One of the factors that made England an empire and the US even more so was that for many years any average Tommy or Joe had the freedom to choose their own work. In an industrializing economy, jobs and markets expand as the demand to improve permeates the culture. Being able to be one's own boss, in a trade of one's own choosing, allows an individual to apply talents most appropriately -- one decides what one is good at, and proceeds to make a profit doing it very well. Unrestricted competition, or to use the hackneyed allusion, a level playing field, in turn, allows consumers to choose what goods and services to consume as they see fit. This is a win-win combination that's hard to beat. Furthermore, overall efficiency of an economic system is increased, as inefficient industries slowly die, freeing resources to be applied towards newer or better industries. That efficiency allows the culture's standard of living to increase over time. In short, individuals choosing how to allocate resources towards what goods or services they see fit to manufacture or create, forces all goods and services to become cheaper, better, or created for the first time. Progress!
No comments:
Post a Comment