Some might argue that economics isn’t really a scientific pursuit of truth, as say, the science of chemistry is. Once with staid and settled principles and rules, chemistry in “the old days” started in a rough and tumble way such as searching for a way to turn base metals into gold. The political discourse in economics in recent times sometimes goes beyond the pale. And if the president and secretary of the treasury have trouble understanding primary principles, it’s no wonder that most of the public can only be baffled by economics. If I can help in the understanding of what usually becomes the main deciding issue in national elections by emphasizing salient works from some truly gifted writers and take it to the mass markets, I will have done my job.
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I define the entrepreneur as one who envisions and creates a more advanced and cheaper good or service with the potential to sell in greater numbers to more people for more profit. While we tend to think of entrepreneurs as those coming up with revolutionary and break-through things that make the inventors and developers immensely rich, these individuals are rare. Bill Gates comes to mind. The extremely numerous and more common things all around us, such as cheaper yet better-built houses, were also the products dreamed up by entrepreneurs. Again, they were driven by the profit motive, and these people became affluent through their productivity, and many people benefited.
Do you agree?
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The following is an excerpt from my book “Return to Capitalism” —
“A construct developed over the years that has proven useful in evaluating business’s health and prospects is the balance sheet and income statement. The balance sheet is a listing of assets and liabilities with the difference being the net worth, equity, or book value. This is always at a point in time. Complementing the balance sheet is the income statement of revenue and expenses with the difference being the net income. This is always for one period of time. Unspent income that accumulates from one time period to another gets added to the assets (or deficits to debt). The same format works well for individuals in studying their financial well-being, from trouble with excessive debt that threatens bankruptcy, to being wealthy.”
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