Quote by Edward Bernays
In theory, everybody buys the best and cheapest commodities offered to him on the market. In practice, if every one went around pricing, and chemically testing before purchasing, the dozens of soaps or fabrics or brands of bread which are for sale, economic life would become hopelessly jammed.
Summary
This quote highlights the gap between theory and practice in economic decision-making. In theory, individuals are expected to make rational choices by purchasing the best and cheapest products available in the market. However, the quote suggests that if everyone were to thoroughly evaluate and scrutinize every product before buying, it would create chaos and inefficiency in the economy. This emphasizes the importance of streamlined processes and trust in the market system, as extensive evaluation of every product would be impractical and hinder economic progress.
Topics
Life
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