Economics 101

English: Cropped version of File:Official port...

English: Cropped version of File:Official portrait of Barack Obama.jpg. The image was cropped at a 3:4 portrait ratio, it was slightly sharpened and the contrast and colors were auto-adjusted in photoshop. This crop, in contrast to the original image, centers the image on Obama’s face and also removes the flag that takes away the focus from the portrait subject. (Photo credit: Wikipedia)

“You didn’t make this,” said Barack Obama during the 2012 campaign and the GOP made a big deal of it, even adopting the idea as the theme of their convention. Apparently Barack was paying more attention in class than Mitt and the business-oriented leaders of the GOP did. The standard text in Economics 101 is Economics by Samuelson and Nordhaus. The quote below is from the 17th edition.

“It is only too clear that all of us reap the benefits of an economic world we never made. as the great British sociologist L. T. Hobhouse said: The organizer of industry who thinks that he has ‘made’ himself and his business has found a whole social system ready to his hand in skilled workers, machinery, a market, peace and order–a vast apparatus and a pervasive atmosphere, the joint creation of millions of men and scores of generations. Take away the whole social factor and we [are} but…savages living on roots, berries, and vermin.”