Economic growth comes from successful entrepreneurship that is also productive. And not all entrepreneurs who earn profits contribute to economic growth if they have unproductive — or, worse, destructive — effects on the economy.
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When personal property becomes capital, a source of income, then the obvious implication is a decentralization of capital ownership.
Legislators should not be too hasty in altering the employment status of gig economy workers unless they want to bear the responsibility of rendering the sector completely nonexistent in the process.
Economics is about economizing. To economize means to allocate whatever scarce resources are available to you in a way that extracts from those resources the most of whatever it is you want. Time is one of those scarce resources – once we’ve used it up its gone, so we must make an economizing choice.
All human actions are driven by the force of entrepreneurship, which continually creates, discovers and transmits information, as it adjusts and coordinates the contradictory plans of the different individuals through competition and enables them to live and coexist in an increasingly rich and complex environment.
People make decisions based on the values they hold most dear. Those might be family values related to happiness, health and economic security. Or they may be the achievement ethics of hard work and duty. Or they may be broader values regarding helping others, or even saving the world through charity and conservation. All the economic choices people make are shaped by their values.
The unit of analysis for economics is the individual. If economics is to be a useful science, it will help individuals to make better decisions for themselves, in the context of productive collaboration with others. Let’s just help shed light on good economic decision making.
As the new year gets underway, why not make a goal to read more about the essential economic principles.
The modern state has acquired a crushing power and a police more effective than at any time in history. “No absolute monarch ever had at his disposal a police force comparable to those of modern democracies.” Power has continued and continues to grow.
What has to change? The way we write algorithms. More specifically, the demand for purposeful work and meaningful lives must drive the producers of algorithms to new forms and designs – algorithms with different goals and functions than those that are common today.
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