One of the cliches of the New Deal was that businesses were entitled to a “fair” profit. Leonard Read astutely pointed out that profits (and losses) have nothing to do with “fairness.”
Original Article: Are Businesses Entitled to a Fair Profit?
One of the cliches of the New Deal was that businesses were entitled to a “fair” profit. Leonard Read astutely pointed out that profits (and losses) have nothing to do with “fairness.”
Original Article: Are Businesses Entitled to a Fair Profit?
The Austrian school recognizes that economic analysis
