The Foundation Of Economic Development Is The

95% Of Economics Is Common Sense Deliberately Made Complicated.

[good Managers] Know That People Have 'good' Sides And 'bad' Sides And That The Secret Of Good Management Is In Magnifying The Former And Toning Down The Latter.

95 Percent Of Economics Is Common Sense Made Complicated, And Even For The Remaining 5 Percent, The Essential Reasoning, If Not All The Technical Details, Can Be Explained In Plain Terms.

In Manufacturing, Where Mechanization And The Use Of Chemical Processes Are Much Easier, It Is Easier To Raise Productivity Than In Services. In Contrast, By Their Very Nature, Many Service Activities Are Inherently Impervious To Productivity Increase Without Diluting The Quality Of The Product.

It Takes Time And Experience To Absorb New Technologies, So Technologically Backward Producers Need A Period Of Protection From International Competition During This Period Of Learning. Such Protection Is Costly, Because The Country Is Giving Up The Chance To Import Better And Cheaper Products. However, It Is A Price That Has To Be Paid If It Wants To Develop Advanced Industries.