Those who say "people before profits" fail to understand why profits are important. Profits tell you that you aren't wasting resources -- that customers value what you are creating, over and above the cost of doing it. Without a system of free enterprise, private property, and capitalism, you can't tell how much to pay your workers, how to price your products, how much to build vs buy, how much to make in one day. I can't imagine what mechanism these people would use to replace the decision-making power of profits.
posted at: 06:00 | path: /economics | permanent link to this entry