While reading your comments on Tom Wood’s videos

While reading your comments on Tom Wood’s videos, a comment caught my eye”the disadvantage which is “In the short run, the hands off approach destroys businesses” .I further invite you to answer three follow up questions;1) Why should we expect any business to last forever? I personally wish that many existing firms today would go out of business already, since they have long become obsolete and they are destroying the firms’ equity by staying operational. For example why is Radio Shack still around? In the world where we can find every single gadget at Walmart or Amazon.com and the information about the gadget is abundant on the web, including YouTube videos? Why do we still have K-Marts?2) The main impetus to economic growth comes from a nation’s ability to innovate, as apposed to holding on to dying businesses. This process has been termed by Joseph Schumpeter as “Creative Destruction”, meaning that new thing come and elbow out the old things or technologies from the market. Consider cars that replaced horses, or CD’s that replaced tapes, or Digital music that is replacing CD….Now, who wants to go back to riding a horse for work? And what would happen if the government kept bailing out the cassette tape industry?Many economists would argue that recession is a necessary stage that allows the economy to clean itself from the bad businesses and make cheaper credit available for new businesses. Many studies have also shown that business that were actually started during recessions are very successful and well managed, they are also very likely to last. From a perspective of a business owner and employees of a firm that is shutting down, we can agree that going out of business is a bad thing to happen in the short run – there is no argument there. What about from the perspective of consumers? Aren’t consumers that biggest winners from the process of creative destruction int he long run?3) What about for the economy overall? Consider Joe who looses his job when K-mart shuts down. Joe will receive unemployment benefits, but if he is a good worker he will not stay unemployed for a long time. He may find a better paying job that is offered to him by a prosperous business or he may go through some training and acquire skills that will ultimately enable him to get a better job or a job that advances economic growth. Joe and consumers will be better off.If Joe is a bad worker, then no one will hire him. Still, consumers are better off with Joe not in labor force.Alternatively, even if Joe is a bad worker (but a hardworking person with good morale), he will be forced to get some skills to improve his situation to make himself employable again. Both Joe and consumers will be better off. That is where growth comes from. (no one said that growth comes easy or magically appears)4) Finally, in your opinion, is the Art of Going out of Business important?

While reading your comments on Tom Wood’s videos, a comment caught my eye”the disadvantage which is “In the short run, the hands off approach destroys businesses” .I further invite you to answer three follow up questions;1) Why should we expect any business to last forever? I personally wish that many existing firms today would go out of business already, since they have long become obsolete and they are destroying the firms’ equity by staying operational. For example why is Radio Shack still around? In the world where we can find every single gadget at Walmart or Amazon.com and the information about the gadget is abundant on the web, including YouTube videos? Why do we still have K-Marts?2) The main impetus to economic growth comes from a nation’s ability to innovate, as apposed to holding on to dying businesses. This process has been termed by Joseph Schumpeter as “Creative Destruction”, meaning that new thing come and elbow out the old things or technologies from the market. Consider cars that replaced horses, or CD’s that replaced tapes, or Digital music that is replacing CD….Now, who wants to go back to riding a horse for work? And what would happen if the government kept bailing out the cassette tape industry?Many economists would argue that recession is a necessary stage that allows the economy to clean itself from the bad businesses and make cheaper credit available for new businesses. Many studies have also shown that business that were actually started during recessions are very successful and well managed, they are also very likely to last. From a perspective of a business owner and employees of a firm that is shutting down, we can agree that going out of business is a bad thing to happen in the short run – there is no argument there. What about from the perspective of consumers? Aren’t consumers that biggest winners from the process of creative destruction int he long run?3) What about for the economy overall? Consider Joe who looses his job when K-mart shuts down. Joe will receive unemployment benefits, but if he is a good worker he will not stay unemployed for a long time. He may find a better paying job that is offered to him by a prosperous business or he may go through some training and acquire skills that will ultimately enable him to get a better job or a job that advances economic growth. Joe and consumers will be better off.If Joe is a bad worker, then no one will hire him. Still, consumers are better off with Joe not in labor force.Alternatively, even if Joe is a bad worker (but a hardworking person with good morale), he will be forced to get some skills to improve his situation to make himself employable again. Both Joe and consumers will be better off. That is where growth comes from. (no one said that growth comes easy or magically appears)4) Finally, in your opinion, is the Art of Going out of Business important?

While reading your comments on Tom Wood’s videos, a comment caught my eye”the disadvantage which is “In the short run, the hands off approach destroys businesses” .I further invite you to answer three follow up questions;1) Why should we expect any business to last forever? I personally wish that many existing firms today would go out of business already, since they have long become obsolete and they are destroying the firms’ equity by staying operational. For example why is Radio Shack still around? In the world where we can find every single gadget at Walmart or Amazon.com and the information about the gadget is abundant on the web, including YouTube videos? Why do we still have K-Marts?2) The main impetus to economic growth comes from a nation’s ability to innovate, as apposed to holding on to dying businesses. This process has been termed by Joseph Schumpeter as “Creative Destruction”, meaning that new thing come and elbow out the old things or technologies from the market. Consider cars that replaced horses, or CD’s that replaced tapes, or Digital music that is replacing CD….Now, who wants to go back to riding a horse for work? And what would happen if the government kept bailing out the cassette tape industry?Many economists would argue that recession is a necessary stage that allows the economy to clean itself from the bad businesses and make cheaper credit available for new businesses. Many studies have also shown that business that were actually started during recessions are very successful and well managed, they are also very likely to last. From a perspective of a business owner and employees of a firm that is shutting down, we can agree that going out of business is a bad thing to happen in the short run – there is no argument there. What about from the perspective of consumers? Aren’t consumers that biggest winners from the process of creative destruction int he long run?3) What about for the economy overall? Consider Joe who looses his job when K-mart shuts down. Joe will receive unemployment benefits, but if he is a good worker he will not stay unemployed for a long time. He may find a better paying job that is offered to him by a prosperous business or he may go through some training and acquire skills that will ultimately enable him to get a better job or a job that advances economic growth. Joe and consumers will be better off.If Joe is a bad worker, then no one will hire him. Still, consumers are better off with Joe not in labor force.Alternatively, even if Joe is a bad worker (but a hardworking person with good morale), he will be forced to get some skills to improve his situation to make himself employable again. Both Joe and consumers will be better off. That is where growth comes from. (no one said that growth comes easy or magically appears)4) Finally, in your opinion, is the Art of Going out of Business important?

While reading your comments on Tom Wood’s videos, a comment caught my eye”the disadvantage which is “In the short run, the hands off approach destroys businesses” .I further invite you to answer three follow up questions;1) Why should we expect any business to last forever? I personally wish that many existing firms today would go out of business already, since they have long become obsolete and they are destroying the firms’ equity by staying operational. For example why is Radio Shack still around? In the world where we can find every single gadget at Walmart or Amazon.com and the information about the gadget is abundant on the web, including YouTube videos? Why do we still have K-Marts?2) The main impetus to economic growth comes from a nation’s ability to innovate, as apposed to holding on to dying businesses. This process has been termed by Joseph Schumpeter as “Creative Destruction”, meaning that new thing come and elbow out the old things or technologies from the market. Consider cars that replaced horses, or CD’s that replaced tapes, or Digital music that is replacing CD….Now, who wants to go back to riding a horse for work? And what would happen if the government kept bailing out the cassette tape industry?Many economists would argue that recession is a necessary stage that allows the economy to clean itself from the bad businesses and make cheaper credit available for new businesses. Many studies have also shown that business that were actually started during recessions are very successful and well managed, they are also very likely to last. From a perspective of a business owner and employees of a firm that is shutting down, we can agree that going out of business is a bad thing to happen in the short run – there is no argument there. What about from the perspective of consumers? Aren’t consumers that biggest winners from the process of creative destruction int he long run?3) What about for the economy overall? Consider Joe who looses his job when K-mart shuts down. Joe will receive unemployment benefits, but if he is a good worker he will not stay unemployed for a long time. He may find a better paying job that is offered to him by a prosperous business or he may go through some training and acquire skills that will ultimately enable him to get a better job or a job that advances economic growth. Joe and consumers will be better off.If Joe is a bad worker, then no one will hire him. Still, consumers are better off with Joe not in labor force.Alternatively, even if Joe is a bad worker (but a hardworking person with good morale), he will be forced to get some skills to improve his situation to make himself employable again. Both Joe and consumers will be better off. That is where growth comes from. (no one said that growth comes easy or magically appears)4) Finally, in your opinion, is the Art of Going out of Business important?

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