The Economics of Success (D. van Nostrand & Co., 1963), p. 281
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A collectivist-totalitarian economic system, which in the final analysis serves only to glorify and increase the power of the state, can achieve great success in the easily controllable field of the basic industries but it will always remain incapable of serving man, in other words of providing the rich abundance of goods which gives the individual consumer a free choice and which enriches and beautifies his life.
— Ludwig Erhard
What It Means
This is a placeholder explanation generated by the low-overhead model. It interprets "A collectivist-totalitarian economic system, which in the final analysis serves only to glorify and increase the power of the state, can achieve great success in the easily controllable field of the basic industries but it will always remain incapable of serving man, in other words of providing the rich abundance of goods which gives the individual consumer a free choice and which enriches and beautifies his life." in the context of "The Economics of Success (D. van Nostrand & Co., 1963), p. 281" to mean that wisdom is timeless.
Source: Wikiquote: "Ludwig Erhard" (Quotes)
The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app
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About Ludwig Erhard
Ludwig Wilhelm Erhard (4 February 1897 – 5 May 1977) was a German politician affiliated with the CDU and the second Chancellor of the Federal Republic of Germany (West Germany) from 1963 until 1966. He is often famed for leading German postwar economic reforms and economic recovery ("Wirtschaftswunder," German for "economic miracle") in his role as Minister of Economic Affairs under Chancellor Konrad Adenauer from 1949 to 1963. During that period he promoted the concept of the social market economy (soziale Marktwirtschaft), on which Germany's economic policy in the 21st century continues to be based. In his tenure as chancellor, however, Erhard failed to win confidence in his handling of a budget deficit and his direction of foreign policy, and his popularity waned. He resigned his chancellorship on 1 December 1966.
About Ludwig Erhard
Ludwig Wilhelm Erhard (4 February 1897 – 5 May 1977) was a German politician affiliated with the CDU and the second Chancellor of the Federal Republic of Germany (West Germany) from 1963 until 1966. He is often famed for leading German postwar economic reforms and economic recovery ("Wirtschaftswunder," German for "economic miracle") in his role as Minister of Economic Affairs under Chancellor Konrad Adenauer from 1949 to 1963. During that period he promoted the concept of the social market economy (soziale Marktwirtschaft), on which Germany's economic policy in the 21st century continues to be based. In his tenure as chancellor, however, Erhard failed to win confidence in his handling of a budget deficit and his direction of foreign policy, and his popularity waned. He resigned his chancellorship on 1 December 1966.
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