Stop trying to act rich. Mark Zuckerberg literally wears the same boring t-shirt and jeans every day. Blowing money on designer goods won’t get you anywhere except perhaps one person saying, “that’s nice.” Stick to being happy with what you already have. “Being rich is having money; being wealthy is having time.” - Margaret Bonnano

1. Understand Rich vs Wealth

This means putting a specific amount of money in your savings account before paying anything else, such as bills and living costs. This way you guarantee that you’re always putting money aside to invest in yourself rather than using what’s left. “Governments don't want an intelligent population because people who can think critically can't be They want a public just smart enough to pay taxes and dumb enough to keep voting and electing corrupt politicians.” - George Carlin

3. Pay yourself first.

Know this won’t happen overnight. You need to be consistently growing this side project, which means growing your social presence and building an audience. If you don’t see results right away, keep going until you do.

7. Consistency

Learn how to manage finances and become self sufficient in the VUCA World. 

"Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy. " - Naval Ravikant

personaldevelopment

Personal Development

moneyandinvestments

Money & Investments

FINANCIAL FREEDOM - 10 Commandments of Financial Freedom

Economic inequality is a symptom of processes=some good, some bad- that drive the global economy. It's the residue of a post-industrialized age.

On Economic inequality

"Inequality is not the same thing as unfairness; and, to my mind, it is the latter that has incited so much political turmoil in the rich world today" says Deaton

Inequality or unfairness

<ul><li>Health financing</li><li>Mergers of large companies</li><li>Sluggish federal minimum wage</li><li>Diminishing worker power</li><li>The rise of temps</li><li>The growth of the stock market</li><li>Corporate wins in politics</li></ul>

What's unfair

The rising unfairness is not a consequence of seemingly unstoppable forces like globalization and technology, but of a dysfunctional economy.

A dysfunctional economy

Are we confusing unfairness with inequality.

Inequality is often misconceived as the cause of certain social processes.

Discover the world of business and economics.

economics

Economics

artsandculture

Society, Arts & Culture

A Nobel Prize-Winning Economist Thinks We’re asking All the Wrong Questions About Inequality

<ul><li>Time: Buying freedom and also enjoying it</li><li>Health: Having a lack of stress and mental clarity</li><li>Finances: Lifestyle Creep (becoming financial stable)</li><li>Consumption: Stuff Creep (Taking care of things you consume)</li><li>Reflection: Slowing down (doing shared activities - watching TV to pass time is not one) </li></ul>

How do I want to design my life around the things that matter?

Things that should matter to you to enjoy life.

How to structure your life so you can do what you love every day. Checkout Protective Life Insurance https://bit.ly/3Rjvajw For Costco Members https://bit.ly/3BOytcI Some videos you might like 5 Things You NEED To Declutter TODAY (Minimalism Series) https://gabebult.hypg.es/youtube3 10 Common Things NOT Worth The Money | Frugal Living & Minimalism https://gabebult.hypg.es/youtube1 20 60-Second HABITS For A MINIMALIST HOME https://gabebult.hypg.es/youtube2 Follow me on Snapchat https://gabebult.hypg.es/snapchat Instagram: https://gabebult.hypg.es/instagram 15% OFF CUTS Shirts 👕 https://gabebult.hypg.es/cutsclothing DISCLOSURE: Protective refers to Protective Life Insurance Company (PLICO), Nashville, TN, and its affiliates, including Protective Life Insurance and Annuity Company (PLAIC), Birmingham, AL. Protective Classic Choice is a term life insurance policy issued under form TL-21 by PLICO in all states except New York where it is issued under form TL-21-NY by PLAIC. Policy form numbers, product features, and availability may vary by state. Consult the policy for benefits, riders, limitations, and exclusions. Subject to underwriting. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. All payments and guarantees are subject to the claims-paying ability of the issuing company. #ProtectiveLife #Protector #legacy #Protection #ad #LifeInsurance #LegacyProtection #WealthMindset #Education #EstatePlanning #PersonalFinance #Family

career

Career

5 Ways To Find The Things That Matter | Minimalism

<ul><li>Focus on your own strengths</li><li>Wait for as long as it takes</li><li>Looking beyond Fads</li></ul>

Key framework to help build wealth

It is crucial to only invest in businesses that you know about. You improve your chances of building wealth if you stick with investment areas that fits your portfolio of expertise.

Focus on your own strengths

It is important to go easy on yourself if you miss a good investment opportunity. This is mostly due to an urgent desire to build wealth. But investment is about a long-term stand. So, waiting for a great investment idea is better than passing on a good investment opportunity.

Wait for as long as it takes

There are always new schemes to get rich in the market. It is essential not to fall into a short-term moneymaking trap. It is mostly a scam. Therefore, you should diversify in multiple businesses that has positioned themselves with strong customer buying trends.

Looking beyond fads

What are Warren Buffett's investment principles?

Starting from zero, can the Warren Buffett method help investors build wealth? This writer thinks so. Here he explains why and how.

startup

Startups

With nothing in the bank, I’d use the Warren Buffett approach to building wealth!

Your Money Or Your Life is the ultimate guide to financial freedom, as it explores nine effective ways to stop living paycheck to paycheck, get out of debt, earn enough money to make more than just a living, and start living your life worry free from a financial point of view.They say that money is the root of all evil, yet the lack of it doesn’t seem to make us happy either. In fact, the lack of it makes us crave it even more. We put time and effort until we reach that state where we’re finally free. However, some waste a lifetime in this trap, without ever achieving their goal.

Your Money Or Your Life – Book Summary

Living debt-free is what most of us aspire. Having more sources of income and being able to celebrate the important moments in life. With more money, we can take care of our dear ones. All of these are the goals for those who weren’t born with a silver spoon. However, too many of us fail at fulfilling them because the financial system is wicked and we haven’t yet found the formula for success, or have we?Your Money or Your Life teaches you how to improve your relationship with money and achieve financial freedom, which means having enough to live a meaningful life and not stress about money.

<ul><li>Financial independence comes with knowing your net worth, your current earnings, and your past expenses.</li><li>Budgeting and evaluating subcategories in your income and expenses sheet will help you assess much more than just money.</li><li>Invest your hard-earned money so that they don’t depreciate in time. </li></ul>If you‘re ready to transform your relationship with money, keep on reading, as we’ll explore each lesson in detail below!

Here are my three favorite lessons from the book:

Any good plan has a foundation or a starting point. If you want to improve your relationship with money, you’ll first have to find out how much of it you’re spending. Start by tracking all your past income and summing it up. Use old resumes, paychecks, or even information from the Social Security Administration.

Lesson 1: The first step towards financial independence is to calculate your net worth, your expenses, and your earnings to the 

Sum it up, and make sure to include cash gifts and other income received in your life. Now, take a look at how much you currently have. Include cash, money in the bank, stocks or bonds at the current market value, and your fixed assets, like a car or a house. Liabilities like mortgage, car payments, and debts should be accounted for as well.

With budgeting comes a clearer record of your income and expenses. While it gets easier to track your expenditures, you get a fresh perspective on something bigger than that. Your life energy-to-satisfaction ratio. Let me explain!

Lesson 2: Build an evaluation system to assess if the life energy spent working is worth the satisfaction received

Essentially, when you’re trading your time to work and get paid, you’re giving away precious life energy. All of this will be in exchange for money that you use to buy necessities and pay for a life worth living. Now, if you put that down into numbers, you’ll see that you’re paid a certain hourly rate. But it takes time to prepare for work and money to buy work supplies, such as clothes or razors. Therefore your net income per hour may be much smaller than you thought.

To put that into perspective, ask yourself if what you’re working for has a good life energy-to-pay ratio, and if not, consider lowering the costs associated with eating out, for example. If you don’t feel like giving away 20 hours of your life to pay for restaurant dates, you’ll have to reconsider this habit. If you’re comfortable and it aligns with your value, reconsider other expense categories.

Studies suggest that people who focus heavily on money, positions, or conventional success are highly probable to suffer from depression and increased anxiety. Instead, invest your precious hours worked and your money into things that relate to yourself and make you happy.

One of the last parts of this book is about investing, which implies placing your money in assets such as bonds, stocks, or even real estate, to produce more income in the long run. So, where do you start? People often think about investing as something risky, but that’s just because they don’t know how to do it.

Lesson 3: Let your money make more money for you while you focus on other aspects of your life

Essentially, you’ll want to opt for the safest securities out there, especially if you’re new to the game. You don’t need a financial advisor, but you will need to decide how much you want to allocate each month. This allocation will be based on how much you’ll need in the long run. Also, it’s safe to assume that you need to put aside six months worth of expenses before you start.

Investing is risky in the short run, as your securities can drop in value and you’ll find yourself in need of that emergency fund. However, they can produce a lot of wealth in the long run, so you’ll want to play that game by opting for treasury bonds, exchange traded funds, and when you start to understand the game a bit more, you can pick certain companies yourself, but only with a small percentage of your investing funds.

Your Money or Your Life explores the idea of money from a broader perspective, starting with the importance of calculating your net worth, all the way to investing your spare funds. The book will help you budget better. Learn the basic principles of investing, start an emergency fund, calculate your real pay and many more! Reading this book is a must for anyone looking to reach financial freedom and get serious about their money status.

Your Money or Your Life – Book Review

The 35-year-old person who wants to start being more money-conscious and save for retirement. The 23-year-old graduate who has a great interest in finance and investment opportunities. Or the 28-year-old who wants to take charge of their financials to live a more meaningful life.

Who would I recommend the Your Money Or Your Life to?

“If you live for having it all, what you have is never enough.”-Vicki Robin

Author Quote

Your Money Or Your Life summary is the ultimate guide to financial freedom, showing nine effective ways to stop living paycheck to paycheck.

Your Money Or Your Life Summary

“Privacy is the foundation of free societies.”

“Sort of the ultimate Tamagotchi, the blockchain is a globally distributed nest egg.”

One of the biggest challenges to the adoption of blockchain technology is education.It is a highly technical topic that one cannot fully learn and understand in one briefing, meeting or discussion. It truly takes a concerted study.

Challenges in adopting blockchain

However, it took a while for people to realize how useful it was. Similarly, Bitcoin is the currency that will power blockchain technology in this century.But before you can understand its usefulness, you need to know how to use it and earn your first bitcoins.

The internet is the backbone of our modern world

You might be skeptical of a seller who refuses to use banks or notaries, and for good reason. Banks have long served as the middleman between buyers and sellers by authenticating transactions and ensuring that property titles are correct. However, there’s no guarantee that the bank itself is trustworthy. Banks can go bankrupt and lose money by making bad deals, companies like Uber sell customer data without getting consent from customers, and governments are capable of going bankrupt themselves.

Trusting banks

<ul><li>The internet is a powerful tool for communication, but it lacks the security necessary to conduct big transactions. However, there’s a new technology that might change this perception of the internet in the future.</li><li>Blockchain technology is a way of managing transactions. It makes it possible for people to bypass traditional banking authorities by making all transactions transparent and decentralized so that everyone involved can see what’s happening with the database.</li><li>Blockchain is a system of verification that makes it impossible for hackers to make changes without being noticed. It also does<warningtag>n’t allow old entries to be changed, since no one entity controls the blockchain.</warningtag></li></ul>

Internet and security

“We believe that blockchain technology could be an important tool for protecting and preserving humanity and the rights of every human being, a means of communicating the truth, distributing prosperity, and—as the network rejects the fraudulent transactions—of rejecting those early cancerous cells from a society that can grow into the unthinkable.”

“Creating a complete picture of a company financial health, by looking at periodic financial statements, is like turning a hamburger into a cow”

“Every cultural industry is up for disruption, and the promise is that creators get fully compensated for the value they create.”

“Let the code speak for itself.”

“ I’m a big believer in the ability of blockchain technology to effect fundamental change in the infrastructure of the financial service industry.” Bob Greifeld, CEO of NASDAQ

“Governments that wish to repress the voices of citizens everywhere and have captured technologies like the Internet to silence dissidents and block outside media will find blockchain technology significantly more challenging.”

The first, foundational book on blockchain technology, from the bestselling author of Wikinomics Don Tapscott and blockchain expert Alex Tapscott, now in paperback with a new preface and chapter explaining recent developments in the world of blockchain, including cryptoassets, ICOs, smart contracts, and more. “This book has had an enormous impact on the evolution of blockchain in the world.” —Satya Nadella, CEO, Microsoft Corporation In this revelatory book, Don and Alex Tapscott bring us a brilliantly researched, highly readable, and essential book about the technology driving the future of the economy. Blockchain is the ingeniously simple, revolution­ary protocol that allows transactions to be simultaneously anonymous and secure by maintaining a tamperproof public ledger of value. Though it’s best known as the technology that drives bitcoin and other digital cur­rencies, it also has the potential to go far beyond currency, to record virtually everything of value to humankind, from birth and death certifi­cates to insurance claims, land titles, and even votes. As with major paradigm shifts that preceded it, blockchain technology will create winners and losers. This book shines a light on where it can lead us in the next decade and beyond.

crypto

Cryptocurrency

technologyandthefuture

Technology & The Future

books

Books

The first, foundational book on blockchain technology, from the bestselling author of Wikinomics Don Tapscott and blockchain expert Alex Tapscott, now in paperback with a new preface and chapter explaining recent developments in the world of blockchain, including cryptoassets, ICOs, smart contracts, and more.   “This book has had an enormous impact on the evolution of blockchain in the world.” —Satya Nadella, CEO, Microsoft Corporation In this revelatory book, Don and Alex Tapscott bring us a brilliantly researched, highly readable, and essential book about the technology driving the future of the economy.    Blockchain is the ingeniously simple, revolution­ary protocol that allows transactions to be simultaneously anonymous and secure by maintaining a tamperproof public ledger of value. Though it’s best known as the technology that drives bitcoin and other digital cur­rencies, it also has the potential to go far beyond currency, to record virtually everything of value to humankind, from birth and death certifi­cates to insurance claims, land titles, and even votes.    As with major paradigm shifts that preceded it, blockchain technology will create winners and losers. This book shines a light on where it can lead us in the next decade and beyond.

Don Tapscott is an accomplished writer whose work has resonated with readers around the world. Don Tapscott has published several books that explore a range of topics, from fiction to nonfiction, and has received critical acclaim for the ability to weave compelling narratives. Don Tapscott's writing style is known for its depth and authenticity, and has earned quite a loyal following of readers.

Don Tapscott

Alex Tapscott is the CEO of NextBlock Global a digital asset company. Previously, he worked for seven years in investment banking in New York and Toronto.

Alex Tapscott

Blockchain Revolution

Corporations support ethical trade and green investing. Thought leaders host panels on worldwide justice. Philanthropists flaunt their kindness in “giving back.” Could this whole discussion of making the world turn into a better place be a sham?The influential language of transforming the world is a scam to maintain the status quo. The means that the ideologies they support allow them to maintain their power and the actual denial of that power lets them to remain in charge.

Business elites have redefined social progress to fit their own personal interests

The win-win maxim of the elites enables them to look like they’re improving the world while they are essentially benefitting from inequality.If you occur to be an extremely effective person, you might be accustomed to reasoning in terms of win-win. It’s the easy principle that in all circumstances, there’s a result that’s valuable for every side. The idea became popular from the famous book The 7 Habits of Highly Effective People. Win-win might be an excellent maxim for personal effectiveness; however, when elites use it to the bigger world, it gets more difficult.

The win-win maxim of the elites

What do you think the future holds? A lot of prosperous business founders assert that we’re moving to a future where everybody will be an entrepreneur, where technology will indefinitely extend our lives, and where online videos will substitute text communication. These may seem like possible predictions of things to happen.Presenting a specific future scenario as unavoidable is only one of the means that business elites use to act as if they do not have power. Also, they like to act as rebels against the establishment. However, it only conceals the actual power they possess and the manner the<warningtag>y use it to take advantage of those that are truly powerless.</warningtag>

The powerful deny their power

Nowadays, the majority of us obtain our information from famous online sources in bite-size pieces. All thanks to digital media, different types of complicated ideas are now more extensively accessible than ever before.That signifies that it is very easy than ever before to make oneself heard. The issue is, it’s usually not complicated, critical ideas that are conveyed. Instead, there has been a current spread of glib, reassuring messages asserting that things are okay just the way as they are. Previously, we had public intellects asking difficult questions about the manner society functions; <warningtag>now there are the thought leaders.</warningtag>

Elites depend on thought leaders to maintain their power

Consider the challenge of worldwide poverty. Businesses like to promote business answers. For instance, TechnoServe asserts to create wealth by connecting people to markets and information.However, by doing that, they pass over the real roots of poverty, such as unfair labor circumstances and low wages. Concentrating on those would need businesses to examine how they maximize their own profits at the expense of workers. Who wants to do that?

When a business approaches problem-solving dominate, social issues are disregarded

“There is no denying that today’s elite may be among the more socially concerned elites in history. But it is also, by the cold logic of numbers, among the more predatory in history.”

“Profitable companies built in questionable ways and employing reckless means engage in corporate social responsibility, and some rich people make a splash by “giving back”—regardless of the fact that they may have caused serious societal problems as they built their fortunes.”

“How can there be anything wrong with trying to do good? The answer may be: when the good is an accomplice to even greater, if more invisible, harm.”

Anand Giridharadas takes us into the inner sanctums of a new gilded age, where the rich and powerful fight for equality and justice any way they can--except ways that threaten the social order and their position atop it. They rebrand themselves as saviors of the poor; they lavishly reward "thought leaders" who redefine "change" in ways that preserve the status quo; and they constantly seek to do more good, but never less harm

politics

Politics

NEW YORK TIMES BESTSELLER • The groundbreaking investigation of how the global elite's efforts to "change the world" preserve the status quo and obscure their role in causing the problems they later seek to solve. An essential read for understanding some of the egregious abuses of power that dominate today’s news. "Impassioned.... Entertaining reading.” —The Washington Post Anand Giridharadas takes us into the inner sanctums of a new gilded age, where the rich and powerful fight for equality and justice any way they can—except ways that threaten the social order and their position atop it. They rebrand themselves as saviors of the poor; they lavishly reward “thought leaders” who redefine “change” in ways that preserve the status quo; and they constantly seek to do more good, but never less harm.      Giridharadas asks hard questions: Why, for example, should our gravest problems be solved by the unelected upper crust instead of the public institutions it erodes by lobbying and dodging taxes? His groundbreaking investigation has already forced a great, sorely needed reckoning among the world’s wealthiest and those they hover above, and it points toward an answer: Rather than rely on scraps from the winners, we must take on the grueling democratic work of building more robust, egalitarian institutions and truly changing the world—a call to action for elites and everyday citizens alike.

Anand Giridharadas

Winners Take All

Key takeaways There are various laws of linguistics; for example, famous words are shorter than less popular words. These laws apply not only to human language but also to animal communication. But the most surprising thing is that these rules appear almost everywhere, from species distribution and size to disease outbreaks, to protein structure.

UNKNOWN LAWS OF LANGUAGE THAT APPLY THROUGHOUT LIFE

For example, shorter words are used in different languages more often than longer ones. Biologists have noticed this, and many have wondered whether these linguistic laws apply to biological phenomena. Indeed, a new review published in Trends in Ecology and Evolution discusses their findings in detail.

Linguists have long known that human speech seems to be governed

The first linguistic rule concerns the frequency of a language's most frequently used words. This is known as Zipf's rank-frequency law and holds that the relative frequency of a word is inversely proportional to its frequency rank. In other words, the most frequently used word will be twice as often as the second most commonly used word, three times as often as the third most frequently used word, and so on. For example, the most common word in English is seven percent of all the words we use. The next most common is about 3.5 percent.

Formula 1: twice the size of the nearest rival 

The second linguistic rule we can apply to life is Zipf's law of abbreviation, which describes the tendency for more commonly used words to become shorter. This applies to hundreds of different and unrelated languages, including sign language. In English, the seven most common words are three letters or less, and there are only two words in the top 100 (people and therefore) that have more than five letters. The words we use most often are short and to the point.

Pattern 2: more minor things are more common

Communication between birds and mammals tends to be short. Indeed, it can be seen in the songs of black-headed tits, the duration of the calls of Formosa macaws, the vocalizations of the indri, the timing of chimpanzees' gestures, and the length of surface behavioral patterns in dolphins. Humans are not the only ones who want their language to be effective.

This is also a law evident throughout nature

Take a sentence such as this one, with all its words, long and short, joined together, punctuated by commas, sunk into each other to reach the final (and breathtaking) finale. It should be noted that although a sentence is long, it is divided into relatively small sentences. This is known as Menzerath's law, in which there is a negative relationship between the size of the whole and the size of the parts. This can be seen not only in sentence construction; the law applies to short phonemes and syllables found in long words.

Part 3: the longer something is, the shorter its composite parts

Although the article focuses mainly on these three laws, it points to others that can still be found (those that are so far under-researched and understudied). For example, Herdan's law (the correlation between the number of unique words and text length) is evident in the proteomes of many organisms, and Zipf's law of meaning frequency (in which more common words have more meanings) is evident in primates. Gestures.

Linguistic laws in biology and beyond 

The sheer scale of application and versatility of these laws is remarkable. The laws discovered in linguistics have applications in ecology, microbiology, epidemiology, demography, and geography.


Mini Philosophy: A Small Book of Big Ideas eBook : Thomson, Jonny: Amazon.co.uk: Books

marketingandsales

Marketing & Sales

health

Health

communication

Communication

<ol><li>Don't make big purchases unless you have 2x its price saved up</li><li>Don't buy anything you can lease</li><li>Don't spend to impress others</li><li>Only spend your passive income</li></ol>

4 'unpopular money rules'

Not spending to save money is not a smart way to go about it. You also need to have some simple rules to make it easier for yourself.

Many people know how to earn money, but few know how to spend it, says self-made millionaire Grant Cardone. He shares the "unpopular" money rules that helped him save enough money to build a thriving real estate empire and buy a house with cash.

Millionaire shares 4 'unpopular money rules' that made him rich: 'Don't buy anything you can lease'

The Worldly Philosophers is your hands-on guide to economics, how the world works overall but especially from a financial point of view, what are the social and economic systems that existed throughout history, and how certain people’s concepts got to shape the world we know today.The Worldly Philosophers is a comprehensive and engaging book that provides readers with a thorough understanding of the development of modern economic philosophy. The book received favorable reviews from the New York Times. And it has received praise from various other publications as well.

The Worldly Philosophers – Book Summary

In a nutshell, it presents the world order from an economical point of view. Everything regarding macroeconomics these days is mathematical, social, political, and overall influenced by various events dating from centuries ago, all the way to our days.The book follows these events and presents the natural evolution of humanity in relation to economics. It also highlights the major political and social winds and concepts that helped shape our world. And traces the roots of today’s socio-economical conditions.

<ul><li>All economists sought to understand one common concept: how society works.</li><li>A market ruled by tradition, coercion, and rules of the past is deemed to crash.</li><li>Adam Smith is considered the father of modern economics due to his invaluable theory presented in 1776.</li></ul>Economics is not complicated. But it’s fun and relevant. Don’t believe me? Let’s explore these three lessons in detail and you’ll see for yourself!

Here are three of the best lessons from the book:

Regardless of the theories they produced, every economist wanted to find out how to organize a society in the best way, economically and socially speaking. The economists’ quest for this holy grail underlies their seemingly disparate approaches and theories. Yet their shared desire has led them to develop numerous similar ideas.We can broadly divide economic theory into two categories: microeconomics and macroeconomics. Microeconomics focuses on individual markets and how changes in prices, supply and demand affect them.

Lesson 1: Regardless of their theories, every economist wanted to find out the single best way to organize a society.

Macroeconomics focuses on aggregating these individual markets into a single economy that we can measure in terms of total output, total employment, price levels, etc.The economists who have had the greatest impact on our lives tried their best to measure these two economic concepts and find a way to integrate them into a successful formula for our society.

The book looks at the ideas of Karl Marx, Adam Smith, John Stuart Mill, David Ricardo, Thorstein Veblen, Jevons, Malthus, Marshall and John Maynard Keynes. And reaches the idea that all economists sought to understand the same main idea: how humans behave in a society.

History proves once again to be the teller of our present and future. And the best metric to analyze our actions and their consequences today. Actions of the past show how rulers who enforce their visions upon citizens and interfere with the economy and deemed to fall.The 5-year economic plans in the Soviet Union, the forced labor in Egypt, or the enforced traditions and customs in China or India over the economic systems show that states are better left outside the economic machine. People should have freedom of choice in their economic endeavors.

Lesson 2: Efficient markets are driven by profits, freedom of choice and effective institutions.

When states interfere, it should be only to create a legal and efficient environment for these markets to coexist in peace. No forced traditions, labor, or plans will do well in the long run, because people do not work efficiently under such rules.To build efficient markets, states should build the right legal structures and interfere as rarely as possible. Because markets are efficient and regulate themselves. Adam Smith highly popularized this theory. However, it looks true when you look at the highly efficient markets today compared to the ones from the past century.

Many consider Adam Smith as the father of modern economics. That’s because he popularized a highly relevant piece of writing in 1776 titled “The Wealth of Nations”. This paper created a theory that provides a simple answer for how markets are highly efficient. And they regulate themselves through supply and demand.The theory advocates for the Invisible Hand Mechanism, a concept that popularized the idea of a market determined by supply and demand in which states must not interfere. But only regulate what needs to be regulated, legally speaking.

Lesson 3: Adam Smith popularized a famous theory that is as relevant today as it was in 1776.

This market’s equilibrium point is reached at the intersection between the two forces. People set prices themselves, and due to competition, they will lower as much as they need to, or grow accordingly.This theory also states that societies will grow at their own pace. And that they develop in time due to these natural laws of economics. He also popularized the Law of Population. The law states that people will have children at different times. But mostly only during good economic conditions.

The Worldly Philosophers covers the lives and works of many of the most influential economists in history, providing detailed biographical information about each one and explaining what their contributions were. It also provides an overview of how economic thought has developed over time and how it has affected our world. This book would be excellent for anyone who wants to learn more about how modern economics has evolved over time.

The Worldly Philosophers – Book Review

The 30-year-old person who is passionate about economics and the biographies of major influential figures in the economy, the 22-year-old student who wants to study outside their curricula, or the 34-year-old stock market investor who wants to gain a deeper understanding of the field by studying macroeconomics from its fundamentals.

Who would I recommend The Worldly Philosophers to?

“As long as custom and command ruled the world, the problem of riches and poverty hardly struck the earlier philosophers at all, other than to be accepted with a sign or railed at as another sign of man’s inner worthlessness”-Robert L. Heilbroner

The Worldly Philosophers - Book Review (Economics)

The Worldly Philosophers is your hands-on guide to economics: how the world works overall but especially from a financial point of view

philosophy

Philosophy

The Worldly Philosophers Summary

Find 100+ Ideas and Facts about Money - Curated from interesting sources like Books, Podcasts & Articles - Genuine Insights from like-minded Users like You!