{"id":33027,"date":"2017-06-21T01:00:49","date_gmt":"2017-06-21T05:00:49","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=33027"},"modified":"2017-06-11T10:25:49","modified_gmt":"2017-06-11T14:25:49","slug":"qotd-profit","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2017\/06\/21\/qotd-profit\/","title":{"rendered":"QotD: Profit"},"content":{"rendered":"<blockquote><p>While capitalism has a visible cost \u2013 profit \u2013 that does not exist under socialism, socialism has an invisible cost \u2013 inefficiency \u2013 that gets weeded out by losses and bankruptcy under capitalism. The fact that most goods are more widely affordable in a capitalist economy implies that profit is less costly than inefficiency. Put differently, profit is a price paid for efficiency.<\/p>\n<p>Thomas Sowell, <em>Basic Economics<\/em> (fifth edition), 2015.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>While capitalism has a visible cost \u2013 profit \u2013 that does not exist under socialism, socialism has an invisible cost \u2013 inefficiency \u2013 that gets weeded out by losses and bankruptcy under capitalism. The fact that most goods are more widely affordable in a capitalist economy implies that profit is less costly than inefficiency. Put [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[831,25,41],"tags":[817,1026,76],"class_list":["post-33027","post","type-post","status-publish","format-standard","hentry","category-business","category-economics","category-quotations","tag-laissez-faire","tag-microeconomics","tag-socialism"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-8AH","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/33027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=33027"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/33027\/revisions"}],"predecessor-version":[{"id":33028,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/33027\/revisions\/33028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=33027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=33027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=33027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}