“In a sense all forces are mobilized to answer the command of the king — the consumer. The entrepreneur, by nature, is alert to these opportunities and perceives the signals sent in the market. The motion set in order by the entrepreneur moves resources towards whatever means are needed to satisfy the consumer — the king.
Production of goods and services to satisfy the king — the consumer — necessitates that the producers hire labor and other resources. In that way all of the ‘subjects’ benefit from their service to the ‘king.’
Wherever in the economy the consumers spend more the profits rise and this stimulates economic competition; followed by investment and production. In other words, the pattern of investment and production follows the consumer spending pattern, in obedience to the ‘king.’”
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