Profit Comparisons: One of the Least Important Uses of the Concept of Profit

One of the most distracting uses of the concept of profit in this country is our tendency to place too much emphasis on profit comparisons between companies or between industries. What does it mean to say that the oil industry makes more profit than the chemical industry? Usually, when this kind of discussion evolves, we talk about technical efficiencies, cost efficiencies, productivities, or differences in management. However, when all is said and done, when all of the technical analysis of profit is written and discussed, the bottom line is this: What does profit mean for the community? What does profit mean for people?