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I recently read a great essay from the highly esteemed Bruce Schneier. Here’s a link: Security Design: Stop Trying to Fix the UserHe makes a couple of compelling points, hopefully in a more compelling manner than I’ve been able to do as I’ve fought essentially this same battle for decades:Having users change passwords to something complex and nom-memorable or not re-use passwords is just fucking stupid.If I’ve got an account - let’s say… the county tax assessor’s office - that I use exactly once a year, when I pay my property taxes, I don’t want to have to remember what the hell it was a year ago - or worse, be hammered to change it as soon as I show up “because it’s been too long since I last used it”. I just want to log on, do my thing, and go back to what I was previously doing.But some security jackass decided that, because he needed to show that he was DOING something, that there needed to be a security policy, and that it needed to be “strong”, and that you need to change passwords frequently. And that’s only because he was personally scared, as life as a security professional is fraught with peril, because it’s really, REALLY hard to convince your management that you “did something” when what you did was stop things from happening. You can see the “did something” stuff; you can’t see the stuff that never happened…This is just “blame the victim” behavior, perpetuated by professionals trying to justify their existence in a world in which BY NOW we should have figured out that offering easy-to-use high-grade security is just a cost of doing business, and be given adequate budget and staff and most importantly input and veto power over critical aspects of design as things are being built.Of course, there’s a cost to that, in that most security experts are hacks, perpetuating what they’ve seen and not actually offering real, usable solutions. Instead they perpetuate broken mythologies like “you need upper case, lower case, numbers and symbols to be a good password” (myth; fact is four completely non-related words used as a phrase makes your password over 10000x stronger than that), or ideas like “you need to change your password every 60 days” (myth; fact is that’s relevant because of the shitty design of most password systems and the fact that statistically they’re likely to have been compromised in any given 60 day interval) or other such nonsense.What we need is real training, security by design, security from the ground up, security integrated user experience - and nearly no one is actually doing that.Biometrics, not reliable (see TAPS - Touchscreen Sticker w/ Touch ID over on Kickstarter. Awesome idea, but what if I send them your fingerprint?). Multi-factor authentication? Better, but can still be compromised (this article Attackers Hit Weak Spots in 2-Factor Authentication from Krebs is over four years old and the problems still remain).So what’s the solution?If I knew that, I’d be DOING it, not writing about it. Fuck, who knows, maybe I will. But that’s a complete sidebar.The real point is this: companies who require you to have passwords constructed in a certain way, or to change them with a certain frequency, are patching their own inadequacies by pushing onerous requirements onto you, their customer. And they should be doing the opposite, bending over backwards to make life as smooth and easy for you as possible.As to where you put your priorities on passwords, there was an article earlier in the year, The psychological reasons behind risky password practices, that hit on pieces of that. They make the claim (with which I concur) that whether you get “hacked” is a function of your personality and behavior; how (which only applies if you cross the “if”) threshold is a function of how you prioritize your choice of password.The real “fix” is something different. You don’t even need to know your password. Like, to anything. Comes in handy if you’re being interrogated as well. Just use something like 1Password or LastPass. I use both, they both have plusses and minuses.Create entries for the things to which log in over the Internet, have the program create the password for you, and when you need to log in, all you have to do is remember the master password, and you’re in. And if you’re on an iOS device, it can be a thumb-swipe, not a password.At that point, you can stop worrying about passwords altogether. Other than the one.

Much like starting any business, learning how to start an ecommerce business isn’t always easy—nevertheless, the goal of setting up, launching, and maintaining sites where entrepreneurs, designers, and creators of all sorts can sell their wares is more attainable now than it ever has been.Ecommerce businesses—which are businesses that transmit goods, services, and funds over the internet—vary in size and scope, from retail behemoths like Amazon to Etsy craft sites. Online shopping is just one of many areas that have seen extensive growth over the past five years. According to a report from the U.S. Census Bureau, in the third quarter of 2019 alone, U.S. ecommerce sales amounted to approximately $154.5 billion, accounting for 11.2% of all retail sales in the nation.[1]Therefore, depending on your goals, it might make sense to start an ecommerce business. After all, without the need for a brick-and-mortar location, ecommerce businesses offer greater flexibility, affordability, and opportunity for many entrepreneurs. So, how exactly do you start an online business? This guide is here to help.We’ll break down how to start an ecommerce business in just seven simple steps—so that you have all the information you need to get your online business up and running in no time.How to Start an Ecommerce BusinessAlthough there are notable differences in starting an ecommerce business compared to starting a brick-and-mortar business—there are also a number of similarities. As we’ll discuss below, many of the planning and legal steps you’ll need to take will follow the same process (more or less) than any other business. This being said, however, once it’s time to actually start your operation, you’ll see how different starting an ecommerce business can be.Step 1: Research the ecommerce space and find your niche.The first step in learning how to start an ecommerce business is performing the necessary research. Just as if you were starting a restaurant and looking into different locations, food options, and themes, you’ll want to investigate the ecommerce area you’re interested in and make some decisions with regard to your specific business.For example, you’ll want to consider what exactly your ecommerce business is going to offer. Will you be selling products or services? If you’re selling products, are they physical or digital? Where will you source your products? Along these lines, you’ll also want to think about the type of business model you want to employ—will you offer single products, packages, subscriptions, or something else?Additionally, you’ll want to think on a broader scale during this process as well: How will you get your products or services to your customers? What will your startup costs look like? Are there legal or other regulations on your product or service that you need to keep in mind?These lines of questioning, among others, will be integral to the beginning of your business and will help you start to create and write your business plan. This process will give you a better sense of your specific goals and how you’re going to reach them. This being said, particularly in the ecommerce space, an important part of this step is finding your niche.Although the growth of the ecommerce industry is a great benefit for those looking to learn how to start an ecommerce business, it also means more competition. Therefore, you’ll want to perform competitor research and find a space where you think you can establish your brand and find success in selling your products and services.Step 2: Select your business name and choose a legal structure.Once you’ve solidified the plan for your ecommerce business, the next step is to choose a name. Like any other business, you’ll want to choose a name that’s unique, but also that clearly indicates what your business is or does. You’ll likely want to consult your local secretary of state’s website, as well as the U.S. Patent and Trademark Office to ensure that you’re not choosing a business name that’s already claimed by another company.This being said, although you won’t want to invest too much time on a website quite yet, it will be worthwhile to check to see if your potential business domain name is available. If your domain name is currently being used, you may consider a different business name, or a different structure, such as “http://yourbusinessname.co” instead of “http://yourbusinessname.com.”After you’ve selected a name for your business, you’ll want to choose your business’s legal structure. The business entity type you choose will have important legal and financial implications for your ecommerce operation. Generally, you’ll choose to create a sole proprietorship, general partnership, LLC, or corporation. There are benefits and drawbacks to each of these entity types, so you may decide to consult an attorney or another legal professional for advice on the best option for your business.This being said, if you choose to start a sole proprietorship or general partnership, you won’t actually have to register in the state where you’re operating. Instead, your business will be associated legally under your individual name, meaning if you want to operate under the name you’ve chosen, you’ll need to need to file a DBA or “doing business as” application with your local government.Step 3: Apply for an EIN.Next, you’ll want to apply for an EIN, or employer identification number, for your ecommerce business. Although not all business entity types are required to have an EIN, this nine-digit number can be useful to help you separate your personal and business finances. Plus, you can apply for an EIN from the IRS, for free—either online, by mail, fax, or phone. Since you’re learning how to start an ecommerce business, you’ll very likely want to apply for this business tax ID online, and once you do, you’ll receive your number instantly.You can use this online application to apply for an EIN for your ecommerce business. Source: An official website of the United States governmentStep 4: Obtain business permits and licenses.After you’ve applied for your EIN, you’ll now want to obtain any business licenses or permits you need to operate legally within your city and state. As we mentioned above, if you’ve established your ecommerce business as a sole proprietorship or general partnership, you don’t actually need to register your business with the state—unless you’re filing a DBA to legally operate under a specific business name. For the other business entity types, however, you will need to register your business with your state and receive a general operating license. Depending on where your business is located, you may also need to acquire a local operating license as well.Generally, because most ecommerce businesses are home-based, they do not require as many business licenses and permits as brick-and-mortar stores. This being said, however, you’ll want to determine what the specific requirements are in your area—you can usually find this information online via your state or local government website. For example, most locations require that home-based business owners receive a home occupation permit to legally operate. This type of permit simply shows that by operating your business out of your home, you aren’t adding traffic, noise, or problematic conditions to your location.Some other types of business licenses and permits that you may need include:Professional and trade licenses for certain industriesSales tax permitsHealth, safety, and environmental permitsSignage permitsBuilding and construction permitsStep 5: Choose your ecommerce platform and create your website.At this point, you’ve completed the paperwork required to register and legally start your ecommerce business. In this way, the majority of our steps thus far have mirrored the process of starting a brick-and-mortar business. Now, however, instead of searching for a location and preparing to set up up your physical store, you’ll start creating your website and online store.Like a physical storefront, this website will be the face of your business—it’s what your customers will see first and what they’ll use to browse and purchases your products or services. With this in mind, creating your website will be one of the most important parts of starting your ecommerce business. Therefore, you’ll want to consider a few different points as you develop your online storefront:First, you’ll want to think about your domain name, as we mentioned above. You’ll want your domain name to (at least closely) match your business name. Along these lines, and perhaps your most significant decision will be choosing an ecommerce platform. Whether an all-in-one software, like Shopify, or an open-source platform, like Magento, your ecommerce platform will be the base you use to build and develop your online store.This being said, most ecommerce platforms not only allow you to create and launch your online store, but also customize your design, add your domain (or purchase one), manage inventory, take and ship orders, receive payment, and more.Although there are hundreds of these platforms available on the market, you might consider any of the following popular solutions for starting your ecommerce business:ShopifyPerhaps the most well-known and popular ecommerce software out there, Shopify offers an all-inclusive, user-friendly solution with a variety of add-ons. You can purchase a Shopify subscription in one of four plans, starting with Shopify Lite at $9 per month (this plan doesn’t include a full online store, however).WooCommerceIf you already have started a WordPress site, or are familiar with the platform, you can download WooCommerce to start selling on your WordPress site. This plug-in is open-source, free to download and includes the full range of ecommerce features. Compared to Shopify, however, WooCommerce is best-suited for business owners who have some technical knowledge to take advantage of its open-source nature.SquarespaceMost often thought of as website builder, Squarespace also offers ecommerce capabilities and is known for their modern templates. You can choose from two ecommerce-specific plans from Squarespace—Basic at $26 per month or Advanced at $40 per month.Like Shopify, Squarespace is extremely user-friendly and can accommodate business owners of all technical skill levels. This being said, however, as a website builder first, Squarespace may not offer as many features, tools, or add-ons as some other alternatives.MagentoFinally, if you want to be able to customize every aspect of your online store, you might choose to use the open-source version of Magento. With this ecommerce platform, you can manipulate every element and customize your site—but you also must have the technical skill (or pay for it) to do so.Although it’s safe to say this platform isn’t typically suited for ecommerce beginners, if do have the technical skill needed, or the budget to pay to work with a developer, you’ll find that Magento likely offers the most of any open-source solution on the market—plus, it’s free to download.As you can see, there is a lot involved with this step and a variety of important considerations to take when choosing the right platform for your ecommerce business. You’ll want to think about cost, features, usability, and more—ultimately, as the backbone of your ecommerce business you’ll need a functional system that allows you to get up and running and manage your operations on a day-to-day basis.This being said, once you’ve decided which solution is right for you, the next thing you’ll need to do is actually work on customizing and launching your site. You’ll want to think about how you want your online store organized, what you want the design to look like, what colors you want to use, etc. Depending on your platform and budget, you may decide to create and launch your website yourself, or you might invest in a professional designer or developer for assistance.Step 6: Source or develop (and list) your products.After you’ve chosen your ecommerce platform and started your website, you’ve almost reached the end of the process. At this point, you’ll need to actually source the products you’re going to sell. Luckily, you should have already thought about how you’re going to go about this process when you performed your research in step one. You may make your own products, source them from distributors, or—if you’re selling your own services, like as a consultant, for example, you may simply have to describe and list these services on your business website.If you’re selling products, as you might imagine, this step will be more complex, as you’ll need to consider the inventory you want to start out, as well as what these startup costs will look like. You’ll also want to make sure that you take the time to list your inventory on your online store—thinking about the customer experience, SEO, and the way the process will work from when a customer purchases a product to when they actually receive that product.Step 7: Market your ecommerce business.There you have it—you’ve learned how to start an ecommerce business. Now that you have your products or services prepared and listed on your online store, your website is up and running, you’re ready to start serving customers. In order to do this, of course, you’ll need to properly market your ecommerce business.There are a variety of marketing strategies you might decide to utilize—Google ads, social media ads, word of mouth, and more. At the most basic level, you’ll want to optimize your business website for SEO and take advantage of any online marketing tools that are included within your ecommerce platform.This being said, as your ecommerce business is up and running and you start to receive orders, you’ll want to keep track of which marketing tactics are working and which aren’t—especially if you’re investing money in them. As time progresses, you’ll be able to adjust and change your marketing strategy to find what works best for your business.An example of a Facebook marketing campaign on Shopify. Source: Ecommerce Software | All-in-one Commerce Solution for your BusinessHow Much Does It Cost to Start an Ecommerce Business?So, now that we’ve gone through each of our steps involved in how to start an ecommerce business, you may still be curious about one important factor: cost. As you might imagine, by starting an online business, you’ll be saving on a variety of costs that are associated with brick-and-mortar stores—rent, property insurance, furniture, and more.This being said, however, although it’s perhaps easier to fund an ecommerce business on a tight budget, there are still a number of different costs that will be required to get started. Therefore, as is the case with any business, it’s difficult to determine exactly how much it will cost to start your ecommerce business. Your startup costs will largely depend on the type of ecommerce business you’re starting, the software or platform you choose, how you’re sourcing your products, among other factors.With this in mind, you’ll likely want to think about your budget carefully as you start out and keep track of all of your expenses along the way. Specifically, you’ll want to consider the following costs:Business licenses and permits: Depending on your entity type, location, and what you’re selling, you can face a range of costs for licensing and permits—some states charge low fees, anywhere from $10 to $50, where others can charge a few hundred dollars for incorporating.Ecommerce software: Although it may be free to download an open-source platform, there will be other costs associated with this type of solution (developer fees, hosting, add-ons, etc). For an all-inclusive platform, on the other hand, you’ll be able to find some of the most basic options at low prices ($16 per month for Square Online Store, for example). More advanced and expansive solutions will require greater costs, with Shopify Advanced capping at $300 per month.Domain name and hosting: Some ecommerce solutions will include a domain name or hosting within the cost of the platform and some will allow you to purchase your domain name through them. If you need to purchase your own domain name and hosting, however, you can expect to pay anywhere from $1 per year for the domain to around $15 per year and an average of $30 per month for hosting.Payment processing: To accept payments online, you’ll need to work with a payment processor like Square or Stripe. Once again, some ecommerce software solutions will include their own payment processing with the platform, whereas others will allow you to integrate with your preferred system. Generally, you’ll pay around 2.9% plus $0.30 per each transaction that is made at your store.Inventory and shipping: Depending on what you’re selling, your inventory and shipping costs can range drastically. This being said, however, of all the costs we’ve discussed thus far, your initial investment for inventory will likely be your greatest. You’ll want to purchase inventory carefully, especially when you’re first starting out—you don’t want to spend too much money on products you won’t be able to sell. Your shipping costs, of course, will depend on your sales, the shipping services you use, the size of the products you’re sending, and the shipping speed options you offer to customers.Marketing and advertising: As a general rule of thumb, it’s safe to budget about 6% or 7% of your gross revenue for marketing and advertising. As you’re starting out, this can be difficult to estimate, so you’ll certainly want to take advantage of any free marketing and advertising options you have available. Then, once you have a better idea of what works well for your ecommerce business, you can start exploring paid options for promoting your store.Moreover, you might also incur additional costs for things like equipment, employees, consultants, and more.Ultimately, as Roxanne King, owner of The Holistic Mama ecommerce site, tells us, although it may be tempting to choose cheaper options for ecommerce builders and other tools, some additional fees are unavoidable and some are worth investing in. As an example, King uses additional apps with her Shopify store, like an auto-ship feature and up-sell pop-ups that cost an extra $50 per month, that she feels are worth the investment.Tips for Starting an Ecommerce BusinessAs with launching any new business, starting an ecommerce business can, at times, feel overwhelming and stressful. Luckily, as part of the online selling community, you’ll have access to a variety of entrepreneurs and business owners who will very likely be willing to offer their tips and best practices to help you as you start out. This being said, when we talked to Roxanne King, owner of The Holistic Mama, we had her share three of her tips for success:1. Start simple.Back in 2011, King—already a prolific healthy living blogger—began creating and refining her own natural skincare products at home in the wake of a pregnancy and years of issues with preservative-laden commercial products. It wasn’t until a couple of years later that she made the transition from giving out her homemade cleansers as gifts to selling them in farmer’s markets and online—this was her beginning to starting an ecommerce business.“I would hardly call it a marketplace in the beginning. It was a page on my blog that I named ‘Store’ and I sold only one product for a few months,” King said. “There was a button for people to pay with PayPal only, which I got using PayPal’s site and copy-pasted onto my WordPress blog.”Although she credits her small start as part of the reason for her future success—she was able to refine the process of selling and shipping before moving on to larger-scale selling—and eventually, she needed a more usable and secure platform—she now uses Shopify.Here’s an example of what King’s ecommerce store looks like today. Source: The Holistic Mama2. Share your business across multiple channels.King credits “accidentally” having a blog two years before opening her store with helping jumpstart her business, and recommends others do the same.“I had so many followers already that when I offered a product for the first time, customers already trusted me,” she said.In this way, sharing your business, or brand, across social media channels like Facebook, Instagram, Twitter, and Snapchat can be particularly useful when you’re just starting your ecommerce operation. These kinds of early marketing are free and can be used to drop hints and build excitement about upcoming launches or product reveals.3. Invest in multi-channel selling.King’s Holistic Mama products are now carried at Whole Foods as well as on her expanded store site. She also carries some of her products on Amazon as a third-party seller. Small business owners who have their own site but also sell on Amazon—often seen as a competitor—are simply covering every corner of the market.“Amazon is a very small percentage of my sales, but it’s important to be there because some people only shop on Amazon,” King said.Plus, there are other benefits to selling through a larger outlet like Amazon, including the ability to test whether your product will be as popular as you predict, lower shipping rates if you frequently use Fulfillment by Amazon, and a built-in trust factor that often facilitates purchasing by customers on the Amazon marketplace. Some consumers are still wary of online shopping, but trust that an Amazon-vetted seller will fulfill their order in a timely manner.Therefore, although maintaining your own store and vision is paramount to starting an ecommerce business, you also shouldn’t rule out using larger platforms to help elevate your sales and brand name.The Bottom LineAt the end of the day, learning how to start an ecommerce business isn’t always easy—but by taking it one step at a time, as we’ve shown, you can make the process more manageable and have your online store up and running fairly quickly.Plus, there are plenty of advantages to starting an ecommerce business instead of a brick-and-mortar one—the initial investment is much lower, you can begin big or small, and your online store can operate 24 hours a day, seven days a week, for customers all over the country (or the world, if you’re willing to ship that far). It’s also much easier and less costly to expand operations if need be—all making starting an ecommerce business all the more worthwhile for aspiring entrepreneurs.There are, however, important steps to take and investments to make if you want your business to emerge as an internet success story. You should treat your ecommerce website like any other business—stay compliant with tax laws, obtain the necessary permits, invest in customer retention and communication, and don’t forget about building a mobile-friendly platform: King says 60% of her sales come through mobile devices.Ultimately, King gives future ecommerce business owners this final word of advice:“With ecommerce, you really need to build up trust, because people aren’t seeing you in person…so they could be skeptical. The good thing is, with blogs and social media, it’s easier than ever to build that trust. Give them an inside look at your life and your business, and they’ll want to support you.”

1 Introduction China understands the no-cost macroeconomics of Dr Osamu Shimomura, the Asian Keynes whose writings lie at the root of the high-growth Tokyo Consensus Zone Economies. Let me try to very briefly explain that economic system to you. A little history (perhaps a lot of it) is relevant. SeeGeorge Tait Edwards's answer to Why is China so successful regarding their economy?2 Shimomuran-Wernerian Macroeconomics As my Quora profile explains,“Part of my lifescript has been my investigation over more than four decades into the mechanisms of explosive economic growth in the USA from 1938-45, in post-war Japan 1945-75, and in post-rapprochemont China 1975-now.”2.1 The Central Secret Of Shimomuran MacroeconomicsIn China, Shimomuran economics has enabled the PBoC in the Chinese Government to create no-cost investment credit creation running at 25% of GDP from 1975–2014. During the last three years of 2015–2017 I calculate that PBoC credit creation has slightly reduced to about 23% pa.That means that the investment level of China [adapting Dr Osamu Shimomura’s (1910-1989) central equation of the calculation of the resultant investment level in Japan] for ChinaI = Is+Id whereI= the total national investment levelIs = investment financed by company savings andId = investment finance by ”debt” = no cost created credit at the PBoC and its Provincial HQsBecause high total investments lead to company savings, the Is or company savings level has risen in China to be around 25% of GDP (from 1975–2014) and has reduced to about 21 % in 2017.So total Chinese “equipment” investment has been between about 50% to 48% for the years from 1975–2014 and has been about 43.3% in 2017.That “equipment investment” includes the improvement of the Chinese infrastructure through the construction of facilities such as the Three Gorges Dam, building the chinese dream of 20 new cities with the capacity of a million people each in each year since the year 2000, improving and creating new Chinese roads, providing the largest HST network in the world, etc, etc, but the major focus of that high level of investment was investment originally in SMEs but increasingly in major manufacturing industry.One short-cut way of looking at the 50% of so-called “equipment investment”is to say it has been about 30% plant and equipment investment in Chinese factories plus about 20% of GDP investment in infrastructure assets.China has been moving through the Japanese 1960s “abundant capital” experience (with incomes/head with a passing similarity to previous Japanese levels) and with capital-output ratios of about 3 to four, that is, 30% of equipment investment in the plant and equipment in Chinese factories has been producing an economic growth rate of between 7.5% to 10% a year. The infrastructure investments appear to have a capital output ratio of about eight, so may eventually add about 2.5% to Chinese economic growth. But the Chinese capital-output ratios are climbing, just as they did in Japan as reported in Japan’s Economic Planning Agency annual reports called The Economic Survey Of Japan which I think may contain the results of some of Shimomura’s researches. (The increasing capital-output ratios was one of Dr Shimomura’s obsessions.)When the Central Bank of any country creates investment credit, the government receives a tax bonus when that investment credit is spent, The Chinese tax take is probably in the area of 20% to 25% of about half of the investment credit created, so an annual tax take increase in subsequent GDP by about 2% to 2.5% pa. (Some of the created credit gets locked into higher company liquidity or higher levels of raw materials, work in progress and finished goods none of which generate tax returns. And the previous activity due to underlying investment rates is already incorporated into GDP.)Conclusion: China (like Japan 1945–72) doubles its real investment level by PBoC annual no-cost credit creation of about 23% to 25% of GDP. Only Dr Osamu Shimomura has explained this. While the BoJ created credit to double the underlying rate of corporate saving from 15% to 30%, creating an average rate of growth of about 10% due to a capital-output ratio of three, China has gone much further and has approximately doubled the national investment level from about 22%–25% to 45% to 50% of GDP.To say Western economists do not generally understand this is an understatement.2.2 The Need For Wernerian Macroeconomics To Be Appended To Shimomuran MacroeconomicsShimomuran economics is about how to increase the growth rate of an economy and produce a high growth rate based upon the existing levels of technology. It is a very successful “imitative” macroeconomics because it enables the technology transfer from the West to less developed economies.But the Wernerian insights that local bank funding of SMEs is the foundation enabling the increase in the conversion of individual invention into factory-floor innovation provides the continual stimulus which enables a highly prosperity economy by encouraging the technologies of the future.The SMEs in all economies are the source of new technologies, most of the employment, much of the exports and all of the minor subassemblies which enable large companies (such as motor vehicle companies) to act as major assembly plants to produce their outputs.The world’s best SME-supporting financial system are the 2,000 “Sparkassen plus” public banks of Germany, where there are millions of SMEs many of which are the technological champions in their fields.Not even China has a system that competent. China seems to be only about two-thirds developed in SME issues because when compared to the German SME numbers, about 19 million SMEs may be absent. See paragraph 2.1 ofGeorge Tait Edwards's answer to What has been the biggest failure in Chinese economic policy in the past decade? andWhat factors led to the growth of the Chinese economy?2.3 The Three Cleverest Investment Credit Economists of All TimeThe two historic investment credit economists were Wang Anshi (1021–1086) - see paragraph 2 ofGeorge Tait Edwards's answer to What are major Chinese innovations?and Dr Osamu Shimomura - SeeDr Osamu Shimomura (1910–89) — His Major AchievementsAnd the greatest living economist in my considered opinion is Professor Richard Werner, the third Investment Credit Economist. See para2.1 ofIs China worried about factories shifting out to lower wage countries? Will automation keep China's economic growth high in the future? which says:“Richard Werner shared his meta-economics HENRY II results with the class of mainly Central Bankers attending the ARBE Conference 3–7 September 2018.”That Answer also says“It was such a pity that the seven people I invited - five Chinese economists, one major Indian economist involved in NITI (the National Institute for Transforming India) and a great Mexican economist (whose secretary sent me a polite letter explaining he was too busy to attend) - could not attend. Each of these might have learned a great deal and the conversations at that programme were enlightening. I would have loved to speak to these non-attendees and I enjoyed many discussions with those who did attend. Incidentally, the accommodation and breakfasts enjoyed by the programme attendees was provided ar Brasenose College, Oxford, and you can see the entrance to that College on the right hand side of the above photograph.”I cannot sum up the highlights of that Conference in this Answer, except to say that Richard proved what economic policies work and what understandings don’t, and I’ll amend this Answer when I’ve written another note on what policies are proven to work. In the meantime the next Answer is probably sufficient.2.4 The Most Successful Economic Policy of All TimeSeeThe Most Successful Economic Policy Of All Time - The German Historical Economics Development of Shimomuran-Wernerian Macroeconomics3 Further readingIf you want to more fully understand Shimomuran-Wernerian Macroeconomics, read my articles or Answers atThe Hidden History Of Japan and its Relevance To The Economic Miracles of the Tokyo Consensus ZoneFor sources of books and comments about Shimomura seeGeorge Tait Edwards's answer to Why is there so few information about the Japanese economist Osamu Shimomura in the English speaking internet, even though the Japanese government has created a fellowship named after him? Even Wikipedia listed him as a chemist and not an economist.For the superiority of Chinese economic and social development to US development, see What did China get right in its economic and social development which the USA got wrong? and to understand why the USA seems to be trapped in a rule-by-the-rich more limited low-growth end of economic possibilities. SeeDo super rich people create many jobs but kill more jobs? and seeWhat are the steps to take to increase the GDP per capita in an undeveloped country?4 Why Shimomuran-Wernerian Economics Is The Key To The Best Future of the WorldShimomuran-Wernerian Macroeconomics as practised in China enables mankind to do things that could not be done before. So far it hasraised a billion people out of povertyallocated the funding for the first international mega-project, the B&RI/OBOR which with a total budget now well in excess of $5tr is larger than the GDPs of all but the largest five nationsThe future additional capabilities of Shimomuran-Wernerian Macroeconomics is largely dependent on political decisions but probably encompassesThe reversal of Global WarmingWhich just costs acceptable amounts of money which S-W Macroeconomics can provideIs a “good value for money” deal which can stabilise Earth as an abode of life foreverThe Reconstruction of nations after severe weather eventsGlobal warming is happening much faster than anticipated and very high speed hurricanes and faster winds, much more rain with floods and tsunamis are a natural results of thatS-W Macroeconomics can fund the required reconstruction from these weather devastationsThe Moonbase and Mars ProjectsNow within China’s grasp if the Elon Musk design of re-usable boosters are sized up and produced in ChinaRecent findings relating to the caves on Mars (colonists need to supply the doors) and widespread water on Mars makes colonisation a lot easierRecent NASA funding of David Andrew Sinclair’s research into pills which nullify the damage done by interplanetary radiation is a key part of this activityThe creation of a world of abundant capitalThe raising of Iiving standards everywhere in the world (lifting about three billion people out of poverty in a generation or two)The Chinese Renaissance - too complex be summarised here, and I can’t see all the aspects of it, but it is on its way.5 ConclusionsThe Chinese government may be confident about their policies for speeding up domestic reform and opening up and stimulating global economic growth becausethey understand Shimomuran and practice about 67% of Wernerian Macroenomics and are still on the fast track for economic development, although their annual economic growth could increase by about 5% pa if more optimal policies were adoptedthey are the most intelligent Government in the world in the most populous nation in the world and they know what they are doing - they are running China for the benefit of all its people, as opposed to the US/Western tradition of the Rule of, By and For the RichB&RI/OBOR continues to grow and will accelerate both the future economic growth of China and all the connected nations, andThe present and future of China is largely the result of the economic momentum of the past, plus the new opportunities arising from the new inventions and innovations of the Chinese people, and by these criteria China will become the most inventive and innovative, and most prosperous country in the world, with the most significant culture.In these circumstances, it is no wonder the Chinese Government is optimistic.