Profit As Altruism
George Gilder has written extensively about entrepreneurism. Recently I read a piece by George where he called ‘profit an index of altruism’.
Often profit unfortunately in our society is automatically associated with greed. There is no doubt that there has been (unfortunately) cases of excessive profits and greed that has been espoused by some sectors of the business community.
This should not mean that profit gets a bad name as a result. It would be crazy to replace a flawed system with a failed system. The profit motive may be a flawed system but everything else are failed systems.
Profit is what is necessary to feed the spirit of entrepreneurism the world over. It is only through small-medium businesses that are willing to a risk and to explore the mysteries of business that society as a whole is better off.
It is only through the profit motive that inspires entrepreneurs to have a go that employment increases, general welfare of our society increases and we as consumers are served with better products and services for our enjoyment.
Altruism is considered to be inspired by something other than profit. But as George Gilder states profit is an index of altruism. Through profit society is better off.
Profit is good – don’t demonize it. Profit motivates positive society change benefiting all. We must be careful of regulation that would in any way stifle the entrepreneurial spirit that will lead to a better world for all.
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Nicely put. I say Profit is not a reason for being in business, rather profit is a result of being good at business.