Quote by Ludwig von Mises, Human Action,

Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that. If a businessman does not strictly obey the orders of the public as they are conveyed to him by the structure of market prices, he suffers losses, he goes bankrupt, and is thus removed from his eminent position at the helm. Other men who did better in satisfying the demand of the consumers replace him.The consumers patronize those shops in which they can buy what they want at the cheapest price. Their buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities. They are merciless bosses, full of whims and fancies, changeable and unpredictable. For them nothing counts other than their own satisfaction. They do not care a whit for past merit and vested interests. If something is offered to them that they like better or that is cheaper, they desert their old purveyors. In their capacity as buyers and consumers they are hard-hearted and callous, without consideration for other people.http://www.mises.org/humanaction.asp


Neither the entrepreneurs nor the farmers nor the capitalist

Summary

This quote explains the fundamental role of consumers in determining economic outcomes. It emphasizes that consumers, through their purchasing decisions and market demand, ultimately determine what products are produced and at what quantities. Businesses that fail to meet consumer demands suffer losses and may go bankrupt, while those that better satisfy consumer preferences thrive. The quote highlights the consumer's power to influence the success or failure of businesses and their ability to reshape the economic landscape by favoring certain products or services over others. It also implies that consumer preferences are fickle and can change rapidly, making them a powerful, unpredictable force in the market.

By Ludwig von Mises, Human Action,
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