When socialists thump their chests, and make obeisance to the collective, marginalize the efforts of the rugged individualist, the entrepreneur, e.g., "You didn't build that!," well, perhaps we should recall what made America great.
Carl Schramm is president of the [non-partisan] Kansas City-based Kauffman Foundation, known to National Public Radio listeners and a few others as "the foundation for entrepreneurship.
Carl Schramm Says Capitalism Allows Entrepreneurship to Thrive - WSJ.com
Mr. Schramm has written Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity, and The Entrepreneurial Imperative: How America's Economic Miracle Will Reshape the World (and Change Your Life) among others.
In an interview on May 20, 2009, he discussed the following.
1.Economic growth owes more to the forbearance of the state than to its intervention. Governments do not make wealth, only their citizens do.
2. The $7.4 Trillion in federal debt works out to $508,000 per household. There is currently no plan to settle the debt, it is ongoing. [And Obama's promise to cut this debt???]
3. To see the result of government dependency programs, we can study Europe in the post-1960 period, and it becomes eminently clear that the result of government debt is slow growth in the economy. Real gross domestic product (GDP) per capita, after growing 3.2% a year from 1962 to 1973, sank to a 1% annual growth rate from 1974 to 1982 [http://www.realclearpolitics.com/articles/2008/05/economics_and_the_entrepreneur.html], stagflation period based on Vietnam debt. .
We thought that the Japanese economic model was correct, and many in our government thought to use a central-planning model, here as well. But it proved dead wrong: the attempt to absorb risk into the state and grow the state government, has resulted in almost 15 years of slow growth.
4. The problem seems to rest in the human psyche, using the magical phrase this time is different. We are so needing to have certainty in an economic context, that any government official who speaks with authority rules in the current circumstances. We forget to apply this phrase: Past is prologue. Either economic growth will come in at 4-5-or 6% a year, or we will have to inflate our currency. With inflation in 81-82-83 [16% CPI, 18% Medical Price Index, 15% housing mortgages] we paid for Vietnam and the Great Society.
5. Can the poor still get rich? Immigrants do it. As entrepreneurs, they accomplish the following: 1) Innovation, they bring out new things. 2) Almost all jobs are created by new businesses, firms less than five years old. 3) They drive efficiency into the system by competition.
It is interesting that John Kenneth Galbraith, a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism and progressivism, wrote in 1984, that entrepreneurs are no longer important to American development, and all economic innovation will occur in large labs, like Bell Labs. When he wrote that, Microsoft was four years old. Galbraith had written in 1967 that the entrepreneur was a "diminishing figure": "Apart from access to capital, his principal qualifications were imagination, capacity for decision[making] and courage in risking money, including, not infrequently, his own.
RealClearPolitics - Economics and the Entrepreneur
6. American capitalism is based on the entrepreneurs who risk their own capital, and produce the supply that causes demand as represented by Says Law of Economics.:
Many European postal systems, telegraph lines and railroads were built with government money, and sometimes with insufficient capacity. But in the United States, instead of burdening taxpayers, we sell investors the equivalent of high-priced lottery tickets each time one of these technologies arrives.
In Technology, Supply Precedes Demand - NYTimes.com
Regulation and taxation are impediments to these entrepreneurs.
Memorial Day....in memory of the once great American culture......
Now? Saddled with socialists and whiners who believe that there is a 'free lunch.'
Carl Schramm is president of the [non-partisan] Kansas City-based Kauffman Foundation, known to National Public Radio listeners and a few others as "the foundation for entrepreneurship.
Carl Schramm Says Capitalism Allows Entrepreneurship to Thrive - WSJ.com
Mr. Schramm has written Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity, and The Entrepreneurial Imperative: How America's Economic Miracle Will Reshape the World (and Change Your Life) among others.
In an interview on May 20, 2009, he discussed the following.
1.Economic growth owes more to the forbearance of the state than to its intervention. Governments do not make wealth, only their citizens do.
2. The $7.4 Trillion in federal debt works out to $508,000 per household. There is currently no plan to settle the debt, it is ongoing. [And Obama's promise to cut this debt???]
3. To see the result of government dependency programs, we can study Europe in the post-1960 period, and it becomes eminently clear that the result of government debt is slow growth in the economy. Real gross domestic product (GDP) per capita, after growing 3.2% a year from 1962 to 1973, sank to a 1% annual growth rate from 1974 to 1982 [http://www.realclearpolitics.com/articles/2008/05/economics_and_the_entrepreneur.html], stagflation period based on Vietnam debt. .
We thought that the Japanese economic model was correct, and many in our government thought to use a central-planning model, here as well. But it proved dead wrong: the attempt to absorb risk into the state and grow the state government, has resulted in almost 15 years of slow growth.
4. The problem seems to rest in the human psyche, using the magical phrase this time is different. We are so needing to have certainty in an economic context, that any government official who speaks with authority rules in the current circumstances. We forget to apply this phrase: Past is prologue. Either economic growth will come in at 4-5-or 6% a year, or we will have to inflate our currency. With inflation in 81-82-83 [16% CPI, 18% Medical Price Index, 15% housing mortgages] we paid for Vietnam and the Great Society.
5. Can the poor still get rich? Immigrants do it. As entrepreneurs, they accomplish the following: 1) Innovation, they bring out new things. 2) Almost all jobs are created by new businesses, firms less than five years old. 3) They drive efficiency into the system by competition.
It is interesting that John Kenneth Galbraith, a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism and progressivism, wrote in 1984, that entrepreneurs are no longer important to American development, and all economic innovation will occur in large labs, like Bell Labs. When he wrote that, Microsoft was four years old. Galbraith had written in 1967 that the entrepreneur was a "diminishing figure": "Apart from access to capital, his principal qualifications were imagination, capacity for decision[making] and courage in risking money, including, not infrequently, his own.
RealClearPolitics - Economics and the Entrepreneur
6. American capitalism is based on the entrepreneurs who risk their own capital, and produce the supply that causes demand as represented by Says Law of Economics.:
Many European postal systems, telegraph lines and railroads were built with government money, and sometimes with insufficient capacity. But in the United States, instead of burdening taxpayers, we sell investors the equivalent of high-priced lottery tickets each time one of these technologies arrives.
In Technology, Supply Precedes Demand - NYTimes.com
Regulation and taxation are impediments to these entrepreneurs.
Memorial Day....in memory of the once great American culture......
Now? Saddled with socialists and whiners who believe that there is a 'free lunch.'