A necessary reminder

Greed Isn't Just Good—It's Necessary For Capitalism

By WALTER E. WILLIAMS

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.

This winter, Texas ranchers may have to fight the cold of night, perhaps blizzards, to run down, feed and care for stray cattle. They make the personal sacrifice of caring for their animals to ensure that New Yorkers can enjoy beef.

Last summer, Idaho potato farmers toiled in blazing sun, in dust and dirt, and maybe being bitten by insects to ensure that New Yorkers had potatoes to go with their beef.

Selfless Takers

Here's my question: Do you think that Texas ranchers and Idaho potato farmers make these personal sacrifices because they love or care about the well-being of New Yorkers?

The fact is, whether they like New Yorkers or not, they make sure that New Yorkers are supplied with beef and potatoes every day of the week.

Why? It's because ranchers and farmers want more for themselves.

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."

By the way, how much beef and potatoes do you think New Yorkers would enjoy if it all depended upon the politically correct notions of human love and kindness? Personally, I'd grieve for New Yorkers.

Some have suggested that instead of greed, I use "enlightened self-interest." That's OK, but I prefer greed.

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. Free-market capitalism is ruthless in its profit-and-loss discipline.