“"Value added" is a meaningless concept for a retail business, for a bank, for a life insurance company, and for any other business which is not primarily engaged in manufacturing.”

— Peter F. Drucker

Source: 1960s - 1980s, MANAGEMENT: Tasks, Responsibilities, Practices (1973), Part 3, p. 647

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Peter F. Drucker 180

American business consultant 1909–2005

Gerry Spence (1929) American lawyer

As quoted in Humanscape : Environments for People (1987), by Rachel Kaplan and Stephen Kaplan, p. 97

“The only way you’re going to pay for it is not by saddling business. All you do by forcing business to pay for health care or passing a law telling people they have to go buy insurance, which is a subsidy for the insurance companies, all these plans are going backwards.”

Mike Gravel (1930–2021) American politician; United States Senator

Huffington post Mash-up: 2007 Democratic Online Debate
Source: https://www.huffpost.com/entry/mashup-transcript-mike-gr_n_64318

“Think of the federal government as a gigantic insurance company (with a sideline business in national defense and homeland security), which does its accounting on a cash basis, only counting premiums and payouts as they go in and out the door. An insurance company with cash accounting... is an accident waiting to happen.”

Peter R. Fisher (1956) American treasury official

While under secretary of the U.S. Treasury in 2002; frequently short-handed as "an insurance company with an army." A Fiscal Train Wreck, Paul, Krugman, Paul Krugman, March 11, 2003, The New York Times http://www.nytimes.com/2003/03/11/opinion/a-fiscal-train-wreck.html,
How government is like insurance, June 28, 2011, Thomas F., Schaller, Baltimore Sun http://articles.baltimoresun.com/2011-06-28/news/bs-ed-schaller-20110628_1_unemployment-insurance-premiums-government-insurance,
Who First Said the US is 'An Insurance Company with an Army'?, Economist's View, Mark, Thoma, January 17, 2013 http://economistsview.typepad.com/economistsview/2013/01/who-first-said-the-us-is-an-insurance-company-with-an-army.html,

“Monks, a lay follower should not engage in five types of business. Which five? Business in weapons, business in human beings, business in meat, business in intoxicants, and business in poison.”

Gautama Buddha (-563–-483 BC) philosopher, reformer and the founder of Buddhism

5.177: Vanijja Sutta https://www.accesstoinsight.org/tipitaka/an/an05/an05.177.than.html, as translated by Thanissaro Bhikkhu (2001)
Source: Pali Canon, Sutta Pitaka, Anguttara Nikaya (Numerical Discourses)

“The prevailing economic theory of business enterprise and behavior, the maximization of profit—which is simply a complicated way of phrasing the old saw of buying cheap and selling dear—may adequately explain how Richard Sears operated. But it cannot explain how Sears, Roebuck or any other business enterprise operates, nor how it should operate. The concept of profit maximization is, in fact, meaningless.”

Peter F. Drucker (1909–2005) American business consultant

Source: 1960s - 1980s, MANAGEMENT: Tasks, Responsibilities, Practices (1973), Part 1, p. 59 (1986 ; 45)

“The next generation of sustainable companies need to evolve their business practices to ones of shared values.”

Jay Samit (1961) American businessman

Future Proofing You (2021)

“Corporate strategy is the pattern of major objectives, purposes, or goals and essential policies and plans for achieving those goals stated in such a way as to define what business the company is in or is to be in and the kind of company it is or is to be. In a changing world it is a way of expressing a persistent concept of the business so as to exclude some possible new activities and suggest entry into others.”

Kenneth R. Andrews (1916–2005) Business scholar

Source: Quote, The Concept of Strategy, 1971, p. 28

“I don’t think business should only deal in commercial things. Business, to me, is nothing more than a collection of people. If people have values, then companies should.”

Tim Cook (1960) American business executive

CNBC: "Apple's Tim Cook shares a rule that leaders should live by" https://www.cnbc.com/2018/06/26/apple-ceo-tim-cook-advice-for-leaders-on-speaking-out.html (26 June 2018)

“Prior to the Industrial Revolution, the daily life of most humans ran its course within three ancient frames: the nuclear family, the extended family and the local intimate community.* Most people worked in the family business – the family farm or the family workshop, for example – or they worked in their neighbours’ family businesses. The family was also the welfare system, the health system, the education system, the construction industry, the trade union, the pension fund, the insurance company, the radio, the television, the newspapers, the bank and even the police.”

Yuval Noah Harari book Sapiens: A Brief History of Humankind

Sapiens: A Brief History of Humankind

“In busy companies of men.”

Andrew Marvell (1621–1678) English metaphysical poet and politician

The Garden (1650-1652)

“"Value added" is a meaningless concept for a retail business, for a bank, for a life insurance company, and for any other business which is not primarily engaged in manufacturing.”

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