The History of the Elevator is About Innovation and Economic Growth

Profit Matters

by Elaine Schwartz    •    Dec 15, 2011    •    498 Views

During the bubble, investors gave $188 million, Geocities was purchased for 3.57 billion, and introduced us to sock puppet. None exist today. is an excellent documentary about the rise and demise of a similar was supposed to let you pay your parking tickets online. Convincing some investors that it was a good idea, the firm raised and lost close to $60 million. 

The story of illustrates perfectly the “air” that inflated the bubble.

The Economic Lesson

In this econtalk podcast, as Duke’s Mike Munger and George Mason’s Russell Roberts discuss profits, they also look at the role of entrepreneurs. Munger explains that being a successful entrepreneur is all about earning profits because you are able to allocate resources more effectively. As a result, an entrepreneur’s profits are ethical. never figured out how to implement their concept successfully.

An economic question: When are profits ethical? Unethical? 

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