Competition is not only the basis of protection to the consumer, but is the incentive to progress.
About this quote
- What does it mean?
- Competition protects consumers and drives progress by incentivizing innovation.
- In plain terms
- Competition keeps prices fair and encourages improvement.
- What can you take from it?
- Competition drives consumer protection and progress.
Where it applies
Putting it to work
Questions to consider
- Does competition always benefit the consumer?
Another view
Unfettered competition can sometimes harm consumers or workers.
More from Herbert Hoover
Children are our most valuable natural resource.
Permalink to quote #52 Fishing is much more than fish. It is the great occasion when we may return to the fine simplicity of our forefathers.
Permalink to quote #54 All men are equal before fish.
Permalink to quote #51
Related quotes
It has been shown that, in contrast to everything which classical national economy has hitherto taught, not the producer but the consumer is the ruling factor …
Hjalmar SchachtHjalmar Schacht quote #3 Profits are the driving force of the market economy. The greater the profits, the better the needs of the consumers are supplied.
Ludwig von MisesLudwig von Mises quote #15 If the automobile had followed the same development cycle as the computer, a Rolls-Royce would today cost $100, get a million miles per gallon, and explode onc…
Robert X. CringelyRobert X. Cringely quote #2