Quotation of the Day…

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… is from page 26 of my emeritus GMU Econ colleague Jack High’s 1994 “Introduction” to The Market Process (Peter J. Boettke & David L. Prychitko, eds., 1994):

The prospect of profit induces entrepreneurs to undertake those risky, innovative enterprises that revolutionize methods of production, organization, and marketing in a capitalistic economy. This entrepreneurial pursuit of profit not only provides economists with a notion of competition to replace perfect competition, but it also explains why the spontaneous order never settles into an equilibrium, why the market is in fact a process of continual “creative destruction.”

DBx: Show me a genuine market ‘imperfection’ or market ‘failure’ today and I’ll show you what is, with a 95 percent likelihood, a profit opportunity today that, if government does not obstruct its pursuit, will render today’s market ‘imperfection’ or ‘failure’ a thing of the past tomorrow.