Paul J. Zak and “Thought of the Day”

Greed causes this.  Greed causes that.  I hear statements like this all the time.  As I have expressed in a number of posts, there is something wrong with this logic and where it takes us.

Chew on this quote for awhile.

Greed is good, right?  Recent research has shown that this view is not so much wrong as incomplete.  Studies across several scientific disciplines are accumulating evidence that modern free economies can only function if most people most of the time behave morally.  Surprisingly, this research also shows that the freedom to exchange in markets may itself lead to a society where individuals have stronger moral values (Zak, 2008a; Henrich et al.,2001).  Put more succinctly: Markets depend on, and promote, virtue. Paul J. Zak http://www.teacheconomicfreedom.org/files/zak-paper-1.pdf

Thank you, Peter Boettke of http://www.coordinationproblem.org for the link to the paper.

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About Christopher Hessenflow

Christopher Hessenflow is a financial planner in the Chicago area. He works with all sorts of people who are much more interesting than he is. He enjoys his career which lends him time to think and, sometimes, be creative. Chip was born bald.
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