Did you wake up one morning and think, “I wish I had a phone that would not only allow me to text and call, but play games, get directions, read books, allow me access to all social media and take pictures?” Not likely. You wanted an iPhone because Apple put it on the market.
Jim Clifton, CEO at Gallup, says this is no small point. Our economy isn’t waiting for consumers to want to start purchasing things again; it’s waiting for entrepreneurs to create demand.
Growth doesn’t just happen, and it’s not necessarily driven by demand. Growth comes from innovation and from entrepreneurs who create demand. Just look at the iPhone. Apple’s Steve Jobs didn’t create it because there was an insatiable demand for this world-changing device. People didn’t even know what an iPhone was until Apple put it on the market, and now they can’t buy enough of them — and Apple has a nearly $500 billion market capitalization. (more…)
Jerry: “So the market system is the operating system at best, but it’s not the user. That the entrepreneur uses an operating system called the market economy: there’s hardware to it, there’re rails and canals and buildings and factories; there’s software to it, in the sense that there’s operating system software equivalent to DOS or Windows or Linux or whatever, but that thing just lies there dormant until a user sits down at the keyboard and starts changing things, and that user’s the entrepreneur.”
George: “That’s right. And those operating systems themselves in turn were generated by other inventors and entrepreneurs and programmers. Every logical scheme and every machine requires an oracle, as Turing put it. The only thing Turing could say about that oracle, and he italicized it, is that it cannot be a machine. A machine is an orderly system, and all information is disorder; it’s disruption; it’s surprise.” (more…)
Last week, Verizon Communications Inc. shareholders rejected a wireless network neutrality proxy resolution from two prominent Interfaith Center for Corporate Responsibility members, Nathan Cummings Foundation and Trillium Asset Management Corporation.
As this writer noted in a March 28, 2013, blog post concerning a similar proxy resolution submitted to AT&T Inc., advocacy of network neutrality is far removed from the ICCR’s goals of furthering social justice because it kills jobs, deters technical innovations and drives up consumer bills. The NCF and TAMC resolutions singling out Verizon, however, are even more ludicrous as the company still awaits its day in court to appeal net neutrality rules adopted by the Federal Communications Commission.
Got that? The shareholders wanted Verizon to adopt the very same rules for its wireless service that it’s battling against for its wired networks in the U.S. Court of Appeals for the District of Columbia.
The NCF/TAMC resolution reads, in part:
Verizon’s stated policies for customers who access the Internet via wireless devices are markedly different from those for customers who access the Internet via wired networks.
For example, on its web site the Company offers customers who gain Internet access via its wired network a “commitment” which includes: “We will not prevent you or other users of our service from sending and receiving the lawful content of your choice; running lawful applications and using lawful services of your choice…” and “We will disclose the types of practices that we use to manage our network…”
Wireless customers, however, are given no such assurances. The Company tells wireless customers: “We will continue to disclose accurate and relevant information in plain language about the characteristics and capabilities of our service offerings so you and other users of our service can make informed choices.”
As investors, we are deeply concerned about this disparity in principles, policies and practices. In light of potential reputational, regulatory, and legislative risk related to Verizon’s network management practices and the issue of network neutrality, this disparity is troubling.
There may also be reputational and commercial risk in not providing customers with evidence of open Internet policies. On its public policy blog, a Verizon executive describes a high level of competition in the wireless market and says consumers “can vote with their feet if they want to” by choosing another wireless provider. (more…)
Logos Bible Software allows students, pastors, and scholars to study the Bible through a vast library of fully indexed resources, including original languages, historic commentaries, encyclopedias, scholarly articles, lexicons, and more. Now among those resources, the Journal of Markets & Morality and Acton’s Christian Social Thought series of scholarly monographs. If you love Acton publications and you use Logos Bible Software, now is your chance to integrate them together at a discounted, 20% off pre-order price.
To pre-order the Journal of Markets & Morality, click here.
To pre-order Acton’s Christian Social Thought series, click here.
To pre-order the Acton Monographs on Social and Economic Morality collection (10 vols.), click here.
In the video below, Ralph Baer, the “father of video games,” explains why he still invents at 90 years old. “What do you expect me to do?” he asks. He likens invention to the work of a painter. Would someone ask why a painter doesn’t retire? It’s what they love to do! Indeed, it is a calling.
Entrepreneurs, as agents of change, encourage the economy to adjust to population increases, resource shifts, and changes in consumer needs and desires. Without entrepreneurs, we would face a static economic world not unlike the stagnant economic swamps that socialism brought about in central Europe.
The same can be said about inventors like Baer as well. Like them or not, video games have been a huge source of wealth creation in our country over the last 40 years. Not only are whole teams of programmers required to create a single game, but modern games even employ actors, composers, writers, artists, and so on. In many ways they are (or at least could be) the culmination of culture up to our present time, and it all started because Baer invented a fun little gadget and managed to market it some 40 years ago.
I remember as a child of the ’80s, we actually had a Magnavox Odyssey 2 growing up. A child today would likely find it bizarre that I could find any enjoyment from such primitive sound, graphics, and interface, but it will always hold a special place in my heart. Yes, looking at it now, I can vividly remember the feel of the controller in my hand, the excitement of a child in wonder at what, at the time, was such amazing technology and a source of fun and competition with my brothers. It may not be impressive to many today, but inventions like this and the people who invent them ought to bring us to awe before the God who created heaven and earth and such fascinating and creative creatures as the human race, capable of wondrous invention after the image of the God who created them so fearfully and wonderfully unique.
Is the “secular vs. sacred” worldview struggle just another first-world problem? Join us in a discussion of this topic in the AU Online series Freedom and Virtue in the Developed World. The first lecture of this AU Online series will be held on Tuesday October 23 at 6:30pm EDT. Don’t miss your chance to explore this important topic!
If you’re interested in participating but might not have the extra time in your schedule, don’t worry! Everyone who registers for an AU Online series will have access to recordings of the live online lectures to view at their convenience. Visit the AU Online website for more information or to register. For further questions about AU Online, please contact the AU Online team at email@example.com.
In case you haven’t already heard the rumor, allow me to fill you in: AU Online has an awesome, newly revamped website and digital learning platform. AU Online is designed to make the resources and tools of a typical Acton conference available through a university-level, online environment. The AU Online team hopes the new features and functions will make this program your go-to destination for the integration of faithful intentions and sound economic reason.
If you haven’t done so, we encourage you to visit the AU Online website to see for yourself what all of the hype is about! If you have any questions, please contact the AU Online team by email at firstname.lastname@example.org.
On an unrelated note, registration for the 2013 Acton University conference opens November 15! Be sure not to miss out on your chance to apply.
If you or anyone you know are looking for financial aid opportunities for next semester, I invite you to visit the Calihan Academic Fellowship page on Acton’s website for details about this competitive scholarship program. This page is where you can: download the application form and obtain additional information about eligibility, conditions, the selection process, application requirements, and deadlines. To qualify for the upcoming deadline for the 2013 Spring Term, all application materials must be postmarked by October 15.
Acton Institute has crafted a website for Rev. Robert Sirico’s new book, Defending the Free Market. With this you can give the defendingthefreemarket.com web address to your friends for an easy-to-remember access point to the book. Other notable things about the site include:
In addition to the new design, we also have included a search feature whereby anyone who wants can search back issues for keywords, authors, names, and so on. For example, a search for “Alexis de Tocqueville” yields 29 results, and a search for “subsidiarity” turns up 78! As is our current policy, everything up to the two most recent issues is free to access for the public and all issues are open to subscribers.