WALTER E. WILLIAMS -- I LOVE GREED

http://cnsnews.com/blog/walter-e-williams/i-love-greed

CNS News.com -- Walter e. Williams -- 1/3/2012

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What human motivation gets the most wonderful things done? It's really a silly question, because the answer is so simple. It turns out that it's human greed that gets the most wonderful things done. When I say greed, I am not talking about fraud, theft, dishonesty, lobbying for special privileges from government or other forms of despicable behavior. I'm talking about people trying to get as much as they can for themselves. Let's look at it.

In a free market system, in order for one to get more for himself, he must serve his fellow man. This is precisely what Adam Smith, the father of economics, meant when he said in his classic "An Inquiry Into the Nature and Causes of the Wealth of Nations" (1776), "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest."

Free market capitalism is relatively new in human history. Prior to the rise of capitalism, the way people amassed great wealth was by looting, plundering and enslaving their fellow man. Capitalism made it possible to become wealthy by serving one's fellow man. Capitalists seek to discover what people want and then produce it as efficiently as possible.

READER COMMENT:  Mr. W. greed is a bad word- a form of avarice which is one of the seven deadly sins, it means an 'inordinate' desire for material things. What you say about the motivation of the rancher and the farmer is correct and not actually greed. They desire a 'reasonable' profit for their family, not an inordinate amount which can be excessive such as greed implies. True greed may lead to all the bad behavior that you mentioned such as fraud, theft, etc. Of course your point is awesome as usual and we love you for it but hey, lets use words that convey true meaning and do not contribute to our moral decline.

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