Saturday, June 6, 2009
Practical Economics lesson of the day
At face value, the self-interest and greed to acquire capital in the form of profits looks like a system that can only create the worst of consequences. Fortunately, when you add the ingredients of freedom and competition into the equation, the outcomes for the consumer become nothing short of miraculous. Businesses will always operate in their own best interest and one must never think that it is any other way. The key is allowing market principles to channel that self-interest into behaviors that benefit everyone. In short, the free market is the check to the tyranny of business just like a free republic is a check to the tyranny of government.
Want more? Read Practical Economics- DK