LETTER: Economy is not a tangible entity

2020-06-03 03:52:00 AM

It is an arena, with millions of players who are all trying to supply what people want

Picture: THE HERALD/MIKE HOLMESJulius 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.

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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.

The rules of the game are set by the government, and comprise taxation, competition and labour law, health and safety. The economic arena is inanimate. It cannot be killed. It has no commanding heights if competition is enforced. It has no colour.Economic activity will be eliminated when the arena and the rule book are torn up. The economic soil is then poisoned. Nothing grows. There are no winners.

Willem Cronje Via e-mail  Read more: Business Day »

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