Adam Smith, described wealth as “the annual produce of the land and labour of the society”. Implicitly, in this definition a profit & loss approach is utilized, being a measure of income per year, as opposed to a balance sheet approach, with total accumulated non-consumed production. This profit & loss approach has become commonplace. Frequently economists define …
Education as measured by the years of schooling, shows a remarkable strong positive cross-country correlation with GDP per capita. This correlation not only holds today, but has been fairly persistent since education became broad based in western societies, some 150 years ago. During that era governments began facilitating education for common people and started to …
What do humans want ultimately? The purpose of human behavior is not easily derived from a single universal driver. Psychologically, a singular driver of human beings is probably best described by a desire to leave a “footprint” or a heritage during lifetime and thereafter. This desire manifests itself by an urge to genetically reproduce oneself …
