By John Tamny of RealClearMarkets
“The possibility of a rapid repair of their disasters, mainly depends on whether the country has been depopulated. If its effective population have not been extirpated at the time, and are not starved afterwards; then, with the same skill and knowledge which they had before, with their land and its permanent improvements undestroyed, and the more durable buildings probably unimpaired, or only partially injured, they have nearly all the requisites for their former amount of production.”~ John Stuart Mill, Principles of Political Economy, Book I, chapter 5.
In the 2007 edition of the Forbes 400, perhaps the most notable statistic involved comparisons with the first Forbes 400, released in 1982. Of the original 400 members, only 32 remained by 2007. This isn’t to say that the departed hit the bread lines, but it was a certain example of the dynamic nature of the U.S. economy.
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