“Greed” has been a buzzword among those on the Left, whether they’re fighting “corporate greed,” or the greed of, in Bernie Sanders’s phrasing, “millionaires and billionaires.”
Of course, greed isn’t a character trait reserved for the wealthy. The overwhelming majority of people you come across want more than they have. Are they not greedy just because they aren’t wealthy? Of course not. Perhaps part of the confusion comes from the impression many leftists have that there’s some sort of correlation between how greedy you are and how rich you are. Thomas Sowell has often mocked that line of thinking, pointing out that he’s a greedy person and it hasn’t made him a penny richer.
But Milton Friedman had a much more articulate way of thinking about greed that only a Nobel laureate in economics could. Back in 1979 he appeared on the Phil Donahue show. Donahue challenged Friedman on the principles of capitalism, specifically greed. Friedman’s response is regarded as one of the most eloquent defenses of capitalism in modern history.
Watch below:
It’s hard not to agree with Friedman. Greed can be a good thing, as long as it’s used for productive purposes, and not theft or violence.
Liberals refuse to understand this, even though they tend to be more greedy than conservatives!
Have a liberal friend who needs to hear this? Be sure to share it with them!
