Replenishment Economics

 

Replenishment Economics

The entire world started to use the current economic principles from the year 1776 based on the work “The Wealth of Nation’s” written by Adam Smith a Scottish Economist and philosopher.

Countries started to adopt the economic principles proposed by Adam Smith. They made periodic changes to accommodate and adopt requirements based on needs and wants.  Wealth is created by entrepreneurs who show interest in wealth creation, they do it by using Labor force, this labor force creates products which are needed by the people, products are priced for profits, people pay and get these products, entrepreneur makes profit with which they create wealth.

An economic experiment started in 1776 is still progressing as an adapted experiment and not sure when it was adopted as a global policy. What started as an experiment continues to be an experiment, at what cost.

In the present, products are substituted by goods and services, entrepreneurs are substitutes by companies, companies create more wealth across many countries making the notion of a nation irrelevant, labor is replaced with automation, financial inflow are invariably borrowed resources.

This economy either makes the rich richer and the poor poorer or the rich and poor are changing roles frequently periodically. This economic practice is not complete and universal. In the wealth of a nation its citizens cannot be left to economic distress.

When one pillar of economics, the labor starts to stubbles, how can the economic process be in balance? It will be worthy to try the Replenishment Economics where the essential parameters of the economic process in put in a supply chain model and replenished of these factors are done periodically to ensure the economic chain does not go static or break.