The role of private sector involvement in Economic growth - page 5.

sunsilk

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Quote from: TEBTC on May 04, 2024, 11:36:39 AM

All over the world it's private sector that has helped the economy of nations, private sector involvement is needed for economic stabilization as government only can't do this alone

This is true.

Look at how the big tech companies invest in the developing economies because they want to help and at the same time profit from the situation that they're dealing with. This is the reason why there's the government-private sector partnership in many countries and they're both helping each other.

Quote from: TEBTC on May 04, 2024, 11:36:39 AM

Private individuals are encouraged to start up business for the purpose of profit making in so doing they're in turn creating wealth
Let take an example of say an individual who is interested in sports business and brings out money to setup a football team, first the person will start by employing young youths and them of the street and labour market and at least for a football team to be set up you must need at least fifty individuals from the players to the couching Crew to the backroom staff then the team that has been setup will need a stadium where they will be playing their match's so they will set up a structure in form of a stadium and this newly built stadium needs to be cleaned and and we'll taken care of so more people are to be employed again and salaries will be paid to them at the end of the month

So while the owner of the business who is profit oriented gets his return for investment when the team wins a league title or from transfer of players and from tickets sold to fans who come and watch their match's he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

To be honest, that example is vague. It's not applicable to normies like you and me but only to the big investors and businessmen. However, if it's about the owner of the team, it takes time for him to get his ROI.

Etranger

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Quote from: btc78 on May 05, 2024, 08:09:06 AM

The problem is some people are just greedy and have no consideration for other people’s wellbeing. Labor misconduct has been one of the biggest problems of my country. A lot of businesses tend to just give their employees the bare minimum and employees have no choice but to accept since they still need to be working and earning something somehow.

I am aware of this problem, we have the same situation in my country as well. However, the situation is further aggravated by the fact that despite low salaries, there will always be someone who is ready to work in the same position for less money. And therefore there are no prospects for improving the overall level and quality of jobs and pay rates. After all, why to do so, if people already agree to any conditions.

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Quote from: Stepstowealth on May 04, 2024, 12:03:13 PM

Quote from: TEBTC on May 04, 2024, 11:36:39 AM

he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

This is a reason why it is important for employers to pay their employees well because it is a contribution to the economic growth. If employees earn well, they will have more to spend, and other business owners that they patronize will have more to either pay their own employees well or to spend on other businesses.
It becomes a cycle where everyone earns well, everyone is happy, crime rate reduces, and the economy improves.

The problem is some people are just greedy and have no consideration for other people’s wellbeing. Labor misconduct has been one of the biggest problems of my country. A lot of businesses tend to just give their employees the bare minimum and employees have no choice but to accept since they still need to be working and earning something somehow.

Eternad

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Quote from: CODE200 on May 04, 2024, 10:45:42 PM

They're supposed to generate the biggest of taxes but it just so happens that the government officials that are supposed to take care of the masses are people that are placed by these rich people to protect the interests of the few that's in the circle of those rich people. Not all of the private sector are guilty of these things but those that are guilty are those that are legally evading billions of dollars in taxes that it's making it so that those that are innocent gets caught in the crossfire. They do contribute to the economic growth but the growth that they contribute isn't felt by many people so it's not really considered as such and it sucks to be the one that will face the consequences of their actions, there has to be something that we can do against these type of things if we all just banded together.

This is the common practice of private company owners that has a self interest. Election on the country makes the government vulnerable on this kind of corruption since the winning politician will be indebted to business owner who funded their campaign expenses. This is the reason why some companies manage to cut their taxes and some steal funds from the government due to projects which is contracted by private companies.

Most of the big companies in my country involve on this kind shady dealing with the government and most of them have a member of their family is a politician. Only small to medium business suffers on the high tax here while big companies enjoy huge profit from government stolen funds from taxes and questionable projects.

slapper

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the private sector is the absolute great idea of the economy. It is growth. Private businesses, they're the cheetahs; they see an opportunity, and they seize it. That kind of quick adaptation is how innovation happens, and innovation creates jobs and fuels progress.

Someone sets out to create a new product, a new service. It's not just about them making a buck, it's about the ripple effect. They hire people, they need suppliers, those people spend their paychecks…it's a chain reaction that powers the entire economy. The government sets the rules of the game, but it's the private sector that actually scores the goals.

This is where personal finance and belief come in. Believing in that system, investing in those businesses; that's how you take control of your financial future. It's about understanding that when you support a company, you're supporting economic growth, and that growth ripples back to benefit you.

johnsaributua

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That's good, there are sectors that are personally owned limited companies, supporting neighbourhood income and empowering the local economy. Here is the availability of employment, for me it is a very helpful thing if there are opportunities that are encountered, of course it has a big effect on the environment. I believe the state is also helped, having the prosperity of the people is a common dream not just the government. because if all rely on the state how very long it takes and a large budget to take care of the small sector. Because even though entrepreneurs are small for me, they have a very large contribution and contribution if put together. this is cooperation and continuity that runs. and here is where the economic function occurs, rotating and fulfilling both activities or transactions that occur in the area. when people can easily get and fulfill their lives, the unemployment rate can be suppressed and can minimise crime, because it will be well controlled and systematic. Even with different regulations in each sector in different regions, it does not discourage CEOs/owners from pursuing it.

pinggoki

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Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

If people are honest, the government would be enough to provide whatever the people in that country needs, private sectors are just businesses that want to make money because not all of the things that many people ask for can easily be provided by the government. Most people want more than others and so we got ourselves a capitalist economy and it just so happens that when you've got wealth, you can buy power and influence, that's probably a reason for why we have these private sectors, that's the end goal for most of these people anyway, to create a lasting impression and legacy.

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Quote from: TEBTC on May 04, 2024, 11:36:39 AM

Private sector refers to business owned and manege by individuals which are not government funded, private sector include business, companies, commercial banks etc which are owned and manege by private individuals who has nothing to do with government for the purpose of profit making

The role of private sector in developing the economy of any country is very crucial and important as the role of government in society is for protection of life and property and creating the right environment for business to strive
All over the world it's private sector that has helped the economy of nations, private sector involvement is needed for economic stabilization as government only can't do this alone

Private individuals are encouraged to start up business for the purpose of profit making in so doing they're in turn creating wealth
Let take an example of say an individual who is interested in sports business and brings out money to setup a football team, first the person will start by employing young youths and them of the street and labour market and at least for a football team to be set up you must need at least fifty individuals from the players to the couching Crew to the backroom staff then the team that has been setup will need a stadium where they will be playing their match's so they will set up a structure in form of a stadium and this newly built stadium needs to be cleaned and and we'll taken care of so more people are to be employed again and salaries will be paid to them at the end of the month

So while the owner of the business who is profit oriented gets his return for investment when the team wins a league title or from transfer of players and from tickets sold to fans who come and watch their match's he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

Yeah I think private sector has a very important role in economic development but government has a big role in supporting these kind of private institutions and Businesses so that they can easily run their business.

I have seen that in unstable countries where there is no political stability it's very difficult to be a private business owner because you face a lot of backlash from government sectors.This needs to be addressed.

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Quote from: Darker45 on May 04, 2024, 09:43:20 PM

The role of the private sector can't be emphasized enough. In general, money is produced by the private sector. The private sector is where jobs are created. It is where goods and services are coming from. And it is where the government's revenue comes from. Although there are taxes paid by individuals to the government, the ultimate source is still the private sector. A healthy private sector means a healthy economy and, therefore, a healthy society.

Of course. However much it is criticised, and however much it is sometimes abused, it is the private sector that drives a country's economic growth. The role of the public sector in regulating and preventing abuses is another matter, but the public sector in terms of contributing to economic growth is not usually very efficient.

wxa7115

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Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

If anything governments should stay away as much as possible from intervening on the economy, this is because most governments are incredibly inefficient by design, by creating a lot of government jobs that are not really needed, but that are given to friends or political allies as quotas.

And we have evidence of this with the many governments that have their own state companies and that are run terribly, often presenting losses and remaining afloat thanks to the taxes their citizens pay and not because those companies are run as they should be.

Etranger

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The private sector is the engine of the economy and progress in general. The state works according to the principle “and that'll do, this will be enough,” there is no initiative in the public sector, no focus on development. A private initiative always works better because people know that they will get results (of course, we are talking about normal countries where entrepreneurs are not pinched and business is not squeezed out). In the public sector, results may not be visible for decades and people do not understand why they are working and what for.

Sebas.tian

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Yes, private organizations has played a good role in the economic growth of a country, because it creates surplus opportunities for the youths to have access to some organization to work so that they can have income to achieve at the end of the week or month to feed and pay other bills at home. Private organization is be managed and control by one person and any income that is coming into the organization belong to the owner of the organization, which government don't have the right to collect the income from the private organization. You can create your own organization if you have the capital, because that is the wish of many bitcoiners in this community to accumulate their wealth.

CODE200

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They're supposed to generate the biggest of taxes but it just so happens that the government officials that are supposed to take care of the masses are people that are placed by these rich people to protect the interests of the few that's in the circle of those rich people. Not all of the private sector are guilty of these things but those that are guilty are those that are legally evading billions of dollars in taxes that it's making it so that those that are innocent gets caught in the crossfire. They do contribute to the economic growth but the growth that they contribute isn't felt by many people so it's not really considered as such and it sucks to be the one that will face the consequences of their actions, there has to be something that we can do against these type of things if we all just banded together.

Darker45

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The role of the private sector can't be emphasized enough. In general, money is produced by the private sector. The private sector is where jobs are created. It is where goods and services are coming from. And it is where the government's revenue comes from. Although there are taxes paid by individuals to the government, the ultimate source is still the private sector. A healthy private sector means a healthy economy and, therefore, a healthy society.

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Quote from: Stepstowealth on May 04, 2024, 12:03:13 PM

Quote from: TEBTC on May 04, 2024, 11:36:39 AM

he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

This is a reason why it is important for employers to pay their employees well because it is a contribution to the economic growth. If employees earn well, they will have more to spend, and other business owners that they patronize will have more to either pay their own employees well or to spend on other businesses.
It becomes a cycle where everyone earns well, everyone is happy, crime rate reduces, and the economy improves.

But the business should be huge though, to employed a lot of youth from their population for the jobs and others. And to give a good example though and I'm not condoning it although I'm a gambler as well, is Macau, which majority of their population are into this business and this is the main source of their GDP.

I do agree that private sector plays a role, but they can only do that much and sometimes, there could also be some resistance from the government to this private sector because they know they could be affected. Like in my country, there are billionaires here who wanted to build roads and infrastructure, but some government officials are blocking it and I'm hinting that they could be affected negatively because there could be no corruption money for them.

alastantiger

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For the private sector to invest in the economy for it's growth, the government of that country must create an enabling environment that will attract them first. Without this the hands of the private sector will be tied. An enabling environment means, security. It means infrastructure development, it means that the private sector will not be over taxed and over-levied by the government. After this and many others, then the impact of the private sector will be felt all over the country.

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Quote from: Stepstowealth on May 04, 2024, 12:03:13 PM

Quote from: TEBTC on May 04, 2024, 11:36:39 AM

he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

This is a reason why it is important for employers to pay their employees well because it is a contribution to the economic growth. If employees earn well, they will have more to spend, and other business owners that they patronize will have more to either pay their own employees well or to spend on other businesses.
It becomes a cycle where everyone earns well, everyone is happy, crime rate reduces, and the economy improves.

This is a utopia you're referring to. In the real world, lots of companies will try to cut it short with their employees and take the huge portion of the pie and just throw pizza parties to the employees to avoid burnout. Sure, companies provide employment and salaries to their employees, but it's almost always certain that they try to reduce what they're giving their employees by not giving the right salary equivalent to the skill of their employees.

I've only ever had two companies I've worked for who really care for their employees and give them the best employment possible. They provide all the benefits, hand out bonuses in recognition for their work, and even promote profit sharing to eligible employees. Those companies are extremely rare, and the rest are just out to exploit their employees to do what needs to be done for the company.

kentrolla

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Private sectors are backbone of employment and it does improve standard of living of people by providing them with job but there should be a friendly policies from the government in order for private players to operate without any hassle. Most of the time private businesses fails due to draconian laws or too many complicated policies floated by the government and you can take example of many nations which are doing well economically has a major contribution from private players.

jrrsparkles

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Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

Stepstowealth

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Quote from: TEBTC on May 04, 2024, 11:36:39 AM

he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

This is a reason why it is important for employers to pay their employees well because it is a contribution to the economic growth. If employees earn well, they will have more to spend, and other business owners that they patronize will have more to either pay their own employees well or to spend on other businesses.
It becomes a cycle where everyone earns well, everyone is happy, crime rate reduces, and the economy improves.

Topic: The role of private sector involvement in Economic growth - page 5. (Read 1112 times)