In our high-tech, high-skilled economy where low-skilled work is being scaled back, phased out, exported, or severely under-compensated, all the right behavior in the world won't create better jobs with more pay.
Michael Eric DysonRead
Competition is the most promising means to achieve and secure prosperity. It alone enables people in their role of consumer to gain from economic progress. It ensures that all advantages which result from higher productivity may eventually be enjoyed.
Interpretation
What this quote means
Competition drives prosperity and benefits consumers through economic progress.
This quote by Ludwig Erhard highlights the importance of competition in the economic sphere, asserting that it is essential for achieving and maintaining prosperity. Competition not only incentivizes productivity but also ensures that consumers reap the benefits of advancements in the economy, leading to broader access to improved goods and services.
Themes
CompetitionProsperityEconomyProductivityConsumers
In practice
Example use cases
In a speech about the benefits of a free market economy.
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