Friday, November 28, 2014

Friedman, Sowell on greed

“Well first of all, tell me: Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.” 
― Milton Friedman
From economist Thomas Sowell's "The Vision of the Anointed" (1995):
Among the many other questions raised by the nebulous concept of "greed" is why it is a term applied almost exclusively to those who want to earn more money or to keep what they have already earned—never to those wanting to take other people's money in taxes or to those wishing to live on the largess dispensed from such taxation. No amount of taxation is ever described by the anointed as "greed" on the part of government or the clientele of government. . . .
Families who wish to be independent financially and to make their own decisions about their lives are of little interest or use to those who are seeking to impose their superior wisdom and virtue on other people. Earning their own money makes these families unlikely candidates for third-party direction and wishing to retain what they have earned threatens to deprive the anointed of the money needed to distribute as largess to others who would thus become subject to their direction. In these circumstances, it is understandable why the desire to increase and retain one's own earnings should be characterized negatively as "greed," while wishing to live at the expense of others is not

2 comments:

  1. I"...n my mind the portion of taxes you pay for the economic "rights" (a true, Chicago trained economist believes there are no economic rights) of others is something close to slavery. You are being forced to work for someone else without your consent..." Thomas Gordon random post

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  2. " In 2016, development aid worldwide reached a new peak of $143 billion. This would be encouraging news if development aid helped achieve lasting economic change. It doesn’t. A growing number of high-profile economic development experts, 2015 Nobel Prize winner Angus Deaton among them, now warn that the current aid model for alleviating systemic poverty around the world does more harm than good and must stop." -FEE.ORG

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