Consumer - Revision history

RayBirks: /* Sovereignty of the Consumer */ fix word

2011-02-06T19:22:18Z

Sovereignty of the Consumer: fix word

← Older revision		Revision as of 19:22, 6 February 2011
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	==Sovereignty of the Consumer==		==Sovereignty of the Consumer==

	All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and suffers losses. To quote [[Ludwig von Mises]]:		All business persons are subject to the sovereignty of the consumer. As soon as an [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and suffers losses. To quote [[Ludwig von Mises]]:

	<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>


	==References==		==References==

Huckelberry at 04:36, 6 February 2011

2011-02-06T04:36:29Z

← Older revision		Revision as of 04:36, 6 February 2011
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	In economics, the '''consumer''' is the individual or household ~~which~~ purchases [[goods]].		In economics, the '''consumer''' is the individual or household who purchases [[goods]] and [[services]].

	==Sovereignty of the Consumer==		==Sovereignty of the Consumer==

Huckelberry at 04:35, 6 February 2011

2011-02-06T04:35:25Z

← Older revision		Revision as of 04:35, 6 February 2011
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	==Sovereignty of the Consumer==		==Sovereignty of the Consumer==

	All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and suffers losses. As [[Ludwig von Mises]] ~~puts it~~:		All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and suffers losses. To quote [[Ludwig von Mises]]:

	<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

Huckelberry at 04:34, 6 February 2011

2011-02-06T04:34:28Z

← Older revision		Revision as of 04:34, 6 February 2011
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	In economics, the '''consumer''' is the individual or household which purchases [[goods]]. All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and suffers losses. As [[Ludwig von Mises]] puts it:		In economics, the '''consumer''' is the individual or household which purchases [[goods]].

			==Sovereignty of the Consumer==

			All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and suffers losses. As [[Ludwig von Mises]] puts it:

	<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

Huckelberry at 04:29, 6 February 2011

2011-02-06T04:29:37Z

← Older revision		Revision as of 04:29, 6 February 2011
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	In economics, the '''consumer''' is the individual or household which purchases [[goods]]. All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and ~~likely~~ suffers losses. As [[Ludwig von Mises]] puts it:		In economics, the '''consumer''' is the individual or household which purchases [[goods]]. All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and suffers losses. As [[Ludwig von Mises]] puts it:

	<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

Huckelberry: create

2011-02-06T04:26:07Z

create

New page

In economics, the '''consumer''' is the individual or household which purchases [[goods]]. All business persons are subject to the sovereignty of the consumer. As soon as a [[entrepreneur]] or [[capitalist]] ceases to serve the consumer better than his peers, he loses his position and likely suffers losses. As [[Ludwig von Mises]] puts it:

<blockquote>"[Consumers] buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities...Only the sellers of [[goods and services of the first order]] are in direct contact with the consumers and directly depend on their orders. But they transmit the orders received from the public to all those producing [[goods and services of the higher orders]]...The consumer is in a position to give free rein to his caprices and fancies. The [[entrepreneurs]], [[capitalists]], and farmers have their hands tied; they are bound to comply in their operations with the orders of the buying public."<ref name="humanaction_consumer_sovereignty">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap15sec4.asp XV. Market], 4. The Sovereignty of the Consumers, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

==References==
{{Reflist}}

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[[Category:Economic concepts]]