Unless you are self-sufficient, you must trade your products for those of others to survive. An exchange economy was established for the efficient survival of humanity. Economic activity leads to wealth accumulation, so for wealth to exist, there must be a counterparty. This means you cannot thrive on your own. However, having many counterparties also means that some of them could compete with your business. Exchange becomes straightforward only through the establishment of a price, which acts as an indicator of competition. Trading at a high price could generate significant wealth, but competition can hinder success. In other words, I survive because of others, while my survival is also threatened by them. Business inherently involves competition. This is why any business plan must include a strategy that considers competition. - Joseph’s “just my thoughts”
Adam Smith , the author of The Wealth of Nations , believed that “ empathy is an intellectual activity that takes into account circumstances, motives, luck, social status , and human character of the person.” The moment we blame another person’s actions, we examine the appropriateness of those actions. Adequacy is a state of neither excess nor understatement. If everyone else thinks a person is bad but I advocate for that person by saying, “I can understand,” then I approve of their actions. This situation is called “ mutual sympathy .” In our lives, we can be egocentric in some cases and relation-centric in others. The more mutual sympathy exists, the more relationship-oriented our thinking becomes. Both too much and too little can lead to tiredness or dissatisfaction. Pursuing happiness means finding this adequacy . - Joseph’s “just my thoughts”