In “The Wall Street Journal” (dated February 7, 2022), Mr. Andy Kessler wrote an interesting article, “Wealth is Knowledge.”
One wonderful quote included was, “Have you ever noticed that those who criticize capitalists the most are too lazy to be capitalists?”
Mr. Kessler’s main point which he supports quite well is that knowledge has been and is a necessary element for success in business from the steam engine over horses to “recent surprising truths: mRNA, neural networks, Crispr, quantum computing.” He also remarks that Karl Marx and Bernie Sanders don’t “understand productivity.”
My friend and stockbroker has emphasized since 1975 that “free enterprise” should be used rather than “capitalism.” Why? Because knowledge and innovation (as emphasized in the article) are so vital rather than capital or money. I certainly believe that “free enterprise” is a more description term.
I fully agree with my friend. I’ve heard the term “human capital,” but that, to me, is demeaning to our human species.
Let’s give business and my term “free enterprise” its due. America certainly would NOT be the largest economy in the world without work. Government doesn’t make any widgets!
