[Modern capitalism] is masterful at producing services people don't need and in large part probably don't want. It is brilliant at convincing people that they do need and want them. But it has difficulty turning itself to the production of those services which people really do need. Not only that, it often spends an enormous amount of time and effort convincing people that those services are either unrealistic, marginal or counterproductive.
About this quote
- What does it mean?
- Modern capitalism excels at selling unnecessary services but struggles to provide essential ones. It often tries to convince people they do not need real necessities.
- In plain terms
- It is good at selling want, but bad at providing need.
- What can you take from it?
- Profit motives often distort the provision of essential services.
Where it applies
Putting it to work
Questions to consider
- What does your market prioritize?
- How do you define a need?
Another view
Innovation in luxury can sometimes spill over to improve basics.
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