This Screwed up Economy Needs Entrepreneurs!!

The latest issue of Forbes (the one with the Forbes 400 richest Americans) has an article on Joseph Schumpeter, who they consider to be the greatest economist of the 20th century (I never heard of him before today...lol). The article made some pretty interesting statements on the importance of entrepreneurs for a successful economy.

Here's a few of the quotes:"Schumpeter recognized at a young age that the critical factor in economic progress was the entrepreneur, the innovator. To him it was the risk taker who brought about new products and services and more efficient ways of making and doing things.""Schumpeter recognized that a dynamic economy creates wide inequality. A successful entrepreneur, his investors and even some of his employees will get rich."

"Schumpeter was a genius at dissecting the ideologies and prejudices of other economists. Karl Marx, for example, also observed the dynamic nature of entrepreneurial capitalism. But he mistakenly concluded that this kind of change would inevitably, inexorably impoverish the workers. Instead -- as Schumpeter laid out time and time again -- an entrepreneurial economy means more people earning more and enjoying a higher standard of living. Adam Smith celebrated the importance of free trade, low taxes, property rights, the enforcement of contracts in enabling people to get richer. But he had very little appreciation of the crucial role individual entrepreneurs and innovators play in the process."

So to all the entrepreneurs and innovators out there, keep doing your thing. This screwed up economy needs us!!
from KDS at www.foryounginvestors.com
www.financialindependenceuniversity.com