Nice Video on Wealth Creation

Bill Whittle asks for 10 minutes of your time in the following video to explain how conservatives view wealth and where it comes from:

I like the central premise that liberals tend to view wealth as a fixed pie to be split among people, while conservatives tend to view it as something that derives from win-win trades.

To illustrate, I liked the graphics he showed of LA in the 1800’s and today.  Bill asks how it LA changed so much if wealth was a fixed amount?

My favorite part of the video starts at 4:16 where Whittle does an excellent job of explaining how he created a little bit of value as an office temp making $7.50 per hour for an insurance company by cross-checking a list of customers with a list of checks sent.

I made that insurance company just a little bit wealthier.  By confirming those check mailings, I was reducing loss of customers due to frustration and error.  I was reducing the amount of time that higher level, more valuable employees would need to spend undoing the damage caused by unsent checks and all the rest.

A cross-checked and confirmed list was more valuable than one that wasn’t.

To me, this example is easier to identify with than the examples often given by econ professors, and given by Whittle later in the video about trade between primitive tribes.

I know few people who can adequately explain the value they produce in their job for their employers or the value they find in the stuff they purchase on a daily basis.

I also enjoyed the final few seconds of the video.  “I would be much more impressed with your moral outrage…”  Great line.

What value do you produce for your employer or your customers?  Why are you worth more than what they pay you?

Advertisements

1 thought on “Nice Video on Wealth Creation

  1. thx for the link. i liked the moral outrage line as well. =] the problem with the spears/baskets trade arguement is in the ‘no baskets’ outcome..it doesnt follow that after killing/enslaving the basket tribe, the spear tribe would be without baskets. they could just reverse engineer them.
    it seems to me that we speak english because the folks that were living here before the english started settling had too many baskets and not enough spears.

Comments

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s