The entrepreneur who is reckoning in terms of a currency with a stable value is unable to compete with the entrepreneur who is prepared to make a quasi-gift of part of his capital to his customers. In 1920 and 1921, Dutch traders who had sold commodities to Austria could buy them back again after a while much cheaper than they had originally sold them, because the Austrian traders completely failed to see that they were selling them for less than they had cost. Ludwig Von Mises
About This Quote

In this quote, Keynes is talking about a company that has a stable currency. When a company has a stable currency, it means the price of the product will not fluctuate over time. If a company has a stable currency, it can have a stable cash flow and can be profitable for years at a time. However, Keynes also mentioned that there is an exception to this rule.

In this case, an entrepreneur who is willing to make a quasi-gift of part of his capital to his customers will be able to compete with companies that do not have a stable currency. This is because they will be able to keep their prices steady and may be able to sell more product than the company that does not have a stable currency.

Source: The Theory Of Money And Credit

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