Economic ignoramus, Dick Smith, thinks economic growth comes from relentless exploitation of extractable resources. Somebody should tell him credit formation, which underpins modern economies, primarily comes from intellectual property, innovation and increasingly, the digital revolution. Physical commodities are just forms of fungible currencies, and are mere catalysts to growth. You would think that Dick, who made his millions through electronics & technology, would be a bit more savvy as to the real drivers of todays economic growth.
Posted on: Sat, 17 Jan 2015 07:38:35 +0000
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