The consumer, so it is said, is the king each is a voter who uses his money as votes to get the things done that he wants done.
Interpretation
This quote emphasizes the power of consumers in a market economy, highlighting their role in driving demand with their purchasing decisions.
In this quote, Paul Samuelson articulates the critical role that consumers play in the economy by equating their spending to voting. Just as citizens cast votes to influence governance, consumers 'vote' with their money to signal their preferences and priorities, effectively determining which goods and services flourish in the marketplace. This highlights the direct impact that individual buying choices have on economic outcomes and business practices, suggesting that consumer power is significant in shaping the economy.
In practice
In a business presentation discussing market trends, this quote can reinforce the importance of consumer preferences.
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
I can't think of a president who has been overburdened by a knowledge of economics.
My belief is that nothing that can be expressed by mathematics cannot be expressed by careful use of literary words.
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My family was well off but not rich. I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble. That was a disequilibrium system. I realized that the ordinary old-fashioned Euclidean geometry didn't apply.
Economics has never been a science - and it is even less now than a few years ago.
Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
As soon as the recovery is well under way, we need to set up a long-term plan to reduce the structural deficit and make sure we are not leaving a mountain of debt for the next generation.
The minimum wage in Denmark is about twice that of the United States, and people who are totally out of the labor market or unable to care for themselves have a basic income guarantee of about $100 per day.
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