One of Henry Ford's early failed business ventures later became Cadillac

Before founding the Ford Motor Company, Henry Ford started two businesses that ultimately failed because he didn't get a product to market quickly enough. The Henry Ford Company pushed Henry Ford out in 1902, only to later reform and be renamed after the founder of Detroit, Antoine de la Mothe Cadillac.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

'My model for business is The Beatles: They were four guys that kept each others' negative tendencies in check; they balanced each other. And the total was greater than the sum of the parts.'

-Apple co-founder Steve Jobs (1955-2011)

'Trust is one of the greatest economic forces on earth' - Charlie Munger

Watch Dr. Laurence Peter explain his 'Peter Principle,' which states that people are promoted to their level of incompetence and explains why bosses aren't always good at their jobs.

The Model T's simple but functional design helped the car become popular

Thanks to its low manufacturing costs, the Model T made it so many Americans could actually afford a personal vehicle. The car was produced as a simple, open-air vehicle that could be upgraded with aftermarket additions (like window wipers or better headlights).

Read how Fordism helped invent the American middle class

Henry Ford's revolution of the assembly line and American manufacturing as a whole gave rise to the American middle class. The introduction of the $5 workday (in exchange for eight-hour days of highly repetitive work) raised factory workers' wages enough to reorient the economy around consumer demand.

'If you want to succeed, you should strike out on new paths, rather than travel the worn paths of accepted success.'

- Billionaire John D. Rockefeller (1839-1937)

'Mutual ignorance breeds mutual distrust.'

- Businessman Andrew Carnegie (1835–1919)

'No one is useless in this world who lightens the burdens of another.'

-Charles Dickens (1812-1870), in "Our Mutual Friend"

Amazon founder Jeff Bezos emphasizes worrying about customers rather than competition

In a 1999 shareholder letter, Bezos wrote, "I constantly remind our employees to be afraid, to wake up every morning terrified. Our customers have made our business what it is, and we consider them to be loyal to us – right up until the second that someone else offers them a better service." Motivated by fear, the entrepreneur advocates consistent innovation, experimentation, and improvement to create a better customer experience.

One of Henry Ford's early vehicle prototypes broke an all-time speed record and got him the money to start Ford Motor Company

In 1904, Henry Ford raced the "999" across a frozen lake and reached an average speed of more than 90 miles per hour, beating the then-record for fastest land speed. Ford's success attracted the eyes of the earliest investors in the Henry Ford Company, Ford's company before he started Ford Motor Company.

'No one has ever become poor by giving.'

- Anne Frank (1929-1945)

Abandoned Detroit: the decline of America's car mecca

Detroit, Michigan, began as a fur trading post in the 1700s but would become the world epicenter of car manufacturing in the 1900s after Henry Ford developed his paradigm-shifting assembly line at a plant there. Racial tensions, a lack of economic diversification, and poor leadership would plunge the city into poverty and decay in the late 1900s, culminating in a 2014 bankruptcy. Browse the somber images of the city's abandoned spaces here.

Should companies be owned by their workers?

In the last half-century, so-called private equity has transformed industries by purchasing private companies, cutting costs, loading up debt, and then selling the business at a premium—all at a huge profit to the investors. Workers, on the other hand, are often left with nothing. Listen to how both pro-worker economists and a private equity stalwart are trying to shift ownership to workers—a growing tactic proven to improve worker satisfaction and company value.

Henry Ford pioneered the first moving assembly line, building on earlier iterations of the manufacturing method

Although cars existed before the Model T, manufacturing them required a group of highly specialized mechanics. The Model T was so affordable in large part because of the moving assembly line, which cut down the total manufacturing time of the car and replaced specialized workers with general laborers who performed repetitive tasks.

Warren Buffett’s investing advice includes never paying too high a price for any investment

Buffett is perhaps the greatest investor of all time, and his investing philosophies are highly regarded and practiced around the world. His advice also includes investing in productive assets (like stocks, bonds, and real estate) and imagining what could go wrong before thinking about how much money you could make.

'Men and nature must work hand in hand. The throwing out of balance of the resources of nature throws out of balance also the lives of men.'

- President Franklin D. Roosevelt (1882–1945)

In defense of the advertisement economy

Advertising is frequently reviled for how it clutters up public spaces and our everyday experiences. Nonetheless, it allows for vast amounts of goods and services to be rendered free to millions of users—and gives users the option to pay with money or time and attention.

90 percent of active managers of large public funds underperform

High fees tend to eat away at whatever edge professional managers accrue, resulting in most such funds performing worse than their underlying benchmark indexes like the S&P 500.

All-you-can-eat buffets are a practical demonstration of economic ideas

Economists have noticed some restaurant goers prefer a flat pricing model despite it usually being more expensive than per-dish costs. The strategy behind endless servings includes concepts such as economy of scale, cross-subsidization, diminishing returns (of enjoyment of excess food), and more.

NFL stadiums are designed to maximize profit, not number of seats

Most stadiums are actually getting smaller as the cost of land rises. Owners have sought to increase returns by designing prestige suits and clubs (rather than just more general admission) and laying out the stadium to maximize customer purchases.

Market concentration and high markups don't always signal a monopoly

When regulators and economists evaluate whether a company constitutes an illegal monopoly, they often consider its overall market share or its relatively high price markups. This piece argues that the Olley-Pakes decomposition is a better measure, identifying whether customers within a market are switching to more productive companies.

A quote by Herman Melville

"Whoever is not in the possession of leisure can hardly be said to possess independence."

David Ogilvy resigned the Rolls-Royce account after dissatisfaction with its cars

Ogilvy said that he only advertised products he believed in and would personally use. Despite his famous copywriting for Rolls-Royce (“at 60 miles an hour the loudest noise in this new Rolls-Royce comes from the electric clock”), he resigned the account when he lost confidence in the brand’s newer cars’ quality.

'Remember, no man is a failure who has friends.'

- 1946 film "It's a Wonderful Life"

Henry Ford once ran a failed rubber plantation in Brazil's Amazon Rainforest

In 1927, Henry Ford bought 2.5 million acres of land off the Amazon River in Brazil, with the intention of creating an American-style Ford factory to produce the rubber needed for tires. The development, known as Fordlandia, was never able to produce enough rubber, and Fordlandia was officially shut down in 1945.

Tesla's lack of business savvy and inability to commercialize led to his obscurity

For decades, despite pioneering technologies for large-scale electrical systems and telecommunications, Nikola Tesla had been forgotten to history. Rather than monetizing his work and becoming more well known, his inventor-first mentality saw him sell off lucrative patents to fund new experiments in the short term.

Some argue that America is too dependent on consulting

Many major companies in America—not to mention the federal government—spend thousands of dollars a month paying to contract major consulting firms.

'Service to others is the rent you pay for your room here on earth.'

- Muhammad Ali (1942-2016)

Ray Dalio has argued that American capitalism is broken, citing economic factors like a growing wealth divide

Dalio also points to stalling income growth, weak healthcare systems, and poor educational outcomes when arguing that American capitalism needs serious reform. However, critics point out that Dalio has amassed a large fortune by running the world's largest hedge fund and question whether Dalio really wants economic reform.

'I have not failed. I've just found 10,000 ways that won't work.'

-Inventor and businessman Thomas Edison (1847-1931)

'The Firm' is a book about the influence of top consulting firm McKinsey

The author argues that consulting firms are so valuable to the companies that hire them because the clients don’t have to take the blame for any changes the consulting firm decides to make within the organization.

'Good deflation' happens when prices naturally track with supply, meaning prices change gradually

This tends to make products and services more affordable and normalizes the standard of living. Bad deflation usually happens when there are sudden changes to either supply or demand. Near-zero [interest rates helped create the real estate bubble that sparked the Great Recession when it crashed](https://www.youtube.com/watch?v=LMo9mD8j7IA&t=91s) Because deflation distorts the value of money, deflation is particularly harmful for borrowers. Low interest rates made it easy for businesses and everyday people to take on enormous debt, which exacerbated the effects of the recession.

Fast-food prices have increased more over the past 10 years than both full-service restaurants and inflation.