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Business and Economy—Where Will It Go?

I have been hooked about discussing every nook and cranny relating to business and economy for a while now.

business-and-economywhere-will-it-go

Nowadays, most people don't care about their surroundings. Fun kinds of stuff are continually sedating them, and these things take away their precious time. Social media, video games, and movies are one of many examples of this sedation. It is not wrong to enjoy said mediums, but it will be a problem if we are hooked time and time again. And when individuals want to get away from it, they can't do it.

Youths and even elders don't know what, how, and why business or economy is. Everyone agrees that every subject is intricate in its respective field, and the economy is one of these subjects. If individuals don't know the economy, they will make the wrong choice regarding wealth. When the bank account is not many, the family is not happy.

The economic subject is an intricate field of study. Ordinary people can't expect to attain a professor's level of knowledge fast, but it doesn't mean that individuals shouldn't try to comprehend the basics. We must remember that the definition of the economic subject is the discipline of scarcity and choice. Consequently, debating what the best financial approach often leads to a fight. So, people should leave that to the experts.

“The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently.”

— Friedrich Nietzsche

Let's Gaze Into the Past

business-and-economywhere-will-it-go

In 1798, a famous economist named Thomas Robert Malthus formulated a theory regarding population. He argued that the growth of food is not exponential. Therefore, people would die of starvation if they repeatedly did the same thing— producing more output. He stated that more people wouldn't be a good idea because they will consume more food than what humanity could make.

This theory at the time was a well-regarded theory among experts from different kinds of subjects. Scientists, philosophers, and even artists endorsed Robert's idea of inevitable extinction. Famine would happen no matter what men were doing. And humanity had no cure except imagination and religious dogma. In his perspective, humans would inevitably doom themselves.

Today, experts laugh at Robert's theory. At his time, the world's population had reached a billion. Now, the number of people living on this planet is estimated to be around 7 billion. More people died because of obesity than malnourishment. The food is more abundant than ever, and most nations will never experience starvation with today's standard. The best theory in the past is far from the truth that the world had experienced.

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Our Forebear Debated These Ideas

business-and-economywhere-will-it-go

Through his magnum opus, Adam Smith birthed his most impactful invention for humanity: capitalism. This ideology argued that a person could contribute to society by pursuing his self-interest. If John wants to be a baker, capitalism will suggest John follow it. By fulfilling his role, a wide range of jobs will have access to bread. Hence, bread can become a machine if traded for many times.

Contrary to capitalism, communism believes that people should work for the greater good. Karl Marx and Friedrich Engels argued that people evolved because of collective effort through a single goal. If the government directed people in the right way, they could achieve much more than what they can attain in a free market. Moreover, this ideology argues that the free market will trample weak people.

Based on fact, communism and capitalism were never fully implemented. An actual free market may create a severe economic crash, and people with a forced work placement will not have enough passion for delivering the highest output. Communism and capitalism may be the best at its time, but it is hardly relevant to solve today's problem.

New Doesn't Mean Better

business-and-economywhere-will-it-go

In this generation, corporations value entrepreneurship higher than ever. On the right hand, a stagnant business will turn itself into a money-printing machine. Therefore, people should strive to learn a skill that suits businesses rather than debating which school of the economy is the best. People indeed need to understand the basics of economy, but learning every tidbit of this field of study is a waste unless they want to be an expert.

Ideologies like new Keynesian, Austrian school of economics, or even monetarism won't surpass the effect of entrepreneurship's direct influence. People should understand that debating their thoughts and beliefs will get them nowhere. People could work hard to realize that classical economics may be redundant. But knowing that this idea is redundant won't increase their pay.

Excellent economy and bright minds are required to move companies. These subjects create a constant loop of throw and catch. People must understand that the point is the best, but how can they become the best. Entrepreneurship and economy are scientific subjects, but experts in these fields know that people are outside of the theories grasp. The mind is too complex to simplify.

Ignorance Is the True Enemy

People debating which ideology is the best may spark unnecessary fights, but youths ignoring the basic concept of how the world works will destroy their nation. If people don't restore the rudimentary concepts' ability, evil people may exploit this unawareness to create something tyrannical government. Every sane person doesn't want to experience something like that.

“The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently.”

— Friedrich Nietzsche

© 2020 Azkra Fariyz Fadhilah

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