Tuesday A market is composed of free people interacting with one another in the exchange of goods and/or services. The degree of prosperity created is directly proportional to the degree of freedom. Complete freedom means that all are free to act in their own self-interest in order to achieve an outcome that is optimum for the concerned parties in the prevailing … [Read more...]
Wealth
One of the tracts handed to me at the Jackson Hole Summit in Wyoming in August 2015 proclaimed: “Knowledge is Wealth”. Knowledge is not wealth; knowledge has no substance. Knowledge is the potential for thought with the possibility of application. It could be more properly phrased: the useful application of knowledge in the presence of the ability to store value … [Read more...]