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PROFITS ARE PROGRESSIVE - WALTER WILLIAMS - PRAGER UNIVERSITY Is profit a dirty word? Would the world be better off without them? Or are profits progressive -- the only thing that can move potatoes from Idaho to Manhattan and medicine from America to Africa? Professor and economist Walter Williams explains. Transcript What's profit? And why is it so important to everyone, not just business owners and entrepreneurs? Here's a simple quiz: When you spend $100 on a new pair of shoes does the shop owner get to keep that $100? The answer, of course, is...no. The shop owner has to pay all his business costs: employee salaries, inventory, rent, supplies, taxes and a dozen other expenses. His profit is what's left over. It's his payment for the time and money he's spent and the risk that he's taken to keep his business going. Thank goodness for profits. Profits motivate people to work hard for themselves and make life better for others. Take the example o...

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