“The truth of the matter is that, even under individualism, only a small fraction of the population is impelled chiefly by the profit motive, and that vast multitudes of men and women are motivated by other incentives than by the desire for profit. …nevertheless, they are strategic individuals whose activities are essential to efficiency in industry.”

—  Kirby Page

Property (1935)

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Kirby Page photo
Kirby Page 248
American clergyman 1890–1957

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“The profit motive should not be confused with the profit system. By the profit system, of course, we mean the institution of private property in capital goods and the free private enterprise that goes along with it. There is no reason why the "profit motive" should be necessarily connected with the profit system. In a profit system there is nothing to prevent anyone acting on altruistic lines; there is no law that says a businessman must maximize his profits. If a businessman chose to operate with outputs, prices, and wages that yielded him a smaller profit than the maximum, but which he felt were socially more desirable, there is nothing in the profit system that would prevent him from doing this. Nothing in the profit system would prevent the most ardent liberal from refusing an increase in wages, or from accepting an unpleasant and poorly paid job. At the other extreme, there is nothing in a communist system that would do away with the profit motive, or the "advantage motive."”

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

Source: 1940s, The Economics of Peace, 1945, p. 239

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“World events are the work of individuals whose motives are often frivolous, even casual.”

Gore Vidal (1925–2012) American writer

"The Twelve Caesars"
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“While it must be admitted that the class of rich absentee owners or investors would doubtless be far less interested in industry if the profit motive were eliminated or subordinated, they represent the group that makes the smallest actual contribution to efficiency in industry.”

Kirby Page (1890–1957) American clergyman

Property (1935)

Hugh Gaitskell photo

“So long as production is left to the uncontrolled decisions of private individuals, conducted, guided and inspired by the motive of profit, so long will Poverty, Insecurity and Injustice continue.”

Hugh Gaitskell (1906–1963) British politician

'Why I Am a Socialist', South Leeds Worker (December 1937), quoted in Philip Williams, Hugh Gaitskell: A Political Biography (1979), p. 68

Franklin D. Roosevelt photo

“Different from a great part of the world, we in America persist in our belief in individual enterprise and in the profit motive; but we realize we must continually seek improved practices to insure the continuance of reasonable profits, together with scientific progress, individual initiative, opportunities for the little fellow, fair prices, decent wages and continuing employment.”

Franklin D. Roosevelt (1882–1945) 32nd President of the United States

1930s, Fireside Chat in the night before signing the Fair Labor Standards (1938)
Context: The Congress has provided a fact-finding Commission to find a path through the jungle of contradictory theories about wise business practices — to find the necessary facts for any intelligent legislation on monopoly, on price-fixing and on the relationship between big business and medium-sized business and little business. Different from a great part of the world, we in America persist in our belief in individual enterprise and in the profit motive; but we realize we must continually seek improved practices to insure the continuance of reasonable profits, together with scientific progress, individual initiative, opportunities for the little fellow, fair prices, decent wages and continuing employment.

Herbert A. Simon photo

“First, most producers are employees of firms, not owners. Viewed from the vantage point of classical [economic] theory, they have no reason to maximize the profits of firms, except to the extent that they can be controlled by owners. Moreover, profit-making firms, nonprofit organizations, and bureaucratic organizations all have exactly the same problem of inducing their employees to work toward organizational goals. There is no reason, a priori, why it should be easier (or harder) to produce this motivation in organizations aimed at maximizing profits than in organizations with different goals. If it is true in an organizational economy that organizations motivated by profits will be more efficient than other organizations, additional postulates will have to be introduced to account for it.”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

Simon (1991) "Organizations and Markets:" in: Journal of Economic Perspectives. 5 (2 Spring 1991): p. 28.
1980s and later

Ted Malloch photo

“Profit doesn’t appear as the goal but as a side effect of pursuing motivating principles.”

Ted Malloch (1952) American businessman

Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 3.

“The profit motive, we are constantly being told, is as old as man himself.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter II, The Economic Revolution, p. 15
Context: It may strike us as odd that the idea of gain is a relatively modern one; we are schooled to believe that man is essentially an acquisitive creature and that left to himself he will behave as any self-respecting businessman would. The profit motive, we are constantly being told, is as old as man himself.
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“The new anticapitalist are, in spirit and motive, deontologists, and thus criticized not so much the consequences of capitalism (though this teleological elements is present), but motives, e. g., the profit motive, acquisitiveness, ‘materialism’ and the like.”

Roy A. Childs, Jr. (1949–1992) American libertarian essayist and critic

Roy A. Childs, Jr. “The Defense of Capitalism in Our Time,” Winning essay that was published in Free Enterprise: An Imperative, 1975 by the Herbert Hoover Presidential Library Association for the Garvey Foundation.

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