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Economics Made Simple: How money, trade and markets really work by Madsen Pirie

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Enterprise

President George W. Bush was mocked for his sometimes tortuous and folksy use of language. In a famous quote attributed to him he allegedly exclaimed that “the French have no word for entrepreneur”. The humour derives from the fact that ‘entrepreneur’ is a French word. Nonetheless, President Bush could have been right on this occasion because the French use ‘entrepreneur’ where we might use ‘tradesman’. It refers to people who provide skilled or semi-skilled services such as plumbers and window-fitters, whereas the English use of the word carries with it the idea of an economic innovator or pioneer, perhaps someone who sets up a new business.

MOST PEOPLE FIT into an economy by doing something that others do in established ways. ...

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