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Updated: June 22, 2025
The myth of intellectual property postulates that entrepreneurs assume the risks associated with publishing books, recording records, and inventing only because and where the rights to intellectual property are well defined and enforced. In the absence of such rights, creative people are unlikely to make their works accessible to the public.
Today a working family earning $25,000 has $1,100 more in purchasing power than if tax and inflation rates were still at the 1980 levels. Real after-tax income increased 5 percent last year. And economic deregulation of key industries like transportation has offered more chances or choices, I should say, to consumers and new changes or chances for entrepreneurs and protecting safety.
America is once again the world's strongest economic power: almost six million new jobs in the last two years, exports booming, inflation down, high-wage jobs are coming back. A record number of American entrepreneurs are living the American dream. If we want it to stay that way, those who work and lift our nation must have more of its benefits. Today, too many of those people are being left out.
Stockholdings in West's, and Jamison's and Bell's names would look like smaller holdings held for other than the main entrepreneurs. But these stock-holders were not only the legal owners of record they were the true owners. Kursten, Kasten, Hopkins and Fallowe wanted no actual part of Spaceways. They considered the enterprise merely a psychiatric treatment for a neurotic son-in-law.
Entrepreneurs liked to hire them for industries outside the towns where supervision by the government was not so strong; naturally, these "vagrants" were completely at the mercy of their employers. Since c. 780 the economy can again be called a money economy; more and more taxes were imposed in form of money instead of in kind.
Today a working family earning $25,000 has $1,100 more in purchasing power than if tax and inflation rates were still at the 1980 levels. Real after-tax income increased 5 percent last year. And economic deregulation of key industries like transportation has offered more chances or choices, I should say, to consumers and new changes or chances for entrepreneurs and protecting safety.
These we shall be obliged at first to procure from neighboring States, or from Europe; but we shall make ourselves independent as soon as possible. The Jewish entrepreneurs will soon realize the business prospects that the new country offers. The army of the Company's officials will gradually introduce more refined requirements of life.
They do so to respond to forecasts of future needs, or to observations of failures and shortcomings of current products or services. Entrepreneurs are professional though usually intuitive futurologists. This is a valuable service and it is financed by systematic risk takers, such as venture capitalists. Surely they all deserve compensation for their efforts and the hazards they assume?
Even if we were a nation of entrepreneurs such as absurdly exaggerated accounts make us out to be we should not require another nation to live on. We do not depend on the circulation of old commodities, because we produce new ones. The world possesses slaves of extraordinary capacity for work, whose appearance has been fatal to the production of handmade goods: these slaves are the machines.
It will not be disputed that the commercial and political arrangement as regards Morocco creates favourable conditions of competition for our manufacturers, entrepreneurs and merchants; that the acquisition of territory in the French Congo has a certain and perhaps not inconsiderable value in the future, more especially if we succeed in obtaining the Spanish enclave on the coast, which alone will make the possession really valuable.
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