors; how we are thinking, what we are doing, and our ambitions for the future.”

Alfred P. Sloan (1875–1966) American businessman

Source: Alfred P. Sloan in The Turning Wheel, 1934, p. 332-3: Speech by President Alfred P. Sloan, Jr., 1927 (II)

“Local economic independence cannot be preserved in the face of consolidations such as we have had during the past few years. The control of American business is steadily being transferred, I am sorry to have to say, from local communities to a few large cities in which central managers decide the policies and the fate of the far-flung enterprises they control. Millions of people depend helplessly on their judgment. Through monopolistic mergers the people are losing power to direct their own economic welfare. When they lose the power to direct their economic welfare, they also lose the means to direct their political future.”

Estes Kefauver (1903–1963) American politician

Senate Hearing, 1947, reported in Michael J. Sandel, Democracy's Discontent: America in Search of a Public Philosophy (1998), p. 243.

“We need a welfare state of some sort for efficiency reasons, and would continue to do so even if all distributional problems were solved.”

Nicholas Barr (1943) British economist

Source: Economics Of The Welfare State (Fourth Edition), Chapter 15, Conclusion, p. 354

“The impoverishment of economics related to its distancing from ethics affects both welfare economics (narrowing its reach and relevance) and predictive economics”

Amartya Sen (1933) Indian economist

weakening its behavioural foundations
Chap. 2 : Economic Judgements and Moral Philosophy
1990s, On Ethics and Economics (1991)

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Alfred P. Sloan47

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