Quotation of the Day…

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… is from page 12 of Russell Sobel’s and Jason Clemens’s excellent 2020 book, The Essential Joseph Schumpeter:

Profits and losses play an important role in an economy. As entrepre- neurs sift through the many possible new combinations of resources, it is the profit-and-loss system that informs and guides this process of discovery. It is often a process of trial and error. Adding to the complexity of this process is that the target is an ever-changing one, with new opportunities arising and others disappearing with time. What was profitable yesterday may no longer be profitable today, and vice versa.

DBx: Schumpeter died on this date, January 8th, in 1950.