WHEN YOUR KID SAYS CAPITALISM IS GREED: Colson Center’s Brook McIntire offers three handy facts abou…

WHEN YOUR KID SAYS CAPITALISM IS GREED: Colson Center’s Brook McIntire offers three handy facts about free enterprise that will make the average college econ prof instantly turn apoplectic. Wouldn’t you love to be there to see it!

Number one: taking responsibility for your own interests is not the same as selfishness. Adam Smith, the scottish moral philosopher wrote a lot about what he called self-interest and the role that plays in business. He famously wrote 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 but smith wasn’t defending selfishness his point is that the butcher doesn’t have to visualize world peace or think about how much he loves you the customer in order to serve you. His motivation to pay his rent or pay for the braces his daughter needs is enough to drive his business.
others not just his family which leads
The second point: capitalism encourages altruism if that carpenter is to succeed he will need to figure out how to meet your needs.
Third point: capitalism can foster virtue and channel even our bad motivations into actions that benefit others. In a market economy success requires a host of virtues. Entrepreneurs must have patience and discipline to save their wealth rather than consume it all. They also must have courage to take calculated risks with what they save instead of hoarding it. Rather than being self-absorbed entrepreneurs must anticipate the needs of others.

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