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> And anyway, there's nothing wrong with a certain amount of greediness in a capitalist system, this is what drives innovation and efficiency. I wonder how man

by pyrale 10y ago

> And anyway, there's nothing wrong with a certain amount of greediness in a capitalist system, this is what drives innovation and efficiency. I wonder how many years will pass before people realize this mantra is an article of faith.

dredmorbius 10y ago
The one example of innovation mentioned in Adam Smith's Wealth of Nations came from a boy who wanted to go out and play with his friends. (His job was to activate the release valve on an early steam engine. He rigged up a string to do that so he could play. James Watt incorporated this into his design.) (Watt and Smith were contemporaries in Edinburgh. Not only that, but Smith arranged for Watt, who'd been driven from business by the blacksmith's union (the Hammermen), to have an appointment and facilities at the University of Edinburgh. I'm fairly convinced they shared drinks at the local pub and swapped war stories.)
ricksplat 10y ago
Ayn Rand's "Virtue of Selfishness" completely ignores, or fails to compare with it's vices.
TeMPOraL 10y ago
It's convenient for people to believe in it because it's a self-serving belief.
mseebach 10y ago
We're currently at 240 years, so I wouldn't hold my breath. > 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. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. http://geolib.com/smith.adam/won1-02.html http://geolib.com/smith.adam/won1-02.html
- icebraining 10y ago
  Greediness is not the same as simply regarding one's interest, though the line is subjective.
  - mseebach 10y ago
    The greed that people talk about when they say that greed is good (by way of Wall Street, the 1987 movie) is, though. Also, a great many uses of the word in (lazy) criticism of markets and capitalism is that too.
    - pyrale 10y ago
      > The greed that people talk about when they say that greed is good (by way of Wall Street, the 1987 movie) is, though. Thing is, you can't reduce the pursuit of self interest to accumulating wealth. Therefore, even if we accept the definition of greed as merely pursuing wealth, we misunderstand Smith's quote and fail to acknowledge many sources of creativity. By disproportionately rewarding greed and not other work incentives, we build a society for the few that are driven by it, at the expense of most, and ultimately, we cannot thrive.

by pyrale 10y ago

dredmorbius 10y ago

The one example of innovation mentioned in Adam Smith's Wealth of Nations came from a boy who wanted to go out and play with his friends. (His job was to activate the release valve on an early steam engine. He rigged up a string to do that so he could play. James Watt incorporated this into his design.) (Watt and Smith were contemporaries in Edinburgh. Not only that, but Smith arranged for Watt, who'd been driven from business by the blacksmith's union (the Hammermen), to have an appointment and facilities at the University of Edinburgh. I'm fairly convinced they shared drinks at the local pub and swapped war stories.)

ricksplat 10y ago

Ayn Rand's "Virtue of Selfishness" completely ignores, or fails to compare with it's vices.

TeMPOraL 10y ago

It's convenient for people to believe in it because it's a self-serving belief.

mseebach 10y ago

We're currently at 240 years, so I wouldn't hold my breath. > 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. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. http://geolib.com/smith.adam/won1-02.html http://geolib.com/smith.adam/won1-02.html

icebraining 10y ago
Greediness is not the same as simply regarding one's interest, though the line is subjective.
- mseebach 10y ago
  The greed that people talk about when they say that greed is good (by way of Wall Street, the 1987 movie) is, though. Also, a great many uses of the word in (lazy) criticism of markets and capitalism is that too.
  - pyrale 10y ago
    > The greed that people talk about when they say that greed is good (by way of Wall Street, the 1987 movie) is, though. Thing is, you can't reduce the pursuit of self interest to accumulating wealth. Therefore, even if we accept the definition of greed as merely pursuing wealth, we misunderstand Smith's quote and fail to acknowledge many sources of creativity. By disproportionately rewarding greed and not other work incentives, we build a society for the few that are driven by it, at the expense of most, and ultimately, we cannot thrive.