MALCOM MITCHELL | Hillcrest THERE has been much discussion in recent years on how to manage South Africa’s economy in order to build up its wealth.
Suggestions have ranged from an almost pure socialist approach, through a “developmental state” to free market capitalism. It is an indis
putable fact, however, that before enjoying the fruits of the “golden egg” it first must be laid, or rather created. Two-and-a-half centuries ago, Adam Smith, the accredited founder of political economics, pointed out that productive “labour” is the true source of a country’s wealth.
He pointed out that a nation is just a vast workshop, where the labour of each, however diverse in character, adds to the wealth of all and that “only the idle are sterile”, in the creation of…