By John Tamny of Forbes
In his essential book The Wealth of Nations, Adam Smith observed that “Capitals are increased by parsimony, and diminished by prodigality and misconduct.” Or, put more simply, self-interested savers are an economy’s ultimate benefactor.
More modernly, Joseph Schumpeter noted that there are no entrepreneurs without capital. Innovative concepts are just that until they’re matched with funds offered by the parsimonious who, by virtue of their willingness to delay consumption, have the means to provide the financing necessary to turn an idea into a product.
ALERT: 5.25% Yield Is 8x National Average (Sponsored)
Robinhood Gold just rolled out a wild 5.25% APY yield for members, a whopping 8x the national average and way better than treasuries.
Earn an eye watering amount of money while you sleep. Sign up today — click here to start earning today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.