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Thread: Any suggestions on how Britain can create more wealth ?

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    Default Any suggestions on how Britain can create more wealth ?

    Politics is about deviding up the cake, and who should get the biggest slice of the cake.

    Economics is about how the make the cake bigger in the private sector.

    In the British parliament it seems to be taboo to mention the subject of wealth creation.

    I have been following politics for 40 years and I have yet to hear a single word of discussion of wealth creation in the British parliament.

    But we are now in a dire economic crisis, and we must change the habits of a lifetime and talk about how and who creates the wealth in Britain.

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    i suggest that the government will focus on its manpower. They should train them to become an asset to the country and bring some luck.

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    Quote Originally Posted by jonassmith12 View Post
    i suggest that the government will focus on its manpower. They should train them to become an asset to the country and bring some luck.

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    jonassmith12

    While a good education and good skills are essential, they dont of themselves create wealth.

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    A skilled workforce creates opportunities for employers and employees. With so many kids leaving school unable to read and write, it's hardly surprising we have so many people on low pay or who are unable to get a job.

    Quote Originally Posted by SDP View Post
    While a good education and good skills are essential, they dont of themselves create wealth.

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    Quote Originally Posted by CB100 View Post
    A skilled workforce creates opportunities for employers and employees. With so many kids leaving school unable to read and write, it's hardly surprising we have so many people on low pay or who are unable to get a job.
    CB100

    Of course education is a good thing, and an essential to creating the environment where business can prosper.

    But it is like fertiliser to the farmer. Fertiliser will make the crops grow much better. But fertiliser does not create the plants. If you ate the fertiliser you would die. The farmer must put in the crops, and the fertiliser creates the environment for the crops to flourish.

    In the same way education does not create wealth, it mearly improves the environment in which business can flourish.

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    I agree with you. What I am saying is highly educated people will always find a way to create wealth and those that aren't, won't.

    You only need to compare areas with poorly educated people like Somalia with highly educated people like Switzerland to see what happens. For the UK, the general population is somewhere in between.

    Quote Originally Posted by SDP View Post
    CB100

    Of course education is a good thing, and an essential to creating the environment where business can prosper.

    But it is like fertiliser to the farmer. Fertiliser will make the crops grow much better. But fertiliser does not create the plants. If you ate the fertiliser you would die. The farmer must put in the crops, and the fertiliser creates the environment for the crops to flourish.

    In the same way education does not create wealth, it mearly improves the environment in which business can flourish.

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    David Cameron believes that wealth is created by giving all the big manufacturing contracts to Germany, and giving crumbs from the table to companies like Bambardier. But only time will tell if this bears the fruit of higher employment in Britain.

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    Reduce regulation on business with regard to any matter that can be decided by the market.

    Clamp down on false advertising in the psychologically manipulative sense.

    Reduce licensing to professions, especially the legal profession so that more businesses can afford to defend their rights in law.

    Relax employment law as far as discrimination is concerned. Make it easy to hire and fire people.

    Cut all subsidies to zero. Energy subsidy especially, but also subsidy to big business. Make certain all tax is collected but reduce the rate of taxation.

    Block mergers where there is a risk of monopolising a market sector. Demand some firms are broken up for being too large, especially in the banking sector. This could be done by a monopoly tax that is progressive thereby making the running of a monopoly unprofitable.

    Cut out the cr@p on social affairs and politics taught in school and make the curriculum more useful, e.g. teach economics at secondary schools and increase the quality of science.
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    New Labour believed that wealth was created by investment. Investment in the public services that is. So they employed millions of extra civil servants, and this was indeed a huge boost to British GDP. In fact GDP grew so fast that the economy went bust.

    The fact that Britain went bust at the end of it suggests to me that it was not real wealth they were creating, but some sort of illusion of prosperity. The coalition are now having to cut away all those useless layers of blubber in the public services, that New Labour called growth and was such a huge boost to British GDP.

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    Quote Originally Posted by SDP View Post
    New Labour believed that wealth was created by investment. Investment in the public services that is. So they employed millions of extra civil servants, and this was indeed a huge boost to British GDP. In fact GDP grew so fast that the economy went bust.

    The fact that Britain went bust at the end of it suggests to me that it was not real wealth they were creating, but some sort of illusion of prosperity. The coalition are now having to cut away all those useless layers of blubber in the public services, that New Labour called growth and was such a huge boost to British GDP.
    Wealth is created out of efficiency. If I make a widget an hour, and then I make a tool that means I can make ten an hour then I'm ten times better off, but more than that I have ultimately caused a fall in the price of widgets so more can afford them. These ideas have been used to amazing effect from the times of the early industrial revolution to about the middle of the twentieth century. It's no coincidence that our country has been in decline ever since we departed from this. That was the time when people listened to John Maynard Keynes resulting in the three day week eventually.
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