Friday, August 21, 2009

Profiting From The Sick

From The Mises Institute:

An old-time socialist cliche in favor of socialized medicine is that private companies profit from people's sickness, which is supposed to be unconscionable. Actually the best way to meet people's needs is through a system that permits profitability as a sign of success and efficiency, just as it makes sense that farmers should profit from people's hunger or builders should profit from people's need for shelter etc.

Progressives tend to frame capitalism as a system of profit only. But they ignore the threat of losses that are the results of inefficiency. More importantly, I don't buy the argument that if people are motivated by profits, it means that they will automatically be greedy and immoral.

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