A Quote by Neil deGrasse Tyson
Private enterprise in the history of civilization has never led large, expensive, dangerous projects with unknown risks. That has never happened because when you combine all these factors, you cannot create a capital market valuation of that activity.
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If you're going to lead a space frontier, it has to be government; it'll never be private enterprise. Because the space frontier is dangerous, and it's expensive, and it has unquantified risks. And under those conditions, you cannot establish a capital-market evaluation of that enterprise. You can't get investors.
Private enterprise can never lead a space frontier. It's not possible because a space frontier is expensive, it has unknown risks and it has unquantified risks.
The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.
What type of new economical system can organize this system? There is another sector in our life, that we rely on every single day, that are absolutely essential: the social commons, the social economy. It is all the activity we engage in to create social capital. It doesn't create capital market. Social commons is growing faster than the market place. It is growing faster than the market place. The social commons include any activity that is deeply social and collaborative.
One of the most dangerous errors is that civilization is automatically bound to increase and spread. The lesson of history is the opposite; civilization is a rarity, attained with difficulty and easily lost. The normal state of humanity is barbarism, just as the normal surface of the planet is salt water. Land looms large in our imagination and civilization in history books, only because sea and savagery are to us less interesting.
Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
The stock market has gone up and if you are stock picking, that's fine, you may do a bit better than the market. But if you want to play in another game where you can get rapid increases of value and so on and so forth, this apparently has become the new parlour game, to invest in these companies and many their cases, the private equity that has been piling in onto of the venture capital is creating the unicorn, in other words the company with the $1 billion valuation.
Economic activity, especially the activity of a market economy, cannot be conducted in an institutional, juridical or political vacuum. On the contrary, it presupposes sure guarantees of individual freedom and private property, as well as a stable currency and efficient public services.
In a country of such recent civilization as ours, whose almost limitless treasures of material wealth invite the risks of capital and the industry of labor, it is but natural that material interests should absorb the attention of the people to a degree elsewhere unknown.
When large companies take on risk, then they impose risks on the rest of the system. And these are systemic risks and these systemic risks we never used to think were really that important, but as soon as we recognize how the financial sector - the risks the financial sector takes on can impact the entire global economy, we realize that those risks needed to be controlled for the social good.
Large government is inevitably inefficient, but so, too, is large private enterprise.
Never compromise on hiring the best talent. Build value, not valuation. We have never used tactics like giving discounts, cashback to make customers use our product. This way no one can create a sustainable business.
Private enterprise is ceasing to be free enterprise. Private enterprise, indeed, became too private. It became privileged enterprise, not free enterprise.
Young women... you are, in my opinion, disgracefully ignorant. You have never made a discovery of any sort of importance. You have never shaken an empire or led an army into battle. The plays by Shakespeare are not by you, and you have never introduced a barbarous race to the blessings of civilization. What is your excuse?
It is a popular error that bureaucracy is less flexible than private enterprise. It may be so in detail, but when large scale adaptations have to be made, central control is far more flexible. It may take two months to get an answer to a letter from a government department, but it takes twenty years for an industry under private enterprise to readjust itself to a fall in demand.
The quickest and surest way to production, prosperity, and economic growth is through private enterprise. The best way for governments to encourage private enterprise is to establish justice, to enforce contracts, to insure domestic peace and tranquility, to protect private property, and to secure the blessings of liberty including economic liberty - which means to stop putting obstacles in the way of private enterprise.
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