The virtue of greed

You can call it greed, selfishness, or enlightened self-interest, but the
bottom line is that it’s these human motivations that get wonderful things
done. Unfortunately, many people are naive enough to believe that it’s
compassion, concern, and “feeling another’s pain” that’s the superior human
motivation. As such, we fall easy prey to charlatans, quacks, and hustlers.

Since it’s not considered polite to come out and actually say that greed
gets wonderful things done, let me go through a few of the millions of
examples.

There’s probably widespread agreement that it’s a wonderful thing that most
of us own cars. Is there anyone who believes that the reason we have cars is
because Detroit assembly-line workers care about us? It’s also wonderful
that Texas cattle ranchers make the sacrifices of time and effort caring for
steer so that New Yorkers can enjoy a steak now and then. Again, is there
anyone who believes that ranchers who make these sacrifices do so out of a
concern for and feeling the pain of New Yorkers?

The true reason why we enjoy cars, steaks, and millions of other goods and
services is because people care mostly about themselves. Now ask yourself:
How much steak would New Yorkers have if it all depended on human love,
kindness, and feeling the pain of others? I’d feel sorry for New Yorkers.

This is what Adam Smith, the father of economics, meant in “The Wealth of
Nations,” when he said, “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 interests.” Smith also said, “I have never known much good done by
those who affected to trade for the public good.” In other words, the public
good is promoted best by people pursuing their own private interests. This
bothers some people because they’re more concerned with motives than with
results.