With every transaction there are always 2 sellers and 2 buyers. Usually one of the sides sells money, but sales might be in a form, where neither side sells money. According to Robert James Shiller, in 1969 the Kenneth Ewart Boulding offered the following definition: "Economics is the study of exchange."
What Earns the "business people" the bad Reputation
The Chief Executive Officers (CEO-s) usually earn a bad reputation by being dishonest and by being psychopaths. The non-CEO types, who earn a bad reputation while actually owning the business that they are running, tend to earn their bad reputation by being the idiots at the Warren Buffet's triple-I series of Innovators-Imitators-Idiots. A citation (archival copy):
- Charlie Rose asked the question that scholars, pundits, and plaintiffs attorneys will be debating for years: “Should wise people have known better?” Of course they should have, Buffet replied, but there’s a “natural progression” to how good new ideas go badly wrong. He called this progression the “three Is.”
- First come the innovators, who see opportunities that others don’t and champion new ideas that create genuine value. Then come the imitators, who copy what the innovators have done. Sometimes they improve on the original idea, often they tarnish it. Last come the idiots, whose avarice undermines the very innovations they are trying to exploit.