Growth is governed by a creative and dynamic interaction between a firm's productive resources and its market opportunities. Available resources limit expansion; unused resources (including technological and entrepreneurial) stimulate and largely determine the direction of expansion. While product demand may exert a predominant short-term influence, over the long term any distinction between “supply” and “demand” determinants of growth becomes arbitrary.

In the energetic attempt to control destructive competition through pooling, Albert Fink occupied a position of prominence analogous to that enjoyed by Morgan in the consolidation movement that was to follow. Fink's rational advocacy did much to dispel the notion that the railroads were exercising irresponsible censorship over the affairs of the business community. His rate-making ideas and techniques were a lasting contribution to scientific railroad management.

Many Hawaiians viewed the great irrigation project and its vigorous promoter with enthusiasm and awe. Unfortunately, not all aspects of American entrepreneurship were palatable to the Islanders.

The bonanza lure of lumbering proved irresistible to many established small businessmen, who were dazzled by the prospects of cheap raw materials and simple processing, on the one hand, and by growing markets on the other. Disillusionment was frequent, but amidst crushing difficulties created by inexperience and inadequate capital the small operator proved remarkably ingenious and persistent. His often ill-rewarded and seemingly unjustified ventures contributed much to the economic growth of the nation.

A major accomplishment sometimes overshadows the background that made accomplishment possible. The creator of Wall Street's most famous investment formula was, in fact, a journalist and entrepreneur of note. His total contribution to the financial community was far larger than the theory for which he is remembered today.

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