LETTER: Economy is not a tangible entity
It is an arena, with millions of players who are all trying to supply what people want
Julius Malema wants to destroy the white economy. The mayor of Ekurhuleni wants to seize its commanding heights. President Cyril Ramaphosa wants to reset the racist economy. But what is the economy? It’s not a tangible entity. It’s an arena, with millions of players who are all trying to supply what people want while taking less than they make.
The difference is profit — merely (in a competitive arena) the productive use of resources. The players are funders (mainly pension funds, insurers and foreign capital), entrepreneurs (innovators who seek challenges to deliver what society wants) and a vast variety of skilled workers...
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