We must produce before we consume. In a healthy economy, business drives economic activity by building capital goods, making things, developing services, innovating and hiring. Consumer spending is a result of business activity, not a cause.
About Hunter Hastings
Hunter Hastings is the Executive Director at Center for Individualism. He's an economist, venture capitalist, and lifelong advocate for liberty, economic freedom, and individual entrepreneurship.
Hunter’s current research is focused on the intersection of 21st century individualism, emerging technology and the radical decentralization that is freeing markets and creating a new spectrum of individual opportunity. His newest book is The Interconnected Individual, co-authored with Jeff Saperstein, to be published by Business Expert Press in 2018.
Democracies don’t necessarily correlate with prosperity. Singapore, which scores negative on the scale of democratic political systems, is less affluent than only Luxembourg, which is one of the countries that score a +10 on that scale of democracy.
Regular folks will question central banks and other institutions. These institutions did not exist at one point in the past, and we won’t need them in the future. And then, having done away with financial institutions, we’ll start to question the need for the institution of government.
Innovation used to be thought of as a scientific or technical process competence of skilled innovation producers. Now, innovation is a social competence practiced by those who are good at social networking. Innovation is socially embedded co-creation. The social network can include people, knowledge, devices and software. It is socio-technical.
Everyone of us has a hierarchy of needs. When we feel good about what we have attained at one level, we can move up to the next, and tackle something greater – a higher value. The entrepreneur can take the consumer on that journey to higher and higher values. It’s a collaborative climb to the top.
The real bosses are the consumers. They, by their buying and by their abstention from buying, determine what should be produced and in what quantity and quality.
Margrethe Verstager is a lifetime professional politician. She has always followed the political way, never the economic way.People like her, and the extractive political commissions like the one she heads, are a threat not just to innovation but also to the civilized open institutional framework that makes it possible.
Facebook would store this info in a virtual locker, and users would control access. The social network already has this data. It simply needs to corral it into two billion virtual lockers. Each user could then share or not. Here’s the good news: Facebook is going to pay you to share. Then they’ll turn around and charge you a similar amount to cover the cost of servers, electricity, coders and Mark Zuckerberg’s hoodies.
Increasingly, the best talent is all over the world, so increasingly the whole idea is the guy who wins is the guy who pulls together the best team wherever they come from, and actually knows what they are doing, and finds the signal in the noise, and gets out there first. And, if you can do that, you can create a billion-dollar business today.
Connections-in-action can generate all kinds of innovative progress: great art, new music, new literature, new ways to teach humanities, or new ways to evolve institutions.
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