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Yet today this collective process of wealth creation is under threat, precisely due to a consensus around the wrong narrative.
Those on the right argue that government interferes far too much in the process of wealth generation and hinders rather than helps commerce.
He forecasts, in fact, that the internal dynamic will carry all before it, that nothing will stop or hinder the process of wealth creation before it consumes itself.
As long as corporate interests remain politically ascendant, there is every reason to believe that this process of wealth extraction from the middle class — and, indeed, from the nation itself, as falling tax revenue saps its infrastructure — will only accelerate.
Unlike Marx he saw the erosion and obsolescence of the entrepreneurial function as central to the contradictions of capitalism.The core of Schumpeter's argument is straightforward Capitalism is a dynamic process of wealth creation and change, driven by technological innovation.
The process of wealth polarisation is compounded because those who enjoy the untaxed accumulation of wealth in land values are able to borrow against their collateral in land and property to invest in other money-making schemes: private equity, for example.
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The more advanced the economy, the more educated people are needed to control the processes of wealth creation (more computer designers, more logistics technicians and more white-collar workers in general).
That autonomy and self-regulation that the Physiocrats and Adam Smith had found, or thought they had found, in the processes of wealth, in the operation of prices, rents, interest, and wages during the 18th century became the basis of a separate and distinctive economics—or, as it was often called, "political economy"—in the 19th.
If, as it was argued, the processes of wealth operate naturally in terms of their own built-in mechanisms, then not only should these be studied separately but they should, in any wise polity, be left alone by government and society.
"It's never about the wealth but the process of pursuing wealth.
Scott et al. (1998) argued that education plays two fundamental roles in the process of economic wealth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com