"It has been shown that, in contrast to everything which classical national economy has hitherto taught, not the producer but the consumer is the ruling factor in economic life"
- Hjalmar Schacht
About this Quote
This quote by Hjalmar Schacht recommends that the customer, rather than the manufacturer, is the driving force in economic life. This is in contrast to the conventional mentors of classical nationwide economy, which has long held that the manufacturer is the most essential factor in financial life. Schacht's quote indicates that the customer is the one who eventually chooses what is produced, how much is produced, and at what price it is sold. This is because the customer is the one who ultimately decides whether or not to purchase a product, and thus has the power to affect the marketplace. This quote also recommends that manufacturers should take into consideration the needs and wants of the customer in order to achieve success. By understanding the needs and wants of the customer, manufacturers can develop items that are most likely to be purchased, thus increasing their earnings. In conclusion, Schacht's quote recommends that the consumer is the most essential consider economic life, and that producers need to consider the wants and needs of the consumer in order to succeed.