When the news talks about “the economy” they always talk about percentages, especially growth or recession. Meanwhile, the U.S. GDP (a flawed but popular measure) is almost $20 trillion, almost one quarter of the $80 trillion world economy. The $80 Trillion World Economy in One Chart Put the pretty picture and the giant numbers aside for a moment and take a step back. The U.S. news is...
I’m in the middle of yet-another economics history book and came across the fact that investors in the first Bank of the United States purchased their shares for $25 in gold, then the remaining $375 in a mix of gold and other means. The book then continued on to talk about how the bank functioned. But not me. I was sitting there wondering what other currency those investors were using, as...
100 years ago, in 1919, the Michigan Supreme Court made a comment in their ruling of Dodge v. Ford saying (in its common paraphrased form), “The purpose of business is to maximize shareholder value.“ In 1970, Nobel Laureate in economics Milton Friedman repeated this in an essay in the New York Times entitled “The Social Responsibility of Business is to Increase its Profits...
My pledge a week ago was a Daily Habit of Creation, not a daily blog post. I did promise to share the day’s creation on the blog, so today the question is to you… have you listened to the podcast? Did you know The Next Step: Podcast exists? That channel is primarily focused for entrepreneurs. It’s a mix of lessons from The Next Step books, plus interviews with entrepreneurs and...
