Winner takes all Winner-takes-all nature of modern markets means top firm benefits don’t impact the whole economy, as in the past. Bank of England data: the most-productive 1% of firms raised productivity by 8% a year from 2004 – 2014. The other 99% barely raised productivity at all. Highly successful global companies can still leave…
Tag: productive
Invisible hand 1776 economics milestone: Adam Smith’s Wealth of Nations. Free markets ‘led by an invisible hand’ benefit all, not just the butcher, brewer or baker seeking profit. No other idea in history has done more to raise global prosperity. His pin factory study showed division-of-labour specialisation & productivity motivates trade. The ‘invisible hand’ is…