When personal property becomes capital, a source of income, then the obvious implication is a decentralization of capital ownership.
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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.
If one person can start thinking and living this way and making progress towards the goal, then another can, and another and pretty soon we have a movement. Let’s at least start contemplating the possibility.
St. Thomas Aquinas combined the classical Greek ideal of reason with the Christian ideal of equality to usher the Catholic Church, and humanity, into the Age of Reason. Metaphorically, he invented water – what we know as the Western ideals of personal liberty, self-reliance, invention, tolerance, and limited government. The ensuing prosperity from human creativity is Poetic Justice.
The future of innovation lies squarely in the initiatives of the independent, interconnected entrepreneur. As new technologies like A.I. and global idea exchange platforms augment individual capacity, the trend towards individually ideated innovation will accelerate.
Ayn Rand is one of the most admired and reviled characters in 20th century literature. Her magnum opus novel, Atlas Shrugged was panned by conservatives and progressives alike, yet it had something for everyone. A strong female lead character, a pollution free motor, heroic characters, good and evil, a love story, and a thriller. It was a manifesto for Man’s right to life, liberty and property – capitalism. A modern epic tale of America’s Declaration of Independence, a prophecy of a dystopian future, and the recipe to avoid what actually happened to her native Russia.
People prefer to deal with those they know, like and trust. Small business can win big on these three fronts. More and more customers will make the choice to buy from small business, especially now that technology, science, efficiency and organizational effectiveness are no longer reserved to big business.
Many economists make the mistake of looking at economics in terms of the collective, forgetting that the individual is the basis for which all things are possible. And that groups of people are, in reality, not a tangible unit of measurement.
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