It helps to understand economic theory if we first understand the vast difference between the public and private sectors. Between government employment and non-government. Between government and the individual.
Public sector is local, state, regional and federal government. Under monarchies or totalitarian regimes the public sector was all. Everyone was subject to and controlled by a government entity. In times prior to the formation of our Constitutional Republic, the private sector was limited to very small groups who bartered.
The private sector is every non-governmental citizen. The private sectort is the basis of capitalism and its principle is the definition of […]
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