Where foresight is uncertain, profit maximization is meaningless as a guide to specifiable action.


p. 221 - "Uncertainty, Evolution, and Economic Theory", 1950

Armen Alchian Quotes

Where foresight is uncertain, profit maximization is meaningless as a guide to specifiable action.

Where foresight is uncertain, profit maximization is meaningless as a guide to specifiable action.

Where foresight is uncertain, profit maximization is meaningless as a guide to specifiable action.

Where foresight is uncertain, profit maximization is meaningless as a guide to specifiable action.