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« Nick Snow's Travels in the Archives of a Movement | Main | Congratulations to Shruti Rajagopalan on ESNIE Award »


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So if people do not really know what they want, then maybe the whole idea of preference satisfaction is pretty trivial -- or at least not exogenous to the process by which people have things dangled before them. (I am in a Frank Knight mood right now.)

I think the quote is misleading. Ford didn't invent the automobile. There was already a demand for cars. He shifted out the supply curve. The quote is actually somewhat ironic given that many people attribute the firm's loss of market share to Henry Ford's lack of interest in what his customers wanted.

The problem with government is that they give people what they say they want. A good entrepreneur gives people what they never knew they wanted.

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