Knowledge and the Wealth of Nations

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Knowledge and the Wealth of Nations

“Knowledge and The Wealth of Nations”

How the new economy really works


Jeffrey Pelletier

I was reading the Wall Street Journal, which is a daily passion I have, and I noticed they had reviewed the above book, “Knowledge and the Wealth of Nations” which they recommended for those of us who want a “big-picture” understanding of economics without all the technical jargon.

Let me recommend this book highly. If you really want to understand economics in THIS world, buy it and read it from cover to cover. The author David Warsh is a journalist (for the WSJ) and seeks to inform, not impress the reader, with economic insight. He presents a wonderful journey (as a “journal-ist should), of the evolution of economic thought and shows you exactly how we got from Adam Smith in 1776, to where we are today, back at Adam Smith. You need to read the book to really appreciate what that means.

I will say this about the book. Economic thought has transmuted in the last 100 years. At the beginning of the last century we looked at three basic ingredients to the economic equation:

  • Land
  • Capital
  • Labor.

And, we always looked at a “diminishing pie” that is, diminishing returns, we’ve thought that markets are limited and that what can be accomplished economically is also limited by that fact. As you may know, if that’s what you believe, it is of course the “truth”.

In the book, the author points out that people who “get” the new economy understand that the three basic ingredients are:

  • People
  • Ideas (knowledge and the technology)
  • Things

And, that we really live in an era of “ever increasing returns”. Knowledge and its application (THAT’s the key), are what drive ever increasing returns.

I am committed to helping you to create an organization that seeks ever increasing returns. It begins with the RIGHT people in the RIGHT jobs, and then the creation of a process of learning and integration of that knowledge to the TASK at hand. This is not only lean but extremely PROFITABLE.

How do I know? Because I’ve been managing this way for 20 years.

Jeff Pelletier, Principal


651-389-0504 FX