Europe's new Führer

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Already the three opening words “Europe’s new Führer” make this article worth reading.

Besides that, it nicely explains, in simple terms, what economics is all about:

”Capitalism means both successes and failures. It is a fundamentally experimental system, with a continuous feedback mechanism — the market, and ultimately profit and loss. Ideas that work are rewarded with financial success, and ideas that don’t are punished with failure. With capitalism, systems, ideas and firms that fail to produce what the market wants fail. They go bankrupt. Their assets, and their debt is liquidated.”

Thats basically all you need to know about the theory of economics. It seems though that most public persons are either ignorant of that, or actively choose to ignore this information.

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About this Entry

This page contains a single entry by Nils o. Janus published on December 6, 2011 5:06 PM.

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