Excerpt -
If what I have said this morning is true, as I believe it is, then the traditional advice to graduates, good though it is, is no longer adequate.The traditional advice is:
1. Get a good job.
2. Work hard, do the best you can to be a credit to your family and to your country.
3. Live modestly in order to save as much as you can to educate your children and to support yourself and your family after retirement.
As far as it goes, this is still good advice for young people, but it is based on the idea that the only way to earn a living is by getting and keeping a job - in other words, by performing labor work. That idea is obsolete.
In the post-industrial era, there is another way:
1. Now most goods and services are produced, and incomes earned, by people working through their personally-owned capital.
2. Only through capital ownership can you engage in production and earn income after you leave the labor market because of age, illness, or business failure.
3. The one thing we do not tell young people who are entering the economic world is what you most need to know: how to acquire capital.
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