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“To put it baldly, there are two ways to become wealthy: to create wealth or to take wealth away from others. The former adds to society. The latter typically subtracts from it, for in the process of taking it away, wealth gets destroyed. A monopolist who overcharges for his product takes money from those whom he is overcharging and at the same time destroys value. To get his monopoly price, he has to restrict production.”
Joseph E. Stiglitz,
 By: | Joseph E. Stiglitz (more quotes by Joseph E. Stiglitz or books by/about Joseph E. Stiglitz) |
| (1943-) American economist, public policy analyst, professor |
Source: | The Price of Inequality (2012) |
Categories: | Wealth, Production, Taxation, Society, Economics, Monopoly |
Rating: |   |