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Morning Minute – 1.16.26

“A College Lesson Worth Remembering!” Why everyday life displays the ingenuity and beauty of how our economy really works

The economics professor entered his classroom of 20 students and began class a little differently. “Today,” he said, “we’re going to participate in a project.”

He divided the students into four teams of five and gave them their first instruction. “As a team,” he said, “list every activity you performed yesterday, from the moment you woke up until the time you went to bed. Be specific. Don’t leave anything out. You have seven minutes.”

When time expired, he gave each team two minutes to share their lists. As they spoke, he recorded the activities on the board, eliminating duplicates. When he finished, he turned to the class and said, “You’ve identified 235 activities.”

“Now,” he continued, “using that list, write down every product and service you used during those activities. For example, if you brushed your teeth, you used water, a toothbrush, toothpaste, a sink, and a mirror. You stood on wood, concrete, or porcelain floors. You used electricity for light and heat. You were dressed in clothing or pajamas. That’s the level of detail I expect. You have twenty minutes.”

After twenty minutes, the professor stopped the class. The students’ lists now totaled more than 2,700 entries. He looked at them and said, “What you’re holding are just some of the thousands of products and services you use every single day. And that doesn’t even include the processes required to mine materials, manufacture goods, transport them, or install them.”

He paused. “Why do you think I had you do this exercise?” No one answered.

“In our capitalist economy,” the professor explained, “individuals and companies anticipate what people need and want. Using materials, tools, and machines, they work to make sure that you have what you need, when you need it. They do this because others value those products and services, and because they can earn a profit by providing them.”

He continued, “Now contrast that with a socialist economy. In that system, government officials decide what will be produced and how much. Because production is not guided by demand, shortages are common.”

“Venezuela is one example,” he said. “Once an economic powerhouse with a stable economy, it adopted socialism under Hugo Chávez. Decades later, with government control replacing individual decision-making, the results were a depressed economy, an impoverished population, and widespread shortages of food and power.”

The professor paused again. “Don’t believe it when others tell you that socialism is preferable to capitalism. No government official can manage production better than a system driven by the needs and choices of the people. Innovation, ingenuity, and productivity respond far faster when individuals and companies are free to act.”

“Remember this exercise,” he said. “It explains why capitalism, a system based on freedom, demand, and individual effort, is a far superior economic system!”

He concluded saying, “Class dismissed.”

That is today’s Morning Minute.

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As always, your comments, your questions, and your observations are greatly appreciated! Reach out to me at ​lab@larryonlearning.com​.

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Here are some recent Morning Minutes you may have missed with actionable ideas, useful instruction, and step-by-step methods to help you, your family, and/or your team to be more, do more, and achieve more.

​"Managing Complex, Long-Term Projects" Complex projects and events require us to focus on both the end result, and the process required to achieve success. Discover how that the officers and the political leaders planned the D-Day invasion in World War II. Learn how that Planning, Logistics, Focus, Team Coordination, and Leadership were utilized for a successful landing at Normandy. Learn from their success and apply those principles for your next project.

​"Punctuality: The Habit That creates Big Advantages!" Why being punctual and showing up early builds trust and credibility, while creating hidden opportunities! Discover how that the father of our exchange student explained to him the importance and advantages of showing up early. Learn the 4 benefits you earn by being punctual. (The last benefit is one that no one ever discusses!)

​"Holding People Accountable...the Right Way!" Why asking better questions provides better answers, while building better leaders. Discover how this method helps all involved to better understand the real problem, while discovering all the causes for the problem, and what possible solutions are available. Learn how this process creates accountability by requiring the person who identified the problem to recommend what they see as the best solution!

​"Your Customer-Focused Success Formula!" How keeping customers happy creates continuous success with multiple income streams! Learn how that customer enthusiasm for your business is 6 times less than marketing to new prospects. Discover the pattern of how that happy customers not only return, they refer their friends, family, and co-workers. Note how that will create multiple income streams for your business.

​"Train Yourself to Blame Yourself!" How great leaders stay in control when everything goes wrong. View a football team who had 2 bad calls by referees costing them 14 points in the first half. Discover how that true leaders rise to the moment when events beyond their control get out of hand. Learn how they win by taking hold of what they do control to overcome obstacles instead of making excuses.

​"Master Your Emotions for a Successful Life!" By controlling your emotions you create resilience and set yourself on a course toward a more purposeful life. Discover the 6 emotions of anger, fear, joy, envy, hate, and love. Learn specifically how to react to these emotions and use them to improve your relationships, your life, and your success. See how that managing your emotions stets you up for a successful life.

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May God bless you, your family, and your team!

Larry A. Bonorato 864-630-2625 lab@larryonlearning.com​

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(published by Bonorato Creative Group, LLC; all rights reserved)