Highlights

Today greater wealth continues to be created by Entrepreneurs who take risks and often fail and try again. – Failure should be seen as gaining experience and venture capitalists should be encouraged to fund entrepreneurship. – Well- regulated and structured Financial Institutional Funds could encourage people to participate in equity markets and share equitably in the growth of such ‘New’ wealth.

Quotations for Consideration

“I would rather see Finance less proud and Industry more content” – Winston Churchill.

“The farmer and manufacturer can no more live without profit than the labourer without wages.” – David Ricardo

“The most basic question is not what is best, but who shall decide what is best.” – Thomas Sowell

“Nobody spends somebody else’s money as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So, if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.” – Milton Friedman

“It has been usual to think of the accumulated wealth of the world as having been painfully built-up out of that voluntary abstinence of individuals from the immediate enjoyment of consumption which we call ‘THRIFT: But it should be obvious that mere abstinence is not enough by itself to build ‘Cities or drain Fens’ – so what has actually done the trick and created the wealth of Nations- It is ‘ENTERPRISE’ which builds and improves the world’s possessions. If enterprise is afoot, wealth accumulates whatever may be happening to ‘thrift: · and if enterprise is asleep, wealth decays whatever ‘thrift’ may be doing.” – John Maynard Keynes

Distinguishing ‘thrift’ which is essentially only saving while waiting with hope for an opportunity for profitable expenditure in future, from the real motor of economic growth, which is investment/ enterprise NOW.

“The inherent vice of capitalism is the unequal share of the blessings. The inherent blessing of socialism is the unequal sharing of misery.” – Winston Churchill.

“Love locally, trade globally.” – Russ Roberts

Distinguishing Market Economics from pure Capitalism will ensure greater innovation/’Jugaad’ and more equitable sharing of wealth. Employment.

“The best way to predict the future is to invent it.“ – Alan Kay

“If you don’t build your dream, someone else will hire you to help them build theirs.” – Tony Gaskins

“Nothing should be more obvious than that the business organism cannot function according to design when its most important ‘parameters of action’- wages, prices, interest – ae transferred to the political sphere and there dealt with according to the requirements of the political game or, which sometimes is more serious still, according to the ideas of some planners.” – Joseph A. Schumpeter

“People who lack the capacity to earn a decent living need to be helped, but they will not be helped by minimum wage laws, trade- union wage pressures or other devices which seek to compel employers to pay them more than their (labour) is worth. The more likely outcome of such regulations is that the intended beneficiaries are not employed at all.” – James Tobin.

“Everyone wants to live at the expense of the State. They forget that the State live at the expense of everyone.” – Fredric Bastiat

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