The Entrepreneur as American Hero by Walter Williams

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The Entrepreneur as American Hero by Walter Williams by Mind Map: The Entrepreneur as American Hero by Walter Williams

1. "Some Americans are richer than others because they got into the pile of money first and took an unfair share"

1.1. This is an unfair mindset because of income redistribution by the government - the gov takes "ill-gotten gains of the few and restores them to the rightful owners"

2. Entrepreneurs and sources of income:

2.1. earned through pleasing/serving other people

2.2. "dollars = certificates of performance" that can be utilized to buy/sell other things

2.3. "some people are more effective at serving/pleasing their fellow peers".... more "certificates of performance" means greater income = better entrepreneur

3. "In a free society, people who are wealthy have become so through effectively serving their fellow man"

3.1. Some people are better at making money than other people, or simply make more of it. The better you can "serve your fellow men" (be a good entrepreneur) the more money you can make... the richer you are

4. "Propaganda and stubborn ignorance has it that the advances of capitalism benefit only the rich"

4.1. The advances of capitalism do not only benefit the rich: think about how it used to be that only rich people could afford cars, but now because of capitalism/advancement in technology/the ability to make cars for cheaper, there is only a small percentage of Americans that cannot afford cars.

4.2. Another example: it used to be that only the wealthy could afford the time or money to do something as simple as go to the movie theater. Now, because of the marketing/development of movie theaters/radios/tv/other forms of entertainment, it has become open to the common man as well.

5. "The output and wealth generated through free enterprise contributes to a more civilized society"

5.1. So, for most of mankind's existence, we only cared about surviving. Now, it's less of "what will we eat in order to survive another day" and more of "what will we do in order to make money so that we can afford cars/entertainment/nice food/school/etc"

5.2. Because of entrepreneurship/making money, mankind has become more civilized... we no longer have to spend our entire day only focusing on our physical needs

6. More and more people are able to participate in entrepreneurship now than ever

6.1. More people are being able to read/write/go to school and further their education beyond public schools

6.2. Because of more schooling/involvement in the "arts," people are participating in activities that were once seen as exclusive to the rich