by Dr. Tibor Machan
The Daily Bell
It appears, based on the economic philosophy he has been outlining in recent weeks, that President Obama believes that jobs based on economic transactions, exchanges, trade and so forth do not matter, have no significance. This has a very serious foundation, to which I will turn later in this short discussion.
Wealth creators produce jobs from engaging in such exchanges, mutually beneficial trade or commerce. If my neighbor hires my child to mow his lawn, he gets a mowed lawn and my child receives a few bucks in compensation. My child also may be said to be employed – in a small way. Thousands of such exchanges, from tiny to huge, constitute the free market. And they create wealth, various economic benefits and advantages for all those engaged in them and this is also where jobs are born! People aim to prosper by improving on their lives through the upkeep of their household, their businesses, their health and fitness, their recreation and so forth. All of these involve creating jobs. The wealth produced – incomes, return on investments, profits and the like – enable people to go shopping for goods and services. And so it goes, around and around, wealth creation leading to job creation.