The best way to combat bad ideas is with good ideas. And by allowing a plethora of different opinions to be circulated on social media, you give individuals the opportunity to judge the merits of each opinion and ultimately make their own decision.
Country Time Lemonade just announced that it is assembling a team dedicated to protecting child-run lemonade stands. “Legal-Aide,” as it is so appropriately named, will help children launch their lemonade businesses by providing financial assistance to those met with licensing obstacles.
Everyone is familiar with the saying, “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.” Yet, as much as we have oft heard this phrase recited, few of us actually make use of this wisdom.
While most of the products in this museum appear to be duds, each one taught their respective innovators a valuable lesson about the market process. For Coca-Cola and Heinz, both companies learned that sticking to their original recipes was more beneficial when it came to sales revenue. With each failure comes a lesson that, in the end, has resulted in a win for the consumer.
But by understanding the root causes of a historical crisis as severe as the Great Depression, we stand a better chance at recognizing the potential for similar events to occur today. And if we know what warning signs to look for, we also stand a better chance at preventing future economic crises from occurring altogether.
We need not go around banning everything to obtain the world we want to live in. By using market forces to encourage behavior we stand a better chance and really creating substantial change.
Almost every aspect of our lives has been completely reshaped by technology. Where we once had to go out into the real world in order to meet new people and build relationships, we now use algorithms and smartphone apps instead. Cryptocurrencies, like Bitcoin have also completely redefined the way we view money and the entire financial world. But the implications of technological advancement can be felt in almost every sphere of our day to day lives, including our professional lives.
As we contemplate the consequences that such protectionist policies may have on our modern economy, we would be wise to take a sober look at history. For if we take a closer look at the causes that led to, and prolonged, the Great Depression, we will find that tariffs played a most important and destructive role.
Toys R Us isn’t likely to be the last brick and mortar casualty of the virtual revolution. But we needn’t be discouraged by these changes. The market will always evolve and change to meet the needs of consumers. And while jobs might be temporarily lost, new jobs will always be created as part of the market process.
I’m not alone in my love for this fatty beverage. “Bulletproof coffee,” as it’s called, has become a huge dietary trend over the last few years. But for Wisconsin residents who share my love of rich, full-fat, butter coffee, buying Kerrygold grass-fed butter within state lines just became a difficult and illegal act.
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