The Phaserl


It’s Us – Not Politicians Or Rich People – Who Create Jobs And Drive Economy

by Mark O’Byrne, Gold Core:

When business lobbies warn that voting left would lead to a period of political instability that would hurt the economy, it’s easy to understand cynicism from left-wing parties. Someone should remind business lobbies, corporations and banks that it was the people at the commanding heights of banks and business who ruined the economy last time.

David McWilliams, a respected economist and commentator, has written an interesting article ahead of the election in Ireland where he points out the importance of normal everyday people and businesses and indeed of “animal spirits” and psychology:

Politicians should understand that they do not create jobs; nor do rich people. Jobs are created by general demand. Rich people don’t create demand. You and I create demand. Demand is what happens when the society has enough income to buy goods and services.

How does that happen? Where does income come from?

It comes from investment. It comes from people, you and me, going out and risking capital into projects today that we believe may deliver fruit in the morning. These are animal spirits unleashed. So if we are opening a shop, café or online business today, we believe that we will be able to gain enough business to make the returns to that business better in the future for us than if we did nothing today. In short, we back ourselves, our ideas and our own personal energy, drive and talent to create something out of nothing now that will be worth something far more than nothing tomorrow.

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