In reality, most of the great fortunes in American history have resulted from someone’s figuring out how to reduce costs, so as to be able to charge lower prices and therefore gain a mass market for the product. Henry Ford did this with automobiles, Rockefeller with oil, Carnegie with steel, and Sears, Penney, Walton and other department store chain founders with a variety of products.
Thomas Sowell, Ph.D., Basic Economics: A Common Sense Guide to the Economy (2014, Basic Books) p. 165
Marcel Gautreau is a PhD student at George Mason University and a Mises Institute Research Fellow.
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