The part he missed was there was value in risk taking, innovation, experimentation. The profits aren’t always completely a rent (though they can be in an uncom

The part he missed was there was value in risk taking, innovation, experimentation. The profits aren’t always completely a rent (though they can be in an uncompetitive market). Profit often covers real costs in a dynamic economy. “Profit motive” was bunk psychology created by 19th century economists to explain away this discrepancy.