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Which components of an economy hold the highest value and why?

Which component of an economy holds the highest value?

  • Creativity, innovation, invention, vision

    Votes: 5 31.3%

  • Willingness to risk capital

    Votes: 1 6.3%

  • Labor

    Votes: 6 37.5%

  • Natural resources

    Votes: 0 0.0%

  • Tax revenue that finances services government provides

    Votes: 1 6.3%

  • Other. Explain.

    Votes: 3 18.8%
  • Total voters
    16
Smeagol

Smeagol

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Which components of an economy hold the highest value and why? The answer to this question might offer insight to our various ideologies. Alternately, the answers might cause us to question our various ideologies.
 
The workers the ones that actually do all the work. Whether you work in a factory producing automobile parts or in an office building filling that spreadsheet for the 2nd quarter profits you are the foundation of the economy. The other thing that holds value is the ability to innovate and create things without that we wouldn't have the things we have now and still be driving horse drawn carriages actually those wouldn't exist either.
 
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Light industry and consumer products.

Rationale: the Soviet Union was able to consistently outpace the United States in heavy industry and the production of tempered metals, but they lagged far behind in the development of a consumer economy. This fact, more than any other, plagued them from virtually the 1920s through to perestroika and led directly to the dissolution of the USSR.
 
Why is demand for products and services not on the list? Nothing else approaches that in terms of effect on the economy.
 
Redress said:
Why is demand for products and services not on the list? Nothing else approaches that in terms of effect on the economy.
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You're right. I should have thought through the choices more thoroughly. I instantly thought of a couple the moment I hit submit. Feel free to select other.

What I'm trying to get at more than anything else, is whether our various ideologies that support labor interests being supreme, corporate interests holding exclusive power over business especially if they rely on limitedly available natural resources, big regulatory government and entitlements, investors owning rights over inventor's intellectual property because of a system whereby they were employed by them at the time the idea was conceived then go on the rake in bank while the inventor was 'already paid' etc., etc., are justified by our own opinions on what is most important.

I for one think there needs to be a law that gives the actual inventor a minimum ownership stake on their ideas that lead to patents, even if they were working for someone else at the time the invention was conceived. I think if a company operates by selling natural resources that have a limited supply, everybody owns a piece of it.
 
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Creativity, innovation, invention, vision - That was our strength in the 1990s. Less so today unfortunately.
Willingness to risk capital - We're not the only country with capital. So, relatively meaningless.
Labor - This is where we are failing as wages drop and unemployment abounds. It should be our strength...
Natural resources - We are the richest in that respect but we are using these up at an alarming pace. Think of "tree museum".
Tax revenue that finances services government provides - While oft disregarded, this is the underlying basic. Think roads....
Other. Explain. - There are many other major components as well. Even Pork has its value.
 
Labor. Without workers there would be no one to do the work. Without workers there would be no societies to be found
 
Innovation--but for it we would still be trying to get our horse to plow a straight row. second most important would be willingness to invest capital. Without those two, labor would not exist.
 
I also would like to see more average people 'make it big' through their hard work and creativity and not just those who already have a lot of money to invest, although I'm happy for them too. I like win wins, not just one group with all the power and opportunity especially if one group uses the its power to keep others from reaping the rewards of their efforts who are busting their butts and coming up with world changing ideas.
 
All of them, aka "other".
Japan and England have done well without material recourses.
IMO, education is the most important, in both morals and the sciences....
Could a lack of "morals" be hurting Russia ?
The government to regulate and do this wisely. ...And to have all working together...
 
earthworm said:
All of them, aka "other".
Japan and England have done well without material recourses.
IMO, education is the most important, in both morals and the sciences....
Could a lack of "morals" be hurting Russia ?
The government to regulate and do this wisely. ...And to have all working together...
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Interesting. It's always baffled me that Japan had the up until recently the number 2 economy in the world with nowhere close to the advantages Mexio has; oil, huge agricultural advantages due to climate, huge tourism advantages, right on the border on the country with the number one economy which couldn't made trade easier, easy ocean access to both Atlantic and Pacific markets and the list goes on. Even the Phillipines should have a better economy than Japan. The conclusion: histories of govevernment corruption mostly, big focus on education, a strong work ethic among the population and cultural disdain for crime. Just my opinion.
 
That's like asking which internal organ holds the highest value to you.
 
Deuce said:
That's like asking which internal organ holds the highest value to you.
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Whats wrong with that question?
index_mid_off_06.jpg

In regards to the topic, In terms of highest value I think its a combination of the first two. IMO everyone is "labor" and it takes the first to make use of natural resources.

Taxes are not necessary, nor the government except for defending out rights.
 
All your creativity, innovation, and capital won't get you anywhere without labor. You could have the best idea in the world, but with no one to do the work, nothing will happen.
 
Fisher said:
Innovation--but for it we would still be trying to get our horse to plow a straight row. second most important would be willingness to invest capital. Without those two, labor would not exist.
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Even animals labor to make a living - no innovation or capital required except what's provided by genetics.
 
MoSurveyor said:
Even animals labor to make a living - no innovation or capital required except what's provided by genetics.
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Perhaps, but fire was innovation, but if you want to go back to living in caves, killing with rocks, and eating raw flesh and roots and berries, don't let innovation stand in your way.
 
Fisher said:
Perhaps, but fire was innovation, but if you want to go back to living in caves, killing with rocks, and eating raw flesh and roots and berries, don't let innovation stand in your way.
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Don't lie. Fire was a gift given by god.
 
waas said:
Don't lie. Fire was a gift given by god.
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I apologize for my fabrication---fire was a gift from God; my oven was not. I guess I got lost in the spur of the moment.
 
Fisher said:
I apologize for my fabrication---fire was a gift from God; my oven was not. I guess I got lost in the spur of the moment.
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Who built your oven? Who supplied the raw materials to start the whole process - from stamping the steel panels to making the controls? For that matter, who supplied the ingredients for the first tools to make fire? Someone had to mine them even if that meant going through a whole bunch of rocks in a stream bed to find just the right one. Ditto for spears, axes, etc. You can't make wood and/or stone tools without wood and/or stone.

I'm not saying none of the other things listed aren't required for a good economy. Invention and innovation are extremely important and are what's kept us in the #1 economic position for so many years. But at the base of all activity are the people doing the work.
 
Pretty simple really. Labor produces capital and allows for the generation of income. The generation of income funds the government. The government runs important programs like defense, transportation and regulatory processes.
 
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