November 22, 2011

Pearls of expression – XIX.

Hampton House [a lodging house] was, after all, practically the poster child for the "socially irresponsible" business. Thanks to its enviable location and an aversion to capital maintenance rivaled only by Alcatraz, it was able to rake in enormous profits even while operating at less than half capacity — and this despite a business philosophy that saw employees as liabilities, managerial competence as a luxury, and customers as a necessary evil.
"In Defense of the Market's Worst Producers." By David Greenwald, Ludwig von Mises Institute, 11/22/11.

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