Daytrading.no-the homepage of Oddmund Grøtte

Short notes on capitalism
Copyright Oddmund Grøtte 2004, updated 3rd of January 2005

(This is older notes from my blog which you can find on the frontpage)

8th of September, 2004
What creates wealth?

Rudolf Hauser has written a beautiful short explanation of what creates wealth. It takes about 10 mins to read, where he philosophizes about the what, why and how of the wealth-creation process. Read more

5th of August, 2004
To pursue your own goals, not the collective goals

The next time you hear a politician talking about what we should do to increase the employment think about this: have a look around your neighbourhood and look at all the plates on cars and buildings advertising their business. There are a variety of independent operators offering their services and improve the quality of life offered by good people. They work hard to better their life and to those they love. Its a wide diffusion of skills, an enormous variety of tastes and the urge to improve oneself with a trade. There is an an incredible entreprenurial effort latent in every human being. No socialist economy can create this by central planning. People have to be free to pursue their own goals, not vague collective goals set by politicians and buraucrats. A capitalistic society is far superior in that respect (and much better considering the moral aspect).

4th of August, 2004
Georgia - laizzes faire?

There is an interesting article in the last edition of The Economist. The new finance minister of Georgia is trying to transform the country to what businessmen must dream of making governments do. Here are some excerpts:

Next year—if not sooner—he will cut the rate of income tax from 20% to 12%, payroll taxes from 33% to 20%, value-added tax from 20% to 18%, and abolish 12 kinds of tax altogether......He hates foreign aid—it “destroys your ability to do things for yourself,”.....As to where investors should put their money, “I don't know and I don't care,” he says, and continues: “I have shut down the department of industrial policy. I am shutting down the national investment agency. I don't want the national innovation agency.” Oh yes, and he plans to shut down the country's anti-monopoly agency too. “If somebody thinks his rights are being infringed he can go to the courts, not to the ministry.” He plans, as his crowning achievement, to abolish his own ministry in 2007. “In a normal country, you don't need a ministry of the economy,” he says. “And in three years we can make the backbone of a normal country.”

Good luck to him and lets hope they can establish rule of law.