“Competition is the final price determinant and competitive prices may result in profits which force you to accept a rate of return less than you hoped for, or for that matter to accept temporary losses.”

Source: My Years with General Motors, 1963, p. 173 (2015 edition)

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Alfred P. Sloan47

American businessman 1875–1966

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“Competition is the final price determinant and competitive prices may result in profits which force you to accept a rate of return less than you hoped for, or for that matter to accept temporary losses. And, in times of inflation, the rate-of-return concept comes up against the problem of assets undervalued in terms of replacement. Nevertheless, no other financial principle with which I am acquainted serves better than rate of return as an objective aid to business judgment. This principle had governed the thinking of the Finance Committee of General Motors since 1917.”

Alfred P. Sloan (1875–1966) American businessman

Source: My Years with General Motors, 1963, p. 140

“The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competitiveness and relative prices… losses in output and employment (and pressure on the European central bank to inflate) will predominate.”

Rudiger Dornbusch (1942–2002) German economist

Euro fantasies, 1996

“Symbolic castration - the final moment of analysis is reached when the subject is ready to accept this fundamental loss, to consent to symbolic castration as a price to be paid for access to his desire.”

Slavoj Žižek book The Sublime Object of Ideology

147
The Sublime Object of Ideology (1989)

“Understand and accept that you will have to make sacrifices to achieve your goal. If you are willing to pay the price, however high, you may be surprised what you get in exchange. Pay the price.”

Danny Yamashiro (1967) American radio evangelist

From Discover the Champion in You, pages 7

“…the perception of potential threats to survival may be much more important in determining behavior than the perceptions of potential profits, so that profit maximization is not really the driving force. It is fear of loss rather than hope of gain that limits our behavior”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1980s, Evolutionary Economics, 1981, p. 104

“Habituation to bargaining and to the competitive principles of business necessarily brings it about that pecuniary standards of efficiency invade (contaminate) the sense of workmanship; so that work, workmen, equipment and products come to be rated on a scale of money values, which has only a circuitous and often only a putative relation to their workmanlike efficiency or their serviceability. Those occupations and those aptitudes that yield good returns in terms of price are reputed valuable and commendable, — the accepted test of success, and even of serviceability, being the gains acquired. Workmanship comes to be confused with salesmanship, until tact, effrontery and prevarication have come to serve as a standard of efficiency, and unearned gain is accepted as the measure of productiveness.”

Thorstein Veblen (1857–1929) American academic

Source: The Instinct of Workmanship and the State of the Industrial Arts, 1914, p. 349

“The natural effect of unfettered market competition is socialism. For a short time the innovator receives a large profit, as a reward for being first to the market. Then, as competitors adopt the innovation, competition drives these profits down to zero and the price gravitates toward the new, lower cost of production made possible by this innovation (that price including, of course, the cost of the producer’s maintenance and the amortization of her capital outlays). So in a free market, the cost savings in labor required to produce any given commodity would quickly be socialized in the form of reduced labor cost to purchase it.”

Kevin Carson (1963) American academic

"Who Owns the Benefit? The Free Market as Full Communism" https://theanarchistlibrary.org/library/kevin-carson-who-owns-the-benefit-the-free-market-as-full-communism (2012)

“Hannan and Freeman examine the ecology of organizations by exploring the competition for resources and by trying to account for rates of entry and exit and for the diversity of organizational forms. They show that the destinies of organizations are determined more by impersonal forces than by the intervention of individuals by the intervention of individuals.”

John H. Freeman (1944–2008) (1944-2008) US-American sociologist and organizational theorist

Michael T. Hannan and John Freeman. Organizational ecology. Harvard University Press, 1993; Abstract.

Michael T. Hannan (1943) US-American sociologist of Stanford University

Michael T. Hannan and John H. Freeman. Organizational ecology. Harvard University Press, 1993; Abstract.

“When credit is expanding, the rising price level and high profits bring about a high rate of interest. When the expansion has reached, the limit permitted by the stock of gold, the rate of interest is put still higher in order to bring about a fall in the price level. When the fall in prices takes effect, a low rate of interest becomes appropriate, and when credit contraction has proceeded so far that a redundant supply of gold has accumulated, the rate of interest is depressed still lower in order to bring about a renewed rise in the price level. Thus a high rate of interest corresponds first with rising, then with falling, prices, and so synchronizes with high prices. A low rate of interest corresponds first with falling, and then with rising, prices, and so synchronizes with low prices.”

Ralph George Hawtrey (1879–1975) British economist

Ralph George Hawtrey, quoted in Irving Fisher, The Theory of Interest (1930), Chapter 19. The Relation of Interest to Money and Prices

“Competition is the final price determinant and competitive prices may result in profits which force you to accept a rate of return less than you hoped for, or for that matter to accept temporary losses.”

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Alfred P. Sloan47

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