Column: Economic development balancing act

The two fathers of the study of economics are recognized as Adam Smith and John Maynard Keynes. Their views and theories are very different in some ways, but they agree on a principle called economic self-interest.

Economic self-interest basically says that all people, organizations, businesses and even governments do what is in their best interest. When you think about it, there really isn’t much wrong with that. The exception is when the motive is greed or when it is injurious to someone else.

Just as individuals learn lessons many times “the hard way,” that is from an experience that wasn’t pleasant but was one never forgotten, so it is also true with communities.

This story appears in the print edition of The Tribune. Subscribers can read the entire story online by signing in here or in our e-Edition by clicking here.

All content copyright ©2016 The Tribune, a publication of AIM Media Indiana unless otherwise noted.
All rights reserved. Click here to read our privacy policy.