Tag: virtue
-
Capitalism, Adam Smith and the Sentiments
One of the most persistent errors repeated about capitalism is that capitalism is based on greed. Are there greedy, selfish people who use capitalism to their advantage? You bet! Greed and selfishness are part of the human condition and will be reflected in any economic system. This is not the question. The question is whether…
-
O.J. Simpson and Virtue in the Marketplace (Part 2 of 2)
Yesterday I suggested that free market capitalism is very efficient at processing the information it receives. If we feed a value system like individualistic materialism into the system, then the results will reflect those values. If we feed virtuous values into the system, the results will reflect those virtues. Most would agree that individualistic materialism…
-
O.J. Simpson and Virtue in the Marketplace (Part 1 of 2)
Yesterday we learned that Rupert Murdoch's media empire has scrapped the O.J. Simpson TV program and upcoming book. The outcry was so strong that several Fox affiliates refused to air the program. No broadcast, no advertisers. No advertisers, no money. Fox made a business decision. There are some very powerful lessons here. First, the free-market…