Monday, November 07, 2005

Productive Power of Labor not Natural Resource is the source of Prosperity

Prosperity depends on the productive power of Labor. The most important productive power of labor is Skill, according to Adam Smith in The Wealth of Nations.
Productive power of Labor means we, Filipinos, are the source of prosperity not natural resources of the Philippines.
Our creativity, our skill, our judgment, our decision making, our critical thinking skills are sources of prosperity.
Rich natural resources removes the incentive to rely on ourselves to prosper. Rich natural resources creates dependence on someone else to tap on that rich natural resource. Like spoiled, given everything, spoon-fed, ya-yad children, Rich natural resources kills the incentive to work, to creatively find work, to study things that work.
Adam Smith wrote that Skill in Labor produces excess products. These excess products must be exchange for someone else excess products for prosperity to both. The Philippines have excess college educated professionals - nurses, doctors, accountants, engineers.
Improving our Skills and education, open trade and open borders with other countries are lofty goals.


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