Monday, April 26, 2010

Suspicion Of The Profit Motive

As Ayn Rand taught us, "any trade by which one man wins and another loses, is a fraud."  What she meant is the essence of Capitalism, that the only value attributable to a product or service is the value between the trading parties, and that no motive may exist regarding the transaction except that honoring that value.

Michael Medved reviews five myths of business, and references the scene from Wall Street with Gordon Gecko saying, "It's a zero-sum game, Bud...somebody wins and somebody loses."  And Medved reminds us that such is true in law and politics, but not so in business: "It's true in Survivor where you can get voted off the island, but it's not even true in sports."

My favorite line is, "If you believe that when the rich get richer, the poor get poorer, then you believe that creating wealth causes poverty, and you're an idiot."  You'll enjoy this...

Thanks to Wordsmith and Flopping Aces, as well as Medved and his book, one I'll be on the lookout for.

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