The nation has again “celebrated” Labor Day. But what about replacing it with a truly festive occasion? Call it Entrepreneurs’ Day.
Of the four factors of production studied in Economics 101 – labor, capital, land (natural resources), and entrepreneurship – the only one that makes us different from the commie countries is entrepreneurship.
The Soviets built trucks with labor, capital, and land, and used the state as the coordinator of resources, but what made the trucks not run right was the lack of individual entrepreneurship; i.e., the lack of the competitiveness, individualism, and innovation that are inherent in a free enterprise system.
Labor by itself is drudgery and oppression. It’s entrepreneurship that makes it productive, interesting, and fulfilling. So let’s throw an annual party for the real guest of honor. The first Monday of next September would be a good time to start.