Archive for Thursday, November 20, 2008

About the economy

November 20, 2008

The economy has been front-page news for the last few months, so it brings up the question: How does the economy work?

The economy runs entirely on creating new products and new services with little or no interference from the government. The money is first generated in the free-enterprise system before government can get any revenue by way of taxes. Businesses cannot grow if they are taxed too much because there is always a need for better pieces of equipment in order to expand.

I just saw an excellent article explaining how our economy works on the Internet. Just go to Google and type in “How does the economy work?” There you will find a site called “Economy explained in a comic strip form by Irwin Schiff.” It’s pretty complicated, but once you get into it, it is one that we can all understand and maybe get a few laughs at the same time.

Losing a job forces people to rethink the ways of making a living. Most people should have had a small nest egg to hold them over until another job came along or they could start their own business. That is why it is important to start teaching 8-, 10-, and 12-year-old children the concept of doing just that. They need to learn about finances and should be taught just how hard dad and mom work to make ends meet. The parents know what their children like to do. Do they love to bake cookies and cakes? Do they love computers? Do they love to play computer games? Do they love animals? Is their passion painting or drawing? Maybe they like to take things apart and put them back together again? Just think about what makes your children unique. What business can they start with your encouragement?

Hardly a day goes by that I do not think about what would be a new business to start or a new product to invent. It is usually about something I do not like to do and there should be an invention that would make it easier. Can you think of a new business to start today?


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