There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible.
About this quote
- What does it mean?
- Quality, low cost, and high wages are presented as the ideal industrial rule.
- In plain terms
- Make good products cheaply and pay workers well.
- What can you take from it?
- Balance quality and cost while treating workers well.
Where it applies
Putting it to work
Questions to consider
- How do you balance costs?
- Are wages a cost or investment?
Another view
Achieving all three simultaneously can be economically difficult.
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