“If profits are a condition of successful growth, but profits are sought primarily for the sake of the firm, that is, to reinvest in the firm rather than to reimburse owners for the use of their capital or their 'risk bearing,' then, from the point of view of investment policy, growth and profits become equivalent as the criteria for the selection of investment programmes.”

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Originally said in English.

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About Edith Penrose

Edith Penrose is quoted here; further biographical details are not publicly available.

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