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Wednesday, January 15, 2003
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Econ 101
I believe the principles of laissez-fair and the premise of a free market economy are sound, but like anything else discretion is required to function properly. It’s not socialism I’m talking about, it’s an evolution of capitalism (and a few people too). IT WAS ENLIGHTENED SELF-INTEREST Mr. Smith spoke of not just plain old self interest. Adam Smith never said unabashed greed is good:
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Self-interested behavior "may" result in socially desirable outcomes "if" moderated by self-control and socially responsible adherence to socially beneficial rules and codes of behavior.
Thus, TTOMS outlines the social and institutional backdrop for a "society of perfect liberty" within which (Wealth of Nations) the "self-interested" person makes economic decisions. Within this social framework, excessive greed is seen as socially undesirable.
Smith saw neither selfishness or greed as virtues. The former may be associated with deceptive advertising, fraud, theft and taking advantage of another. He argued for enlightened self-interest and industriousness. The free market represented a "system of natural liberty" whose processes, checks and balances would constrain greed, selfishness and fraud - open commercial society encourages people to be well informed and industrious. Patience, industry, fortitude and thought are key abilities needed by those who are able to jostle in the marketplace. The fear of losing reputation and customers restrains fraud and negligent indulgence.
The open, orderly, free market model contrasted with merchantilist, political societies which feature flattery, favouritism and deceit. Instead, the mechanisms and institions of the market place foster self-control, cooperation, timeliness, benevolence and moderated pleasures.
http://www.mskousen.com/Books/Articles/greed.html
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...When Adam Smith died in 1790, people discovered something that wonderfully underscored his beliefs. Smith, it seems, had been giving away his own wealth -- in completely secret acts of charity.
http://www.uh.edu/engines/epi1185.htm
9:09:22 AM 
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Logical Song
When I was young
It seemed that life was so wonderful
A miracle, oh it was beautiful, magical
And all the birds in the trees
Well they'd be singing so happily
Oh joyfully, oh playfully watching me
But then they sent me away
To teach me how to be sensible
Logical, oh responsible, practical
And they showed me a world
Where I could be so dependable
Oh clinical, oh intellectual, cynical
There are times when all the world's asleep
The questions run too deep
For such a simple man
Won't you please, please tell me what we've learned
I know it sounds absurd
But please tell me who I am
Now watch what you say
Or they'll be calling you a radical
A liberal, oh fanatical, criminal
Oh won't you sign up your name
We'd like to feel you're
Acceptable, respectable, oh presentable, a vegetable!
At night when all the world's asleep
The questions run too deep
For such a simple man
Won't you please, please tell me what we've learned
I know it sounds absurd
But please tell me who I am, who I am, who I am.
Logical Song - Supertramp
8:33:37 AM
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Last update: 1/21/03; 3:30:05 PM.
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