Chapter 5 - The Rise and Fall of Business

Death

alone guarantees turnover in management.

Consumers

are the principal beneficiaries of lower prices made possible by the more efficient allocation of scarce resources which have alternative uses.

Market economies

must rely not only on price competition between various producers to allow the most successful to continue and expand, they must also find some way to weed out those business owners or managers who do not get the most from the nations resources.

Knowledge

is one of the scarcest of all resources in any economy.

Corporations

may be thought of as big, impersonal and inscrutable institutions, they are ultimately run by human beings who all differ from one another and who all have shortcomings and make mistakes.

Economic Changes

include not only changes in the economy but also changes within the managements of firms, especially in their responses to external economic changes.

Business Leadership

is a factor, not only in the relative success of various enterprises but more fundamentally in the advance of the economy as a whole through the spread of the impact of new and better business methods to competing companies and other industries.