Friday, October 15, 2010

An Entrepreneur as Chief Economic Adviser

Today's Wall Street Journal (15 Oct 2010) prints an article by Elizabeth Williamson ("Obama Backs Away from CEO Search") on the pending replacement of Larry Summers as Director of the National Economic Council to the White House . There's been buzz lately that his replacement should be a corporate CEO, to smooth relations between the White House and the Business Community.

Here's my take: what we need is a successful (preferably bootstrap) entrepreneur, to advise the nation on how to lead our way to an entrepreneurial economy. Everyone is talking about jobs these days. We don't need jobs so much as we need businesses. Businesses start, and grow, and produce profuse amounts of jobs because entrepreneurs take advantage of opportunities.

They create far more jobs than all of those corporate behemoths combined. If the government has a role in this, it's simply to ease the path to those opportunities, it's to remove the corporate welfare that has created an unlevel playing field.

Let's stop holding on to the past; instead let's allow the failings of that old thinking to provide the opportunities for innovation!

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